Chevron Q2 chemical profit drops to $41m

01 August 2008 14:49  [Source: ICIS news]

TORONTO (ICIS news)--Chevron’s chemical operations earned $41m (€26m) in the second quarter, down from $104m a year ago, due to lower margins and higher costs, the US oil and petrochemicals major said on Friday.

 

Earnings at Chevron’s 50%-owned Chevron Phillips Chemical Company (CPChem) declined as higher feedstock costs squeezed margins.

 

In addition, CPChem’s utility costs increased due to higher natural gas prices, and maintenance expenses rose due to planned shutdowns at US manufacturing facilities.

 

Chevron’s Oronite lubricants additives subsidiary had lower margins on sales, compared with the 2007 second quarter, Chevron said in a statement that did not disclose chemical sales data.

 

Overall, the California-based energy major recorded second-quarter net income of $6.0bn, compared with $5.4bn in the 2007 second quarter.

 

($1 = €0.64)

 

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By: Stefan Baumgarten
+1 713 525 2653

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