Chevron Q2 chemical profit up 10.6% on lubricants

27 July 2007 16:32  [Source: ICIS news]

TORONTO (ICIS news)--US energy firm Chevron reported on Friday a 10.6% rise in second-quarter profit in its chemicals business, driven by a strong performance in lubricants and lubricant additives.

 

Earning in the chemicals segment for the three months ended 30 June were $104m (€76m), up from $94m in the 2006 second quarter.

 

Chevron credited higher margins at its Oronite lubricants business while the company’s 50%-owned Chevron Phillips Chemical joint venture had lower margins in the second quarter.

 

The San Ramon, California-based US oil and gas major reported overall second-quarter net income of $5.4bn, up from $4.4bn in the 2006 second-quarter.

 

The results included a $680m gain related to the sale of Chevron’s stake in Dynegy Energy, a power generation firm.

 

($1 = €0.73)

By: Stefan Baumgarten
+1 713 525 2653

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