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)
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