US Chevron Q1 downstream profit falls 48% on margins

摘要

HOUSTON (ICIS)--Chevron’s first-quarter downstream profit fell 48% year on year to $735m, primarily due to lower margins on refined products, the US-based international energy and chemicals major said on Friday. In the US, first-quarter downstream profits were also hit by higher operating expenses due to planned turnaround activity, as well as lower earnings from the 50%-owned Chevron Phillips Chemical (CP Chem) joint venture with refiner Phillips 66.