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LyondellBasell Industries: Houston And London, October 23, 2015

The following excerpt is from the company's SEC filing.

LyondellBasell Reports Record Quarterly Results

Third Quarter 2015 Highlights

Income from continuing operations: $1.2 billion ($1.3 billion excluding LCM

Diluted earnings per share: $2.55 per share ($2.80 per share excluding LCM, a quarterly record)

EBITDA: $2.0 billion ($2.2 billion excluding LCM, a quarterly record)

Last twelve months excluding LCM impacts: EBITDA of $8.5 billion and diluted earnings per share of $10.60

Excluding the impacts of the LCM adjustments, third quarter EBITDA was the sixth consecutive quarter of approximately $2 billion, and the 12

consecutive quarter of year over year growth

Repurchased 15.5 million shares during the quarter, or approximately 3.3 percent of the outstanding shares

LyondellBasell Industries (NYSE: LYB) today announced earnings from continuing operations for the third quarter 2015 of $1.2 billion, or $2.55 diluted earnings per share. Third quarter 2015 EBITDA was approximately $2.0 billion.

Comparisons with the prior quarter and third quarter 2014 are available in the following table:

Table 1 - Earnings Summary

Three Months Ended

Nine Months Ended

September 30,

June 30,

Millions of U.S. dollars (except share data)

Sales and other operating revenues

12,066

25,664

35,318

Net income

Diluted earnings per share (U.S. dollars):

Diluted share count (millions)

Excluding LCM Impacts:

LCM charges (benefits), pre-tax

Includes net loss attributable to non-controlling interests and income (loss) from discontinued operations, net of tax. See Table 10.

Please see Table 11 for charges and benefits to income from continuing operations.

Includes diluted earnings per share attributable to discontinued operations.

See the end of this release for an explanation of the Companys use of EBITDA and Table 8 for reconciliations of EBITDA to net income and income from continuing operations.

LCM stands for lower of cost or market. An explanation of LCM and why we have excluded it from our financial information in this press release can be found at the end of this press release under Information Related to Financial Measures.

www.lyb.com

The third quarter included a $181 million non-cash, pre-tax lower of cost or market (LCM) inventory adjustment ($114 million after tax). Excluding the LCM adjustment, earnings from continuing operations during the third quarter totaled $1.3 billion, or $2.80 per share, and EBITDA was $2.2 billion.

Our portfolio continued to demonstrate balance as third quarter EBITDA marked the fifth consecutive quarter of EBITDA in excess of $2 billion. From an industry standpoint, the third quarter was a transitional period during which markets rebalanced following tight second quarter supply and the price of crude oil declined. Despite this change, our portfolio continued to generate strong earnings as some product margins expanded while others contracted. During the third quarter, our Olefins and Polyolefins Europe, Asia, International and Intermediates and Derivatives segments both achieved record EBITDA. In addition to continued earnings strength, cash generation remained strong and we repurchased 15.5 million shares, representing 3.3 percent of our outstanding shares, said Bob Patel, LyondellBasell Chief Executive Officer.

OUTLOOK

Thus far, the fourth quarter reflects a more balanced global ethylene industry. We entered the quarter with lower ethylene-polyethylene chain margins following third quarter market rebalancing and oil price decline. During the fourth quarter, we expect typical seasonal behavior to adversely impact the earnings of our oxyfuels, polyolefins, and refining businesses. Looking ahead to 2016, we continue to forecast stable industry demand and operating rates and believe that the markets for our products will tighten as we move into the spring, Patel said.

LYONDELLBASELL BUSINESS RESULTS DISCUSSION BY REPORTING SEGMENT

LyondellBasell manages operations through five operating segments: 1) Olefins and Polyolefins Americas; 2) Olefins and Polyolefins Europe, Asia, International (EAI); 3) Intermediates and Derivatives; 4) Refining; and 5) Technology.

Comments and analysis represent underlying business activity and are exclusive of LCM inventory adjustments.

Olefins and Polyolefins - Americas (O&P-Americas)

The primary products of this segment include ethylene and its co-products (propylene, butadiene and benzene), polyethylene, polypropylene and

Catalloy

process resins.

Table 2 - O&PAmericas Financial Overview

Nine Months Ended

Operating income

EBITDA excluding LCM adjustments

Three months ended September 30, 2015 versus three months ended June 30, 2015

EBITDA decreased $73 million versus the second quarter of 2015, excluding a $100 million quarter to quarter variance as a result of the LCM inventory adjustments. Olefins results decreased by approximately $140 million primarily due to a 6 cent per pound lower average ethylene price. Polyolefin results improved by approximately $70 million principally due to higher price spreads over monomer. Polyethylene and polypropylene spreads increased by 2 and 4 cents per pound, respectively. Joint venture equity income increased by $4 million.

Three months ended September 30, 2015 versus three months ended September 30, 2014

EBITDA decreased by $282 million versus the third quarter 2014, excluding a $34 million quarter to quarter variance as a result of the LCM inventory adjustments. Olefins results decreased by $485 million primarily due to lower margins as a result of lower product prices. The price of ethylene decreased by approximately 26 cents per pound. This negative impact was partially offset by a lower cost of ethylene and higher volume from our La Porte ethylene plant expansion. Polyolefin results improved by approximately $195 million due to higher price spreads over monomer. Both polyethylene and polypropylene spreads improved by approximately 10 and 9 cents per pound, respectively. Joint venture equity income increased by $6 million.

Olefins and Polyolefins - Europe, Asia, International (O&P-EAI)

The primary products of this segment include ethylene and its co-products (propylene and butadiene), polyethylene, polypropylene, polypropylene compounds (global),

process resins and polybutene-1 resins.

Table 3 - O&PEAI Financial Overview

LCM charges (benefits), pretax

EBITDA increased by $63 million versus the second quarter 2015, excluding a $6 million quarter to quarter variance as a result of the LCM inventory adjustments. Olefins results increased by $60 million primarily due to an approximately 9 cent per pound lower cost of ethylene production. Ethylene production was lower during the quarter as a result of planned maintenance at our Münchsmünster, Germany olefins plant. Combined polyolefin results increased by approximately $20 million. Improved polypropylene results offset a small decline in polyethylene results. Combined polypropylene compounds and polybutene-1 results decreased by approximately $10 million due in part to a seasonal volume decline. Equity income was unchanged.

EBITDA increased by $212 million versus the third quarter 2014, excluding a $6 million quarter to quarter variance as a result of the LCM inventory adjustments. Olefin results increased by approximately $80 million primarily due to higher ethylene margins. Combined polyolefin results increased by approximately $115 million. Spreads in polyethylene and polypropylene increased by...


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