27 October 2011 13:40 [Source: ICIS news]
HOUSTON (ICIS)--Occidental Petroleum’s OxyChem chemicals segment reported a 29.6% year-on-year increase in third-quarter earnings as higher pricing across most product lines more than offset higher feedstock costs, the US-based energy major said on Thursday.
OxyChem’s earnings for the three months ended 30 September were $245m (€176m), compared with $189m in the same period a year ago. Third-quarter chemicals sales rose 17.1% year on year to $1.23bn.
For the first nine months of 2011, OxyChem’s earnings more than doubled to $717m, from $327m in the same period in 2010, reflecting strong export sales and higher margins because of high demand across most products, the company said.
OxyChem’s sales for the nine-month period were $3.72bn, up 23.2% year on year.
Overall, Los Angeles-based Occidental Petroleum reported a 48% increase in third-quarter earnings from continuing operations, to $1.8bn, because of higher oil prices and volumes.
($1 = €0.72)
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