LyondellBasell Cuts $500 Million from Capex, Concedes 2020 Market Likely to Remain Rough
Attachment: LB maint 0520, LB proj 0520
SUGAR LAND--May 4, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--Chemicals producer and petroleum refiner LyondellBasell Industries NV (NYSE:LYB) (Houston, Texas) is the latest energy giant to take a hit from the COVID-19 pandemic--a $500 million hit, to be precise, which is how much the company is slashing from its 2020 capital-spending budget. The company saw its first-quarter earnings plunge 82% from the same period last year, as weak transportation-fuel demand pummeled its refining and oxyfuels businesses. Industrial Info is tracking more than $6.6 billion in projects involving LyondellBasell worldwide, including about $3 billion worth that have been delayed or otherwise affected by COVID-19.
Within this article: Details on how LyondellBasell is coping with a rocky near-term outlook for some of its major products, as well as some of its highest-valued projects to be affected by COVID-19 precautions.
