Kerr-McGee chem loses $7m in Q4, '01 profits fall 62% on TiO2

23 January 2002 18:37  [Source: ICIS news]

HOUSTON (CNI)--Integrated oil company Kerr-McGee reported a loss of $7m (Euro7.9m) Wednesday for the fourth quarter in its chemical operations with a 62% decline in chemical profits for 2001, citing weakness in the market for titanium dioxide (TiO2).

Chemical sales represented 34% of the company's total in the fourth quarter with TiO2 sales contributing 80% of the chemical business total.

For the year ended 31 December, the Oklahoma City, Oklahoma-based company posted chemical operating profit of $69m on sales of $1.1bn, compared with profits of $185m on sales of $1.2bn during 2000.

In the fourth quarter, Kerr-McGee posted the $7m chemicals loss on total sales of $254.5m compared with profits of $46m on sales of $318m for the same period in 2000.

Kerr cited the impact of sharply reduced pigment sales.

Overall, Kerr reported a 42% decline in net income for the year, excluding special items.

By: Gary Taylor
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