ConocoPhillips Q1 chem profit down 56% on lower margins

23 April 2009 15:54  [Source: ICIS news]

TORONTO (ICIS news)--ConocoPhillips’ first-quarter chemical segment profit dropped 56% from a year ago, mainly due to lower margins which were only partially offset by lower operating costs, the US-based oil and gas major said on Thursday.

Chemical segment profit for the three months ended 31 March was $23m (€18m), compared with $52m in the 2008 first quarter. The company did not disclose the segment's quarterly sales.

However, first-quarter results improved from a $6m loss in the 2008 fourth quarter. The improvement was primarily due to higher aromatics and styrenics margins and lower operating costs. Also, the 2008 fourth quarter included an asset impairment charge, the company said.

ConocoPhillips participates in the petrochemicals and plastics industry through its 50% interest in Chevron Phillips Chemical (CPChem).

Overall, the Houston-based energy major recorded first-quarter earnings of $840m. This was down almost 80% from $4.1bn in the 2008 first quarter, mainly due to lower oil and gas prices.

($1 = €0.77)

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By: Stefan Baumgarten
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