LyondellBasell starts 2012 with a strong quarter

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LyondellBasell has today announced net income for the first quarter 2012 of £368m. First-quarter 2012 EBITDA was £760m, a 131% increase from the fourth quarter 2011.

“We had a solid start to 2012 as margins in North American olefins and our Houston refinery rebounded from the weak levels experienced in the fourth quarter of last year,” said Jim Gallogly, LyondellBasell’s CEO.

“Benchmark margins in both businesses were excellent at the end of the quarter, and the momentum has continued into the second quarter. In North American olefins, planned and unplanned industry maintenance led to a reduction in the cost of raw materials and increased ethylene prices.

"The European olefins and polyolefins markets recovered from a very poor fourth quarter but were pressured by rising raw material costs, and generally remain weak," Gallogly added.