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ExxonMobil Q1 chems earnings jump on demand, pricing, disruption

May 05/2021

MOSCOW (MRC) -- The largest US oil company Exxon Mobil Corp on Friday reported profit for the first time in five quarters on the back of higher oil and gas prices, said the company.

Net income attributable to Exxon in January-March was USD 2.73 billion, or 64 cents a share, compared with a loss of USD 610 million, or 14 cents a share, in the same period a year earlier.

Diluted earnings per share were USD0.64 versus a USD0.14 loss in January-March 2020. ExxonMobil's revenue grew 5.3% to USD59.147 billion. Analysts expected revenue at USD55.18 billion.

ExxonMobil's production of hydrocarbons decreased in the reporting period by 6.4% - to 3.787 million barrels of oil equivalent per day. The company writes that capital and exploration expenditures in the first quarter were USD3.1 billion, down USD4 billion from the first quarter of 2020.

As MRC informed previously, Sinopec Engineering (Group) and ExxonMobil (Huizhou) Chemical (EMHCC) have just entered into a BEPC (basic design, engineering, procurement and construction) contract for the proposed Huizhou Chemical Complex Project (Phase I). The main units of the project include a 1.6 million tonnes/year ethylene flexible feed steam cracker, downstream polymer and derivative units and utilities. The main product units include two performance polyethylene (PE) lines and two differentiated performance polypropylene (PP) lines.

Ethylene and propylene are feedstocks for producing PE and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated polyethylene (PE) consumption totalled 356,370 tonnes in the first two month of 2021, down by 9% year on year. Shipments of exclusively low density polyethylene (LDPE) increased. At the same time, polypropylene (PP) shipments to the Russian market was 246,870 tonnes in January-February 2021, up by 30% year on year. Supply of homopolymer PP and PP block copolymers increased.

ExxonMobil, headquartered in Texas, is the largest privately-owned oil company in the world and one of the largest by market cap. In Russia, the company participates in the Sakhalin-1 project (30% each from ExxonMobil and Japanese Sodeco, 20% each - from Rosneft and Indian ONGC). The project involves the development of the Chayvo, Odoptu and Arkutun-Dagi oil and gas fields on the Sakhalin shelf.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, neftegaz, petrochemistry, Exxon Mobil.
Category:General News
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