Kerr-McGee chem profits off 5% at $30m

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.

By: Gary Taylor
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