LyondellBasell, Westlake and Ineos announce financial results for Q1
Accordingly, LyondellBasell’s net income decreased by around 22.5% to $797 million in the first three months of 2017 from $1.030 billion in the first quarter of 2016 while income from continuing operations also fell by around 22% to $805 million from $1.030 billion in the same period of 2016. In addition, LyondellBasell’s earnings before interest, taxes, depreciation and amortization (EBITDA) were down to $1.617 billion compared with $1.807 billion in the same period of 2016, which implies a drop of 10.5%.
Similarly, Westlake Chemical Partners also posted a net income of $9.8 million in Q1 of 2017, down 19% from $12.1 million recorded in the same period of last year. The company attributed the decrease in its net income to some reimbursements from Westlake Chemical Corporation under the sales agreement between Westlake Chemical OpCo LP (OpCo) and Westlake. The company’s net income in Q1 also decreased on a quarterly basis by 10% to $9.8 from $10.9 million from the same period of last year due to lower production volumes resulted from planned turnarounds.
Ineos Group Holding, meanwhile, reported its EBITDA for Q1 at €753 million ($821 million), up 36% quarter-on-quarter and up by around 35% year-on-year. O&P North America reported EBITDA of €284 million ($309 million) in Q1, up 24% from a year earlier on the back of the healthy margins and high operating rates of the US crackers while O&P Europe reported EBITDA of €221 million ($241 million), up 26% year-on-year on the back of the strong demand for olefins and polymers as well as strong sales volumes.
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