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Chemical Week Magazine :: Business & Finance :: United States/Americas

Oil firms report mixed first- quarter chemical results

5:19 AM MDT | May 3, 2013 | —Clay Boswell

Oil companies report mixed first-quarter earnings for their petrochemical businesses: gains for ExxonMobil and Phillips 66, but declines for Chevron, Occidental Petroleum, and BP. ExxonMobil reports chemical earnings of $1.1 billion, a 62% year-on-year (YOY) increase. US earnings rose 74%, to $752 million. Non-US earnings rose 44%, to $385 million. Higher margins contributed $320 million. Phillips 66’s chemical segment, comprising its 50% interest in Chevron Phillips Chemical Company (CPChem), contributed first-quarter adjusted earnings of $282 million, up...

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