UPDATE: LyondellBasell Posts Upbeat Q2 Results, Shares Rise

LyondellBasell Industries NV

reported upbeat earnings for the second quarter. LyondellBasell reported its quarterly earnings of $1.17 billion, or $2.23 per share, compared to $923 million, or $1.61 per share, in the year-ago period. Its earnings from continuing operations came in at $2.22 per share in the latest quarter. Its revenue gained 9.1% to $12.12 billion. However, analysts were estimating earnings of $1.92 per share on revenue of $11.43 billion. Olefins and Polyolefins- Americas segment posted an operating income of $898 million. In the intermediates and derivatives segment, LyondellBasell's operating income climbed 32% to $375 million. Its refining segment posted an operating profit of $95 million, versus a year-ago loss of $16 million. Technology segment's operating profit surged to $56 million from $39 million. Jim Gallogly, LyondellBasell Chief Executive Officer said, "We had record earnings this quarter of $2.22 per share, while our EBITDA approached $2 billion. Importantly, every segment contributed to this achievement. Of particular note was the strength in our Olefins and Polyolefins- Americas segment which generated nearly $1 billion of EBITDA even while we were performing significant scheduled maintenance at our La Porte ethylene site.” LyondellBasell shares gained 1.54% to $104.00 in pre-market trading.