Chevron's Q3 US downstream figures boosted by chems earnings

29 October 2010 14:54  [Source: ICIS news]

LONDON (ICIS)--Chevron reported increased third-quarter US downstream profits on higher earnings from chemicals - largely from the 50%-owned Chevron Phillips Chemical Company (CPChem) - and improved refined product margins, the US oil major said on Friday.

US downstream earnings for the period were $349m (€251m) from $127m in the same period of 2009. International downstream earnings were $216m from $135m.

Chevron’s partner in CPChem, ConocoPhillips, said on Wednesday that the petrochemicals joint venture had “delivered particularly strong results” in the quarter but Chevron gave no details of its chemicals result.

Chevron’s underlying upstream earnings were slightly higher but the as-reported comparisons were affected by the inclusion in the 2009 third quarter of proceeds of assets sales and other gains related to the Gorgon project in Australia.

Group third-quarter earnings were down 1.6% at $3.8bn. After nine months, earnings were up 85.2% at $13.7bn on much improved upstream results.

“Operationally, we continue to show gains in upstream production and progress on our downstream restructuring,” said chairman and CEO John Watson.

“We are pleased the drilling moratorium in the Gulf of Mexico has been lifted. We have submitted one deepwater drilling permit application and plan to submit several additional applications over the next few months. We look forward to the timely approval of our drilling permits and to getting back to work as soon as possible,” he added.

Chevron’s sales and operating revenues for the latest quarter were up 7.5% at $48.6bn. After nine months, sales and operating revenues were 22.1% higher at $146.3bn.

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By: Nigel Davis
+44 20 8652 3214

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