Chevron's Q3 downstream earnings fall 45% on lower margins

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)


By: Stefan Baumgarten
+1 713 525 2653



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index