BAKU, Azerbaijan, February 6. ExxonMobil's earnings from chemical products in 4Q2023 amounted to $189 million, Trend reports.
According to the company's financial statements, this marked a decrease of $60 million, compared to $249 million in 3Q2023.
Identified items, primarily linked to asset impairments and financial reserves, resulted in a decrease of $388 million in earnings. Excluding these identified items, earnings for the quarter reached $577 million, showing an increase of $328 million compared to the third quarter. This improvement was driven by enhanced margins due to lower US feed costs and robust sales performance, ExxonMobil noted.
Compared to 4Q2022, current quarter earnings were $61 million lower. Identified items, mainly associated with asset impairments and financial reserves, led to a $388 million reduction in earnings. Excluding these identified items, earnings were $577 million, marking a $327 million increase, attributable to improved margins from lower feed costs.
For the full year, earnings amounted to $1.6 billion, reflecting a decrease of $1.9 billion compared to 2022. This decline was influenced by an overall weaker margin environment resulting from bottom-of-cycle market conditions, increased planned maintenance, and unfavorable sales mix effects, the company explained. Identified items contributed to a $388 million reduction in earnings. Excluding identified items, earnings were $2.0 billion, indicating a decrease of $1.5 billion from 2022.