Chevron Q1 US downstream earnings surge to $442m on margins

29 April 2011 14:23  [Source: ICIS news]

HOUSTON (ICIS)--Chevron’s first-quarter earnings from US downstream operations surged to $442m (€296m), from $82m in the 2010 first quarter, driven by improved margins for refined products and higher earnings in its Chevron Phillips Chemical joint venture, the US energy major said on Friday.

Chevron did not break out the quarter's chemical earnings.

However, Chevron’s partner in the equal chemicals joint venture, ConocoPhillips, said this week its chemical earnings for the three months ended 31 March rose 75% year on year to $193m.

Overall, Chevron reported first-quarter earnings up 34.8% year on year to $6.2bn amid high oil prices.

($1 = €0.67)

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

By: Stefan Baumgarten
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