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Oxy Petroleum reports narrower loss, best quarterly free cash flow

May 14/2021

MOSCOW (MRC) -- Occidental Petroleum  post-market after reporting a smaller than forecast adjusted Q1 loss and a lighter than expected decline in revenues, helped by higher crude oil prices and improved fuel demand, said the company.

Pre-tax income rose from the fourth quarter because of higher pricing in most of the segment's product lines, the company said. The rise was partially offset by the disruptions caused by winter storm Uri in February.

OxyChem had temporarily shut down production because of the polar storm. Uri also disrupted sales and caused prices to raise for the company's raw materials, mainly ethylene and power. OxyChem did not provide commentary on its year-on-year performance.

The segment's pre-tax income of USD251m exceed the company's guidance of USD225m.

As per MRC, OxyChem, a subsidiary of Occidental Petroleum Corporation (OXY), a major international petrochemicals manufacturer, plans to resume caustic soda, chlorine production in Convent, Louisiana, USA on May 3. OxyChem in the United States is reopening its 350,000 tonnes of chlorine and 392,000 tonnes of caustic soda plant in Convention, Louisiana after a year of downtime. The plant was closed for commercial reasons in the second quarter of 2020. According to market sources, due to the increased supply of chlorine, it is being restarted.

Earlier it was noted that the March production of sodium hydroxide (caustic soda) amounted to 118 thousand tons (100% of the main substance) against 98.4 thousand tons a month earlier. In the first three months of the year, the total production of caustic soda amounted to 329.4 thousand tons, which is 0.7% less than the same indicator of the previous year.

OxyChem makes polyvinyl chloride (PVC), vinyl chloride monomer (VCM) and caustic soda. OxyChem is part of the US-based oil and gas producer Occidental Petroleum.
Author:Anna Larionova
Tags:liquid caustic soda, kausticheskaya soda, rigid caustic soda, OxyChem.
Category:General News
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