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LyondellBasell earning zooms in Q2 2012

28
Jul '12
LyondellBasell Industries announced earnings for the second quarter 2012 of $768 million, or $1.33 per share.  Discontinued operations had no impact on earnings in the second quarter.  Second-quarter 2012 EBITDA was $1,774 million, a 44 percent increase from the first quarter 2012. Second quarter net income includes the net negative effect of $191 million, or $0.33 per share, related to charges associated with debt repayments, and inventory accounting valuations, partially offset by proceeds from an insurance settlement.

 

 "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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LyondellBasell Industries


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