ExxonMobil announces Q1 results, sees better chemicals earnings
by ChemOrbis Editorial Team - content@chemorbis.com
According to an announcement on the company’s website, ExxonMobil reported earnings of $8.2 billion in the first quarter. The figure was up from the last quarter of 2023, however, down from $11.4 billion in the same quarter of 2023. Earnings decreased as industry refining margins and natural gas prices came down from last year’s highs.
The company’s total revenues and other incomes were $83 billion in Q1, down from $86 billion in the same quarter of the previous year.
ExxonMobil’s chemical products earnings were $785 million in the first quarter compared to $189 million in the fourth quarter and $371 million in the same period of last year.
“Despite continued bottom-of-cycle conditions, results improved with higher margins due to lower North American feed costs and higher margins from performance chemicals more than offsetting the decline in industry margins for PE and PP,” the company said.
The company’s total revenues and other incomes were $83 billion in Q1, down from $86 billion in the same quarter of the previous year.
ExxonMobil’s chemical products earnings were $785 million in the first quarter compared to $189 million in the fourth quarter and $371 million in the same period of last year.
“Despite continued bottom-of-cycle conditions, results improved with higher margins due to lower North American feed costs and higher margins from performance chemicals more than offsetting the decline in industry margins for PE and PP,” the company said.
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