Home / Knowledge / News / Textiles / LyondellBasell EBITDA surges 29% in Q1
LyondellBasell EBITDA surges 29% in Q1
27
Apr '13
LyondellBasell Industries announced earnings for the first quarter 2013 of $906 million, or $1.56 diluted earnings per share. First quarter 2013 EBITDA was $1,585 million, a 25 percent increase from the fourth quarter 2012 and a 29 percent increase from the first quarter 2012.

Net income in the first quarter 2013 increased by 44 percent from the fourth quarter 2012. The increase was primarily a result of improved operating results across all segments, other than Refining, which had a planned maintenance turnaround.

First-Quarter 2013 Highlights:
- Record diluted earnings per share of $1.56; $906 million income from continuing operations
- First quarter EBITDA of $1,585 million; record Olefins & Polyolefins - Americas results
- Began construction of La Porte ethylene expansion and methanol plant restart projects
- Completed significant scheduled maintenance at the Houston refinery; increased the refinery feedstock flexibility to accommodate both Canadian and lighter crudes
- Achieved investment grade credit rating

"The theme for our 2012 annual report was – "Seize the Moment – Securing the Future". We are converting these words to action. Our first quarter results demonstrate our success.  For example, in our Olefins and Polyolefins – Americas segment, we took advantage of strong industry margins, and for the third consecutive quarter, operated our ethylene plant system at or above nameplate capacity - achieving record profitability in this segment," said Jim Gallogly, LyondellBasell Chief Executive Officer.

"In addition to our strong financial and operating results during the quarter, we passed several key milestones which we believe will help in securing our future performance. We received environmental permits and began construction on two key growth projects – the Channelview methanol plant restart and the La Porte olefins expansion.

“We are targeting to complete the methanol restart this year and the La Porte expansion during 2014.  In addition, we completed a major turnaround at the Houston refinery, implementing modifications that position us to benefit from rapidly developing North American crude oil production. When completed, and assuming 2012 margins, these three projects would represent approximately $775 million of potential annual EBITDA," Gallogly added.

"While the U.S. olefins business set new records during the quarter, the situation in European olefins and polyolefins continued to be difficult. Although our results improved from recent quarters, underlying economic and industry conditions have not. Our Intermediates and Derivatives segment continued to post steady results. At the Houston refinery, major turnaround activities required us to reduce first quarter throughput which negatively impacted the quarter," Gallogly indicated.

LyondellBasell

Must ReadView All

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search