MOSCOW (MRC) -- Chevron Phillips Chemical (CPChem; The Woodlands, Texas) reported fourth-quarter net income of USD383 million, up 29% year over year (YOY) from USD296 million, according to Chemweek with reference to data released by Phillips 66.
CPChem is a 50-50 joint venture between Phillips 66 and Chevron.
The olefins and polyolefins segment turned in net income of USD410 million, up 56% YOY from USD262 million. Segment capacity utilization was 101%, up from 97% in the year-ago period. Citing data from IHS Markit, Phillips 66 says the industry ethylene to high-density polyethylene chain cash margin for the quarter was 27.5 cents/pound (lb), versus 16.5 cents/lb in the year-ago period.
The specialties, aromatics, and styrenics segment turned in net income of USD30 million, down 57% YOY from USD70 million.
As MRC reported earlier, in January 2021, CPChem announced two significant developments in its advanced recycling program which converts waste plastics into circular polyethylene (PE).
We remind that in March 2018, Chevron Phillips Chemical, part of Chevron Corp, successfully introduced feedstock and commenced operations of a new ethane cracker at its Cedar Bayou facility in Baytown, Texas. At peak production, the unit will produce 1.5 million metric tons/3.3 billion lbs. per year. This unit is one of the largest and most energy efficient crackers in the world. In September 2017, the company announced the successful commissioning and start-up of two new Marlex polyethylene (PE) units in Old Ocean, Texas, based on the company’s proprietary MarTech technologies. Together, these assets form the bulk of the company’s US Gulf Coast Petrochemicals Project (USGCPP), which was first announced in 2011.
Ethylene and propylene are feedstocks for producing PE and polypropylene (PP).
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,220,640 tonnes in 2020, up by 2% year on year. Only shipments of low density polyethylene (LDPE) and high density polyethylene (HDPE) increased. At the same time, polypropylene (PP) shipments to the Russian market reached 1 240,000 tonnes in 2020 (calculated using the formula: production, minus exports, plus imports, excluding producers' inventories as of 1 January, 2020).
Headquartered in San Ramon, California, Chevron Corporation is the the second-largest integrated energy company in the United States and among the largest corporations in the world. Chevron is involved in upstream activities including exploration and production, downstream activities including refining, marketing and transportation, and advanced energy technology. Chevron is also invested in power generation and gasification processes.
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