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People & Business :: Companies

OxyChem earnings down on demand, costs

9:24 AM MDT | April 25, 2013 | Clay Boswell

Occidental Chemical (OxyChem), the chemical segment of Occidental Petroleum, has reported a year-on-year (YOY) decline in earnings for the first quarter. OxyChem earnings for the first quarter of 2013 were $159 million, down 14% compared with the first quarter of 2012. Occidental attributes the result to weaker demand and pricing for chlorinated organics combined with higher natural gas costs, partially offset by higher caustic soda exports. The chemical segment’s net sales for the quarter totaled $1.18 billion, up 2.6% YOY. Occidental’s overall net...

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