ConocoPhillips Q3 chem profit rises 27% to $132m on better margins

27 October 2010 14:38  [Source: ICIS news]

TORONTO (ICIS)--ConocoPhillips’s third-quarter earnings in its chemical segment rose 27% to $132m (€95m) from $104m in the 2009 third quarter, largely due to improved ethylene margins and better market conditions, the US-based energy and petrochemicals firm said on Wednesday.

The company said that its 50% interest in the CPChem petrochemicals joint venture with Chevron “delivered particularly strong results” in the three months ended 30 September, compared with the year-earlier period.

Third-quarter ethylene industry cash margins more than doubled to 11.2 cents/lb from 5.2 cents/lb in the 2009 third quarter, it added.

For the first nine months of the year to 30 September, ConocoPhillips’ chemical segment earnings almost doubled to $380m from $194m in the same period last year.

The company did not break out chemical segment sales.

Overall, the energy major reported third-quarter earnings of $3.1bn, up more than double from $1.5bn in the 2009 third quarter.

Excluding gains from asset dispositions and other items, third-quarter 2010 adjusted earnings rose to $2.2bn, from $1.4bn in the 2009 third quarter, primarily due to higher commodity prices and better US refining margins, the company said.

($1 = €0.72)

For more on CPChem and other producers visit ICIS company intelligence
To discuss issues facing the chemical industry go to ICIS connect


By: Stefan Baumgarten
+1 713 525 2653



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index