25 January 2012 13:41 [Source: ICIS news]
HOUSTON (ICIS)--Occidental Petroleum’s chemicals business, OxyChem, reported a 29.7% year-on-year increase in 2011 fourth-quarter net earnings to $144m (€110.1m), from $111m, primarily because of higher caustic soda pricing, the US-based firm said on Wednesday.
Higher caustic soda pricing more than offset higher feedstock costs, the company said.
OxyChem’s sales for the three months ended 31 December 2011 rose 9.8% year on year, to $1.094bn, from $996m.
For the full 12 months of 2011, OxyChem’s net earnings almost doubled to $861m, reflecting strong export sales and higher margins on the back of higher demand for most products, the company said.
Full-year 2011 net chemical sales were up 19.9% year on year to $4.815bn.
Overall, Los Angeles-based oil and gas exploration and production company Occidental Petroleum reported fourth-quarter earnings of $1.6bn – up from $1.2bn for the fourth quarter of 2010 – and full-year earnings of $6.8bn, up from $4.5bn in 2010.
The improvements in both the quarter and the full year’s results were mainly because of higher production and higher oil prices, the company said.
($1 = €0.77)
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