Houston petrochemical company LyondellBasell made a small profit in the third quarter, the company said Friday, amid a tough quarter for chemical and refining companies struggling with an industry-wide demand slump.
LyondellBasell, which has global headquarters in the Netherlands, made $114 million in the three months ended Sept. 30. That’s a whopping 88 percent less than the $965 million profit the company made in the same quarter of 2019.
Earlier in the third quarter, LyondellBasell said it would acquire a $2 billion stake in Sasol’s U.S. chemical operations in Lake Charles, La. Through a joint venture between the two companies.
On HoustonChronicle.com: LyondellBasell to acquire $2B of Sasol’s Lake Charles business
LyondellBasell’s third-quarter results included a $582 million charge to account for reduced expectations in profitability from its Houston refinery. In September, the company confirmed it planned to reduce its workforce at the Houston refinery by 10 percent, according to a Reuters report.
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October 30, 2020 at 11:14PM
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LyondellBasell ekes out profit in industry-wide slump - Houston Chronicle
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