LyondellBasell reports $851 million Q3 net income; to pay $2.75/share special dividend

LyondellBasell Industries today announced third quarter 2012 earnings of $851 million, or $1.47 per share. Earnings before interest, tax, depreciation and amortisation (EBDTA) for the quarter stood at $1.57 billion.

The company also announced a $2.75 per share special dividend in addition to the regular $0.40 per share interim dividend.

EBDTA for the quarter included a $71 million reversal of a non-cash, lower of cost or market inventory valuation adjustment recognised in the second quarter 2012, the company said in a release.

Net income during the third quarter of 2012 increased from the second quarter 2012 as a result of lower interest and financing charges. EBITDA for the quarter, however, was lower than the second quarter 2012, primarily due to lower margins in European olefins, it said.

Olefins margins in North America remain robust. The company also said approximately 85 per cent of ethylene production sourced from natural gas liquids (NGLs).

Intermediates and derivatives achieved record performance during the quarter.