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Most Oil Firms Post Gain in Chemical Profits

9:19 AM MST | February 11, 2011 | —LINDSEY BEWLEY AND NANCY SEEWALD

Chemical earnings at most major oil firms increased in the fourth-quarter of 2010 due to improved margins. Oil companies do not disclose their quarterly revenues for chemicals. ExxonMobil Chemical’s net income rose 49%, to $1.06 billion, on stronger margins driven by a continued strong feedstock advantage, ExxonMobil says. Sales volumes were down about 5% from the fourth-quarter of 2009, to nearly 6.4 billion m.t. U.S. petrochemical earnings in the quarter were $522 million, up 44% from the year-ago period. ConocoPhillips’ chemicals segment, which includes...

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