BP Petchem Slump

BP says its petrochemical business generated operating profits of $112 million, on a replacement cost basis, in the first quarter of 2012, a 78% decrease from the year-earlier quarter. BP says the decrease reflects a challenging margin environment. There was, however, a rise in volumes in first-quarter 2012 compared with the previous quarter because of improved demand and higher availability, the company says. Sales were not...

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