U.S. oil majors say sharply higher feedstock and energy costs depressed earnings for their domestic petrochemical businesses in the first quarter despite substantial price increases and stronger volumes.
ExxonMobil says its U.S. chemical earnings declined more than fourfold, to $16 million, even though U.S. chemical sales jumped 41%, to $2.6 billion. Overall chemical earnings at ExxonMobil more than doubled, however, to $287 million, because of stronger results outside the U.S. Worldwide sales were up 49%, to $6.43 billion, the company says Chemical earnings "benefited from record volumes, which were up 4% from last year. Favorable foreign exchange effects and …
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