ExxonMobil, Imperial Oil report financial results for Q4
ExxonMobil reported earnings of $1.7 billion in Q4, indicating a net loss of $1.1 billion, or 40%, when compared to the same period of 2015. Sources from the company said the loss was due to the continuous downturn in commodity prices as well as an impairment charge of $2 billion. Excluding the impairment charge, the company’s quarterly earnings of $3.7 billion indicated an increase of $927 million on a yearly basis. Also, the company posted earnings worth $7.8 billion in 2016.
Meanwhile, Canada-based Imperial Oil posted a net profit of $1.10 billion, up from $78 million from the same period of 2015. The sharp increase in the company’s profit was attributed to the sale of its service stations, worth $756 million.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- 3-digit hikes in Oct PVC offers reinforce supply-driven bullishness in Asia
- Crude oil caught between demand woes and production disruption
- Tightness drives European PVC market up, prices near pre-pandemic levels
- Major LDPE markets touch multi-year highs on growing tightness
- A prospect for Q4 through uncharted waters of 2020 amid pandemic
- China's import PP markets maintain uptrend under shadow of oil-driven losses in Dalian futures
- Weaker domestic demand prompts Vietnam to export polymers
- European PP market ceases upward trend in September
- Force majeure declarations rock the boat in Turkish PVC market
- China’s PE uptrend fueled by US force majeures; LDPE soars to more than 1-year high