LyondellBasell reports decrease in Q1 net income

LyondellBasell Industries has reported a net income of $599m, or $1.04 per share, for the first quarter ended 31 March 2012 compared to net income of $660m, or $1.15 per share, for the same quarter ended 31 March 2011.
Sales and other operating revenues for the first quarter of 2012 were $11.88bn, a decrease of 3% compared to $12.25bn for the same quarter of 2011.
However, the company witnessed improved results across all business segments during the first quarter 2012 compared to fourth quarter 2011. 

LyondellBasell chief executive officer Jim Gallogly said the company had a solid start to 2012 as margins in North American olefins and its Houston refinery rebounded from the weak levels experienced in the fourth quarter of 2011.

"Benchmark margins in both businesses were excellent at the end of the quarter, and the momentum has continued into the second quarter," Gallogly said.

"We have made significant investment in our facilities in recent years to ensure they operate safely and reliably," Gallogly continued. "We are in a good position to benefit significantly from market opportunities in 2012 and beyond."