ConocoPhillips posts $6m Q4 loss in chem segment

28 January 2009 15:11  [Source: ICIS news]

TORONTO (ICIS news)--US energy major ConocoPhillips on Wednesday reported a fourth-quarter net loss of $6.0m (€4.6m) in its chemicals segment, compared with net income of $99m in the year-ago quarter.

The company said that the year on year decline was primarily due to the absence of a one-time capital-loss tax benefit in the 2007 quarter, as well as lower aromatics and styrenics margins.

The fourth-quarter loss compared with net income of $46m in the 2008 third quarter. The decrease in profit from the third quarter to the fourth was primarily due to lower margins and volumes, the company said.

For the full 12 months of 2008 the chemicals segment had net income of $110m, down 69% from $359m in 2007, with the decline again primarily due to the lower aromatics and styrenics margins and the absence of the one-time tax benefit, the company said.

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

($1 = €0.76)

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By: Stefan Baumgarten
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