US Chevron Q1 downstream earnings rise 29% on gains from asset sales

27 April 2012 15:57  [Source: ICIS news]

HOUSTON (ICIS)--Chevron’s first-quarter earnings in its downstream business rose 29% to $804m (€611m), from $622m in the same period a year ago, primarily because of gains on asset sales, the US-based energy and chemicals firm said on Friday.

Chevron’s downstream earnings for the three months ended 31 March included a gain of about $200m, which was mostly due to the sale of Chevron’s fuels and finished lubricants businesses in Spain, it said.

Chevron’s downstream business includes its 50% stake in the Chevron Phillips Chemical (CP Chem) petrochemicals joint venture with ConocoPhillips. Chevron did not comment on the joint venture’s first-quarter performance.

However, ConocoPhillips said earlier this week that CP Chem’s first-quarter earnings improved because of higher ethylene margins.

Chevron said that its downstream first-quarter refinery crude oil input outside the US fell by 253,000 bbl/day to 779,000 bbl/day, primarily because of the sale of its Pembroke refinery in the UK to US-based refiner Valero.

US refinery crude oil input was up by 47,000 bbl/day to 926,000 bbl/day.

Overall, Chevron reported first-quarter earnings from both its upstream and downstream businesses of $6.47bn, up by 4.2% from the 2011 first quarter.

($1 = €0.76)

By: Stefan Baumgarten
+1 713 525 2653

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