Chevron's Q3 chemical earnings jump to $168m

27 October 2006 14:16  [Source: ICIS news]

HOUSTON (ICIS news)--Chevron reported on Friday that its chemical sector earnings jumped to $168m (€132m)in the third quarter of 2006, up from only $6m in the corresponding period of 2005.

"Earnings for the 50%-owned Chevron Phillips Chemical Company and [Chevron's] Oronite subsidiary were both negatively affected in the 2005 quarter by impacts of hurricanes in the Gulf of Mexico," the company noted. In the third quarter of 2004, chemical sector earnings were $106m.For the first nine months of this year, Chevron reported chemicals earnings of $415m compared with $227m in the corresponding period of 2005.

For all operations, the San Ramon, California-based oil company said its net income rose 40% to $5bn, compared with $3.6bn in the third period of 2005.

Capital expenditures for the chemical sector in the US were $45m in the third quarter, up from $37m a year ago. Overseas chemical capital expenditures were $15m, up from $9m in the third quarter of 2005.

By: Patrick Crow
+1 713 525 2653

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