HOUSTON and LONDON, Oct. 24,
2014 /PRNewswire/ --
Third-Quarter 2014 Highlights
- Second consecutive quarter of record earnings
- Diluted earnings per share of $2.46
- Income from continuing operations of $1.3 billion
- EBITDA of $2.0
billion
- O&P Americas segment achieved EBITDA exceeding
$1.1 billion
- Announced the development of two new growth projects during
the quarter
- $5.4 billion of share
repurchases and dividends year to date
- Repurchased approximately 12 million shares during the third
quarter
LyondellBasell Industries (NYSE: LYB) today announced earnings
from continuing operations for the third quarter 2014 of
$1.3 billion, or $2.46 diluted earnings per share. Third
quarter 2014 EBITDA was $2.0
billion. The quarter includes a $45 million non-cash charge for the impact of a
lower of cost or market (LCM) inventory adjustment. The
increase from the second quarter 2014 was primarily due to
increased earnings in our Olefins and Polyolefins – Americas
segment.
Comparisons with the prior quarter and third quarter 2013 are
shown below:
Table 1 - Earnings
Summary
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
Millions
of U.S. dollars (except share data)
|
September 30,
|
June
30,
|
September 30,
|
September 30,
|
|
2014
|
2014
|
2013
|
2014
|
2013
|
|
Sales and other
operating revenues
|
$12,066
|
$12,117
|
$11,152
|
$35,318
|
$32,924
|
|
Net
income(a)
|
1,257
|
1,176
|
851
|
3,377
|
2,678
|
|
Income from
continuing operations(b)
|
1,260
|
1,173
|
854
|
3,376
|
2,683
|
|
Diluted earnings per
share (U.S. dollars):
|
|
|
|
|
|
|
|
Net
income(c)
|
2.45
|
2.23
|
1.50
|
6.38
|
4.66
|
|
|
Income from
continuing operations(b)
|
2.46
|
2.22
|
1.51
|
6.38
|
4.67
|
|
Diluted share count
(millions)
|
512
|
527
|
567
|
529
|
575
|
|
EBITDA(d)
|
2,035
|
1,941
|
1,531
|
5,644
|
4,768
|
|
|
|
|
|
|
|
|
|
(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 net income
and income from continuing
operations.
|
|
|
|
"We are pleased to deliver a second consecutive quarter of
record earnings, and our best quarter ever. During the third
quarter we achieved diluted earnings per share from continuing
operations of $2.46 and, for the
first time, EBITDA exceeded $2
billion. Our Olefins and Polyolefins- Americas segment
generated EBITDA in excess of $1.1
billion during the quarter. A tight U.S. ethylene
market helped drive the record earnings," said Jim Gallogly, LyondellBasell Chief Executive
Officer.
"In addition to our strong earnings, we continue to return cash
to our shareholders. During the quarter, dividends and share
repurchases totaled $1.6
billion. We repurchased approximately 12 million
shares during the third quarter, and approximately 46 million
shares year to date. Since the first share repurchase program
was started in May 2013, we have
repurchased approximately 73 million shares, or approximately 13
percent of the shares outstanding," continued Gallogly.
"Industry fundamentals remained strong during the quarter, and
we continue to make progress on our investment program. Late
in the quarter we initiated production from the 800 million pound
per year La Porte ethylene
expansion. This is the first of multiple ethylene expansions
by the company, putting us well ahead of new greenfield plants
pursued by others in the industry. In addition, we announced
the development of two new growth projects, a further expansion of
our Channelview olefins complex
and a new U.S. Gulf Coast PO/TBA plant. Both projects take
advantage of the favorable environment for North American raw
materials, and the PO/TBA plant leverages our proprietary
technology. These projects demonstrate that
LyondellBasell has continued organic growth opportunities,"
Gallogly added.
OUTLOOK
"Despite declines in crude oil prices, U.S. industry
fundamentals remained favorable through the first weeks of
October. Domestic ethylene and polyolefins pricing remained
strong, and we continued to benefit from favorable NGL
pricing. Our fourth quarter results should be favorably
impacted by the new La Porte
ethylene capacity. Additionally, our refinery should begin
receiving shipments of Canadian crude from the Flanagan South
pipeline. However, we historically experience margin
compression in products such as oxyfuels in winter months and
slower polyolefin demand around the holiday season. Recent
crude oil price declines are expected to ultimately impact domestic
margins but today's tight market conditions may delay the timing of
potential declines. We are watching to see how this
develops. Given favorable NGL prices, our domestic assets
remain significantly advantaged," 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; 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
|
Nine Months
Ended
|
|
|
|
September 30,
|
June
30,
|
September 30,
|
September 30,
|
|
Millions of
U.S. dollars
|
2014
|
2014
|
2013
|
2014
|
2013
|
|
Operating
income
|
$1,068
|
$898
|
$759
|
$2,622
|
$2,452
|
|
EBITDA
|
1,157
|
978
|
841
|
2,871
|
2,690
|
|
Three months ended September 30, 2014 versus three
months ended June 30, 2014 – The
segment achieved record EBITDA results in the third quarter of
2014. EBITDA increased $179
million versus the second quarter 2014. Third quarter
results include a $45 million
non-cash LCM charge generated from a decline in inventory
valuation. Compared to the prior period, olefins results
increased approximately $220
million. This increase was largely driven by an
increase in the average ethylene price of approximately
eight cents per pound during the
period. Third quarter ethylene sales volumes increased
despite being negatively impacted by the delayed restart of the
La Porte olefins plant.
Combined polyolefin results decreased by approximately $40 million from the second quarter 2014.
Strong demand was offset by a decrease in the ethylene to
polyethylene price spread of seven
cents per pound. Joint venture equity income was
stable quarter on quarter.
Three months ended September 30, 2014 versus three
months ended September 30, 2013 –
EBITDA increased $316 million versus
the third quarter 2013. The third quarter 2014 included a
$45 million non-cash LCM
charge. Olefins results increased approximately $260 million compared to the prior year
period. Margins benefited from lower NGL costs and an
approximately nine cents per pound
higher average price of ethylene compared to the prior year period.
Ethylene demand improved primarily from increased internal
polyethylene production. Polyethylene results increased by
approximately $35 million as volume
improved by approximately 15 percent. Polypropylene results
increased by approximately $10
million primarily from higher margins. Joint venture equity
income decreased by $1 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
|
Nine Months
Ended
|
|
|
|
September 30,
|
June
30,
|
September 30,
|
September 30,
|
|
Millions of
U.S. dollars
|
2014
|
2014
|
2013
|
2014
|
2013
|
|
Operating
income
|
$223
|
$190
|
$78
|
$638
|
$360
|
|
EBITDA
|
343
|
319
|
204
|
1,018
|
724
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2014 versus three
months ended June 30, 2014 –
EBITDA increased $24 million versus
the second quarter 2014. Olefins results increased by
approximately $35 million primarily
due to lower production costs. Approximately 55 percent of
our ethylene production was sourced from advantaged raw
materials. Ethylene operating rates were 95 percent during
the third quarter. Combined polyolefin results increased by
approximately $15 million. Combined
polypropylene compounds and polybutene-1 results declined
approximately $15 million as volume
declined approximately 6 percent from lower seasonal demand. Equity
income from joint ventures decreased by $7
million from the second quarter 2014 primarily as a result
of planned and unplanned maintenance.
Three months ended September 30, 2014 versus three
months ended September 30, 2013 –
EBITDA increased $139 million versus
the third quarter 2013. Olefins results increased by
approximately $85 million primarily
as a result of higher margins from processing advantaged
feedstocks, lower naphtha, higher operating rates, and improved
co-product values. Combined polyolefin results increased
approximately $50 million primarily
as a result of higher margins. Polypropylene compounds and
polybutene-1 results decreased by approximately $10 million from the prior year period. Equity
income from joint ventures increased $8
million from the third 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
|
Nine Months
Ended
|
|
|
September 30,
|
June
30,
|
September 30,
|
September 30,
|
|
Millions of
U.S. dollars
|
2014
|
2014
|
2013
|
2014
|
2013
|
|
Operating
income
|
$321
|
$375
|
$371
|
$1,012
|
$979
|
|
EBITDA
|
383
|
430
|
427
|
1,188
|
1,138
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2014 versus three
months ended June 30, 2014 –
EBITDA decreased $47 million versus
the second quarter 2014. Results for PO and PO derivatives
increased by approximately $25
million. Increased PO volumes and higher PO derivative
margins drove the increase. Intermediate chemicals results
decreased by approximately $50
million. Lower styrene results and unplanned outages
at our ethylene oxide and methanol plants were responsible for the
decline. Oxyfuels results declined by approximately
$20 million due to lower sales
volumes. Equity income from joint ventures increased by
$3 million.
Three months ended September 30, 2014 versus three
months ended September 30, 2013 –
EBITDA decreased $44 million compared
to the third quarter 2013. Results for PO and PO derivatives
increased by approximately $30
million as a result of higher volumes and better pricing as
a result of tight PO supply. Intermediate chemicals results were
lower by approximately $55 million
despite higher methanol volume. Styrene raw material margins
declined approximately 13 cents per
pound from strong third quarter 2013 margins. Oxyfuels
results decreased by approximately $30
million. Equity income from joint ventures decreased
$4 million from the third quarter
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
|
Nine Months
Ended
|
|
|
September 30,
|
June
30,
|
September 30,
|
September 30,
|
|
Millions of
U.S. dollars
|
2014
|
2014
|
2013
|
2014
|
2013
|
|
Operating income
(loss)
|
$67
|
$95
|
($37)
|
$248
|
($70)
|
|
EBITDA
|
110
|
137
|
8
|
376
|
48
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2014 versus three
months ended June 30, 2014 –
EBITDA decreased $27 million versus
the second quarter 2014. The refinery processed 264,000 barrels per
day, up 7,000 barrels per day from the prior quarter.
Compared to the prior quarter, the Maya 2-1-1 benchmark crack
spread declined by $2.66 per barrel,
averaging $24.35 per barrel. The
corresponding Houston refinery
spread experienced a smaller decline due primarily to favorable
crude purchases relative to Maya. Hydrodesulfurization unit
maintenance lowered finished product yields resulting in lower
margins. The cost of Renewable Identification Numbers (RINs)
to meet U.S. renewable fuel standards was relatively unchanged
versus the second quarter 2014.
Three months ended September 30, 2014 versus three
months ended September 30, 2013 –
EBITDA increased $102 million versus
the third quarter 2013. The refinery processed 14,000 barrels per
day more than the prior year period. Compared to the third
quarter 2013, the Maya 2-1-1 benchmark spread increased
$1.13 per barrel. The refinery
also benefited from better margins on secondary products, such as
propylene, naphtha, and NGLs. The cost of RINs decreased by
approximately $10 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
|
Nine Months
Ended
|
|
|
|
September 30,
|
June
30,
|
September 30,
|
September 30,
|
|
Millions of
U.S. dollars
|
2014
|
2014
|
2013
|
2014
|
2013
|
|
Operating
income
|
$26
|
$56
|
$35
|
$142
|
$124
|
|
EBITDA
|
41
|
71
|
52
|
188
|
$177
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2014 versus three
months ended June 30, 2014 –
EBITDA decreased by $30 million from
lower licensing results.
Three months ended September 30, 2014 versus three
months ended September 30, 2013 – EBITDA decreased by
$11 million from lower licensing
results.
Capital spending and cash balances
Capital expenditures, including growth projects, maintenance
turnarounds, catalyst and information technology-related
expenditures, were $338 million in
the third quarter 2014. Our cash and short-term securities
balance was $2.9 billion at
September 30, 2014. We repurchased
approximately 12 million of our outstanding ordinary shares and
paid $358 million in dividends during
the third quarter of 2014. There were 504 million common
shares outstanding as of September
30th.
CONFERENCE CALL
LyondellBasell will host a conference call October 24 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.lyb.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 October
24 until November 24 at
11 p.m. ET. The replay dial-in
numbers are 800-947-6627 (U.S.) and +1 203-369-3974
(international). The pass code for each is 3675.
The slides that accompany the call will be available at
http://www.lyb.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.lyb.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.lyb.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
|
|
Q3
|
|
YTD
|
|
Sales and other
operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
3,244
|
|
$
|
3,251
|
|
$
|
3,315
|
|
$
|
3,279
|
|
$
|
13,089
|
|
$
|
3,357
|
|
$
|
3,462
|
|
$
|
3,750
|
|
$
|
10,569
|
|
|
Olefins &
Polyolefins - Europe, Asia, International
|
|
3,800
|
|
|
3,708
|
|
|
3,594
|
|
|
3,583
|
|
|
14,685
|
|
|
3,778
|
|
|
4,069
|
|
|
3,995
|
|
|
11,842
|
|
|
Intermediates &
Derivatives
|
|
2,282
|
|
|
2,217
|
|
|
2,452
|
|
|
2,521
|
|
|
9,472
|
|
|
2,429
|
|
|
2,706
|
|
|
2,691
|
|
|
7,826
|
|
|
Refining
|
|
2,468
|
|
|
3,077
|
|
|
3,177
|
|
|
2,976
|
|
|
11,698
|
|
|
2,756
|
|
|
3,250
|
|
|
3,146
|
|
|
9,152
|
|
|
Technology
|
|
134
|
|
|
132
|
|
|
124
|
|
|
142
|
|
|
532
|
|
|
136
|
|
|
144
|
|
|
107
|
|
|
387
|
|
|
Other
|
|
(1,259)
|
|
|
(1,282)
|
|
|
(1,510)
|
|
|
(1,363)
|
|
|
(5,414)
|
|
|
(1,321)
|
|
|
(1,514)
|
|
|
(1,623)
|
|
|
(4,458)
|
|
|
|
Continuing
Operations
|
$
|
10,669
|
|
$
|
11,103
|
|
$
|
11,152
|
|
$
|
11,138
|
|
$
|
44,062
|
|
$
|
11,135
|
|
$
|
12,117
|
|
$
|
12,066
|
|
$
|
35,318
|
|
Operating income
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
821
|
|
$
|
872
|
|
$
|
759
|
|
$
|
801
|
|
$
|
3,253
|
|
$
|
656
|
|
$
|
898
|
|
$
|
1,068
|
|
$
|
2,622
|
|
|
Olefins &
Polyolefins - Europe, Asia, International
|
|
93
|
|
|
189
|
|
|
78
|
|
|
17
|
|
|
377
|
|
|
225
|
|
|
190
|
|
|
223
|
|
|
638
|
|
|
Intermediates &
Derivatives
|
|
323
|
|
|
285
|
|
|
371
|
|
|
321
|
|
|
1,300
|
|
|
316
|
|
|
375
|
|
|
321
|
|
|
1,012
|
|
|
Refining
|
|
(17)
|
|
|
(16)
|
|
|
(37)
|
|
|
92
|
|
|
22
|
|
|
86
|
|
|
95
|
|
|
67
|
|
|
248
|
|
|
Technology
|
|
50
|
|
|
39
|
|
|
35
|
|
|
33
|
|
|
157
|
|
|
60
|
|
|
56
|
|
|
26
|
|
|
142
|
|
|
Other
|
|
(3)
|
|
|
(5)
|
|
|
1
|
|
|
- -
|
|
|
(7)
|
|
|
(3)
|
|
|
(1)
|
|
|
1
|
|
|
(3)
|
|
|
|
Continuing
Operations
|
$
|
1,267
|
|
$
|
1,364
|
|
$
|
1,207
|
|
$
|
1,264
|
|
$
|
5,102
|
|
$
|
1,340
|
|
$
|
1,613
|
|
$
|
1,706
|
|
$
|
4,659
|
|
Depreciation and
amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
75
|
|
$
|
69
|
|
$
|
73
|
|
$
|
76
|
|
$
|
293
|
|
$
|
73
|
|
$
|
74
|
|
$
|
84
|
|
$
|
231
|
|
|
Olefins &
Polyolefins - Europe, Asia, International
|
|
77
|
|
|
76
|
|
|
78
|
|
|
56
|
|
|
287
|
|
|
70
|
|
|
67
|
|
|
65
|
|
|
202
|
|
|
Intermediates &
Derivatives
|
|
48
|
|
|
50
|
|
|
50
|
|
|
56
|
|
|
204
|
|
|
55
|
|
|
56
|
|
|
55
|
|
|
166
|
|
|
Refining
|
|
36
|
|
|
37
|
|
|
45
|
|
|
42
|
|
|
160
|
|
|
42
|
|
|
42
|
|
|
42
|
|
|
126
|
|
|
Technology
|
|
17
|
|
|
20
|
|
|
16
|
|
|
22
|
|
|
75
|
|
|
16
|
|
|
15
|
|
|
16
|
|
|
47
|
|
|
Other
|
|
- -
|
|
|
2
|
|
|
- -
|
|
|
- -
|
|
|
2
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
|
Continuing
Operations
|
$
|
253
|
|
$
|
254
|
|
$
|
262
|
|
$
|
252
|
|
$
|
1,021
|
|
$
|
256
|
|
$
|
254
|
|
$
|
262
|
|
$
|
772
|
|
EBITDA:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
898
|
|
$
|
951
|
|
$
|
841
|
|
$
|
883
|
|
$
|
3,573
|
|
$
|
736
|
|
$
|
978
|
|
$
|
1,157
|
|
$
|
2,871
|
|
|
Olefins &
Polyolefins - Europe, Asia, International
|
|
225
|
|
|
295
|
|
|
204
|
|
|
115
|
|
|
839
|
|
|
356
|
|
|
319
|
|
|
343
|
|
|
1,018
|
|
|
Intermediates &
Derivatives
|
|
373
|
|
|
338
|
|
|
427
|
|
|
354
|
|
|
1,492
|
|
|
375
|
|
|
430
|
|
|
383
|
|
|
1,188
|
|
|
Refining
|
|
20
|
|
|
20
|
|
|
8
|
|
|
134
|
|
|
182
|
|
|
129
|
|
|
137
|
|
|
110
|
|
|
376
|
|
|
Technology
|
|
66
|
|
|
59
|
|
|
52
|
|
|
55
|
|
|
232
|
|
|
76
|
|
|
71
|
|
|
41
|
|
|
188
|
|
|
Other
|
|
3
|
|
|
(11)
|
|
|
(1)
|
|
|
2
|
|
|
(7)
|
|
|
(4)
|
|
|
6
|
|
|
1
|
|
|
3
|
|
|
|
Continuing
Operations
|
$
|
1,585
|
|
$
|
1,652
|
|
$
|
1,531
|
|
$
|
1,543
|
|
$
|
6,311
|
|
$
|
1,668
|
|
$
|
1,941
|
|
$
|
2,035
|
|
$
|
5,644
|
|
Capital,
turnarounds and IT deferred spending:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
122
|
|
$
|
122
|
|
$
|
218
|
|
$
|
183
|
|
$
|
645
|
|
$
|
231
|
|
$
|
306
|
|
$
|
208
|
|
$
|
745
|
|
|
Olefins &
Polyolefins - Europe, Asia, International
|
|
63
|
|
|
46
|
|
|
44
|
|
|
76
|
|
|
229
|
|
|
33
|
|
|
27
|
|
|
45
|
|
|
105
|
|
|
Intermediates &
Derivatives
|
|
106
|
|
|
141
|
|
|
119
|
|
|
77
|
|
|
443
|
|
|
45
|
|
|
52
|
|
|
50
|
|
|
147
|
|
|
Refining
|
|
93
|
|
|
67
|
|
|
36
|
|
|
13
|
|
|
209
|
|
|
32
|
|
|
20
|
|
|
27
|
|
|
79
|
|
|
Technology
|
|
7
|
|
|
6
|
|
|
7
|
|
|
10
|
|
|
30
|
|
|
2
|
|
|
6
|
|
|
6
|
|
|
14
|
|
|
Other
|
|
- -
|
|
|
5
|
|
|
(1)
|
|
|
1
|
|
|
5
|
|
|
- -
|
|
|
4
|
|
|
2
|
|
|
6
|
|
|
|
Total
|
|
391
|
|
|
387
|
|
|
423
|
|
|
360
|
|
|
1,561
|
|
|
343
|
|
|
415
|
|
|
338
|
|
|
1,096
|
|
|
Deferred charges
included above
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
|
Continuing
Operations
|
$
|
391
|
|
$
|
387
|
|
$
|
423
|
|
$
|
360
|
|
$
|
1,561
|
|
$
|
343
|
|
$
|
415
|
|
$
|
338
|
|
$
|
1,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Q3
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to the Company shareholders
|
$
|
901
|
|
$
|
929
|
|
$
|
853
|
|
$
|
1,174
|
|
$
|
3,857
|
|
$
|
945
|
|
$
|
1,178
|
|
$
|
1,258
|
|
$
|
3,381
|
|
Net income (loss)
attributable to non-controlling interests
|
|
(1)
|
|
|
(2)
|
|
|
(2)
|
|
|
1
|
|
|
(4)
|
|
|
(1)
|
|
|
(2)
|
|
|
(1)
|
|
|
(4)
|
|
(Income) loss from
discontinued operations, net of tax
|
|
6
|
|
|
(4)
|
|
|
3
|
|
|
2
|
|
|
7
|
|
|
(1)
|
|
|
(3)
|
|
|
3
|
|
|
(1)
|
|
Income from
continuing operations
|
|
906
|
|
|
923
|
|
|
854
|
|
|
1,177
|
|
|
3,860
|
|
|
943
|
|
|
1,173
|
|
|
1,260
|
|
|
3,376
|
|
|
Provision for income
taxes
|
|
357
|
|
|
410
|
|
|
339
|
|
|
30
|
|
|
1,136
|
|
|
383
|
|
|
425
|
|
|
434
|
|
|
1,242
|
|
|
Depreciation and
amortization
|
|
253
|
|
|
254
|
|
|
262
|
|
|
252
|
|
|
1,021
|
|
|
256
|
|
|
254
|
|
|
262
|
|
|
772
|
|
|
Interest expense,
net
|
|
69
|
|
|
65
|
|
|
76
|
|
|
84
|
|
|
294
|
|
|
86
|
|
|
89
|
|
|
79
|
|
|
254
|
|
EBITDA
|
$
|
1,585
|
|
$
|
1,652
|
|
$
|
1,531
|
|
$
|
1,543
|
|
$
|
6,311
|
|
$
|
1,668
|
|
$
|
1,941
|
|
$
|
2,035
|
|
$
|
5,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 9 - Selected
Segment Operating Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2014
|
|
|
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
Q3
|
|
YTD
|
|
Olefins and
Polyolefins - Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (million
pounds)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethylene
produced
|
|
2,337
|
|
2,412
|
|
2,111
|
|
2,156
|
|
9,016
|
|
1,979
|
|
1,721
|
|
2,301
|
|
6,001
|
|
|
|
Propylene
produced
|
|
624
|
|
529
|
|
652
|
|
646
|
|
2,451
|
|
611
|
|
648
|
|
559
|
|
1,818
|
|
|
|
Polyethylene
sold
|
|
1,396
|
|
1,389
|
|
1,378
|
|
1,409
|
|
5,572
|
|
1,406
|
|
1,451
|
|
1,577
|
|
4,434
|
|
|
|
Polypropylene
sold
|
|
565
|
|
637
|
|
669
|
|
642
|
|
2,513
|
|
614
|
|
632
|
|
681
|
|
1,927
|
|
|
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
|
|
97.25
|
|
99.62
|
|
|
|
Light Louisiana Sweet
("LLS") crude oil (USD per barrel)
|
|
113.86
|
|
104.64
|
|
109.94
|
|
101.12
|
|
107.31
|
|
104.36
|
|
105.55
|
|
101.03
|
|
103.63
|
|
|
|
Natural gas (USD per
million BTUs)
|
|
3.45
|
|
4.22
|
|
3.68
|
|
3.70
|
|
3.78
|
|
5.01
|
|
4.74
|
|
4.19
|
|
4.65
|
|
|
|
U.S. weighted average
cost of ethylene production (cents/pound)
|
|
13.8
|
|
15.7
|
|
16.6
|
|
18.6
|
|
16.2
|
|
20.0
|
|
17.1
|
|
14.5
|
|
17.1
|
|
|
|
U.S. ethylene
(cents/pound)
|
|
48.0
|
|
46.3
|
|
45.8
|
|
46.5
|
|
46.7
|
|
48.3
|
|
47.2
|
|
51.8
|
|
49.1
|
|
|
|
U.S. polyethylene
[high density] (cents/pound)
|
|
66.7
|
|
68.7
|
|
71.7
|
|
75.0
|
|
70.5
|
|
76.3
|
|
77.0
|
|
78.0
|
|
77.1
|
|
|
|
U.S. propylene
(cents/pound)
|
|
75.0
|
|
63.3
|
|
68.3
|
|
68.2
|
|
68.7
|
|
73.3
|
|
69.7
|
|
70.8
|
|
71.3
|
|
|
|
U.S. polypropylene
[homopolymer] (cents/pound)
|
|
88.0
|
|
76.2
|
|
82.3
|
|
82.2
|
|
82.2
|
|
88.3
|
|
84.7
|
|
86.3
|
|
86.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins and
Polyolefins - Europe, Asia, International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (million
pounds)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethylene
produced
|
|
912
|
|
991
|
|
984
|
|
930
|
|
3,817
|
|
989
|
|
1,024
|
|
1,039
|
|
3,052
|
|
|
|
Propylene
produced
|
|
577
|
|
610
|
|
597
|
|
568
|
|
2,352
|
|
582
|
|
617
|
|
629
|
|
1,828
|
|
|
|
Polyethylene
sold
|
|
1,206
|
|
1,314
|
|
1,212
|
|
1,167
|
|
4,899
|
|
1,275
|
|
1,363
|
|
1,284
|
|
3,922
|
|
|
|
Polypropylene
sold
|
|
1,657
|
|
1,821
|
|
1,612
|
|
1,531
|
|
6,621
|
|
1,509
|
|
1,707
|
|
1,633
|
|
4,849
|
|
|
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
|
|
31.5
|
|
32.9
|
|
|
|
Western Europe
ethylene
|
|
58.6
|
|
54.4
|
|
55.0
|
|
55.1
|
|
55.8
|
|
54.7
|
|
52.8
|
|
54.1
|
|
53.9
|
|
|
|
Western Europe
polyethylene [high density]
|
|
61.2
|
|
56.8
|
|
57.9
|
|
57.1
|
|
58.2
|
|
56.1
|
|
54.8
|
|
55.4
|
|
55.5
|
|
|
|
Western Europe
propylene
|
|
50.6
|
|
47.9
|
|
49.6
|
|
49.9
|
|
49.5
|
|
51.3
|
|
52.2
|
|
51.9
|
|
51.8
|
|
|
|
Western Europe
polypropylene [homopolymer]
|
|
59.1
|
|
56.1
|
|
58.1
|
|
58.2
|
|
57.9
|
|
59.9
|
|
61.3
|
|
61.4
|
|
60.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermediates and
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (million
pounds)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Propylene oxide and
derivatives
|
|
683
|
|
665
|
|
665
|
|
729
|
|
2,742
|
|
772
|
|
726
|
|
768
|
|
2,266
|
|
|
|
Ethylene oxide and
derivatives
|
|
260
|
|
277
|
|
294
|
|
346
|
|
1,177
|
|
262
|
|
319
|
|
211
|
|
792
|
|
|
|
Styrene
monomer
|
|
703
|
|
589
|
|
756
|
|
832
|
|
2,880
|
|
683
|
|
870
|
|
933
|
|
2,486
|
|
|
|
Acetyls
|
|
431
|
|
470
|
|
506
|
|
510
|
|
1,917
|
|
683
|
|
592
|
|
613
|
|
1,888
|
|
|
|
TBA
Intermediates
|
|
434
|
|
357
|
|
425
|
|
442
|
|
1,658
|
|
416
|
|
391
|
|
461
|
|
1,268
|
|
|
Volumes (million
gallons)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MTBE/ETBE
|
|
185
|
|
235
|
|
241
|
|
222
|
|
883
|
|
188
|
|
266
|
|
245
|
|
699
|
|
|
Benchmark Market
Margins (cents per gallon)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MTBE - Northwest
Europe
|
|
104.9
|
|
88.4
|
|
86.8
|
|
37.8
|
|
79.1
|
|
63.4
|
|
90.7
|
|
111.8
|
|
86.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refining
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (thousands
of barrels per day)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heavy crude oil
processing rate
|
|
173
|
|
265
|
|
250
|
|
239
|
|
232
|
|
247
|
|
257
|
|
264
|
|
256
|
|
|
Benchmark Market
Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light crude oil -
2-1-1
|
|
11.53
|
|
14.63
|
|
12.63
|
|
12.67
|
|
12.89
|
|
13.18
|
|
17.29
|
|
14.20
|
|
14.90
|
|
|
|
Light crude oil -
Maya differential
|
|
11.17
|
|
6.95
|
|
10.59
|
|
11.65
|
|
10.05
|
|
15.08
|
|
9.72
|
|
10.15
|
|
11.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Q3
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and other
operating revenues
|
$
|
10,669
|
|
$
|
11,103
|
|
$
|
11,152
|
|
$
|
11,138
|
|
$
|
44,062
|
|
$
|
11,135
|
|
$
|
12,117
|
|
$
|
12,066
|
|
$
|
35,318
|
|
Cost of
sales
|
|
9,153
|
|
|
9,496
|
|
|
9,690
|
|
|
9,601
|
|
|
37,940
|
|
|
9,577
|
|
|
10,255
|
|
|
10,118
|
|
|
29,950
|
|
Selling, general and
administrative expenses
|
|
213
|
|
|
208
|
|
|
220
|
|
|
229
|
|
|
870
|
|
|
186
|
|
|
215
|
|
|
211
|
|
|
612
|
|
Research and
development expenses
|
|
36
|
|
|
35
|
|
|
35
|
|
|
44
|
|
|
150
|
|
|
32
|
|
|
34
|
|
|
31
|
|
|
97
|
|
|
Operating
income
|
|
1,267
|
|
|
1,364
|
|
|
1,207
|
|
|
1,264
|
|
|
5,102
|
|
|
1,340
|
|
|
1,613
|
|
|
1,706
|
|
|
4,659
|
|
Income from equity
investments
|
|
59
|
|
|
43
|
|
|
61
|
|
|
40
|
|
|
203
|
|
|
61
|
|
|
68
|
|
|
64
|
|
|
193
|
|
Interest expense,
net
|
|
(69)
|
|
|
(65)
|
|
|
(76)
|
|
|
(84)
|
|
|
(294)
|
|
|
(86)
|
|
|
(89)
|
|
|
(79)
|
|
|
(254)
|
|
Other income
(expense), net
|
|
6
|
|
|
(9)
|
|
|
1
|
|
|
(13)
|
|
|
(15)
|
|
|
11
|
|
|
6
|
|
|
3
|
|
|
20
|
|
|
Income from
continuing operations before income taxes
|
|
1,263
|
|
|
1,333
|
|
|
1,193
|
|
|
1,207
|
|
|
4,996
|
|
|
1,326
|
|
|
1,598
|
|
|
1,694
|
|
|
4,618
|
|
Provision for income
taxes
|
|
357
|
|
|
410
|
|
|
339
|
|
|
30
|
|
|
1,136
|
|
|
383
|
|
|
425
|
|
|
434
|
|
|
1,242
|
|
|
Income from
continuing operations
|
|
906
|
|
|
923
|
|
|
854
|
|
|
1,177
|
|
|
3,860
|
|
|
943
|
|
|
1,173
|
|
|
1,260
|
|
|
3,376
|
|
Income (loss) from
discontinued operations,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net of tax
|
|
(6)
|
|
|
4
|
|
|
(3)
|
|
|
(2)
|
|
|
(7)
|
|
|
1
|
|
|
3
|
|
|
(3)
|
|
|
1
|
|
|
|
Net income
|
|
900
|
|
|
927
|
|
|
851
|
|
|
1,175
|
|
|
3,853
|
|
|
944
|
|
|
1,176
|
|
|
1,257
|
|
|
3,377
|
|
Net (income) loss
attributable to non-controlling
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interests
|
|
1
|
|
|
2
|
|
|
2
|
|
|
(1)
|
|
|
4
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|
4
|
|
|
|
Net income
attributable to the Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders
|
$
|
901
|
|
$
|
929
|
|
$
|
853
|
|
$
|
1,174
|
|
$
|
3,857
|
|
$
|
945
|
|
$
|
1,178
|
|
$
|
1,258
|
|
$
|
3,381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Q3
|
|
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
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
Lower of cost or
market inventory adjustment
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
45
|
|
|
45
|
Total pretax charges
(benefits)
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
1
|
|
|
1
|
|
|
(52)
|
|
|
- -
|
|
|
45
|
|
|
(7)
|
Provision for
(benefit from) income tax related to these items
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
4
|
|
|
4
|
|
|
- -
|
|
|
- -
|
|
|
(17)
|
|
|
(17)
|
After-tax effect of
net charges (benefits)
|
$
|
- -
|
|
$
|
- -
|
|
$
|
- -
|
|
$
|
5
|
|
$
|
5
|
|
$
|
(52)
|
|
$
|
- -
|
|
$
|
28
|
|
$
|
(24)
|
Effect on diluted
earnings per share
|
$
|
- -
|
|
$
|
- -
|
|
$
|
- -
|
|
$
|
- -
|
|
$
|
- -
|
|
$
|
0.09
|
|
$
|
- -
|
|
$
|
(0.05)
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
Table 12 -
Unaudited Cash Flow Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2014
|
|
(Millions of U.S.
dollars)
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
|
799
|
|
$
|
1,246
|
|
$
|
1,116
|
|
$
|
1,674
|
|
$
|
4,835
|
|
$
|
801
|
|
$
|
1,797
|
|
$
|
1,434
|
|
$
|
4,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(408)
|
|
|
(389)
|
|
|
(438)
|
|
|
(367)
|
|
|
(1,602)
|
|
|
(2,011)
|
|
|
(246)
|
|
|
(638)
|
|
|
(2,895)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
|
(234)
|
|
|
(508)
|
|
|
452
|
|
|
(1,299)
|
|
|
(1,589)
|
|
|
(550)
|
|
|
(2,217)
|
|
|
(1,621)
|
|
|
(4,388)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 13 -
Unaudited Balance Sheet Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Millions of U.S.
dollars)
|
March
31,
|
|
June
30,
|
|
September
30,
|
|
December
31,
|
|
March
31,
|
|
June
30,
|
|
September
30,
|
|
2013
|
|
2013
|
|
2013
|
|
2013
|
|
2014
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
2,879
|
|
$
|
3,233
|
|
$
|
4,414
|
|
$
|
4,450
|
|
$
|
2,702
|
|
$
|
2,030
|
|
$
|
1,185
|
|
Restricted
cash
|
|
6
|
|
|
2
|
|
|
4
|
|
|
10
|
|
|
3
|
|
|
2
|
|
|
- -
|
|
Short-term
investments
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
1,402
|
|
|
1,299
|
|
|
1,544
|
|
Accounts receivable,
net
|
|
3,878
|
|
|
4,023
|
|
|
4,041
|
|
|
4,030
|
|
|
4,141
|
|
|
4,264
|
|
|
4,105
|
|
Inventories
|
|
5,270
|
|
|
5,197
|
|
|
5,382
|
|
|
5,279
|
|
|
5,589
|
|
|
5,326
|
|
|
5,359
|
|
Prepaid expenses and
other current assets
|
|
622
|
|
|
577
|
|
|
784
|
|
|
830
|
|
|
1,156
|
|
|
784
|
|
|
739
|
|
|
|
Total current
assets
|
|
12,655
|
|
|
13,032
|
|
|
14,625
|
|
|
14,599
|
|
|
14,993
|
|
|
13,705
|
|
|
12,932
|
|
Property, plant and
equipment, net
|
|
7,779
|
|
|
7,979
|
|
|
8,223
|
|
|
8,457
|
|
|
8,556
|
|
|
8,740
|
|
|
8,600
|
|
Investments and
long-term receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in PO
joint ventures
|
|
401
|
|
|
409
|
|
|
423
|
|
|
421
|
|
|
424
|
|
|
418
|
|
|
397
|
|
|
|
Equity
investments
|
|
1,607
|
|
|
1,622
|
|
|
1,615
|
|
|
1,629
|
|
|
1,693
|
|
|
1,702
|
|
|
1,690
|
|
|
|
Other investments and
long-term receivables
|
|
421
|
|
|
231
|
|
|
164
|
|
|
64
|
|
|
62
|
|
|
58
|
|
|
54
|
|
Goodwill
|
|
582
|
|
|
588
|
|
|
598
|
|
|
605
|
|
|
605
|
|
|
602
|
|
|
576
|
|
Intangible assets,
net
|
|
999
|
|
|
966
|
|
|
934
|
|
|
904
|
|
|
870
|
|
|
838
|
|
|
799
|
|
Other
assets
|
|
233
|
|
|
221
|
|
|
229
|
|
|
619
|
|
|
624
|
|
|
593
|
|
|
583
|
|
|
|
Total
assets
|
$
|
24,677
|
|
$
|
25,048
|
|
$
|
26,811
|
|
$
|
27,298
|
|
$
|
27,827
|
|
$
|
26,656
|
|
$
|
25,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of
long-term debt
|
$
|
1
|
|
$
|
1
|
|
$
|
1
|
|
$
|
1
|
|
$
|
3
|
|
$
|
3
|
|
$
|
2
|
|
Short-term
debt
|
|
115
|
|
|
114
|
|
|
114
|
|
|
58
|
|
|
58
|
|
|
55
|
|
|
56
|
|
Accounts
payable
|
|
3,217
|
|
|
3,324
|
|
|
3,241
|
|
|
3,572
|
|
|
3,642
|
|
|
3,690
|
|
|
3,431
|
|
Accrued
liabilities
|
|
1,217
|
|
|
1,047
|
|
|
1,528
|
|
|
1,299
|
|
|
1,477
|
|
|
1,310
|
|
|
1,460
|
|
Deferred income
taxes
|
|
557
|
|
|
550
|
|
|
494
|
|
|
580
|
|
|
540
|
|
|
570
|
|
|
685
|
|
|
|
Total current
liabilities
|
|
5,107
|
|
|
5,036
|
|
|
5,378
|
|
|
5,510
|
|
|
5,720
|
|
|
5,628
|
|
|
5,634
|
|
Long-term
debt
|
|
4,307
|
|
|
4,306
|
|
|
5,774
|
|
|
5,776
|
|
|
6,766
|
|
|
6,766
|
|
|
6,753
|
|
Other
liabilities
|
|
2,306
|
|
|
2,325
|
|
|
2,278
|
|
|
1,839
|
|
|
1,838
|
|
|
1,851
|
|
|
1,795
|
|
Deferred income
taxes
|
|
1,277
|
|
|
1,312
|
|
|
1,472
|
|
|
1,659
|
|
|
1,677
|
|
|
1,623
|
|
|
1,574
|
|
Stockholders'
equity
|
|
11,641
|
|
|
12,032
|
|
|
11,874
|
|
|
12,478
|
|
|
11,791
|
|
|
10,753
|
|
|
9,843
|
|
Non-controlling
interests
|
|
39
|
|
|
37
|
|
|
35
|
|
|
36
|
|
|
35
|
|
|
35
|
|
|
32
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
24,677
|
|
$
|
25,048
|
|
$
|
26,811
|
|
$
|
27,298
|
|
$
|
27,827
|
|
$
|
26,656
|
|
$
|
25,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Photo - http://photos.prnewswire.com/prnh/20140416/75605
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lyondellbasell-reports-record-third-quarter-2014-results-987880286.html
SOURCE LyondellBasell