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LyondellBasell first-quarter earnings jump 50% on strong US olefins

10:44 AM MDT | April 26, 2013 | Robert Westervelt

LyondellBasell posted net income of $900 million in the first quarter, up of 50% from the year-ago period on record US olefin margins. Sales declined 9.1%, to $10.9 billion, because of planned maintenance at its Houston refinery. “We took advantage of strong industry margins [in US olefins], and for the third consecutive quarter, operated our ethylene plant system at or above nameplate capacity, achieving record profitability in this segment,” says Jim Gallogly, LyondellBasell CEO.

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