ConocoPhillips Q1 chem earnings rise 75% to $193m on strong margins

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.

Ethylene (C2) industry cash margins averaged 16.7 cents/lb in the first quarter, and high density polyethylene (HDPE) industry contract sales margins were 25.1 cents/lb, the company said.

ConocoPhillips participates in petrochemicals markets via Texas-headquartered joint venture Chevron Phillips Chemical.

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.

During the quarter, ConocoPhillips completed the sale of its shares in Russian oil and petrochemicals major Lukoil. In addition, it repurchased 21m of its own shares for $1.6bn.

($1 = €0.68)

For more on Chevron Phillips Chemical and other producers, visit ICIS company intelligence

By: Stefan Baumgarten
+1 713 525 2653

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