OxyChem Q2 earnings fall 23.3% on lower exports, prices

26 July 2012 13:02  [Source: ICIS news]

HOUSTON (ICIS)--Occidental Petroleum’s chemical segment (OxyChem) reported a 23.3% year-on-year decline in second-quarter earnings, to $194m (€159m), mainly because of lower exports and prices, it said on Thursday.

OxyChem said it saw lower export caustic volumes, lower vinyl chloride monomer (VCM) export demand, and lower polyvinyl chloride and VCM export prices in the second quarter, compared with the same period ago.

OxyChem’s second-quarter domestic caustic volumes also fell, it added.

The declines in volumes and prices were only partially offset by lower natural gas and ethylene costs, the company said.

OxyChem’s sales for the three months ended 30 June were down 11.5% to $1.17bn.

Occidental Petroleum’s overall second-quarter net income was down to $1.3bn, from $1.8bn in the same period a year ago, as prices for oil and gas fell, the Los Angeles-based firm said.

($1 = €0.82)

By: Stefan Baumgarten
+1 713 525 2653

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