HOUSTON and LONDON, July 25,
2014 /PRNewswire/ --
Second-Quarter 2014 Highlights
- Record quarterly EBITDA of $1.94
billion
- Record diluted earnings per share of $2.22; income from continuing operations of
$1.17 billion
- Solid results in all segments, with O&P Americas segment
approaching EBITDA of $1
billion
- Completed initial 10% share repurchase and initiated
purchases under second 10% authorization; repurchased
approximately 19 million shares during the quarter
LyondellBasell Industries (NYSE: LYB) today announced earnings
from continuing operations for the second quarter 2014 of
$2.22 diluted earnings per share, or
$1.17 billion. Second quarter
2014 EBITDA was $1.94 billion.
The increase from the first quarter 2014 was primarily due to
Olefins and Polyolefins – Americas segment results.
Comparisons with the prior quarter and second quarter 2013 are
shown below:
Table 1 - Earnings
Summary
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|
Millions of
U.S. dollars (except share data)
|
2014
|
2014
|
2013
|
2014
|
2013
|
|
Sales and other
operating revenues
|
$12,117
|
$11,135
|
$11,103
|
$23,252
|
$21,772
|
|
Net
income(a)
|
1,176
|
944
|
927
|
2,120
|
1,827
|
|
Income from
continuing operations(b)
|
1,173
|
943
|
923
|
2,116
|
1,829
|
|
Diluted earnings per
share (U.S. dollars):
|
|
|
|
|
|
|
|
Net
income(c)
|
2.23
|
1.72
|
1.61
|
3.94
|
3.16
|
|
|
Income from
continuing operations(b)
|
2.22
|
1.72
|
1.60
|
3.93
|
3.16
|
|
Diluted share count
(millions)
|
527
|
548
|
578
|
537
|
578
|
|
EBITDA(d)
|
1,941
|
1,668
|
1,652
|
3,609
|
3,237
|
|
|
|
|
|
|
|
|
|
(a) Includes
net loss attributable to non-controlling interests and income
(loss) from discontinued operations, net of tax. See Table
10.
|
|
(b) Please see
Table 11 for charges and benefits to income from continuing
operations.
|
|
(c) Includes
diluted earnings per share attributable to discontinued
operations.
|
|
(d) See the end
of this release for an explanation of the Company's use of EBITDA
and Table 8 for reconciliations of EBITDA to income
|
|
from continuing
operations.
|
|
"We had record earnings this quarter of $2.22 per share, while our EBITDA approached
$2 billion. Importantly, every
segment contributed to this achievement. Of particular note
was the strength in our Olefins and Polyolefins- Americas segment
which generated nearly $1 billion of
EBITDA even while we were performing significant scheduled
maintenance at our La Porte
ethylene site. In addition to the strong quarterly earnings,
we repurchased approximately 19 million of our shares during the
second quarter, completing the initial 10 percent share repurchase
authorization. We also initiated repurchases under the second
10 percent authorization," said Jim
Gallogly, LyondellBasell Chief Executive Officer.
"As encouraging as these results are, we did not fully deliver
on our reliability expectations, and the quarterly earnings could
have been better. Specifically, we were late in completing
our La Porte ethylene turnaround
in part due to a mechanical issue with a compressor. Both
supplier upsets and mechanical issues impacted our Intermediates
and Derivatives business as well. Despite these temporary
setbacks, our commitment to Operational Excellence continues to be
the foundation of our success," Gallogly said.
"Industry fundamentals remain strong, and we continue to execute
on our investment program. During the third quarter we expect
to begin production from the 800 million pound per year
La Porte ethylene expansion.
This is the first of three ethylene expansions and continues to put
us well ahead of new greenfield plants pursued by others in the
industry," Gallogly added.
OUTLOOK
"During the first weeks of the third quarter,
industry conditions have been similar to the second quarter
environment. U.S. oil, natural gas, and natural gas liquids
production remain strong. Together these support margins in
our Olefins and Polyolefins – Americas, Intermediates and
Derivatives, and Refining segments. However, our results in
the next quarter will be negatively impacted by the delayed
start-up of our La Porte ethylene
plant," Gallogly noted.
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 and International (EAI); 3)
Intermediates and Derivatives; 4) Refining; and 5) Technology.
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&P–Americas Financial Overview
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
|
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|
Millions of
U.S. dollars
|
2014
|
2014
|
2013
|
2014
|
2013
|
|
Operating
income
|
$898
|
$656
|
$872
|
$1,554
|
$1,693
|
|
EBITDA
|
978
|
736
|
951
|
1,714
|
1,849
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2014 versus three months
ended March 31, 2014 – The segment achieved record EBITDA
results in the second quarter of 2014. EBITDA increased
$242 million versus the first quarter
2014. Compared to the prior period, olefins results increased
approximately $220 million. The
first quarter was negatively impacted by ethylene purchases and
inventory build in preparation for the second quarter La Porte plant turnaround. The second
quarter was also negatively impacted, but to a lesser extent, by
the delayed restart of the La
Porte olefin plant and the subsequent purchase of
ethylene. This impacted results by approximately $50 million. Olefins benefited in the second
quarter from lower NGL costs and improved co-product values.
Combined polyolefin results increased by approximately $20 million from the first quarter 2014 driven by
higher polyethylene margins. The ethylene to polyethylene
price spread increased 2 cents per
pound. Joint venture equity income increased by $2 million.
Three months ended June 30, 2014 versus three months
ended June 30, 2013 – EBITDA
increased $27 million versus the
second quarter 2013. Olefins results declined approximately
$130 million compared to the prior
year period. Olefins sales and production volumes
declined. However, margins benefited from lower NGL costs and
higher co-product values. The price of ethylene decreased by
approximately 2 cents per pound
compared to the prior year period. Polyethylene results increased
by approximately $150 million as the
ethylene to polyethylene price spread improved by 10 cents per pound and sales volumes increased
approximately 4 percent versus the prior year period. Polypropylene
results increased by approximately $15
million due to slightly higher margins. Joint venture equity
income decreased by $2 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, global polypropylene
compounds, Catalloy process resins and polybutene-1
resins.
Table 3 -
O&P–EAI Financial Overview
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
|
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|
Millions of
U.S. dollars
|
2014
|
2014
|
2013
|
2014
|
2013
|
|
Operating
income
|
$190
|
$225
|
$189
|
$415
|
$282
|
|
EBITDA
|
319
|
356
|
295
|
675
|
520
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2014 versus three months
ended March 31, 2014 – EBITDA decreased $37 million versus the first quarter 2014.
Excluding the benefits of a $52
million environmental settlement in the first quarter,
EBITDA increased by $15
million. Olefins results increased modestly.
Naphtha cost increases and a decline in the price of ethylene of
approximately 2 cents per pound were
more than offset by increased co-product prices and from cracking
more advantaged feedstocks. Approximately 55 percent of our
ethylene production was sourced from advantaged raw
materials. Combined polyolefin results increased from higher
volumes. Combined polypropylene compounds and polybutene-1 results
were unchanged. Equity income from joint ventures increased by
$9 million from the first quarter
2014.
Three months ended June 30, 2014 versus three months
ended June 30, 2013 – EBITDA
increased $24 million versus the
second quarter 2013. Olefins results declined by
approximately $20 million as a result
of margins that were lower by approximately 3 cents per pound. This was partially
mitigated by higher operating rates and from higher butadiene
volumes following a 2013 expansion project. Combined
polyolefin results increased primarily as a result of higher
polyethylene and polypropylene margins of approximately
1 cent per pound. Polypropylene
compounds and polybutene-1 results decreased by approximately
$10 million from the prior year
period as a result of lower polypropylene compound margins. Equity
income from joint ventures increased $32
million from the second quarter 2013.
Intermediates and Derivatives (I&D) – The
primary products of this segment include propylene oxide (PO) and
its co-products (styrene monomer, tertiary butyl alcohol (TBA),
isobutylene and tertiary butyl hydroperoxide), and derivatives
(propylene glycol, propylene glycol ethers and butanediol), acetyls
(acetic acid, vinyl acetate monomer and methanol), ethylene oxide
and its derivatives, and oxyfuels.
Table 4 - I&D
Financial Overview
|
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|
Millions of
U.S. dollars
|
2014
|
2014
|
2013
|
2014
|
2013
|
|
Operating
income
|
$375
|
$316
|
$285
|
$691
|
$608
|
|
EBITDA
|
430
|
375
|
338
|
805
|
711
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2014 versus three months
ended March 31, 2014 – EBITDA increased $55 million versus the first quarter 2014.
Results for PO and PO derivatives decreased by approximately
$20 million. Seasonally lower
sales of propylene glycol sold into aircraft deicing were offset by
higher sales of propylene oxide. Solvent margins
declined. Intermediate chemicals results increased by
approximately $10 million as styrene
and ethylene glycol volumes improved. Additionally, acetic
acid, vinyl acetate, and styrene margins improved but lower margins
from methanol and ethylene glycol pricing partially offset the
benefit. Oxyfuels results improved by approximately
$70 million due to seasonal increases
in both volume and margin. Equity income from joint ventures
decreased by $4 million.
Three months ended June 30, 2014 versus three months
ended June 30, 2013 – EBITDA
increased $92 million compared to the
second quarter 2013. Results for PO and PO derivatives increased by
approximately $25 million primarily
due to higher volumes. Intermediate chemicals results were higher
by approximately $60 million due to
higher methanol and styrene volumes, and higher methanol and vinyl
acetate margins. Oxyfuels results increased by approximately
$10 million. Equity income from joint
ventures decreased by $5 million from
the second quarter in 2013.
Refining – The primary products of this segment include
gasoline, diesel fuel, heating oil, jet fuel, and petrochemical raw
materials.
Table 5 - Refining
Financial Overview
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|
Millions of
U.S. dollars
|
2014
|
2014
|
2013
|
2014
|
2013
|
|
Operating income
(loss)
|
$95
|
$86
|
($16)
|
$181
|
($33)
|
|
EBITDA
|
137
|
129
|
20
|
266
|
40
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2014 versus three months
ended March 31, 2014 – EBITDA increased $8 million versus the first quarter 2014. The
refinery processed 257,000 barrels per day, up 10,000 barrels per
day from the prior quarter. Compared to the prior quarter, the Maya
2-1-1 benchmark crack spread declined by $1.25 per barrel, averaging $27.01 per barrel. The corresponding Houston refinery spread was relatively
unchanged. The cost of Renewable Identification Numbers (RINs) to
meet U.S. renewable fuel standards was relatively unchanged versus
the first quarter 2014.
Three months ended June 30, 2014 versus three months
ended June 30, 2013 – EBITDA
increased $117 million versus the
second quarter 2013. The refinery processed 257,000 barrels per
day, down 8,000 barrels per day from the prior year period.
Compared to the second quarter 2013, the Maya 2-1-1 benchmark
spread increased $5.43 per barrel,
and we benefited from improved yields and higher margins on
secondary products. The cost of RINs decreased by approximately
$20 million compared to the same
quarter last year.
Technology – The principal products of the Technology
segment include polyolefin catalysts and production process
technology licenses and related services.
|
|
|
|
|
|
|
Table 6 -
Technology Financial Overview
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
|
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|
Millions of
U.S. dollars
|
2014
|
2014
|
2013
|
2014
|
2013
|
|
Operating
income
|
$56
|
$60
|
$39
|
$116
|
$89
|
|
EBITDA
|
71
|
76
|
59
|
147
|
125
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2014 versus three months
ended March 31, 2014 – EBITDA decreased by $5 million.
Three months ended June 30, 2014 versus three months
ended June 30, 2013 – EBITDA
increased by $12 million from higher
catalyst and licensing results.
Capital spending and cash balances
Capital expenditures, including growth projects, maintenance
turnarounds, catalyst and information technology-related
expenditures, were $415 million in
the second quarter 2014. Our cash and short-term securities
balance was $3.5 billion at
June 30, 2014. We repurchased
approximately 19 million of our outstanding ordinary shares and
paid $370 million in dividends during
the second quarter of 2014. There were 515 million common
shares outstanding as of June
30th.
CONFERENCE CALL
LyondellBasell will host a conference
call July 25 at 11 a.m. ET. Participants on the call will
include Chief Executive Officer Jim
Gallogly, Executive Vice President and Chief Financial
Officer Karyn Ovelmen, Senior Vice
President - Strategic Planning and Transactions Sergey Vasnetsov,
and Vice President of Investor Relations Doug Pike.
The toll-free dial-in number in the U.S. is 888-677-1826. For
international numbers, go to www.lyondellbasell.com/teleconference,
for a complete listing of toll-free numbers by country. The pass
code for all numbers is 1231245.
A replay of the call will be available from 2 p.m. ET July 25
until Aug. 25 at 11 p.m. ET. The replay dial-in numbers are
800-839-1171 (U.S.) and +1 203-369-3030 (international). The pass
code for each is 3675.
The slides that accompany the call will be available at
http://www.lyondellbasell.com/earnings.
ABOUT LYONDELLBASELL
LyondellBasell (NYSE: LYB) is one
of the world's largest plastics, chemical and refining companies
and a member of the S&P 500. LyondellBasell
(www.lyondellbasell.com) manufactures products at 55 sites in 18
countries. LyondellBasell products and technologies are used to
make items that improve the quality of life for people around the
world including packaging, electronics, automotive parts, home
furnishings, construction materials and biofuels.
FORWARD-LOOKING STATEMENTS
The statements in this
release and the related teleconference relating to matters that are
not historical facts are forward-looking statements. These
forward-looking statements are based upon assumptions of management
which are believed to be reasonable at the time made and are
subject to significant risks and uncertainties. Actual results
could differ materially based on factors including, but not limited
to, the business cyclicality of the chemical, polymers and refining
industries; the availability, cost and price volatility of raw
materials and utilities, particularly the cost of oil, natural gas,
and associated natural gas liquids; competitive product and pricing
pressures; labor conditions; our ability to attract and retain key
personnel; operating interruptions (including leaks, explosions,
fires, weather-related incidents, mechanical failure, unscheduled
downtime, supplier disruptions, labor shortages, strikes, work
stoppages or other labor difficulties, transportation
interruptions, spills and releases and other environmental risks);
the supply/demand balances for our and our joint ventures'
products, and the related effects of industry production capacities
and operating rates; our ability to achieve expected cost savings
and other synergies; our ability to successfully execute projects
and growth strategies; legal and environmental proceedings; tax
rulings, consequences or proceedings; technological developments,
and our ability to develop new products and process technologies;
potential governmental regulatory actions; political unrest and
terrorist acts; risks and uncertainties posed by international
operations, including foreign currency fluctuations; and our
ability to comply with debt covenants and service our debt.
Additional factors that could cause results to differ materially
from those described in the forward-looking statements can be found
in the "Risk Factors" section of our Form 10-K for the year ended
December 31, 2013, which can be found
at www.lyondellbasell.com on the Investor Relations page and on the
Securities and Exchange Commission's website at www.sec.gov.
NON-GAAP MEASURES
This release makes reference
to certain "non-GAAP" financial measures, such as EBITDA, as
defined in Regulation G of the U.S. Securities Exchange Act of
1934, as amended. We report our financial results in
accordance with U.S. generally accepted accounting principles, but
believe that certain non-GAAP financial measures, such as EBITDA,
provide useful supplemental information to investors regarding the
underlying business trends and performance of the company's ongoing
operations and are useful for period-over-period comparisons of
such operations. These non-GAAP financial measures should be
considered as a supplement to, and not as a substitute for, or
superior to, the financial measures prepared in accordance with
GAAP.
EBITDA, as presented herein, may not be comparable to a
similarly titled measure reported by other companies due to
differences in the way the measure is calculated. We calculate
EBITDA as income from continuing operations plus interest expense
(net), provision for (benefit from) income taxes, and depreciation
& amortization. EBITDA should not be considered an
alternative to profit or operating profit for any period as an
indicator of our performance, or as alternative to operating cash
flows as a measure of our liquidity.
Quantitative reconciliations of EBITDA to net income, the most
comparable GAAP measure, are provided in Table 8 at the end of this
release.
OTHER FINANCIAL MEASURE PRESENTATION NOTES
This
release contains time sensitive information that is accurate only
as of the time hereof. Information contained in this release is
unaudited and subject to change. LyondellBasell undertakes no
obligation to update the information presented herein except to the
extent required by law.
Table 7 -
Reconciliation of Segment Information to Consolidated Financial
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2014
|
|
(Millions of U.S.
dollars)
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
YTD
|
|
Sales and other
operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
3,244
|
|
$
|
3,251
|
|
$
|
3,315
|
|
$
|
3,279
|
|
$
|
13,089
|
|
$
|
3,357
|
|
$
|
3,462
|
|
$
|
6,819
|
|
|
Olefins &
Polyolefins - Europe, Asia, International
|
|
3,800
|
|
|
3,708
|
|
|
3,594
|
|
|
3,583
|
|
|
14,685
|
|
|
3,778
|
|
|
4,069
|
|
|
7,847
|
|
|
Intermediates &
Derivatives
|
|
2,282
|
|
|
2,217
|
|
|
2,452
|
|
|
2,521
|
|
|
9,472
|
|
|
2,429
|
|
|
2,706
|
|
|
5,135
|
|
|
Refining
|
|
2,468
|
|
|
3,077
|
|
|
3,177
|
|
|
2,976
|
|
|
11,698
|
|
|
2,756
|
|
|
3,250
|
|
|
6,006
|
|
|
Technology
|
|
134
|
|
|
132
|
|
|
124
|
|
|
142
|
|
|
532
|
|
|
136
|
|
|
144
|
|
|
280
|
|
|
Other
|
|
(1,259)
|
|
|
(1,282)
|
|
|
(1,510)
|
|
|
(1,363)
|
|
|
(5,414)
|
|
|
(1,321)
|
|
|
(1,514)
|
|
|
(2,835)
|
|
|
|
Continuing
Operations
|
$
|
10,669
|
|
$
|
11,103
|
|
$
|
11,152
|
|
$
|
11,138
|
|
$
|
44,062
|
|
$
|
11,135
|
|
$
|
12,117
|
|
$
|
23,252
|
|
Operating income
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
821
|
|
$
|
872
|
|
$
|
759
|
|
$
|
801
|
|
$
|
3,253
|
|
$
|
656
|
|
$
|
898
|
|
$
|
1,554
|
|
|
Olefins &
Polyolefins - Europe, Asia, International
|
|
93
|
|
|
189
|
|
|
78
|
|
|
17
|
|
|
377
|
|
|
225
|
|
|
190
|
|
|
415
|
|
|
Intermediates &
Derivatives
|
|
323
|
|
|
285
|
|
|
371
|
|
|
321
|
|
|
1,300
|
|
|
316
|
|
|
375
|
|
|
691
|
|
|
Refining
|
|
(17)
|
|
|
(16)
|
|
|
(37)
|
|
|
92
|
|
|
22
|
|
|
86
|
|
|
95
|
|
|
181
|
|
|
Technology
|
|
50
|
|
|
39
|
|
|
35
|
|
|
33
|
|
|
157
|
|
|
60
|
|
|
56
|
|
|
116
|
|
|
Other
|
|
(3)
|
|
|
(5)
|
|
|
1
|
|
|
- -
|
|
|
(7)
|
|
|
(3)
|
|
|
(1)
|
|
|
(4)
|
|
|
|
Continuing
Operations
|
$
|
1,267
|
|
$
|
1,364
|
|
$
|
1,207
|
|
$
|
1,264
|
|
$
|
5,102
|
|
$
|
1,340
|
|
$
|
1,613
|
|
$
|
2,953
|
|
Depreciation and
amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
75
|
|
$
|
69
|
|
$
|
73
|
|
$
|
76
|
|
$
|
293
|
|
$
|
73
|
|
$
|
74
|
|
$
|
147
|
|
|
Olefins &
Polyolefins - Europe, Asia, International
|
|
77
|
|
|
76
|
|
|
78
|
|
|
56
|
|
|
287
|
|
|
70
|
|
|
67
|
|
|
137
|
|
|
Intermediates &
Derivatives
|
|
48
|
|
|
50
|
|
|
50
|
|
|
56
|
|
|
204
|
|
|
55
|
|
|
56
|
|
|
111
|
|
|
Refining
|
|
36
|
|
|
37
|
|
|
45
|
|
|
42
|
|
|
160
|
|
|
42
|
|
|
42
|
|
|
84
|
|
|
Technology
|
|
17
|
|
|
20
|
|
|
16
|
|
|
22
|
|
|
75
|
|
|
16
|
|
|
15
|
|
|
31
|
|
|
Other
|
|
- -
|
|
|
2
|
|
|
- -
|
|
|
- -
|
|
|
2
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
|
Continuing
Operations
|
$
|
253
|
|
$
|
254
|
|
$
|
262
|
|
$
|
252
|
|
$
|
1,021
|
|
$
|
256
|
|
$
|
254
|
|
$
|
510
|
|
EBITDA:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
898
|
|
$
|
951
|
|
$
|
841
|
|
$
|
883
|
|
$
|
3,573
|
|
$
|
736
|
|
$
|
978
|
|
$
|
1,714
|
|
|
Olefins &
Polyolefins - Europe, Asia, International
|
|
225
|
|
|
295
|
|
|
204
|
|
|
115
|
|
|
839
|
|
|
356
|
|
|
319
|
|
|
675
|
|
|
Intermediates &
Derivatives
|
|
373
|
|
|
338
|
|
|
427
|
|
|
354
|
|
|
1,492
|
|
|
375
|
|
|
430
|
|
|
805
|
|
|
Refining
|
|
20
|
|
|
20
|
|
|
8
|
|
|
134
|
|
|
182
|
|
|
129
|
|
|
137
|
|
|
266
|
|
|
Technology
|
|
66
|
|
|
59
|
|
|
52
|
|
|
55
|
|
|
232
|
|
|
76
|
|
|
71
|
|
|
147
|
|
|
Other
|
|
3
|
|
|
(11)
|
|
|
(1)
|
|
|
2
|
|
|
(7)
|
|
|
(4)
|
|
|
6
|
|
|
2
|
|
|
|
Continuing
Operations
|
$
|
1,585
|
|
$
|
1,652
|
|
$
|
1,531
|
|
$
|
1,543
|
|
$
|
6,311
|
|
$
|
1,668
|
|
$
|
1,941
|
|
$
|
3,609
|
|
Capital,
turnarounds and IT deferred spending:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
122
|
|
$
|
122
|
|
$
|
218
|
|
$
|
183
|
|
$
|
645
|
|
$
|
231
|
|
$
|
306
|
|
$
|
537
|
|
|
Olefins &
Polyolefins - Europe, Asia, International
|
|
63
|
|
|
46
|
|
|
44
|
|
|
76
|
|
|
229
|
|
|
33
|
|
|
27
|
|
|
60
|
|
|
Intermediates &
Derivatives
|
|
106
|
|
|
141
|
|
|
119
|
|
|
77
|
|
|
443
|
|
|
45
|
|
|
52
|
|
|
97
|
|
|
Refining
|
|
93
|
|
|
67
|
|
|
36
|
|
|
13
|
|
|
209
|
|
|
32
|
|
|
20
|
|
|
52
|
|
|
Technology
|
|
7
|
|
|
6
|
|
|
7
|
|
|
10
|
|
|
30
|
|
|
2
|
|
|
6
|
|
|
8
|
|
|
Other
|
|
- -
|
|
|
5
|
|
|
(1)
|
|
|
1
|
|
|
5
|
|
|
- -
|
|
|
4
|
|
|
4
|
|
|
|
Total
|
|
391
|
|
|
387
|
|
|
423
|
|
|
360
|
|
|
1,561
|
|
|
343
|
|
|
415
|
|
|
758
|
|
|
Deferred charges
included above
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
|
Continuing
Operations
|
$
|
391
|
|
$
|
387
|
|
$
|
423
|
|
$
|
360
|
|
$
|
1,561
|
|
$
|
343
|
|
$
|
415
|
|
$
|
758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See Table 8 for
EBITDA calculation.
|
Table 8 - EBITDA
Calculation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2014
|
|
(Millions of U.S.
dollars)
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to the Company shareholders
|
$
|
901
|
|
$
|
929
|
|
$
|
853
|
|
$
|
1,174
|
|
$
|
3,857
|
|
$
|
945
|
|
$
|
1,178
|
|
$
|
2,123
|
|
Net income (loss)
attributable to non-controlling interests
|
|
(1)
|
|
|
(2)
|
|
|
(2)
|
|
|
1
|
|
|
(4)
|
|
|
(1)
|
|
|
(2)
|
|
|
(3)
|
|
(Income) loss from
discontinued operations, net of tax
|
|
6
|
|
|
(4)
|
|
|
3
|
|
|
2
|
|
|
7
|
|
|
(1)
|
|
|
(3)
|
|
|
(4)
|
|
Income from
continuing operations
|
|
906
|
|
|
923
|
|
|
854
|
|
|
1,177
|
|
|
3,860
|
|
|
943
|
|
|
1,173
|
|
|
2,116
|
|
|
Provision for income
taxes
|
|
357
|
|
|
410
|
|
|
339
|
|
|
30
|
|
|
1,136
|
|
|
383
|
|
|
425
|
|
|
808
|
|
|
Depreciation and
amortization
|
|
253
|
|
|
254
|
|
|
262
|
|
|
252
|
|
|
1,021
|
|
|
256
|
|
|
254
|
|
|
510
|
|
|
Interest expense,
net
|
|
69
|
|
|
65
|
|
|
76
|
|
|
84
|
|
|
294
|
|
|
86
|
|
|
89
|
|
|
175
|
|
EBITDA
|
$
|
1,585
|
|
$
|
1,652
|
|
$
|
1,531
|
|
$
|
1,543
|
|
$
|
6,311
|
|
$
|
1,668
|
|
$
|
1,941
|
|
$
|
3,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 9 - Selected
Segment Operating Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2014
|
|
|
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
YTD
|
|
Olefins and
Polyolefins - Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (million
pounds)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethylene
produced
|
|
2,337
|
|
2,412
|
|
2,111
|
|
2,156
|
|
9,016
|
|
1,979
|
|
1,721
|
|
3,700
|
|
|
|
Propylene
produced
|
|
624
|
|
529
|
|
652
|
|
646
|
|
2,451
|
|
611
|
|
648
|
|
1,259
|
|
|
|
Polyethylene
sold
|
|
1,396
|
|
1,389
|
|
1,378
|
|
1,409
|
|
5,572
|
|
1,406
|
|
1,451
|
|
2,857
|
|
|
|
Polypropylene
sold
|
|
565
|
|
637
|
|
669
|
|
642
|
|
2,513
|
|
614
|
|
632
|
|
1,246
|
|
|
Benchmark Market
Prices
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Texas
Intermediate crude oil (USD per barrel)
|
|
94.43
|
|
94.17
|
|
105.80
|
|
97.60
|
|
98.06
|
|
98.61
|
|
102.99
|
|
100.84
|
|
|
|
Light Louisiana Sweet
("LLS") crude oil (USD per barrel)
|
|
113.86
|
|
104.64
|
|
109.94
|
|
101.12
|
|
107.31
|
|
104.36
|
|
105.55
|
|
104.97
|
|
|
|
Natural gas (USD per
million BTUs)
|
|
3.45
|
|
4.22
|
|
3.68
|
|
3.70
|
|
3.78
|
|
5.01
|
|
4.74
|
|
4.87
|
|
|
|
U.S. weighted average
cost of ethylene production (cents/pound)
|
|
13.8
|
|
15.7
|
|
16.6
|
|
18.6
|
|
16.2
|
|
20.0
|
|
17.1
|
|
18.6
|
|
|
|
U.S. ethylene
(cents/pound)
|
|
48.0
|
|
46.3
|
|
45.8
|
|
46.5
|
|
46.7
|
|
48.3
|
|
47.2
|
|
47.8
|
|
|
|
U.S. polyethylene
[high density] (cents/pound)
|
|
66.7
|
|
68.7
|
|
71.7
|
|
75.0
|
|
70.5
|
|
76.3
|
|
77.0
|
|
76.7
|
|
|
|
U.S. propylene
(cents/pound)
|
|
75.0
|
|
63.3
|
|
68.3
|
|
68.2
|
|
68.7
|
|
73.3
|
|
69.7
|
|
71.5
|
|
|
|
U.S. polypropylene
[homopolymer] (cents/pound)
|
|
88.0
|
|
76.2
|
|
82.3
|
|
82.2
|
|
82.2
|
|
88.3
|
|
84.7
|
|
86.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins and
Polyolefins - Europe, Asia, International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (million
pounds)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethylene
produced
|
|
912
|
|
991
|
|
984
|
|
930
|
|
3,817
|
|
989
|
|
1,024
|
|
2,013
|
|
|
|
Propylene
produced
|
|
577
|
|
610
|
|
597
|
|
568
|
|
2,352
|
|
582
|
|
617
|
|
1,199
|
|
|
|
Polyethylene
sold
|
|
1,206
|
|
1,314
|
|
1,212
|
|
1,167
|
|
4,899
|
|
1,275
|
|
1,363
|
|
2,638
|
|
|
|
Polypropylene
sold
|
|
1,657
|
|
1,821
|
|
1,612
|
|
1,531
|
|
6,621
|
|
1,509
|
|
1,707
|
|
3,216
|
|
|
Benchmark Market
Prices (€0.01 per pound)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western Europe
weighted average cost of ethylene production
|
|
36.2
|
|
29.3
|
|
34.9
|
|
38.5
|
|
34.7
|
|
32.9
|
|
34.3
|
|
33.6
|
|
|
|
Western Europe
ethylene
|
|
58.6
|
|
54.4
|
|
55.0
|
|
55.1
|
|
55.8
|
|
54.7
|
|
52.8
|
|
53.8
|
|
|
|
Western Europe
polyethylene [high density]
|
|
61.2
|
|
56.8
|
|
57.9
|
|
57.1
|
|
58.2
|
|
56.1
|
|
54.8
|
|
55.5
|
|
|
|
Western Europe
propylene
|
|
50.6
|
|
47.9
|
|
49.6
|
|
49.9
|
|
49.5
|
|
51.3
|
|
52.2
|
|
51.7
|
|
|
|
Western Europe
polypropylene [homopolymer]
|
|
59.1
|
|
56.1
|
|
58.1
|
|
58.2
|
|
57.9
|
|
59.9
|
|
61.3
|
|
60.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermediates and
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (million
pounds)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Propylene oxide and
derivatives
|
|
683
|
|
665
|
|
665
|
|
729
|
|
2,742
|
|
772
|
|
781
|
|
1,553
|
|
|
|
Ethylene oxide and
derivatives
|
|
260
|
|
277
|
|
294
|
|
346
|
|
1,177
|
|
262
|
|
319
|
|
581
|
|
|
|
Styrene
monomer
|
|
703
|
|
589
|
|
756
|
|
832
|
|
2,880
|
|
683
|
|
870
|
|
1,553
|
|
|
|
Acetyls
|
|
431
|
|
470
|
|
506
|
|
510
|
|
1,917
|
|
683
|
|
592
|
|
1,275
|
|
|
|
TBA
Intermediates
|
|
434
|
|
357
|
|
425
|
|
442
|
|
1,658
|
|
416
|
|
391
|
|
807
|
|
|
Volumes (million
gallons)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MTBE/ETBE
|
|
185
|
|
235
|
|
241
|
|
222
|
|
883
|
|
188
|
|
266
|
|
454
|
|
|
Benchmark Market
Margins (cents per gallon)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MTBE - Northwest
Europe
|
|
104.9
|
|
88.4
|
|
86.8
|
|
37.8
|
|
79.1
|
|
63.4
|
|
90.7
|
|
76.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refining
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (thousands
of barrels per day)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heavy crude oil
processing rate
|
|
173
|
|
265
|
|
250
|
|
239
|
|
232
|
|
247
|
|
257
|
|
252
|
|
|
Benchmark Market
Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light crude oil -
2-1-1
|
|
11.53
|
|
14.63
|
|
12.63
|
|
12.67
|
|
12.89
|
|
13.18
|
|
17.29
|
|
15.27
|
|
|
|
Light crude oil -
Maya differential
|
|
11.17
|
|
6.95
|
|
10.59
|
|
11.65
|
|
10.05
|
|
15.08
|
|
9.72
|
|
12.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: LYB and
third party consultants
|
Note: Benchmark
market prices for U.S. and Western Europe polyethylene and
polypropylene reflect discounted prices.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 10 -
Unaudited Income Statement Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2014
|
|
(Millions of U.S.
dollars)
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and other
operating revenues
|
$
|
10,669
|
|
$
|
11,103
|
|
$
|
11,152
|
|
$
|
11,138
|
|
$
|
44,062
|
|
$
|
11,135
|
|
$
|
12,117
|
|
$
|
23,252
|
|
Cost of
sales
|
|
9,153
|
|
|
9,496
|
|
|
9,690
|
|
|
9,601
|
|
|
37,940
|
|
|
9,577
|
|
|
10,255
|
|
|
19,832
|
|
Selling, general and
administrative expenses
|
|
213
|
|
|
208
|
|
|
220
|
|
|
229
|
|
|
870
|
|
|
186
|
|
|
215
|
|
|
401
|
|
Research and
development expenses
|
|
36
|
|
|
35
|
|
|
35
|
|
|
44
|
|
|
150
|
|
|
32
|
|
|
34
|
|
|
66
|
|
|
Operating
income
|
|
1,267
|
|
|
1,364
|
|
|
1,207
|
|
|
1,264
|
|
|
5,102
|
|
|
1,340
|
|
|
1,613
|
|
|
2,953
|
|
Income from equity
investments
|
|
59
|
|
|
43
|
|
|
61
|
|
|
40
|
|
|
203
|
|
|
61
|
|
|
68
|
|
|
129
|
|
Interest expense,
net
|
|
(69)
|
|
|
(65)
|
|
|
(76)
|
|
|
(84)
|
|
|
(294)
|
|
|
(86)
|
|
|
(89)
|
|
|
(175)
|
|
Other income
(expense), net
|
|
6
|
|
|
(8)
|
|
|
1
|
|
|
(13)
|
|
|
(14)
|
|
|
11
|
|
|
6
|
|
|
17
|
|
Reorganization
items
|
|
- -
|
|
|
(1)
|
|
|
- -
|
|
|
- -
|
|
|
(1)
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
Income from
continuing operations before income taxes
|
|
1,263
|
|
|
1,333
|
|
|
1,193
|
|
|
1,207
|
|
|
4,996
|
|
|
1,326
|
|
|
1,598
|
|
|
2,924
|
|
Provision for income
taxes
|
|
357
|
|
|
410
|
|
|
339
|
|
|
30
|
|
|
1,136
|
|
|
383
|
|
|
425
|
|
|
808
|
|
|
Income from
continuing operations
|
|
906
|
|
|
923
|
|
|
854
|
|
|
1,177
|
|
|
3,860
|
|
|
943
|
|
|
1,173
|
|
|
2,116
|
|
Income (loss) from
discontinued operations,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net of tax
|
|
(6)
|
|
|
4
|
|
|
(3)
|
|
|
(2)
|
|
|
(7)
|
|
|
1
|
|
|
3
|
|
|
4
|
|
|
|
Net income
|
|
900
|
|
|
927
|
|
|
851
|
|
|
1,175
|
|
|
3,853
|
|
|
944
|
|
|
1,176
|
|
|
2,120
|
|
Net (income) loss
attributable to non-controlling
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interests
|
|
1
|
|
|
2
|
|
|
2
|
|
|
(1)
|
|
|
4
|
|
|
1
|
|
|
2
|
|
|
3
|
|
|
|
Net income
attributable to the Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders
|
$
|
901
|
|
$
|
929
|
|
$
|
853
|
|
$
|
1,174
|
|
$
|
3,857
|
|
$
|
945
|
|
$
|
1,178
|
|
$
|
2,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 11 - Charges
(Benefits) Included in Income from Continuing
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2014
|
Millions of U.S.
dollars (except share data)
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
YTD
|
Pretax charges
(benefits):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairments
|
$
|
- -
|
|
$
|
- -
|
|
$
|
- -
|
|
$
|
10
|
|
$
|
10
|
|
$
|
- -
|
|
$
|
- -
|
|
$
|
- -
|
|
Insurance
settlement
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
(25)
|
|
|
(25)
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
Settlement of
environmental indemnification agreement
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
(52)
|
|
|
- -
|
|
|
(52)
|
|
Loss on sale of
investment
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
16
|
|
|
16
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
Total pretax charges
(benefits)
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
1
|
|
|
1
|
|
|
(52)
|
|
|
- -
|
|
|
(52)
|
Provision for income
tax related to these items
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
4
|
|
|
4
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
After-tax effect of
net charges (benefits)
|
$
|
- -
|
|
$
|
- -
|
|
$
|
- -
|
|
$
|
5
|
|
$
|
5
|
|
$
|
(52)
|
|
$
|
- -
|
|
$
|
(52)
|
Effect on diluted
earnings per share
|
$
|
- -
|
|
$
|
- -
|
|
$
|
- -
|
|
$
|
- -
|
|
$
|
- -
|
|
$
|
0.09
|
|
$
|
- -
|
|
$
|
0.09
|
|
|
|
|
|
|
|
Table 12 -
Unaudited Cash Flow Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2014
|
|
(Millions of U.S.
dollars)
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
|
Q2
|
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
|
799
|
|
$
|
1,246
|
|
$
|
1,116
|
|
$
|
1,674
|
|
$
|
4,835
|
|
$
|
801
|
|
$
|
1,797
|
|
$
|
2,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(408)
|
|
|
(389)
|
|
|
(438)
|
|
|
(367)
|
|
|
(1,602)
|
|
|
(2,011)
|
|
|
(246)
|
|
|
(2,257)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
|
(234)
|
|
|
(508)
|
|
|
452
|
|
|
(1,299)
|
|
|
(1,589)
|
|
|
(550)
|
|
|
(2,217)
|
|
|
(2,767)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 13 -
Unaudited Balance Sheet Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
June
30,
|
|
September
30,
|
|
December
31,
|
|
March
31,
|
|
June
30,
|
|
(Millions of U.S.
dollars)
|
2013
|
|
2013
|
|
2013
|
|
2013
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
2,879
|
|
$
|
3,233
|
|
$
|
4,414
|
|
$
|
4,450
|
|
$
|
2,702
|
|
$
|
2,030
|
|
Restricted
cash
|
|
6
|
|
|
2
|
|
|
4
|
|
|
10
|
|
|
3
|
|
|
2
|
|
Short-term
investments
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
1,402
|
|
|
1,299
|
|
Accounts receivable,
net
|
|
3,878
|
|
|
4,023
|
|
|
4,041
|
|
|
4,030
|
|
|
4,141
|
|
|
4,264
|
|
Inventories
|
|
5,270
|
|
|
5,197
|
|
|
5,382
|
|
|
5,279
|
|
|
5,589
|
|
|
5,326
|
|
Prepaid expenses and
other current assets
|
|
622
|
|
|
577
|
|
|
784
|
|
|
830
|
|
|
1,156
|
|
|
784
|
|
|
|
Total current
assets
|
|
12,655
|
|
|
13,032
|
|
|
14,625
|
|
|
14,599
|
|
|
14,993
|
|
|
13,705
|
|
Property, plant and
equipment, net
|
|
7,779
|
|
|
7,979
|
|
|
8,223
|
|
|
8,457
|
|
|
8,556
|
|
|
8,740
|
|
Investments and
long-term receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in PO
joint ventures
|
|
401
|
|
|
409
|
|
|
423
|
|
|
421
|
|
|
424
|
|
|
418
|
|
|
|
Equity
investments
|
|
1,607
|
|
|
1,622
|
|
|
1,615
|
|
|
1,629
|
|
|
1,693
|
|
|
1,702
|
|
|
|
Other investments and
long-term receivables
|
|
421
|
|
|
231
|
|
|
164
|
|
|
64
|
|
|
62
|
|
|
58
|
|
Goodwill
|
|
582
|
|
|
588
|
|
|
598
|
|
|
605
|
|
|
605
|
|
|
602
|
|
Intangible assets,
net
|
|
999
|
|
|
966
|
|
|
934
|
|
|
904
|
|
|
870
|
|
|
838
|
|
Other
assets
|
|
233
|
|
|
221
|
|
|
229
|
|
|
619
|
|
|
624
|
|
|
593
|
|
|
|
Total
assets
|
$
|
24,677
|
|
$
|
25,048
|
|
$
|
26,811
|
|
$
|
27,298
|
|
$
|
27,827
|
|
$
|
26,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of
long-term debt
|
$
|
1
|
|
$
|
1
|
|
$
|
1
|
|
$
|
1
|
|
$
|
3
|
|
$
|
3
|
|
Short-term
debt
|
|
115
|
|
|
114
|
|
|
114
|
|
|
58
|
|
|
58
|
|
|
55
|
|
Accounts
payable
|
|
3,217
|
|
|
3,324
|
|
|
3,241
|
|
|
3,572
|
|
|
3,642
|
|
|
3,690
|
|
Accrued
liabilities
|
|
1,217
|
|
|
1,047
|
|
|
1,528
|
|
|
1,299
|
|
|
1,477
|
|
|
1,310
|
|
Deferred income
taxes
|
|
557
|
|
|
550
|
|
|
494
|
|
|
580
|
|
|
540
|
|
|
570
|
|
|
|
Total current
liabilities
|
|
5,107
|
|
|
5,036
|
|
|
5,378
|
|
|
5,510
|
|
|
5,720
|
|
|
5,628
|
|
Long-term
debt
|
|
4,307
|
|
|
4,306
|
|
|
5,774
|
|
|
5,776
|
|
|
6,766
|
|
|
6,766
|
|
Other
liabilities
|
|
2,306
|
|
|
2,325
|
|
|
2,278
|
|
|
1,839
|
|
|
1,838
|
|
|
1,851
|
|
Deferred income
taxes
|
|
1,277
|
|
|
1,312
|
|
|
1,472
|
|
|
1,659
|
|
|
1,677
|
|
|
1,623
|
|
Stockholders'
equity
|
|
11,641
|
|
|
12,032
|
|
|
11,874
|
|
|
12,478
|
|
|
11,791
|
|
|
10,753
|
|
Non-controlling
interests
|
|
39
|
|
|
37
|
|
|
35
|
|
|
36
|
|
|
35
|
|
|
35
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
24,677
|
|
$
|
25,048
|
|
$
|
26,811
|
|
$
|
27,298
|
|
$
|
27,827
|
|
$
|
26,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Logo - http://photos.prnewswire.com/prnh/20140416/75605
SOURCE LyondellBasell Industries