US Chevron expects Q4 chemical earnings to drop

12 January 2010 01:53  [Source: ICIS news]

HOUSTON (ICIS news)--Chevron expects its fourth-quarter chemical profits to drop from the third quarter, the company said on Monday.

“In the chemicals segment, full fourth-quarter earnings are projected to fall on lower margins and sales volumes across several product lines,” the San Ramon, California-based energy and petrochemicals producer said in an interim update.

Chevron Phillips is the petrochemicals and plastics operation of Chevron, in joint venture with ConocoPhillips.

Chevron said it expected call of its downstream results to be sharply lower, mainly due to significantly weaker refining margins.

Chevron said it plans to discuss its fourth-quarter earnings with analysts on 29 January.

The producer posted third-quarter earnings of $164m (€113m) in its chemicals segment, more than double the $70m reported for the year-earlier period.

($1 = €0.69)

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By: Brian Ford
+1 713 525 2653



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