LyondellBasell 3Q Revenue Rises; Warns of Slow Recovery in Middle East

Dow Jones10-30 20:59

LyondellBasell reported higher quarterly revenue, despite ongoing geopolitical uncertainty that weighed on some of the company's key markets.

The chemical maker also warned that conditions in the Middle East will likely remain fluid, and that a potential return to pre-conflict conditions could take longer than anticipated, and follow a non-linear path.

The company said market conditions remained dynamic throughout the recent quarter, with customer buying patterns dented by inventory levels and price volatility. However, polyethylene domestic and export demand is strong, and polymer pricing improved through the end of the third quarter, the company said.

Third-quarter profit came in at $758 million, or $2.32 a share, compared with a loss of $890 million, or $2.77 a share, a year earlier.

Adjusted earnings per share were $2.54, compared with analyst estimates of $2.57, according to FactSet.

Revenue rose to $8.5 billion from $7.73 billion, compared with analyst estimates of $8.87 billion.

Separately on Friday, LyondellBasell said it agreed to sell a refinery site in Houston to Valero Energy for $320.5 million, as part of ongoing efforts to focus its portfolio on core assets. The agreement provides for continued employment of the site's workforce, LyondellBasell said.

The deal is expected to close in the fourth quarter, subject to regulatory approvals and other closing conditions.

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