ConocoPhillips Q4 chem income doubles to $118m on strong C2 margins

26 January 2011 15:26  [Source: ICIS news]

TORONTO (ICIS)--ConocoPhillips’ 2010 fourth-quarter chemical segment income more than doubled to $118m (€86m), from $54m in the same period in 2009, as the company’s CPChem joint venture with Chevron benefited from significantly improved ethylene (C2) margins, the US energy major said on Wednesday.

Industry ethylene margins tripled to US 12.1 cents/lb, from 4 cents/lb in the 2009 fourth quarter, the company said.

ConocoPhillips participates in petrochemicals markets through the Chevron Phillips Chemical (CPChem) joint venture with Chevron.

For the full 12 months of 2010, ConocoPhillips doubled chemical earnings to almost $500m, marking the strongest year since the formation of CPChem in 2000. 

Full-year 2010 industry ethylene margins were US 15.2 cents/lb, compared with 4.2 cents/lb in 2009.

ConocoPhillips did not disclose chemical sales figures for the fourth quarter or the full year.

Overall, ConocoPhillips’ fourth-quarter net income was $2.0bn, up 54% from $1.3bn in the 2009 fourth quarter, as commodity prices and global refining margins improved.

“Our upstream and downstream businesses delivered against their operating targets, and our midstream and chemicals joint ventures both had a successful year," said ConocoPhillips CEO Jim Mulva. 

($1 = €0.73)

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By: Stefan Baumgarten
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