26 April 2012 13:02 [Source: ICIS news]
LONDON (ICIS)--Occidental Petroleum’s chemicals business, OxyChem, reported a 16% year-on-year decrease in its 2012 first-quarter net earnings to $184m, primarily as a result of lower export volumes and higher raw material costs, the US-based firm said on Wednesday.
Higher raw material costs were mainly caused by a rapid increase in ethylene prices.
“Calcium chloride sales volumes for de-icing applications were significantly lower due to the mild winter weather,” it added.
OxyChem’s sales for the first quarter of 2012 fell 1.5% year on year to $1.15bn ($874m) from $1.17bn.
The group’s total sales in the first quarter rose 9.5% year on year to $6.27bn.
Stephen Chazen, president and CEO, said: “For the quarter, we generated strong results with diluted EPS [earnings per share] of $1.92 per share, cash flow from operations of $2.8bn and annualised ROE [return on equity] of 16%”.
($1 = €0.76)
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