OxyChem earnings up 30% YOY on price and volume
Occidental Petroleum (Oxy; Houston) reports fourth-quarter pre-tax earnings in its chemical segment, OxyChem, of $152 million, up 30% year-over-year (YOY). Oxy attributes the result to higher prices for caustic soda and vinyls and higher sales volumes for chlorine and vinyls, partially offset by higher ethylene and energy prices. Earnings in the year-ago quarter, excluding a one-time impairment charge of $121 million, totaled $117 million.
Pre-tax earnings in Oxy's oil and gas segment totaled $17 million, while the midstream and marketing segment turned in a loss of $48 million.
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