The multinational oil giants released their third-quarter financial reports last week. Benefiting from the recovery of market demand for economic recovery and lower production costs, the profitability of the chemical companies’ operating businesses in the third quarter was better than expected. Compared with the same period of last year, most of the company's performance showed strong growth.
In the third quarter, Chevron’s chemical business realized a net profit of US$164 million, which was more than double the net profit of US$70 million in the same period last year. Chevron said that its Chevron Phillips Chemical Company (Chemhem), which holds 50% of the company's shares, contributed significantly to the company's significant increase in its third-quarter chemical business performance. In the third quarter, CPChem's lower operating and raw material costs made up for the drop in gross profit of chemical sales. At the same time, Chevron's other chemical business, Oronite Lubricant Additives, has also seen a significant increase in profits compared to the same period last year.
The chemical business of ConocoPhillips in the United States achieved a net profit of US$104 million in the third quarter, which also more than tripled compared to the same period last year. The company said that the decline in the operating costs of the chemical business in the third quarter and the increase in the utilization rate of the equipment effectively compensated for the drop in the gross profit of chemical production. The company's chemical business is mainly held in Chevron Phillips Chemical Corporation 50% stake.
Shell's chemical business achieved a profit of US$169 million in the third quarter, an increase of 14% year-on-year, which was mainly stimulated by the increase in investment income. In the third quarter, although the sales volume of the company's chemical business decreased by 5% year-on-year to 4.723 million tons, the utilization rate of production equipment reached 95%, which was 9% higher than the same period of last year. Shell announced that the weakness of the global economy continues to have a negative impact on the sales of downstream oil products and chemicals business.
The third quarter net profit of the chemical business of American energy giant Exxon Mobil Corporation decreased by 19% year-on-year, mainly due to the drop in gross profit of the chemical business, but the sales of chemical products increased to 6.356 million tons from 6.06 million tons in the same period last year. In the third quarter, the net profit of the company’s chemical business was US$876 million, which was a decrease of US$211 million from the same period of last year, of which the profit reduction due to the drop in gross profit of the chemical business was US$170 million. However, benefiting from lower natural gas raw material prices, the company’s profit from chemical operations in the United States increased by 23% year-on-year to US$315 million.
In the third quarter, Chevron’s chemical business realized a net profit of US$164 million, which was more than double the net profit of US$70 million in the same period last year. Chevron said that its Chevron Phillips Chemical Company (Chemhem), which holds 50% of the company's shares, contributed significantly to the company's significant increase in its third-quarter chemical business performance. In the third quarter, CPChem's lower operating and raw material costs made up for the drop in gross profit of chemical sales. At the same time, Chevron's other chemical business, Oronite Lubricant Additives, has also seen a significant increase in profits compared to the same period last year.
The chemical business of ConocoPhillips in the United States achieved a net profit of US$104 million in the third quarter, which also more than tripled compared to the same period last year. The company said that the decline in the operating costs of the chemical business in the third quarter and the increase in the utilization rate of the equipment effectively compensated for the drop in the gross profit of chemical production. The company's chemical business is mainly held in Chevron Phillips Chemical Corporation 50% stake.
Shell's chemical business achieved a profit of US$169 million in the third quarter, an increase of 14% year-on-year, which was mainly stimulated by the increase in investment income. In the third quarter, although the sales volume of the company's chemical business decreased by 5% year-on-year to 4.723 million tons, the utilization rate of production equipment reached 95%, which was 9% higher than the same period of last year. Shell announced that the weakness of the global economy continues to have a negative impact on the sales of downstream oil products and chemicals business.
The third quarter net profit of the chemical business of American energy giant Exxon Mobil Corporation decreased by 19% year-on-year, mainly due to the drop in gross profit of the chemical business, but the sales of chemical products increased to 6.356 million tons from 6.06 million tons in the same period last year. In the third quarter, the net profit of the company’s chemical business was US$876 million, which was a decrease of US$211 million from the same period of last year, of which the profit reduction due to the drop in gross profit of the chemical business was US$170 million. However, benefiting from lower natural gas raw material prices, the company’s profit from chemical operations in the United States increased by 23% year-on-year to US$315 million.
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