European petchem producers announce financial results for Q1
LyondellBasell announced a 54% increase in its net income for the first quarter of 2018 from $797 million to $1.2 billion while the company’s EBITDA rose by 19% on a yearly basis to $1.9 billion. LyondellBasell’s Olefins and Polyolefins Americas segment improved 13% in the January-March period to $651 million while its Olefins and Polyolefins - Europe, Asia, International (O&P-EAI) segment declined by 7% from last year to $373 million.
Total’s adjusted net income achieved a growth of 13% compared to a year ago and reached $2.9 billion while the company’s net operating income from refining and chemicals segments declined by 30% to $720 million over the same period, mainly due to an increase in oil prices and reduced seasonal demand.
Compared with the first quarter of 2017, Shell’s net income increased by 42% to $5.322 billion due to an uptick in upstream costs. The company’s downstream earnings reflected lower contributions from trading, adverse exchange rate effects, as well as weaker refining industry conditions and fell by 30% to $1.806 billion in the first quarter. Chemicals earnings also fell by 18% mostly due to higher operating costs and stood at $685 million. On the other hand, the company’s chemicals manufacturing plant availability increased to 94% from 93% from the same quarter of 2017 owing to lower planned maintenance.
INOVYN Limited reported its second highest quarterly EBITDA performance during the first quarter of 2018 at €188 million. The company attributed its strong financial performance to higher caustic soda prices, while total sales volumes of all products were lower when compared to the same period in 2017 due to lower caustic soda volumes and a fall in PVC margins.
The Czech refinery and petrochemical group Unipetrol’s revenues fell by 9% on a yearly basis and amounted to CZK27.2 billion during the first three months of the year. The company’s EBITDA decreased by 59% to CZK 1.5 billion and its net profit reached CZK322 million, with a significant decrease of 89% amid weaker macroeconomic environment in the light of higher crude oil prices, lower margins in both refinery and petrochemical segments.
In the first quarter of 2018, PKN Orlen’s retail segment posted a record-high LIFO-based EBITDA at PLN464 million, with an 11% year-on-year increase in sales volumes as well as expansion across all markets. The company’s downstream segment’s EBITDA also rose by 8% on a yearly basis and reached PLN1.5 billion due to its refineries operating at full rates.
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