28 October 1999 16:44 [Source: ICIS news]
HOUSTON (CNI)--Chemical unit profits at Kerr-McGee dropped slightly by 5% in the third quarter while representing 32% of the integrated oil company's total revenues and contrasting with a turnaround in the company's overall earnings.
For the quarter, the Oklahoma City, Oklahoma company reported chemical division profits of $30m (Euro29m) on revenues of $242.3m. The company offered no elaboration on the chemicals results. It is involved predominantly in titanium dioxide (TiO2).
Overall, Kerr-McGee reported profits of $104m from continuing operations compared with a loss of $26m for the same period last year. Third quarter operating profit was $239m, up from $11m in the same period last year.
"Higher oil and gas prices, increased oil production and lower exploration expense contributed to the turnaround in third-quarter earnings," said Luke Corbett, Kerr's chairman and chief executive officer.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|