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In the second quarter of 2010, NOVA Chemicals generated net income of $51 million compared to a net loss of $83 million for the second quarter of 2009. For the six months ended June 30, 2010, we generated net income of $145 million versus a net loss of $206 million for the six months ended June 30, 2009. The year-over-year improvement during these three month and six month periods was primarily due to higher margins and demand for our products.

The Olefins/Polyolefins business unit generated $251 million of operating income in the second quarter of 2010 compared to operating income of $81 million during the second quarter of 2009. For the six months ended June 30, 2010, the business unit generated operating income of $437 million compared to operating income of $43 million for the six months ended June 30, 2009. The improvement in both comparisons was due to selling prices increasing more than feedstock costs, and improved demand.

In July, we signed a memorandum of understanding with Hess Corporation (Hess) and Mistral Energy Inc. to purchase and transport ethane production from Hess’ Tioga Gas Plant in North Dakota via a proposed pipeline to Alberta, Canada. We will purchase 100% of the ethane produced at the Tioga Gas Plant under a long-term arrangement.50% share of the INEOS NOVA joint venture’s operating loss was $5 million in the second quarter of 2010 compared to operating income of $6 million in the second quarter of 2009. The change was mainly due to the impact of falling raw material prices in the North American styrene business. For the six months ended June 30, 2010, our 50% share of the joint venture’s operating income was $11 million versus operating income of $6 million for the six months ended June 30, 2009.

The Performance Styrenics segment reported an operating loss from continuing operations of $1 million in the second quarter of 2010 compared to an operating loss of $5 million in the second quarter of 2009. For the six months ended June 30, 2010, the segment had an operating loss from continuing operations of $1 million compared to an operating loss of $23 million for the six months ended June 30, 2009. The improvement for both periods was due to selling prices increasing more than feedstock costs, and from lower operating costs attributed to our 2009 restructuring. Our building and construction businesses, collectively known as SYNTHEON, are currently reported as held for sale. We expect the sale to close in the third quarter of 2010.

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