ExxonMobil's Q4 chemicals earnings dip by 10% yoy

04-Feb-08
ExxonMobil's Q4 chemicals earnings dipped by 10% year on year to US$1.1 bln, due to lower margins and last-in first-out (LIFO) inventory effects. Interestingly, ExxonMobil made history by posting the highest ever quarterly and annual profits by a US firm- at US$11.7 bln for the quarter (14% hike), and US$40.6 bln for the year (a 3% rise). ExxonMobil's overall profits were driven by higher crude oil and natural gas realisations and gains on asset sales, with the result partly offset by the lower chemical margins. For the full 12 months ended 31 December, chemicals earnings reached US$4.6 bln, up 4% year on year, on higher sales volumes and favourable foreign exchange effects, partly offset by weaker margins.
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