24 July 2007 14:32 [Source: ICIS news]
TORONTO (ICIS news)--US energy major Occidental Petroleum Corp reported on Tuesday a 37% drop in second-quarter profits in its OxyChem chemicals business due to lower chloro-vinyls margins.
OxyChem’s profit for the three months ended 30 June was $158m (€114m), down from $251m for the same period last year.
Sales were $1.23bn compared with $1.27bn in the 2006 second quarter.
Overall, the Los Angeles, California-based oil company reported second-quarter net profit of $1.412bn, up from $860m the year before.
The results included gains of $419m from the sale of non-core assets – including the sales of Occidental’s stake in Lyondell – while the 2006 second quarter included a $347m loss from the write-off of assets, Occidental said.
($1 = €0.72)
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