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

Courtesy: Reliance Industries

Textiles | On 24th Apr 2017

Reliance’s FY17 revenue from petrochemicals up 12.2%

Increase in prices across polymers and polyester chain has...

Textiles | On 24th Apr 2017

India, Kazakhstan to increase cooperation in textiles

Indian and Kazakhstan are deliberating upon increasing cooperation in ...

Textiles | On 24th Apr 2017

GST reflects 'One nation, One aspiration' spirit: Modi

Prime Minister Narendra Modi has said that the Goods and Services Tax ...

Interviews View All

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search