30 January 2009 15:55 [Source: ICIS news]
TORONTO (ICIS news)--US energy major Chevron saw a 59% decline in its chemicals segment's fourth-quarter net income to $28m (€22m), compared with $69m in the same period of the previous year, mainly due to lower earnings at its 50%-owned Chevron Phillips petrochemicals joint venture, it said on Friday.
The decline was only partially offset by improved results at Chevron’s Oronite lubricants additives subsidiary, it said.
For the full year, Chevron said its chemical earnings dropped 54% to $182m, compared with fourth-quarter earnings of $396m in 2007.
Overall, the San Ramon, California-based company reported a net income of $4.90bn for the three months ended 31 December, up marginally from $4.88bn in the 2007 fourth quarter.
Upstream profit declined on lower crude oil prices, but the downstream business benefited from the lower crude oil cost, Chevron said.
The results included a $600m gain from an asset exchange in the upstream business and $478m in favourable foreign currency effects, Chevron said.
($1 = €0.77)
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