The Unloved Business That's Saved Big Oil From Low Energy Prices
- Petrochemical earnings accounted for 75% of Exxon's net income
- Oil executives see future for chemicals beyond crude rout
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Big Oil is suddenly Big Chemical.
For years, the business of turning gas and crude into the chemicals used to make everything from plastic bags to paint has been a mostly unloved corner of the world’s largest oil companies. Now, it’s shining, cushioning companies from Exxon Mobil Corp. to Royal Dutch Shell Plc from the worst energy price slump in a decade.