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Big jump in LyondellBasell’s Q3 earnings


LyondellBasell has reported encouraging Q3 figures – profits nearly doubled, boosted by buoyant in part by demand for its olefin products. Net profit rose to $895m, up from $467m in 2010.
"In US olefins, we benefited from both very strong ethane- and naphtha-based ethylene margins. Our Midwest ethylene plants were especially advantaged," CEO Jim Gallogly said in a statement.
“We are currently operating in a period of global economic uncertainty, which has introduced significant raw material price and profit margin volatility. The volatility limits our near-term visibility, but our strategy of focusing on the basics and running our assets safely and efficiently has proven successful in any environment,” he continued.

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