LyondellBasell reports stronger-than-expected earnings in Q2

Chemical maker LyondellBasell, which just emerged from Chapter 11 bankruptcy protection, swung to a better-than-expected second-quarter profit in 2010.

The company reported Q2 income of US$203 million, compared with a loss of US$353 million for the year-earlier period.

“We emerged from Chapter 11 as a much stronger company,” Jim Gallogly, chief executive officer of the Netherland-based company, said in a statement. “Our significantly improved capital and cost structures, coupled with our industry-defining technologies and new management team, position us as a formidable competitor for the future. I am extremely proud of the job our employees have done to restructure the company and move us through bankruptcy in such a short time.”

LyondellBasell emerged from Chapter 11 bankruptcy on April 30 with an improved balance sheet of approximately US$3.6 billion of liquidity and reduced legal and environmental exposures, Gallogly added.