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LyondellBasell's Earnings Soar on Advantaged U.S. Olefins Business
9:36 AM MDT | October 28, 2011 | Lindsey Bewley
LyondellBasell reported third-quarter net income of $895 million, up 92% from the year-ago quarter, on sales up 29%, to $13 billion. Results were driven by strong performance in the company’s North American olefins business. “In U.S. olefins, we benefited from both very strong ethane- and naphtha-based ethylene margins, and our Midwest ethylene plants were especially advantaged,” says LyondellBasell CEO Jim Gallogly. “Intermediates and derivatives continued its strong, stable performance with Ebitda margins of 18%. Results for...
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