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While earnings at chemical companies rose at a very respectable rate in the first quarter, chemical results at oil companies were outstanding, with four of the five firms surveyed by C&EN posting gains of more than 100%. Thus, chemical earnings for the five firms rose a combined 147.5% to almost $1.80 billion.
As with the chemical firms, the earnings increase at the oil companies can be attributed mostly to prices. For instance, at ExxonMobil, the largest of the five firms, earnings from chemicals jumped 134.8% to $1.28 billion. Sales volumes at the company were up just 2.1% to 6.94 million metric tons. (Most oil companies do not give dollar sales data for chemicals.)
The largest chemical earnings increase came at Occidental Petroleum--282.1% to $214 million, due, according to the company, to higher margins in all major products, partially offset by energy and feedstock costs.
Even though they are partners in chemical producer Chevron Phillips, the difference in growth at Chevron and ConocoTexaco was striking. Chemical earnings at ConocoTexaco, where the joint venture represents its only chemical income, rose 241.0% to $133 million because of improved margins in olefins, polyolefins, aromatics, and styrenics. Earnings at Chevron, which changed its name from ChevronTexaco earlier this month, rose 85.1% to $137 million, moderated by the company's Oronite division.
At Sunoco, which has the smallest chemical operations of the five companies, earnings from those operations rose 175.0% to $33.0 million. The increase came from higher margins for phenol and polypropylene, but the company says sales volumes are largely unchanged from the year-earlier period.
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