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.
Oxy officials said on the company’s 9 February investor call today that its ethylene joint venture cracker with Mexichem at Ingleside, TX would start operations this quarter. “Construction of the Ingleside ethylene cracker is nearly complete and we anticipate startup this quarter,” said Oxy executive v.p. and CFO Chris Stavros.