Chevron Q3 downstream earnings jump to $2bn on asset sales, margins

28 October 2011 16:15  [Source: ICIS news]

HOUSTON (ICIS)--Chevron’s third-quarter downstream earnings jumped by $1.4bn to $2.0bn (€1.4bn) because of gains from asset sales, as well as improved product margins, the US energy major said on Friday.

Chevron said its 2011 third-quarter results included gains of about $500m from the sale of its refinery in Pembroke, Wales, and related marketing assets in the UK and Ireland.

In addition, Chevron’s downstream earnings for the three months ended 30 September benefited from improved margins in refined product sales and from lower operating expenses, the company said.

Chevron’s downstream business results include its 50% stake in the Chevron Phillips Chemical (CPChem) petrochemicals joint venture with ConocoPhillips and its Oronite lubricants additives business.

Chevron does not report chemical results separately. However, ConocoPhillips said this week that its third-quarter chemical earnings rose by 49% year on year to $197m, primarily because of higher ethylene margins at CPChem.

Chevron’s overall third-quarter earnings from its upstream and downstream businesses more than doubled year on year, to $7.8bn, on the back of higher prices for crude oil and refined products, it said.

($1 = €0.70)

For more on CPChem visit ICIS company intelligence

By: Stefan Baumgarten
+1 713 525 2653

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