23 April 2012 14:22 [Source: ICIS news]
LONDON (ICIS)--ConocoPhillips’s chemical business profit in the first quarter increased by 13% year on year to $218m (€166m) on higher margins, the US-based energy major said on Monday.
“Industry margins for ethylene during the quarter were among the highest recorded in 20 years,” the company said.
“With domestic ethylene utilisation rates for the quarter averaging more than 100%, the business was able to capture these strong margins."
ConocoPhillips as a whole reported first-quarter earnings of $2.9bn, down slightly from $3.0bn in the same period last year.
On an adjusted basis taking into account $330m of special items, the group’s earnings for the quarter were $2.6bn.
($1 = €0.76)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections