LyondellBasell reports Q3 2011 net income of $895 million

Petrochemicals giant LyondellBasell Industries has reported net income of $895 million, or $1.51 per share for the third quarter (July-September) of 2011. Earnings before interest, taxes, depreciation and amortisation (EBDTA) during the quarter stood at $1,788 million - a 15 per cent increase from the second quarter of 2011. 

Sales in the third quarter stood at $13,297 million. 

During the quarter, results improved over a very strong second quarter 2011 led by better performance in the US olefins and the refining and oxyfuels segment, the company said in a release.

"We earned $895 million during the third quarter and eclipsed our previous record quarterly net income set last quarter. EBITDA during the quarter was nearly $1.8 billion - also a record," said Jim Gallogly, chief executive of LyondellBasell.

"In US olefins, we benefited from both very strong ethane- and naphtha-based ethylene margins. Our Midwest ethylene plants were especially advantaged," Gallogly said, adding, "We achieved good results in our olefins and polyolefins - Europe, Asia, International segment due to our differentiated positions in polypropylene compounding, butadiene and our joint ventures. Intermediates and derivatives continued its strong, stable performance with EBITDA margins of 18 per cent. Results for refining and oxyfuels were particularly strong as the Houston refinery operated above nameplate capacity, and we took full advantage of our flexibility optimising the crude oil feed slate," he said.

"Our strong results over the last year and a half have enabled us to close the quarter with no net debt and begin to restructure our balance sheet," Gallogly said.