LyondellBasell reports $804 million net profit for April-June 2011
29 July 2011
Petrocemicals giant LyondellBasell Industries today reported second quarter (April-June 2011) net income of $804 million, or $1.38 per share. Earnings before interest, taxes depreciation and amortisation (EBITDA) stood at $1,553 million, up 11 per cent from the first quarter 2011.
Sales in the second quarter stood at $14,042 million, an increase of 15 per cent from the prior quarter.
Second quarter 2011 performance was better considering the improvements over a very strong first quarter 2011. This has been made possible by improvements in the performance of global olefins, US refining and oxyfuels, the company said in release.
Financial performance was generally consistent across the quarter, it added.
"During the second quarter, we continued to demonstrate the earnings potential of our company as margins increased over already strong first-quarter levels," said LyondellBasell chief executive Jim Gallogly. "Our EBITDA of more than $1.5 billion brings our first half EBITDA to nearly $3 billion."
"In US olefins, we continued to optimise plant operations across our assets, taking advantage of low-cost natural gas liquids while at the same time completing major maintenance activities at one of our Channelview olefins plants. Improved cracker and butadiene margins led to solid European olefins results," added Gallogly. "Our Intermediates and Derivatives segment continued its strong, stable performance. Our refining and oxyfuels segment captured margin through improved operations and the purchase of advantaged crude oils for the Houston refinery while oxyfuels volumes increased and spreads widened during the summer driving season," Gallogly said.