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ExxonMobil’s new Baytown cracker on track for 2H start-up
HOUSTON, January 31, 2017 (PCW) -- ExxonMobil on Tuesday said construction on its 3.3 billion lbs/yr ethane cracker at Baytown, as well as its associated 2.86 billion lbs/yr polyethylene units, are “progressing well” and start up is on track for the second half of the year.
Exxon also announced its 4Q net income dropped nearly 40% to $1.68 billion, compared to $2.78 billion in 4Q 2015, due to lower commodity prices and refining margins.
Chemical earnings for the quarter fell $91 million to $872 million, due to lower margins and earnings that were attributed to “unfavorable inventory effects.” US chemical earnings came in at $352 million, down $168 million from the year-ago period.