"During the second quarter, we continued to demonstrate the earnings power of our company as margins strengthened over the first quarter," said Jim Gallogly, LyondellBasell Chief Executive Officer.
"While global economic uncertainties dominate the headlines, our company's performance has remained strong. NGL supply and costs continue to drive favorable U.S. olefin results particularly in the Midwest where ethane prices declined to below equivalent fuel values," he stated.
"The Olefins and Polyolefins-EAI segment benefited from improved European olefin margins and joint venture dividend payments despite weak European economic conditions, which led to lower volumes. The Intermediate and Derivatives, and Technology segments continue to demonstrate strong, steady performance. The Houston refinery operated near full capacity; however, low by-product values impacted refining results," Gallogly said.
"We accomplished several key milestones during the second quarter, including completing a major Channelview turnaround, finalizing our debt refinancing and raising our interim quarterly dividend by 60 percent," Gallogly indicated.
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