OxyChem third-quarter earnings soar to $189m on margins, volumes

19 October 2010 13:33  [Source: ICIS news]

TORONTO (ICIS)--Occidental Petroleum’s third-quarter earnings in its OxyChem chemicals segment soared to $189m (€136m), from $72m in the 2009 third quarter, on improved margins and higher volumes for its chlor-alkali and vinyl products, the company said on Tuesday.

Chemical sales for the three months ended 30 September were $1.05bn, up almost 25% from $842m in the 2009 third quarter.

Chemical export volumes increased 22% from the year-earlier quarter, Occidental added.

Overall, the Los Angeles-based oil and gas major reported third-quarter net income of $1.2bn, up 28% from the 2009 third quarter, due to higher crude and natural gas prices, among other factors, it said.

($1 = €0.72)

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By: Stefan Baumgarten
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