LyondellBasell reports record 2013 earnings

03-Feb-14

LyondellBasell Industries announced earnings from continuing operations for Q4-2013 of US$1177 million, or US$2.11 per share. Q4 2013 EBITDA was U$1543 million. Full year 2013 income from continuing operations was $3,860 million, or $6.76 per share. Full Year 2013 Highlights: Record earnings of $3.9 billion income from continuing operations or $6.76 diluted earnings per share; EBITDA of $6.3 billion Strong performance led by advantaged positions in both Olefins and Polyolefins - Americas, and Intermediates and Derivatives Growth projects on schedule; completed butadiene expansion and methanol restart Initiated a share repurchase program of up to 10 percent in second quarter 2013; share repurchases and dividends totaled $3.1 billion Fourth Quarter 2013 Highlights $1.2 billion income from continuing operations or $2.11 diluted earnings per share Record fourth quarter EBITDA of $1.5 billion Methanol plant restarted on schedule Increased ethane cracking to 77 percent of U.S. ethylene production Increased interim dividend by 20 percent to $0.60 per share Repurchased 8.5 million shares during the quarter Comparisons with the prior quarter, fourth quarter 2012 and full year 2012 are available in the following table. In 2013, LyondellBasell reported record results, led by improvements in global olefins and polyolefins. Fourth quarter 2013 EBITDA was relatively unchanged compared to the third quarter of 2013 despite the impact of normal seasonal slowdowns. "The fundamentals supporting our businesses have remained strong. The U.S. natural gas liquids advantage continues to evolve in a very positive way, and we are executing our growth projects rapidly to take advantage of these market opportunities. We believe olefins in North America will continue to benefit from strong margins created by cost-advantaged NGLs. We will commence an olefins turnaround at La Porte late in the first quarter which will extend into the second quarter. European olefins and polyolefins demand should improve from a seasonally-low fourth quarter," CEO Gallogly said. "Intermediates and Derivatives continues to realize solid, steady performance and will additionally benefit from the methanol restart. The global refining market has been volatile, but improving of late. We expect that our refining position should strengthen in 2014 as North American crude production grows and the delivery infrastructure expands," Gallogly said.