LyondellBasell and Huntsman Report Growing Profits After Big Announcements

Petrochemical giant LyondellBasell and special chemical company Huntsman both reported growing profits after making major recent announcements.

LyondellBasell said last week it will move forward with its most expensive project ever, a $2.4 billion plant near the Houston Ship Channel that would become the largest factory of its kind in the world.

Likewise, The Woodlands-based Huntsman previously announced its plans to merge with Swiss company Clariant in an all-stock deal that would create a $14 billion company called HuntsmanClariant - the world's second-largest specialty chemical business.

For the second quarter, LyondellBasell reported its net income jumped 4 percent from last year up to $1.13 billion. Its revenues grew 15 percent up to $8.4 billion. With new projects getting underway and recent expansions already completed, LyondellBasell CEO Bob Patel is projecting a strong second half of 2017 as well.

"With no major maintenance planned for the remainder of 2017, we are well positioned to deliver strong performance from LyondellBasell's global assets," Patel said.

While its profits aren't as large, Huntsman saw its net income grow by more than 90 percent for the second quarter to $167 million versus $87 million a year ago. Huntsman also saw a small revenue hike of 3 percent up to $2.62 billion.

"This is an unprecedented and transformational time for our company," CEO Peter Huntsman said. "Furthermore, having begun our integration planning with Clariant, we are now more confident than ever in our ability to exceed our stated synergy targets, seamlessly integrate these two complementary organizations and create significant value for the combined company's shareholders."