Chevron’s US Q1 downstream earnings fall 71% on turnarounds

26 April 2013 14:50  [Source: ICIS news]

HOUSTON (ICIS)--Chevron’s 2013 first-quarter earnings from its US downstream business fell 71% year on year to $135m (€104m) because of expenses from refinery turnaround activity, the US-based energy and chemicals major said on Friday.

During the three months ended 31 March, Chevron undertook turnaround work at its refineries in El Segundo, California, and Pascagoula, Mississippi.

In addition, Chevron saw lower margins on its refined product sales in the US during the quarter, it said.

However, the decrease in US downstream earnings was partly offset by higher earnings from Chevron's petrochemicals joint venture with Phillips 66 - Chevron Phillips Chemical Company, it added. Chevron did not disclose details about the quarter’s chemical earnings.

Outside the US, Chevron’s first-quarter downstream earnings rose to $566m, from $345m in the same period a year ago, mainly because of higher margins on refined product sales.

Overall, Chevron reported first-quarter earnings of $6.2bn, down from $6.5bn in the 2012 first quarter. Sales were $54bn, down from $59bn in the year-ago period, mainly because of lower prices for crude oil, the company said.

($1 = €0.77)

By: Stefan Baumgarten
+1 713 525 2653

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