LyondellBasell Industries announced its full year 2012 income from continuing operations was US$2.858 billion, a record result led by strong performance in olefins and polyolefins – Americas and Intermediates and Derivatives segments.
“Our fourth quarter results were in line with seasonal trends and our expectations, contributing to a record year for LyondellBasell,” said Jim Gallogly, LyondellBasell CEO. “The benefits of our focused back-to-basics strategy were clearly demonstrated as reliable manufacturing operations allowed us to take advantage of favorable market conditions. The US shale gas revolution is clearly visible in our current results as well as future growth plans.”
Commenting on the near term outlook, Mr Gallogly said, “We have seen a good start in 2013. Our assets have run well through the early weeks of the New Year. Overall, the fundamentals that supported our success during 2012 have continued. Our employees remain very focused, and we anticipate another strong year in 2013.”
“Olefins in North America continue to benefit from strong margins created by low priced natural gas liquid raw materials. However, outside of North America, the global olefins industry continues to experience low operating rates and profitability, negatively impacting our European olefins and commodity polyolefin businesses.” He added.