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)
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