27 October 2011 18:28 [Source: ICIS news]
HOUSTON (ICIS)--Occidental Petroleum’s OxyChem chemicals business expects to see lower fourth-quarter earnings amid a seasonal slowdown, the company’s CEO said on Thursday.
Chief executive Stephen Chazen told analysts during the company’s third-quarter results conference call that OxyChem is expected to record earnings of about $100m (€72m) in the fourth quarter.
Chazen said the fourth quarter is historically the segment’s weakest because of seasonal slowdowns in construction and other markets.
Also affecting OxyChem’s fourth-quarter are customers' efforts to minimise inventories and a slowdown in exports, he said.
($1 = €0.72)
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