LyondellBasell reported a net income of $314 million in the second quarter of 2020, plummeting 69% from $1.003 billion in the same period last year. The decline was mostly attributed to weaker demand and prices amid the coronavirus pandemic. Revenue was down 39% to $5.546 billion, while adjusted earnings per share fell 74% to 71 cents, higher than analyst estimates of 65 cents.
LyondellBasell’s olefins & polyolefins – Americas segment generated adjusted EBITDA of $210 million, compared to $635 million a year earlier. Olefins results. The polyethylene-ethylene spread dropped by about USD280/metric ton, and the polypropylene (PP)-propylene spread by about USD120/metric ton. Meanwhile, adjusted EBITDA from the company’s olefins & polyolefins – Europe, Asia, International segment was down to $219 million, down from $331 million a year earlier.
CEO Bob Patel said the company’s North American operations raised production and prices in response to improving demand from Asia in July and June. He added that LyondellBasell expected increasing demand for its refining and oxyfuels, in line with the rising mobility and decreasing fuel inventories. Rebounding demand from automotive manufacturing is also expected to support LyondellBasell’s advanced polymer solutions segment.
