LyondellBasell recovers to post strong first-quarter results
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LyondellBasell Industries weathered an ice storm to post strong financial results in the first quarter of 2021.
Overall sales at the Houston-based petrochemicals giant were $9.1 billion for the quarter, up 21 percent vs. the same quarter in 2020. The firm s quarterly profit more than doubled to $1.1 billion.
In an April 30 news release, CEO Bob Patel said that during February, unusually cold weather and related power outages impacted petrochemical operations across Texas and reduced LyondellBasell s production volumes.
In spite of that impact, Patel said that LyondellBasell s first-quarter performance built upon the economic momentum we saw toward the end of last year.
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Meredith O’Donnell Fine Furniture Designer Christine Smith styles furniture in the showroom Friday, April 23, 2021, in Houston.Steve Gonzales, Houston Chronicle / Staff photographerShow MoreShow Less
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Meredith O’Donnell Fine Furniture employees Earl Francis (left) and Surrell Mayfield move furniture in the company’s warehouse Friday, April 23, 2021, in Houston.Steve Gonzales, Houston Chronicle / Staff photographerShow MoreShow Less
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Meredith O Donnell Fine Furniture Designer Christine Smith styles furniture in the showroom Friday, April 23, 2021, in Houston.Steve Gonzales, Houston Chronicle / Staff photographerShow MoreShow Less
April 30, 2021
LyondellBasell chief executive Bob Patel
Solid consumer-driven demand has helped LyondellBasell Industries to deliver promising first quarter results results, as the company starts to emerge stronger from the pandemic and the associated global recession.
Net income for the quarter was $1.1 billion, or $3.18 per share, while EBITDA was $1.6bn. This compared with net income of $855 million in the fourth quarter 2020.
Sales and other operating revenues were $9bn for the quarter, compared with $7.9bn for the prior three-month period.
“First quarter performance built upon the economic momentum we saw toward the end of last year,” admitted LyondellBasell’s chief executive Bob Patel. “During February, unusually cold weather and related power outages impacted operations in our industry across the state of Texas and reduced our production volumes. In March, we achieved the first full quarter of results for our newly-formed Louisiana joint venture.