LyondellBasell's Q3 Profit Doubles

LyondellBasell's third-quarter profit nearly doubled, widely beating Wall Street's expectations, on strong chemical and oil refining margins.

The company benefited from higher prices for certain types of crude oil, as well as higher efficiency at its flagship Houston refinery, which had been under repairs.

For the third quarter, LyondellBasell reported net income of $895 million, or $1.51 a share, compared with $467 million, or 84 cents a share, in the year-ago period.

Excluding one-time items, LyondellBasell earned $1.53 per share.

By that measure, analysts expected earnings of $1.22 per share, according to Thomson Reuters I/B/E/S.

Revenue rose 29% to $13.29 billion. Analysts expected $13.33 billion.

Operating income in the company's largest unit, which supplies the basic chemical ethylene, jumped 34% to $599 million.

Operating income of the refining unit increased more than fivefold to $454 million.

The shutdown of the unit's Berre, France, refinery due to a labor dispute had ''minimal impact'' on results, LyondellBasell said.

During the quarter LyondellBasell doubled its dividend and said it would pay a separate special dividend.

The company, which emerged from bankruptcy protection last year, also said it would buy back nearly $2.8 billion in debt, substantially improving its balance sheet.

LyondellBasell is technically based in the Netherlands, but is run out of Houston.