US OxyChem Q2 earnings soar to $253m on exports demand, margins

26 July 2011 14:36  [Source: ICIS news]

HOUSTON (ICIS)--Occidental Petroleum’s OxyChem chemicals segment more than doubled second-quarter earnings to $253m (€177m), compared with $108m in the same period last year, because of strong export demand and higher margins, the US-based energy and chemicals company said on Tuesday.

OxyChem’s net sales for the three months ended 30 June rose 31% year on year to $1.33bn.

OxyChem is focussed on polyvinyl chloride (PVC) resins, chlorine and caustic soda.

Overall, Los-Angeles based Occidental Petroleum reported a 71% increase in second-quarter net income to $1.82bn from $1.06bn in the same period in 2010, mainly because of higher crude oil prices, the company said. Group net sales for the second quarter grew 34% year on year to $6.17bn.

($1 = €0.70)

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By: Stefan Baumgarten
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