31 July 2013 14:06 [Source: ICIS news]
HOUSTON (ICIS)--Phillips 66 reported a 25% year-on-year decline in adjusted second-quarter earnings to $181m (€136m) from $242m in the same period a year ago, mainly because of plant outages and turnaround activity at its petrochemicals joint venture, Chevron Phillips Chemical, the US-based refiner said on Wednesday.
Phillips 66 said earnings from Chevron Phillips’ olefins and polyolefins business were hit by unplanned power outages at the Sweeny complex and an extended 91-day turnaround at a facility in ?xml:namespace>
The downtime resulted in decreased production and sales volumes for ethylene, polyethylene and normal alpha olefins, as well as higher manufacturing costs, Phillips 66 said.
While industry margins remained strong, Chevron Phillips realised lower margins due to these unplanned events. Global utilisation for Chevron Phillips’ olefins and polyolefins business was 78% for the three months ended 30 June.
Overall, Phillips 66 reported adjusted second-quarter earnings of $935m, down from $1.42bn in the 2012 second quarter, with the decline due to the downtime in chemicals, as well as downtime in Phillips 66 refining business and a “significant reduction in advantaged crude discounts,” it said.
($1 = €0.75)
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