US Westlake, Oxy announce Q1 financial results
by ChemOrbis Editorial Team - content@chemorbis.com
US petrochemical firm Westlake reported a net income of $174 million in the first quarter of 2024 following a net loss of $552 million in the previous quarter. The company reported a net profit of $536 million in the same quarter last year.
The company’s EBITDA for the fourth quarter was $546 million, up from $235 million loss in the previous quarter but down from $825 million in Q1 2023.
The company’s net sales were $2.9 billion in Q1, down from $3.3 billion in the same period of last year.
US Occidental Petroleum (Oxy) announced adjusted net income of $604 million for the first quarter of 2024. The company’s subsidiary OxyChem achieved a pre-tax income of $254 million for the first quarter of 2024. The figure increased from the previous quarter due to improved demand for polyvinyl chloride and vinyl chloride monomer along with lower ethylene costs.
The oil and gas segment reported a pre-tax income of $1.2 billion for the first quarter of 2024, compared to $1.6 billion for the fourth quarter of 2023.
The company’s EBITDA for the fourth quarter was $546 million, up from $235 million loss in the previous quarter but down from $825 million in Q1 2023.
The company’s net sales were $2.9 billion in Q1, down from $3.3 billion in the same period of last year.
US Occidental Petroleum (Oxy) announced adjusted net income of $604 million for the first quarter of 2024. The company’s subsidiary OxyChem achieved a pre-tax income of $254 million for the first quarter of 2024. The figure increased from the previous quarter due to improved demand for polyvinyl chloride and vinyl chloride monomer along with lower ethylene costs.
The oil and gas segment reported a pre-tax income of $1.2 billion for the first quarter of 2024, compared to $1.6 billion for the fourth quarter of 2023.
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