May 1, 2020 / 3:36 PM / a month ago

LyondellBasell to operate most plants at 60-80% capacity in second quarter, CEO says

FILE PHOTO: An aerial view of LyondellBasell-Houston Refining is seen in Houston, Texas, U.S. August 31, 2017. REUTERS/Adrees Latif

HOUSTON (Reuters) - Chemical manufacturer LyondellBasell Industries plans to operate most of its plants between 60% and 80% of their capacity in the second quarter, Chief Executive Bob Patel said on a conference call on Friday.

“Industry consultants estimate that petrochemical and refining assets in various parts of the world are running at 60% to 80% of nameplate capacity,” Patel said. “We expect that the majority of LyondellBasell’s capacity will also operate within that range during the second quarter.”

Lyondell’s Houston crude oil refinery is operating between 85% and 90% of its 263,776-barrel-per-day (bpd) capacity, Patel said during the conference call with Wall Street analysts on first-quarter results.

“Demand and margins for transportation fuels will eventually rebound as various regions emerge from societal restrictions, return to work and regain comfort with prior travel patterns,” Patel said.

Lyondell operates more than 40 plants worldwide and it the leading producer of polyolefins on the planet.

Reporting by Erwin Seba; Editing by Chizu Nomiyama and Nick Zieminski

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