ConocoPhillips expects strong Q1 chemicals results

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.

Ethylene margins for the three months ended 31 March were among the highest seen in the industry in the past 20 years, ConocoPhillips said.

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)

By: Stefan Baumgarten
+1 713 525 2653

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