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Business
Chemical Earnings Sink At Petroleum Firms
by Alexander H. Tullo
February 25, 2008
| A version of this story appeared in
Volume 86, Issue 8
Fourth-quarter and full-year 2007 results for the chemical businesses of U.S. oil companies showed weakness in commodity chemicals, due mostly to high raw material costs.
Thank you for subscribing to the C&EN Weekly Newsletter!Chevron and ConocoPhillips, which operate most of their chemical businesses in the Chevron Phillips Chemical joint venture, both posted sharp chemical declines in the quarter and year. ConocoPhillips said lower profits for olefins, polyolefins, and aromatics in the joint venture were responsible for the drop. Chevron fingered results at Chevron Phillips and lower sales at its Oronite fuel additives subsidiary.
Chevron and ConocoPhillips, which operate most of their chemical businesses in the Chevron Phillips Chemical joint venture, both posted sharp chemical declines in the quarter and year. ConocoPhillips said lower profits for olefins, polyolefins, and aromatics in the joint venture were responsible for the drop. Chevron fingered results at Chevron Phillips and lower sales at its Oronite fuel additives subsidiary.
- Chemical Firms Defy Economic Woes
- Weakness for the fourth quarter and the year was mostly relegated to North America
- Oil Companies
- Chemical Earnings Sink At Petroleum Firms
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