LyondellBasell Industries has announced net income for the first quarter 2021 of $1.1 billion, or $3.18 per share and EBITDA of $1.6 billion.   

"First quarter performance built upon the economic momentum we saw toward the end of last year. We experienced persistently strong consumer-driven demand, recovery in durable goods markets and industry supply constraints, which enabled price increases and drove margin improvements for many of our products. Tight markets and strong demand drove margin improvements in both of our Olefins and Polyolefins segments as well as most of the businesses in our Intermediates and Derivatives segment. Higher demand from automotive and other non-durable markets increased volumes for our Advanced Polymer Solutions segment while margins compressed due to rapidly rising raw material costs. As the industry enters the second quarter with very low inventory levels, we expect these favorable market conditions will persist as production returns," said Bob Patel, CEO, LyondellBasell.

"Amidst a rapidly recovering global economy and improving market conditions, we remained focused on advancing the circular economy and the sustainable solutions we offer customers. Over the past two years, we expanded our mechanical recycling manufacturing capacity in Europe through our Quality Circular Polymers joint venture with SUEZ and also commercialized polyethylene and polypropylene products made with renewable bio-based feedstocks," said Patel.  

"LyondellBasell is emerging stronger from the pandemic and the associated global recession. With no significant planned maintenance for our assets during the second quarter, we plan to operate at nearly full capacity worldwide to meet robust demand that is expected to persist due to low inventories and maintenance downtime across our industry," added Patel.  

"By extending our robust track record of cash generation and fortifying our balance sheet, we are emerging stronger, building upon our current momentum and continuing to capture opportunities through business cycles," added Patel.