Ethane and propane feedstock prices declined significantly in the second quarter as the supply of these feedstocks outstripped demand. Westlake is one of the best-positioned producers to leverage this NGL feedstock advantage for the benefits in the second quarter, and we are making further investments to bolster this competitive advantage.
The sustained favorable oil-to-gas ratio has provided margin expansion opportunities to ethane-based ethylene producers such as Westlake and continues to encourage an increasing supply of ethane-attractive economics NGL extraction for the oil and gas producers.
All of these dynamics are game changers for industry and provide a foundation for Westlake and other North American light-cracking ethylene producers to be globally competitive for many years to come.
Now let me turn over to Steve for a more detailed look at our financial and operating results for the second quarter.M. Steven Bender Thank you, Albert, and good morning, everyone. I will begin with a discussion of our consolidated financial results, followed by a more detailed discussion of our Olefins and Vinyls segment results. Let me start with our consolidated results. As reported in this morning's press release, Westlake reported record earnings in the second quarter of $115.5 million or $1.72 per diluted share, an improvement of 43% from the $81 million or $1.21 per share reported in the second quarter of 2011. Read the rest of this transcript for free on seekingalpha.com