LyondellBasell’s Q3 EBITDA exceeds $2 billion for first time
The company’s net income from continuing operations reached $1.3 billion while EBITDA also climbed to $2.035 billion in the third quarter of 2014 compared to $1.941 billion recorded in the previous quarter. LyondellBasell CEO Jim Gallogly said, “During the third quarter we achieved diluted earnings per share from continuing operations of $2.46 and, for the first time, EBITDA exceeded $2 billion.Our Olefins and Polyolefins – Americas segment generated EBITDA in excess of $1.1 billion during the quarter. A tight US ethylene market helped drive the record earnings.”
He added, "Industry fundamentals remained strong during the quarter, and we continue to make progress on our investment program. Late in the quarter we initiated production from the 800 million pound per year La Porte ethylene expansion. This is the first of multiple ethylene expansions by the company, putting us well ahead of new greenfield plants pursued by others in the industry.”
LyondellBasell’s EBITDA from its olefins and polyolefins segment in the Americas increased approximately $179 million to reach $1.157 billion compared to the second quarter of 2014 due to an increase in ethylene prices when compared to the prior quarter. The increased sales volumes in ethylene supported the company in increasing its earnings in the third quarter.
Meanwhile, the company’s operating income in the olefins and polyolefins segment surged to $223 million in Europe, Asia and global markets due to lower production costs. EBITDA increased by $24 million to $223 million.
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