28 January 2011 16:33 [Source: ICIS news]
Correction: In the ICIS story headlined “Chevron’s US downstream ops swing to $475m profit as chems improve” dated 28 January 2011, please read in the second paragraph… $333m loss … instead of … $333m earned …. A corrected story follows.?xml:namespace>
TORONTO (ICIS)--Chevron’s US downstream business recorded 2010 fourth-quarter earnings of $475m (€347m), benefitting from higher earnings at Chevron Phillips Chemical and improved refined product margins, the US-based energy and petrochemicals firm said on Friday.
Fourth-quarter earnings for 2010 are up compared with the $333m loss in the same period in 2009, and include a $400m gain on the sale of a stake in a pipeline company, Chevron said.
Chevron, whose chemicals operations also include the Oronite lubricants additives business, did not break out the chemical segement results separately.
However, ConocoPhillips – Chevron’s partner in the Chevron Phillips Chemical (CPChem) joint venture – said this week that its fourth-quarter chemicals segment profit more than doubled because of CPChem’s strong performance.
Furthermore, CPChem announced plans to construct a 1-hexene plant capable of producing in excess of 440m lb/year at
Chevron, for its part, commissioned a new continuous catalytic reformer at its
Overall, the California-based energy major reported fourth-quarter earnings of $5.3bn, up 71% from $3.1bn in the 2009 fourth quarter.
Sales and other operating revenues in the fourth quarter of 2010 were $52bn, up from $48bn in the year-ago period, mainly because of higher prices for crude oil and refined products, Chevron said.
Chevron’s full-year 2010 earnings were $19.0bn, almost double its $10.5bn in 2009. Full-year sales and other operating revenues rose 18.4% to $198bn.
($1 = €0.73)
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