25 April 2013 13:11 [Source: ICIS news]
LONDON (ICIS)--Occidental Petroleum’s chemicals business, OxyChem, reported a 16% year-on-year decrease in its 2013 first-quarter net earnings to $159m (€122m), primarily as a result of weaker demand for chlorinated organics and higher raw material costs, the US-based firm said on Thursday.
OxyChem’s net sales for the first quarter rose slightly to $1.18bn from $1.15bn in the corresponding quarter of 2012.
Overall, Occidental Petroleum, an oil and gas exploration and production company, reported a first-quarter net income of $1.36bn down from $1.56bn for the same period in 2012.
The group’s total net sales in the first quarter fell 6.3% year on year to $5.87bn, following lower oil and gas sales.
Stephen Chazen, president and CEO, said: "We executed well in the first quarter and to date are running ahead of our full-year objectives in our program to improve domestic operational and capital efficiencies.
"We have reduced both our domestic well and operating costs by about 19% relative to 2012,” he added.
($1 = €0.77)
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