LyondellBasell’s Record Earnings for 2012

HOUSTON, TX – LyondellBasell has reported a company record in yearend earnings of $2.9 billion a $400 million increase from 2011.

According to LyondellBassell CEO Jim Gallogly, the record earnings are due to new and improved company initiatives:

“Over the past two and a half years, the company has advanced in every facet of its business processes, including safer and more reliable operations, strict cost control and refurbishing its assets through a large number of major turnarounds.”

According to Reuters, LyondellBasell’s success is due in part to strong performance led by advantaged positions in Olefins and Polyolefins, particularly in the fourth quarter 2012, when approximately 85 percent of ethylene production was sourced from natural gas liquids.

“This work has enabled strong returns to shareholders, a strengthened balance sheet and a significant capital growth program,” Gallogly said.  “Our employees’ hard work and dedication have contributed to our strong operational and financial performance.”