01 November 2013 13:29 [Source: ICIS news]
HOUSTON (ICIS)--Third-quarter earnings in Chevron’s downstream business fell 45% year on year to $380m (€281m) because of lower refined product margins, the US-based international energy major said on Friday.
Chevron added that the fall in downstream earnings was partially offset by higher earnings from its 50%-owned Chevron Phillips Chemical (CP Chem) joint venture with refiner Phillips 66.
Chevron did not provide details about the chemical earnings.
However, Phillips 66 earlier reported that its third-quarter chemical segment earnings rose 71% year on year to $262m because CP Chem benefited from improved margins in olefins and polyolefins and from solid capacity utilisation rates.
Overall, Chevron reported third-quarter earnings of $4.95bn, compared with $5.25bn in the same period a year ago, with the decline mainly due to the lower refined product margins, it said.
In related news this week, other US energy majors - including ExxonMobil, Valero and Phillips 66 - also reported sharp third-quarter earnings declines in their refining businesses because of lower margins.
($1 = €0.74)
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