27 April 2011 14:49 [Source: ICIS news]
TORONTO (ICIS)--ConocoPhillips’ chemical segment earnings rose 75% year on year to $193m (€131m) in the first quarter 2011, driven by high olefins and polyolefins margins, the US-based energy major said on Wednesday.
Overall, ConocoPhillips reported first-quarter earnings of $3.0bn, up from $2.1bn in first quarter 2010, driven by asset sales and high oil prices.
Despite the improvement, results did not meet the company’s targets, ConocoPhillips CEO Jim Mulva said.
Unplanned downtime and compensation expenses cost ConocoPhillips about $200m in the first quarter, he said.
($1 = €0.68)
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