29 October 2013 12:23 [Source: ICIS news]
HOUSTON (ICIS)--Third-quarter chemical earnings in Occidental Petroleum’s OxyChem business rose almost 12% year on year to $181m (€130m), driven by higher margins in polyvinyl chloride (PVC) and vinyl chloride monomer (VCM), the US-based energy and chemicals firm said on Tuesday.
For the nine months ended 30 September, OxyChem’s earnings were $484m, down from $540m in the same period in 2012, mainly because of higher energy and ethylene costs, which more than offset higher volumes and prices in chlor-alkali and vinyls, the company said.
Overall, California-based Occidental Petroleum reported third-quarter “core income” of $1.6bn, compared with $1.4bn in the same period a year ago, driven by higher domestic oil and gas prices, lower operating costs and higher domestic liquid volumes.
($1 = €0.72)
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