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Outstanding performance from Nova Olefins/Polyolefins unit
24 Jul '08
4 min read
Alberta ethane costs were 23% higher than the first quarter, as natural gas prices in North America rose in response to seasonally low inventory and increasing crude oil prices. In comparison, United States Gulf Coast (USGC) ethane prices were just 4% higher than the first quarter. Outages at USGC ethylene plants early in the second quarter temporarily reduced ethane consumption and caused prices to soften.
As a result, the Alberta Advantage averaged 17¢ per pound in the second quarter, down from 21¢ per pound in the first quarter of 2008. The Alberta Advantage is averaging about 35¢ per pound so far in July due to a sharp rise in USGC ethane prices and declining Alberta gas prices.
Second Quarter 2008 Versus Second Quarter 2007:
The Joffre Olefins segment reported adjusted EBITDA of $185 million in the second quarter of 2008, up sharply from $121 million in the second quarter of 2007. The improvement was primarily due to higher ethylene margins. Industry prices for ethylene increased 47%, driven primarily by higher feedstock prices. The Alberta Advantage averaged 17¢ per pound in the second quarter of 2008, up versus 13¢ per pound in the second quarter of 2007.
Six Months Ended June 30, 2008 Versus Six Months Ended June 30, 2007:
The Joffre Olefins segment reported adjusted EBITDA of $353 million for the six months ended June 30, 2008, significantly higher than the $228 million reported for the six months ended June 30, 2007. Ethylene price increases outpaced higher costs, causing margins to expand significantly. The Alberta Advantage averaged 19¢ per pound in the first half of 2008 as compared to 10¢ per pound in the same period last year.
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As a result, the Alberta Advantage averaged 17¢ per pound in the second quarter, down from 21¢ per pound in the first quarter of 2008. The Alberta Advantage is averaging about 35¢ per pound so far in July due to a sharp rise in USGC ethane prices and declining Alberta gas prices.
Second Quarter 2008 Versus Second Quarter 2007:
The Joffre Olefins segment reported adjusted EBITDA of $185 million in the second quarter of 2008, up sharply from $121 million in the second quarter of 2007. The improvement was primarily due to higher ethylene margins. Industry prices for ethylene increased 47%, driven primarily by higher feedstock prices. The Alberta Advantage averaged 17¢ per pound in the second quarter of 2008, up versus 13¢ per pound in the second quarter of 2007.
Six Months Ended June 30, 2008 Versus Six Months Ended June 30, 2007:
The Joffre Olefins segment reported adjusted EBITDA of $353 million for the six months ended June 30, 2008, significantly higher than the $228 million reported for the six months ended June 30, 2007. Ethylene price increases outpaced higher costs, causing margins to expand significantly. The Alberta Advantage averaged 19¢ per pound in the first half of 2008 as compared to 10¢ per pound in the same period last year.
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