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People & Business :: Earnings/Finance

Occidental chemical earnings fall on weak caustic soda exports

7:18 AM MDT | July 30, 2013 | Robert Westervelt

Occidental Petroleum says that core earnings in its chemical segment for the second quarter, excluding a $131-million pretax gain from the sale of its stake in Brazilian chlorovinyls maker Carbocloro, was $144 million, down 26% year-on-year (YOY). Sales increased 1.3% YOY, to $1.2 billion. “The lower earnings resulted from lower caustic soda export volumes due to continued weak economic conditions in Europe and slowing demand in Asia, particularly within the pulp and paper and alumina segments,” the company says. Net income was also hurt by reduced...

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