27 July 2011 15:08 [Source: ICIS news]
HOUSTON (ICIS)--ConocoPhillips’ second-quarter chemical segment earnings rose 44% year on year to $199m (€137m), mainly because of higher margins in olefins and polyolefins, as well as higher volumes, the US-based energy major said on Wednesday.
For the first six months ended 30 June, ConocoPhillips' chemical segment earnings were up 58% - to $392m from $248m in the same period a year ago, the company said. It did not disclose quarterly or half-year chemical sales data.
Overall, the Houston-based energy major reported a 39% year-on-year increase in adjusted second-quarter earnings, to $3.4bn, largely due to better commodity prices and refining margins, it said.
In commenting on ConocoPhillips’ plan to split off its refining from its exploration and production business, CEO Jim Mulva said: “This [plan] is consistent with our strategy to create differentiated value for our shareholders."
"Both companies will be uniquely positioned in their respective industries, with the management focus, financial strength and technical capability to successfully invest in the industry’s highest returning projects," Mulva added.
He did not update on ConocoPhillips' plans regarding its 50% stake in Chevron Phillips Chemical. Officials said earlier the company had not yet decided what will happen to the stake.
($1 = €0.69)
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