05 April 2012 14:15 [Source: ICIS news]
HOUSTON (ICIS)--ConocoPhillips expects first-quarter results in its chemicals business to be higher than in the same period last year, mainly because of high ethylene margins, the US-based energy major said on Thursday.
Meanwhile, chemical plant utilisation rates continued to exceed 100%, allowing the company to capture these strong margins, it said.
In the first quarter of 2011, ConocoPhillips reported chemical segment earnings of $193m (€147m).
ConocoPhillips participates in chemical markets through its 50% stake in petrochemicals major Chevron Phillips Chemical (CP Chem), which is a joint venture with Chevron.
($1 = €0.76)
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