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ExxonMobil’s 1Q earnings plummet 65%; chem earnings lone bright spot
HOUSTON, April 29, 2016 (PCW) -– ExxonMobil on Friday reported first-quarter earnings of $1.81 billion, down 65% from the $4.94 billion seen a year ago.
The decline was due to softer commodity prices, the company said.
Earnings from the chemical segment was the lone bright spot with 1Q at $1.4 billion, $373 million higher than the same time a year ago due to improved margins and higher sales. First-quarter product sales of 6.2 million mt were 104,000 mt higher than 1Q 2015.
“The business is capturing increased specialty and commodity product demand along with significant cost benefits from both gas and liquids cracking advantages at our integrated sites,” the company said. -- Samantha Hartke