ConocoPhillips sees hurricane impact at $200m

02 October 2008 17:11  [Source: ICIS news]

TORONTO (ICIS news)--Hurricanes Ike and Gustav have reduced the third-quarter results of US oil and petrochemicals major ConocoPhillips by an estimated $200m (€142m) on an after-tax basis, the company said on Thursday.

 

Hurricane-related disruptions reduced the company’s refining production by an average 20,000 bbl/day during the quarter, it said.

 

ConocoPhillips' average US crude oil refining capacity utilisation rate for the third quarter was in the upper-80% range, reflecting significant hurricane-related downtime on the US Gulf coast, partially offset by less turnaround activity on the US west coast, it added.

 

Third-quarter chemical results were expected to be higher than in the previous quarter, the company said, but did not provide details.

 

The chemical business recorded second-quarter net income of $18m, down from $68m in the year-earlier period, mainly due to lower benzene and polyethylene margins.

 

ConocoPhillips participates in chemicals and plastics production through its 50% interest in Chevron Phillips Chemical Company (CPChem).

 

As of December 2007, CPChem, in which US oil major Chevron holds the remaining 50% stake, had 36 production facilities in seven countries.

 

($1 = €0.71)

 

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By: Stefan Baumgarten
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