ConocoPhillips Q3 chem earnings rise 49% on higher ethylene margins

26 October 2011 14:41  [Source: ICIS news]

HOUSTON (ICIS)--ConocoPhillips’ third-quarter chemical segment earnings rose 49% year on year to $197m (€142m), primarily because of higher ethylene margins, the US energy major said on Wednesday.

Third-quarter ethylene industry cash margins more than doubled to 23.3 cents/lb, compared with 11.2 cents/lb in the 2010 third quarter, the company said. 

ConocoPhillips’ 2011 second-quarter chemical earnings were $199m, on ethylene industry cash margins of 26.9 cents/lb.

ConocoPhillips participates in petrochemicals market through its 50% stake in Chevron Phillips Chemical (CP Chem).

Overall, Houston-based ConocoPhillips reported third-quarter earnings of $2.62bn, down 14% from $3.06bn in the same period last year.

The 2011 third-quarter included a number of charges and special items, including charges related to ConocoPhillips’ Trainer refinery in Pennsylvania and a loss on the disposal of the company’s German refinery at Wilhemshaven, as well as costs of an oil spill in China’s Bohai Bay.

After adjustments, ConocoPhillips' third-quarter earnings were $3.45bn, up from $2.24bn in the same period last year, driven by higher commodity prices and global refining margins, the company said.

($1 = €0.72)

For more on CP Chem and other producers visit ICIS company intelligence

By: Stefan Baumgarten
+1 713 525 2653

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