IHS Chemical Week

Markets :: Basic Chemicals :: Petrochemicals :: Ethylene

Nova Warns of Hedging Charge; Expects Margins to Expand

11:22 AM MDT | July 14, 2008 | Rebecca Coons

Nova Chemicals will take a “relatively large” non-cash accounting charge that could “mask” investor understanding of the company’s performance, CEO Jeff Lipton told investors during a recent conference call and ahead of the company’s second-quarter earnings release later this month. The charge of about $61 million reflects the differences between propane and butane futures prices, and the hedging prices Nova is locked into as part of a three-year feedstock purchasing program for its Corunna, ON cracker, Lipton says. The futures...

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