LyondellBasell's Strong Q3 Performance and Future Margins Outlook
Friday, 2 August 2024, 12:19
LyondellBasell’s Financial Performance
LyondellBasell has surpassed quarterly profit estimates, marking a successful third quarter.
Impact of Natural Gas Prices
The U.S. prices of natural gas have dropped by 21.7% this year, significantly benefiting chemical firms. The company is poised to see improved margins, thanks to these low costs for natural gas and natural gas liquids.
Business Sales and Earnings Boost
- The company completed the sale of its U.S. Gulf Coast-based ethylene oxide and derivatives business for $700 million in May.
- This sale positively influenced second-quarter earnings, contributing 58 cents per share to the bottom line.
Future Outlook
LyondellBasell is optimistic about its profit margins as it leverages low feedstock costs in its production facilities.
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