NOVA Chemicals reports strong Q1-2012 results

10-May-12
In the first quarter of 2012, Nova Chemicals generated a profit of US$191 mln vs a profit of US$163 mln for Q1-2011. The quarter-over-quarter improvement was primarily due to higher margins in our Olefins segments. The Olefins/Polyolefins business unit generated US$308 mln of operating profit in Q1-2012 vs an operating profit of US$281 mln during the first quarter of 2011. The improvement was due to higher margins in our Olefins segments, partially offset by lower margins in our Polyethylene segment. The Performance Styrenics segment reported an operating profit from continuing operations of US$5 mln in Q1-2012 vs an operating profit from continuing operations of US$3 mln in Q1-2011. The improvement was due to higher expandable polystyrene margins. In May 2012, Nova has signed a memorandum of understanding with Mistral Midstream Inc. to purchase ethane from a proposed gas processing facility to be located in southeast Saskatchewan, Canada. Ethane from this new facility will be transported on the Vantage Pipeline to Alberta. The Vantage Pipeline is expected to be commissioned in the second quarter of 2013, subject to receipt of regulatory and other approvals.
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