US Occidental's chems earnings drop 9% in Q2

24 July 2008 13:51 [Source: ICIS news]

LONDON (ICIS news)--US-based producer OxyChem reported a 9% drop in second-quarter earnings to $144m (€92m), down from $158m in the year earlier period, parent company Occidental Petroleum said on Thursday.

The result reflected lower volumes and margins for chlorine and polyvinyl chloride, partially offset by higher margins for caustic soda, the said the group.

Second quarter sales in the chemicals segment increased by 13% to $1.39bn, up from $1.23m reported in the same quarter last year.

The Occidental Petroleum group, which is dominated by the oil and gas segment, reported a net income of $2.3bn, compared with $1.41bn in the second quarter of 2007.

Group sales increased to $7.12bn from $4.41bn in the year earlier period.

($1 = €0.64)

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By: Mark Watts
+44 20 8652 3214

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