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LyondellBasell posts record financial results in Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 30/07/2015 (16:48)
LyondellBasell has announced their financial results for the second quarter of 2015, according to a press release on the company’s website. The company’s net income increased to $1.32 billion in the April-June period, up around 13% from $1.18 billion in the same period of 2014 while income from continuing operations also rose to a record high of $1.33 billion from $1.173 billion in the same period of 2014. In addition, LyondellBasell’s earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $2.19 billion compared with $1.94 billion in the same period of 2014. However, the company’s sales and other operating revenues declined to $9.145 billion from $12.117 billion in the second quarter of the previous year.

LyondellBaselll attributed their stronger financial results in the second quarter to abundant natural gas and NGL supplies along with strong pricing policies during the quarter. Planned and unplanned shutdowns resulting in some supply and demand tightness for certain products were also cited among the main factors behind the company’s higher financial figures in the second quarter.

The company’s operating income from its olefins and polyolefins segment in the Americas climbed 2.4% to $920 million from $898 million in the same quarter of 2014 while it indicated a decrease of 1.5% from $934 million in the previous quarter. EBIDTA increased to $993 million from $978 million in the second quarter of the previous year while it again showed a decline of 7.5% compared with the previous quarter. The company reported that olefins results decreased by around $105 million primarily due to a higher cost of ethylene production from reduced co-product contribution and increased heavy liquid raw material costs while polyolefin results improved by around $25 million due to higher sales volume.

Meanwhile, the company’s operating income from its olefins and polyolefins segment in Europe, Asia and other international markets soared 89% to $359 million in the second quarter from $190 million a year earlier owing to higher ethylene prices and supply tightness in PE and PP, which increased sales prices. EBITDA in this segment rose to $492 million in the April- June period from $319 million in the same period of 2014.
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