Corrected: Chevron's US downstream ops swing to $475m profit as chems improve

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.

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.

Chevron said during the fourth quarter, CPChem started up polyethylene (PE) and normal alpha olefins plants at its 49%-owned Q-Chem II project in Mesaieed, Qatar.

Furthermore, CPChem announced plans to construct a 1-hexene plant capable of producing in excess of 440m lb/year at Baytown, Texas, Chevron said.

Chevron, for its part, commissioned a new continuous catalytic reformer at its Pascagoula refinery in Mississippi, and it announced plans to build a 53,000 bbl/day heavy oil fluid catalytic cracker at the 50%- owned GS Caltex Yeosu refinery in South Korea.

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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By: Stefan Baumgarten
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