01 May 2009 15:24 [Source: ICIS news]
TORONTO (ICIS news)--Chevron’s chemicals segment has reported a first-quarter profit of $39m (€29m), down 9.3% from $43m a year earlier, the US-based energy major said on Friday.
The results were not directly comparable with last year, as the 2008 first quarter included a $40m charge for environmental remediation costs at a closed plant.
During the quarter, Chevron's Oronite subsidiary saw lower margins on the sale of its lubricants and fuels additives, the company said.
Chevron did not disclose first-quarter chemical sales in dollar terms.
Capital expenditure in the chemicals segment was $47m, down from $115m in the 2008 first quarter.
However, operationally the quarter was “excellent”, with oil production and refinery inputs both higher than a year ago and operating expenses lower, CEO Dave O’Reilly said.
($1 = €0.75)
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