Chuck Marvin
Exxon Mobil's downstream operations had income of $3.39 billion last quarter, up sharply from $908 million a year earlier. The increase was the result of higher refining and marketing margins, as well as the sale of the Ingolstadt refinery in Germany.
Income from Exxon Mobil's chemical segment was $1.01 billion, up from $840 million a year ago. Exxon Mobil walked away from a $750 million investment in Venezuela in June after Hugo Chavez demanded that U.S. energy companies cede control of their positions in the oil-rich Orinoco Belt field. However, the company is still talking with Venezuela over a settlement, and it hasn't written off the asset yet. "We can't really estimate [the cost] yet until we make further progress with our negotiations," Hubble said. Shares of Exxon Mobil were recently trading 5.3% lower at $87.92.
RSS
