02 November 2012 13:43 [Source: ICIS news]
HOUSTON (ICIS)--Chevron’s 2012 third-quarter downstream earnings fell 65% year on year to $689m (€531m), mainly because of lower refined product margins and higher operating expenses in the US, as well as the absence of gains from asset sales, the US-based energy major said on Friday.
Chevron does not report chemical segment earnings separately. However, earlier this week, Chevron’s partner in CP Chem, Phillips 66, reported that its adjusted third-quarter chemical segment earnings rose 42% year on year, mainly because of improved margins and lower utility costs at CP Chem.
Overall, Chevron’s third-quarter earnings were down 33% to $5.25bn.
In addition to the reduced downstream results, the year-on-year decline in overall earnings was due to lower crude oil prices in Chevron's upstream business, as well as planned oil field maintenance, which reduced oil and gas production at several locations, it said.
($1 = €0.77)
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