ConocoPhillips Q4 chem earnings rise 32.2% on start-up of new projects

25 January 2012 14:17  [Source: ICIS news]

HOUSTON (ICIS)--ConocoPhillips reported a 32.2% year-on-year increase in its 2011 fourth-quarter chemical earnings to $156m (€120m), from $118m in the 2010 fourth quarter, it said on Wednesday.

ConocoPhillips said the improvement in earnings was primarily due to higher volumes related to the start-up of international projects late in 2010.

The company participates in petrochemicals markets through its 50% stake in the Chevron Phillips Chemical (CP Chem) joint venture with Chevron.

For the full 12 months of 2011, ConocoPhillips's chemical segment earnings were $745m, up sharply from $498m in 2010.

Overall, Houston-based ConocoPhillips reported fourth-quarter earnings of $3.4bn, up from $2.0bn in the 2010 fourth quarter, on the back of stronger crude oil and liquefied natural gas (LNG) prices, it said.

After special items and the costs related to an oil spill in China’s Bohai Bay, ConocoPhillips's 2011 fourth-quarter adjusted earnings were $2.7bn.

($1 = €0.77)

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

By: Stefan Baumgarten
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