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Occidental’s JV cracker with Mexichem on track for 1Q 2017 start-up
HOUSTON, May 5, 2016 (PCW) -– Occidental Petroleum on Thursday said its joint-venture ethane cracker with Mexichem at Ingleside is on track for a start-up in the first quarter of next year. The cracker will have production capacity of 1 billion lb/yr.
On Thursday, Oxy also reported 1Q net income of $78 million, compared to the $218 million loss seen during the same time frame a year ago. Income increased partly due to a $550 million settlement with Ecuador over an asset seizure and $285 million from asset sales.
Chemical earnings in the first quarter were $126 million, down from $139 million seen in 1Q 2015. The decrease was due to lower sales prices and calcium chloride demand, the company said. -- Samantha Hartke