LyondellBasell announces higher Q2 profit
by ChemOrbis Editorial Team - content@chemorbis.com
According to an announcement on the company’s website, LyondellBasell’s net income for the second quarter of 2024 was $924 million or $2.82 per diluted share. The figure suggested an increase from the first quarter’s $473 million and the same quarter of last year’s $715 million.
Furthermore, the company’s EBITDA for the second quarter increased from the first quarter’s $1 billion to $1.6 billion. It also displayed an increase from the same period of last year’s $1.3 billion EBITDA.
The company’s net sales and other operating revenues were $10.5 billion, up from $9.9 billion recorded in Q1 2024 and $10.3 billion in Q2 2023.
"Increased production from LYB’s assets, higher integrated margins and rising seasonal demand drove sequential improvements in second quarter profitability,” said Peter Vanacker, LyondellBasell chief executive officer.
LyondellBasell (LYB) is actively working to expand and enhance its core businesses. In the second quarter, the company sold its EO&D business for $700 million and invested around $500 million to acquire a 35% stake in the feedstock-advantaged NATPET joint venture in Saudi Arabia. NATPET is moving towards a final investment decision to more than double the polymer capacity of the joint venture. Additionally, LYB has announced a strategic review of some of its European assets to strengthen profitability and competitive advantage in the region, aiming for a more sustainable and circular future.
Furthermore, the company’s EBITDA for the second quarter increased from the first quarter’s $1 billion to $1.6 billion. It also displayed an increase from the same period of last year’s $1.3 billion EBITDA.
The company’s net sales and other operating revenues were $10.5 billion, up from $9.9 billion recorded in Q1 2024 and $10.3 billion in Q2 2023.
"Increased production from LYB’s assets, higher integrated margins and rising seasonal demand drove sequential improvements in second quarter profitability,” said Peter Vanacker, LyondellBasell chief executive officer.
LyondellBasell (LYB) is actively working to expand and enhance its core businesses. In the second quarter, the company sold its EO&D business for $700 million and invested around $500 million to acquire a 35% stake in the feedstock-advantaged NATPET joint venture in Saudi Arabia. NATPET is moving towards a final investment decision to more than double the polymer capacity of the joint venture. Additionally, LYB has announced a strategic review of some of its European assets to strengthen profitability and competitive advantage in the region, aiming for a more sustainable and circular future.
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