27 July 2012 14:34 [Source: ICIS news]
HOUSTON (ICIS)--Chevron’s second-quarter downstream earnings rose by 80% year on year to $1.88bn (€1.52bn), driven by improved margins and gains from asset sales, the US-based energy and chemicals firm said on Friday.
Chevron said that both US and international downstream margins improved, compared with the same period a year ago.
In addition, downstream earnings benefited from $200m in gains on assets sales, primarily because of a divestment in ?xml:namespace>
Chevron’s total refined product sales outside the US were down 14% year on year to 1.57m bbl/day, again mainly because of the sale of the Pembroke refinery and the divestment of the marketing assets in the
The company's downstream business includes the company’s 50% stake in the ChevronPhillips Chemical (CP Chem) petrochemicals joint venture. However, Chevron did not disclose its chemical earnings separately.
Chevron’s overall second-quarter earnings from both its downstream and upstream businesses fell to $7.2bn, from $7.7bn in the 2011 second quarter as upstream production volumes and prices were down.
($1 = €0.81)
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