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BP's Petchem Profits Plummet Due to Challenging Environment

2:51 AM MDT | May 1, 2012 | Sotirios Frantzanas

BP says its petrochemical business generated profits before interest and taxes (Ebit) of $112 million, on a replacement cost basis, in the first quarter of 2012. This is a 78% decrease compared with $519 million reported in the same quarter of 2011. BP says the decreased Ebit of its petchem business reflects a challenging margin environment. There was, however, an increase in volumes in first-quarter 2012 compared with the low levels of the fourth quarter of 2011 because of improved demand and higher availability, the company...

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