BP, Shell report sharp declines in quarterly chemical earnings

The chemical businesses of BP and Royal Dutch Shell each reported sharp falls in earnings for the fourth quarter of 2012 compared with the same period of 2011. BP’s petrochemical activities delivered an underlying replacement cost profit before interest and taxes of $46 million in the fourth quarter, a 48% drop on the same period a year earlier. The year-on-year (YOY) comparison highlights persistent pressure on the petrochemical industry, BP says. The company expects margins to remain under pressure during 2013. Shell’s fourth-quarter chemical...

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