LyondellBasell Earnings Largely In Line With Expectations; Maintaining $85 Fair Value Estimate
LyondellBasell reported third-quarter earnings largely in line with our expectations, as EBITDA fell 20% year on year to $1.6 billion as a result of lower polyolefin prices. Our long-term outlook for the company is unchanged, and we retain our narrow moat rating and $85 per share fair value estimate.While U.S. ethylene margins are up slightly from the third quarter of 2015, polyethylene margins have contracted significantly, leading to lower overall margins. We continue to expect ethane prices ...
LyondellBasell Industries is a chemical company. Co.'s chemicals businesses consist of processing plants that convert liquid and gaseous hydrocarbon feedstocks into plastic resins and other chemicals, and used by its customers to manufacture a range of products including food packaging, home furnishings, automotive components, paints and coatings. Co.'s refining business consists of its Houston refinery, which processes crude oil into products such as gasoline, diesel and jet fuel. Co. manages its operations through five operating segments: Olefins and Polyolefins - Americas; Olefins and Polyolefins - Europe, Asia, International; Intermediates and Derivatives; Refining; and Technology.
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