Lyondell Basell 's Earnings Soar After Restructuring

摘要

LyondellBasell reported second-quarter net income of $203 million, excluding a net $8.6 billion after-tax gain on the discharge of liabilities subject to compromise and fresh-start accounting adjustments. Sales were up 7.2%, to $10.4 billion. Excluding reorganization items and a $333 million non-cash lower of cost or market inventory charge, second-quarter 2010 earnings before interest, income taxes, depreciation and amortization, and restructuring costs (Ebitdar) was $1.4 billion. "We emerged from Chapter 11 as a much stronger company," says Jim Gallogly, CEO of LyondellBasell. "The second quarter was an excellent start for our new company. Strong U.S. ethylene margins experienced late in the first quarter continued into the second quarter. Our feedstock flexibility and reliable operations, coupled with the leverage of our sizeable portfolio, resulted in improved earnings."