27 April 2012 15:57 [Source: ICIS news]
HOUSTON (ICIS)--Chevron’s first-quarter earnings in its downstream business rose 29% to $804m (€611m), from $622m in the same period a year ago, primarily because of gains on asset sales, the US-based energy and chemicals firm said on Friday.
Chevron’s downstream earnings for the three months ended 31 March included a gain of about $200m, which was mostly due to the sale of Chevron’s fuels and finished lubricants businesses in ?xml:namespace>
Chevron’s downstream business includes its 50% stake in the Chevron Phillips Chemical (CP Chem) petrochemicals joint venture with ConocoPhillips. Chevron did not comment on the joint venture’s first-quarter performance.
However, ConocoPhillips said earlier this week that CP Chem’s first-quarter earnings improved because of higher ethylene margins.
Chevron said that its downstream first-quarter refinery crude oil input outside the
Overall, Chevron reported first-quarter earnings from both its upstream and downstream businesses of $6.47bn, up by 4.2% from the 2011 first