HOUSTON and LONDON, Oct. 23,
2015 /PRNewswire/ --
Third Quarter 2015 Highlights
- Income from continuing operations: $1.2
billion ($1.3 billion
excluding LCM1)
- 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 12th
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,
|
September
30,
|
September
30,
|
Millions of
U.S. dollars (except share data)
|
2015
|
2015
|
2014
|
2015
|
2014
|
Sales and other
operating revenues
|
$8,334
|
$9,145
|
$12,066
|
$25,664
|
$35,318
|
Net
income(a)
|
1,186
|
1,329
|
1,257
|
3,679
|
3,377
|
Income from
continuing operations(b)
|
1,189
|
1,326
|
1,260
|
3,682
|
3,376
|
Diluted earnings per
share (U.S. dollars):
|
|
|
|
|
|
|
Net
income(c)
|
2.54
|
2.82
|
2.45
|
7.77
|
6.38
|
|
Income from
continuing operations(b)
|
2.55
|
2.81
|
2.46
|
7.78
|
6.38
|
Diluted share count
(millions)
|
463
|
472
|
512
|
473
|
529
|
EBITDA(d)
|
2,001
|
2,186
|
2,035
|
6,139
|
5,644
|
|
|
|
|
|
|
|
Excluding LCM
Impacts:
|
|
|
|
|
|
LCM charges
(benefits), pre-tax
|
181
|
(9)
|
45
|
264
|
45
|
Income from
continuing operations(b)
|
1,303
|
1,320
|
1,288
|
3,848
|
3,404
|
Diluted earnings per
share (U.S. dollars):
|
|
|
|
|
|
|
Income from
continuing operations(b)
|
2.80
|
2.79
|
2.51
|
8.13
|
6.43
|
EBITDA(d)
|
2,182
|
2,177
|
2,080
|
6,403
|
5,689
|
(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.
|
|
|
|
|
|
|
|
|
1
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."
|
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&P–Americas Financial Overview
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
|
September
30,
|
June
30,
|
September
30,
|
September
30,
|
Millions of
U.S. dollars
|
2015
|
2015
|
2014
|
2015
|
2014
|
Operating
income
|
$740
|
$920
|
$1,068
|
$2,594
|
$2,622
|
EBITDA
|
841
|
1,014
|
1,157
|
2,886
|
2,871
|
LCM charges
(benefits), pre-tax
|
79
|
(21)
|
45
|
101
|
45
|
EBITDA excluding LCM
adjustments
|
920
|
993
|
1,202
|
2,987
|
2,916
|
|
|
|
|
|
|
|
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), 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
|
2015
|
2015
|
2014
|
2015
|
2014
|
Operating
income
|
$412
|
$359
|
$223
|
$1,007
|
$638
|
EBITDA
|
549
|
492
|
343
|
1,398
|
1,018
|
LCM charges
(benefits), pretax
|
6
|
- -
|
- -
|
6
|
- -
|
EBITDA excluding LCM
adjustments
|
555
|
492
|
343
|
1,404
|
1,018
|
|
|
|
|
|
|
|
Three months ended September 30,
2015 versus three months ended June
30, 2015 – 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.
Three months ended September 30,
2015 versus three months ended September 30, 2014 – 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
approximately 6 and 3 cents per
pound, respectively. Polyethylene volume increased
approximately 2 percent. Combined polypropylene compounds and
polybutene-1 results decreased by approximately $10 million. Equity income increased by
$23 million.
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
(including methanol), ethanol, oxyfuels, and ethylene oxide and its
derivatives.
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
|
2015
|
2015
|
2014
|
2015
|
2014
|
Operating
income
|
$403
|
$405
|
$321
|
$1,079
|
$1,012
|
EBITDA
|
460
|
466
|
383
|
1,263
|
1,188
|
LCM charges,
pre-tax
|
46
|
17
|
- -
|
107
|
- -
|
EBITDA excluding LCM
adjustments
|
506
|
483
|
383
|
1,370
|
1,188
|
|
|
|
|
|
|
Three months ended September 30,
2015 versus three months ended June
30, 2015 – EBITDA increased $23
million versus the second quarter 2015, excluding a
$29 million quarter to quarter
variance as a result of the LCM inventory adjustments.
Propylene oxide and derivative results increased by approximately
$30 million primarily due to higher
margins. Intermediate chemical results increased by
approximately $30 million due to
increased styrene and C4 chemical results which more than offset
lower acetyls results. Oxyfuels results decreased by
approximately $30 million due to
seasonally lower margins and lower sales volume. Equity
income decreased by $1 million.
Three months ended September 30,
2015 versus three months ended September 30, 2014 – EBITDA increased by
$123 million versus the third quarter
2014, excluding a $46 million quarter
to quarter variance as a result of the LCM inventory
adjustments. Propylene oxide and derivative results were
relatively unchanged. Intermediate chemical results improved
by approximately $130 million
primarily from the strength in styrene margins and improved
ethylene oxide and glycol results. Oxyfuels results were
lower by approximately $10
million. Equity income was unchanged.
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
|
2015
|
2015
|
2014
|
2015
|
2014
|
Operating
income
|
$52
|
$119
|
$67
|
$245
|
$248
|
EBITDA
|
93
|
159
|
110
|
401
|
376
|
LCM charges
(benefits), pre-tax
|
50
|
(5)
|
- -
|
50
|
- -
|
EBITDA excluding LCM
adjustments
|
143
|
154
|
110
|
451
|
376
|
|
|
|
|
|
|
Three months ended September 30,
2015 versus three months ended June
30, 2015 – EBITDA decreased by $11 million versus the second quarter 2015,
excluding a $55 million quarter to
quarter variance as a result of the LCM inventory adjustments.
Crude oil throughput decreased by 6,000 barrels per day to 249,000
barrels per day. The Maya 2-1-1 industry benchmark spread
decreased by approximately $1 per
barrel, averaging $22.77 per
barrel. Secondary product price spreads improved partially
offsetting the lower Maya 2-1-1 spread. The cost of RIN's was
lower by $6 million.
Three months ended September 30,
2015 versus three months ended September 30, 2014 – Versus the third quarter
of 2014, EBITDA increased by $33
million, excluding a $50
million quarter to quarter variance as a result of the LCM
inventory adjustments. Crude oil throughput decreased by
15,000 barrels per day. The Maya 2-1-1 spread decreased by
approximately $2 per barrel, however
the corresponding Houston refinery
spread increased by approximately $1
per barrel as secondary product margins improved. The cost of RIN's
was lower by $8 million.
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
|
2015
|
2015
|
2014
|
2015
|
2014
|
Operating
income
|
$34
|
$45
|
$26
|
$143
|
$142
|
EBITDA
|
45
|
57
|
41
|
178
|
188
|
|
|
|
|
|
|
|
Three months ended September 30,
2015 versus three months ended June
30, 2015 – EBITDA decreased by $12 million due to lower licensing
revenue.
Three months ended September 30,
2015 versus three months ended September 30, 2014 – EBITDA increased by
$4 million.
Capital Spending and Cash Balances
Capital expenditures, including growth projects, maintenance
turnarounds, catalyst and information technology-related
expenditures, were $373 million
during the third quarter 2015. Our cash and liquid investments
balance was $3.5 billion at
September 30, 2015. We repurchased
15.5 million of our shares outstanding during the third quarter of
2015, at a total cost of $1.3
billion. There were 453 million common shares
outstanding as of September 30, 2015.
The company paid dividends of $361
million during the third quarter of 2015.
CONFERENCE CALL
LyondellBasell will host a conference call October 23 at 11 a.m.
ET. Participants on the call will include Chief
Executive Officer Bob Patel, 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. A
complete listing of toll-free numbers by country is available at
www.lyb.com/teleconference for international callers. The pass code
for all numbers is 4843334.
The slides and webcast that accompany the call will be available
at http://www.lyb.com/earnings.
A replay of the call will be available from 2 p.m. ET October
23 until November 23 at
11:59 p.m. ET. The replay
dial-in numbers are 800-856-2254 (U.S.) and +1 402-280-9961
(international). The pass code for each is 5671.
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
56 sites in 19 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, 2014, 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.
INFORMATION RELATED TO FINANCIAL MEASURES
This release makes reference to certain "non-GAAP" financial
measures as defined in Regulation G of the U.S. Securities Exchange
Act of 1934, as amended. The non-GAAP measures we have
presented include income from continuing operations excluding LCM,
diluted earnings per share excluding LCM, EBITDA and EBITDA
excluding LCM. LCM stands for "lower of cost or market,"
which is an accounting rule consistent with GAAP related to the
valuation of inventory. Our inventories are stated at the
lower of cost or market. Cost is determined using the
last-in, first-out ("LIFO") inventory valuation methodology, which
means that the most recently incurred costs are charged to cost of
sales and inventories are valued at the earliest acquisition
costs. Market is determined based on an assessment of the
current estimated replacement cost and selling price of the
inventory. In periods where the market price of our inventory
declines substantially, cost values of inventory may be higher than
the market value, which results in us writing down the value of
inventory to market value in accordance with the LCM rule,
consistent with GAAP. This adjustment is somewhat unique to our
2010 company formation when all assets and liabilities were
measured at fair value, our use of LIFO accounting, and the recent
volatility in pricing for many of our raw material and finished
goods inventories. 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 and
earnings and EBITDA excluding LCM, 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. 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 an alternative to operating
cash flows as a measure of our liquidity. We have also
presented financial information herein exclusive of adjustments for
LCM.
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 (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2015
|
|
(Millions of U.S.
dollars)
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
Q3
|
|
YTD
|
|
Sales and other
operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
3,357
|
|
$
|
3,462
|
|
$
|
3,750
|
|
$
|
3,379
|
|
$
|
13,948
|
|
$
|
2,551
|
|
$
|
2,679
|
|
$
|
2,516
|
|
$
|
7,746
|
|
|
Olefins &
Polyolefins - EAI
|
|
3,778
|
|
|
4,069
|
|
|
3,995
|
|
|
3,361
|
|
|
15,203
|
|
|
2,911
|
|
|
3,061
|
|
|
2,932
|
|
|
8,904
|
|
|
Intermediates &
Derivatives
|
|
2,429
|
|
|
2,706
|
|
|
2,691
|
|
|
2,304
|
|
|
10,130
|
|
|
1,918
|
|
|
2,159
|
|
|
2,039
|
|
|
6,116
|
|
|
Refining
|
|
2,756
|
|
|
3,250
|
|
|
3,146
|
|
|
2,558
|
|
|
11,710
|
|
|
1,607
|
|
|
2,102
|
|
|
1,693
|
|
|
5,402
|
|
|
Technology
|
|
136
|
|
|
144
|
|
|
107
|
|
|
110
|
|
|
497
|
|
|
136
|
|
|
107
|
|
|
100
|
|
|
343
|
|
|
Other/elims
|
|
(1,321)
|
|
|
(1,514)
|
|
|
(1,623)
|
|
|
(1,422)
|
|
|
(5,880)
|
|
|
(938)
|
|
|
(963)
|
|
|
(946)
|
|
|
(2,847)
|
|
|
|
Continuing
Operations
|
$
|
11,135
|
|
$
|
12,117
|
|
$
|
12,066
|
|
$
|
10,290
|
|
$
|
45,608
|
|
$
|
8,185
|
|
$
|
9,145
|
|
$
|
8,334
|
|
$
|
25,664
|
|
Operating income
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
656
|
|
$
|
898
|
|
$
|
1,068
|
|
$
|
950
|
|
$
|
3,572
|
|
$
|
934
|
|
$
|
920
|
|
$
|
740
|
|
$
|
2,594
|
|
|
Olefins &
Polyolefins - EAI
|
|
225
|
|
|
190
|
|
|
223
|
|
|
246
|
|
|
884
|
|
|
236
|
|
|
359
|
|
|
412
|
|
|
1,007
|
|
|
Intermediates &
Derivatives
|
|
316
|
|
|
375
|
|
|
321
|
|
|
208
|
|
|
1,220
|
|
|
271
|
|
|
405
|
|
|
403
|
|
|
1,079
|
|
|
Refining
|
|
86
|
|
|
95
|
|
|
67
|
|
|
(354)
|
|
|
(106)
|
|
|
74
|
|
|
119
|
|
|
52
|
|
|
245
|
|
|
Technology
|
|
60
|
|
|
56
|
|
|
26
|
|
|
29
|
|
|
171
|
|
|
64
|
|
|
45
|
|
|
34
|
|
|
143
|
|
|
Other
|
|
(3)
|
|
|
(1)
|
|
|
1
|
|
|
(2)
|
|
|
(5)
|
|
|
(4)
|
|
|
(3)
|
|
|
9
|
|
|
2
|
|
|
|
Continuing
Operations
|
$
|
1,340
|
|
$
|
1,613
|
|
$
|
1,706
|
|
$
|
1,077
|
|
$
|
5,736
|
|
$
|
1,575
|
|
$
|
1,845
|
|
$
|
1,650
|
|
$
|
5,070
|
|
Depreciation and
amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
73
|
|
$
|
74
|
|
$
|
84
|
|
$
|
85
|
|
$
|
316
|
|
$
|
86
|
|
$
|
85
|
|
$
|
87
|
|
$
|
258
|
|
|
Olefins &
Polyolefins - EAI
|
|
70
|
|
|
67
|
|
|
65
|
|
|
46
|
|
|
248
|
|
|
55
|
|
|
54
|
|
|
54
|
|
|
163
|
|
|
Intermediates &
Derivatives
|
|
55
|
|
|
56
|
|
|
55
|
|
|
59
|
|
|
225
|
|
|
60
|
|
|
56
|
|
|
55
|
|
|
171
|
|
|
Refining
|
|
42
|
|
|
42
|
|
|
42
|
|
|
43
|
|
|
169
|
|
|
74
|
|
|
40
|
|
|
41
|
|
|
155
|
|
|
Technology
|
|
16
|
|
|
15
|
|
|
16
|
|
|
14
|
|
|
61
|
|
|
12
|
|
|
12
|
|
|
11
|
|
|
35
|
|
|
|
Continuing
Operations
|
$
|
256
|
|
$
|
254
|
|
$
|
262
|
|
$
|
247
|
|
$
|
1,019
|
|
$
|
287
|
|
$
|
247
|
|
$
|
248
|
|
$
|
782
|
|
EBITDA:
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
736
|
|
$
|
978
|
|
$
|
1,157
|
|
$
|
1,040
|
|
$
|
3,911
|
|
$
|
1,031
|
|
$
|
1,014
|
|
$
|
841
|
|
$
|
2,886
|
|
|
Olefins &
Polyolefins - EAI
|
|
356
|
|
|
319
|
|
|
343
|
|
|
348
|
|
|
1,366
|
|
|
357
|
|
|
492
|
|
|
549
|
|
|
1,398
|
|
|
Intermediates &
Derivatives
|
|
375
|
|
|
430
|
|
|
383
|
|
|
271
|
|
|
1,459
|
|
|
337
|
|
|
466
|
|
|
460
|
|
|
1,263
|
|
|
Refining
|
|
129
|
|
|
137
|
|
|
110
|
|
|
(311)
|
|
|
65
|
|
|
149
|
|
|
159
|
|
|
93
|
|
|
401
|
|
|
Technology
|
|
76
|
|
|
71
|
|
|
41
|
|
|
44
|
|
|
232
|
|
|
76
|
|
|
57
|
|
|
45
|
|
|
178
|
|
|
Other
|
|
(4)
|
|
|
6
|
|
|
1
|
|
|
14
|
|
|
17
|
|
|
2
|
|
|
(2)
|
|
|
13
|
|
|
13
|
|
|
|
Continuing
Operations
|
$
|
1,668
|
|
$
|
1,941
|
|
$
|
2,035
|
|
$
|
1,406
|
|
$
|
7,050
|
|
$
|
1,952
|
|
$
|
2,186
|
|
$
|
2,001
|
|
$
|
6,139
|
|
Capital,
turnarounds and IT deferred spending:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
231
|
|
$
|
306
|
|
$
|
208
|
|
$
|
167
|
|
$
|
912
|
|
$
|
149
|
|
$
|
140
|
|
$
|
159
|
|
$
|
448
|
|
|
Olefins &
Polyolefins - EAI
|
|
33
|
|
|
27
|
|
|
45
|
|
|
86
|
|
|
191
|
|
|
38
|
|
|
27
|
|
|
49
|
|
|
114
|
|
|
Intermediates &
Derivatives
|
|
45
|
|
|
52
|
|
|
50
|
|
|
94
|
|
|
241
|
|
|
76
|
|
|
76
|
|
|
135
|
|
|
287
|
|
|
Refining
|
|
32
|
|
|
20
|
|
|
27
|
|
|
44
|
|
|
123
|
|
|
33
|
|
|
28
|
|
|
23
|
|
|
84
|
|
|
Technology
|
|
2
|
|
|
6
|
|
|
6
|
|
|
11
|
|
|
25
|
|
|
6
|
|
|
3
|
|
|
7
|
|
|
16
|
|
|
Other
|
|
- -
|
|
|
4
|
|
|
2
|
|
|
1
|
|
|
7
|
|
|
4
|
|
|
4
|
|
|
- -
|
|
|
8
|
|
|
|
Continuing
Operations
|
$
|
343
|
|
$
|
415
|
|
$
|
338
|
|
$
|
403
|
|
$
|
1,499
|
|
$
|
306
|
|
$
|
278
|
|
$
|
373
|
|
$
|
957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) EBITDA as
presented herein includes the impacts of pre-tax LCM charges of $45
million in the third quarter of 2014, $715 million in the fourth
quarter of 2014, $92 million in the first quarter of 2015 and $181
million in the third quarter of
2015. EBITDA for the second quarter of 2015 includes a pre-tax LCM
benefit of $9 million for the partial reversal of the first quarter
2015 LCM adjustment. See Tables 2 through 6 for LCM adjustments
recorded for each segment.
|
(b) See Table 8 for
EBITDA calculation.
|
Table 8 - EBITDA
Calculation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2015
|
|
(Millions of U.S.
dollars)
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
Q3
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to the Company
shareholders(a)
|
$
|
945
|
|
$
|
1,178
|
|
$
|
1,258
|
|
$
|
793
|
|
$
|
4,174
|
|
$
|
1,166
|
|
$
|
1,330
|
|
$
|
1,185
|
|
$
|
3,681
|
|
Net income (loss)
attributable to non-controlling interests
|
|
(1)
|
|
|
(2)
|
|
|
(1)
|
|
|
(2)
|
|
|
(6)
|
|
|
(2)
|
|
|
(1)
|
|
|
1
|
|
|
(2)
|
|
(Income) loss from
discontinued operations, net of tax
|
|
(1)
|
|
|
(3)
|
|
|
3
|
|
|
5
|
|
|
4
|
|
|
3
|
|
|
(3)
|
|
|
3
|
|
|
3
|
|
Income from
continuing operations(a)
|
|
943
|
|
|
1,173
|
|
|
1,260
|
|
|
796
|
|
|
4,172
|
|
|
1,167
|
|
|
1,326
|
|
|
1,189
|
|
|
3,682
|
|
|
Provision for income
taxes
|
|
383
|
|
|
425
|
|
|
434
|
|
|
298
|
|
|
1,540
|
|
|
440
|
|
|
541
|
|
|
487
|
|
|
1,468
|
|
|
Depreciation and
amortization
|
|
256
|
|
|
254
|
|
|
262
|
|
|
247
|
|
|
1,019
|
|
|
287
|
|
|
247
|
|
|
248
|
|
|
782
|
|
|
Interest expense,
net
|
|
86
|
|
|
89
|
|
|
79
|
|
|
65
|
|
|
319
|
|
|
58
|
|
|
72
|
|
|
77
|
|
|
207
|
|
EBITDA(b)
|
$
|
1,668
|
|
$
|
1,941
|
|
$
|
2,035
|
|
$
|
1,406
|
|
$
|
7,050
|
|
$
|
1,952
|
|
$
|
2,186
|
|
$
|
2,001
|
|
$
|
6,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Amounts presented
herein include after-tax LCM charges of $28 million in the third
quarter of 2014, $455 million in the fourth quarter of 2014, $58
million in the first quarter of 2015 and $114 million in the third
quarter of 2015. The second
quarter of 2015 includes an after-tax benefit of $6 million for the
partial reversal of the first quarter 2015 LCM adjustment resulting
from price recoveries during the period.
|
(b) EBITDA as
presented herein includes the impacts of pre-tax LCM charges of $45
million in the third quarter of 2014, $715 million in the fourth
quarter of 2014, $92 million in the first quarter of 2015 and $181
million in the third quarter of 2015. The second quarter of
2015 includes a pre-tax LCM benefit of $9 million for the partial
reversal of the first quarter 2015 LCM
adjustment.
|
Table 9 - Selected
Segment Operating Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2015
|
|
|
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
Q3
|
|
YTD
|
|
Olefins and
Polyolefins - Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (million
pounds)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethylene
produced
|
|
1,979
|
|
1,721
|
|
2,301
|
|
2,458
|
|
8,459
|
|
2,364
|
|
2,415
|
|
2,514
|
|
7,293
|
|
|
|
Propylene
produced
|
|
611
|
|
648
|
|
559
|
|
719
|
|
2,537
|
|
805
|
|
740
|
|
697
|
|
2,242
|
|
|
|
Polyethylene
sold
|
|
1,517
|
|
1,363
|
|
1,603
|
|
1,451
|
|
5,934
|
|
1,473
|
|
1,575
|
|
1,577
|
|
4,625
|
|
|
|
Polypropylene
sold
|
|
627
|
|
605
|
|
681
|
|
592
|
|
2,505
|
|
627
|
|
698
|
|
662
|
|
1,987
|
|
|
Benchmark Market
Prices
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Texas
Intermediate crude oil (USD per barrel)
|
|
98.61
|
|
102.99
|
|
97.25
|
|
73.20
|
|
92.91
|
|
48.57
|
|
57.95
|
|
45.36
|
|
56.60
|
|
|
|
Light Louisiana Sweet
("LLS") crude oil (USD per barrel)
|
|
104.36
|
|
105.55
|
|
101.03
|
|
76.58
|
|
96.92
|
|
52.84
|
|
62.93
|
|
50.20
|
|
55.32
|
|
|
|
Natural gas (USD per
million BTUs)
|
|
5.01
|
|
4.74
|
|
4.19
|
|
4.09
|
|
4.51
|
|
2.76
|
|
2.76
|
|
2.72
|
|
2.73
|
|
|
|
U.S. weighted average
cost of ethylene production (cents/pound)
|
|
20.0
|
|
17.1
|
|
14.5
|
|
10.5
|
|
15.4
|
|
10.2
|
|
9.7
|
|
9.6
|
|
9.8
|
|
|
|
U.S. ethylene
(cents/pound)
|
|
48.3
|
|
47.2
|
|
51.8
|
|
44.8
|
|
48.0
|
|
34.8
|
|
34.2
|
|
30.3
|
|
33.1
|
|
|
|
U.S. polyethylene
[high density] (cents/pound)
|
|
76.3
|
|
77.0
|
|
78.0
|
|
76.7
|
|
77.0
|
|
65.7
|
|
67.3
|
|
64.3
|
|
65.8
|
|
|
|
U.S. propylene
(cents/pound)
|
|
73.3
|
|
69.7
|
|
70.8
|
|
69.8
|
|
70.9
|
|
49.7
|
|
41.7
|
|
33.2
|
|
41.5
|
|
|
|
U.S. polypropylene
[homopolymer] (cents/pound)
|
|
88.3
|
|
84.7
|
|
86.3
|
|
85.8
|
|
86.3
|
|
67.7
|
|
61.7
|
|
59.3
|
|
62.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins and
Polyolefins - Europe, Asia, International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (million
pounds)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethylene
produced
|
|
989
|
|
1,024
|
|
1,039
|
|
1,059
|
|
4,111
|
|
1,007
|
|
1,047
|
|
944
|
|
2,998
|
|
|
|
Propylene
produced
|
|
582
|
|
617
|
|
629
|
|
618
|
|
2,446
|
|
600
|
|
632
|
|
575
|
|
1,807
|
|
|
|
Polyethylene
sold
|
|
1,275
|
|
1,363
|
|
1,284
|
|
1,254
|
|
5,176
|
|
1,533
|
|
1,360
|
|
1,304
|
|
4,197
|
|
|
|
Polypropylene
sold
|
|
1,509
|
|
1,707
|
|
1,633
|
|
1,561
|
|
6,410
|
|
1,817
|
|
1,529
|
|
1,673
|
|
5,019
|
|
|
Benchmark Market
Prices (€0.01 per pound)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western Europe
weighted average cost of ethylene production
|
|
32.9
|
|
34.3
|
|
31.5
|
|
18.2
|
|
29.2
|
|
22.9
|
|
23.2
|
|
14.4
|
|
20.2
|
|
|
|
Western Europe
ethylene
|
|
54.7
|
|
52.8
|
|
54.1
|
|
48.7
|
|
52.6
|
|
39.3
|
|
47.1
|
|
46.6
|
|
44.4
|
|
|
|
Western Europe
polyethylene [high density]
|
|
56.1
|
|
54.8
|
|
55.4
|
|
51.5
|
|
54.5
|
|
45.2
|
|
60.6
|
|
61.2
|
|
55.7
|
|
|
|
Western Europe
propylene
|
|
51.3
|
|
52.2
|
|
51.9
|
|
46.5
|
|
50.5
|
|
37.1
|
|
44.4
|
|
41.7
|
|
41.1
|
|
|
|
Western Europe
polypropylene [homopolymer]
|
|
59.9
|
|
61.3
|
|
61.4
|
|
57.0
|
|
59.9
|
|
49.8
|
|
62.5
|
|
59.3
|
|
57.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermediates and
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (million
pounds)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Propylene oxide and
derivatives
|
|
772
|
|
726
|
|
768
|
|
781
|
|
3,047
|
|
870
|
|
751
|
|
697
|
|
2,318
|
|
|
|
Ethylene oxide and
derivatives
|
|
262
|
|
319
|
|
211
|
|
226
|
|
1,018
|
|
268
|
|
312
|
|
282
|
|
862
|
|
|
|
Styrene
monomer
|
|
683
|
|
870
|
|
933
|
|
870
|
|
3,356
|
|
903
|
|
735
|
|
904
|
|
2,542
|
|
|
|
Acetyls
|
|
683
|
|
592
|
|
613
|
|
619
|
|
2,507
|
|
547
|
|
810
|
|
733
|
|
2,090
|
|
|
|
TBA
Intermediates
|
|
416
|
|
391
|
|
461
|
|
384
|
|
1,652
|
|
433
|
|
321
|
|
421
|
|
1,175
|
|
|
Volumes (million
gallons)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MTBE/ETBE
|
|
188
|
|
266
|
|
245
|
|
216
|
|
915
|
|
229
|
|
299
|
|
268
|
|
796
|
|
|
Benchmark Market
Margins (cents per gallon)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MTBE - Northwest
Europe
|
|
63.4
|
|
90.7
|
|
111.8
|
|
109.1
|
|
94.0
|
|
64.0
|
|
106.0
|
|
119.0
|
|
96.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refining
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (thousands
of barrels per day)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heavy crude oil
processing rate
|
|
247
|
|
257
|
|
264
|
|
266
|
|
259
|
|
241
|
|
255
|
|
249
|
|
248
|
|
|
Benchmark Market
Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light crude oil -
2-1-1
|
|
13.18
|
|
17.29
|
|
14.20
|
|
8.50
|
|
13.32
|
|
15.02
|
|
16.42
|
|
15.29
|
|
15.58
|
|
|
|
Light crude oil -
Maya differential
|
|
15.08
|
|
9.72
|
|
10.15
|
|
9.22
|
|
11.11
|
|
8.72
|
|
7.56
|
|
7.48
|
|
7.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: LYB and
third party consultants
|
Note: Benchmark
market prices for U.S. and Western Europe polyethylene and
polypropylene reflect discounted prices. Volumes presented
represent third party sales of selected key products.
|
|
Table 10 -
Unaudited Income Statement Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2015
|
|
(Millions of U.S.
dollars)
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
Q3
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and other
operating revenues
|
$
|
11,135
|
|
$
|
12,117
|
|
$
|
12,066
|
|
$
|
10,290
|
|
$
|
45,608
|
|
$
|
8,185
|
|
$
|
9,145
|
|
$
|
8,334
|
|
$
|
25,664
|
|
Cost of
sales(a)
|
|
9,577
|
|
|
10,255
|
|
|
10,118
|
|
|
8,989
|
|
|
38,939
|
|
|
6,379
|
|
|
7,047
|
|
|
6,465
|
|
|
19,891
|
|
Selling, general and
administrative expenses
|
|
186
|
|
|
215
|
|
|
211
|
|
|
194
|
|
|
806
|
|
|
205
|
|
|
228
|
|
|
194
|
|
|
627
|
|
Research and
development expenses
|
|
32
|
|
|
34
|
|
|
31
|
|
|
30
|
|
|
127
|
|
|
26
|
|
|
25
|
|
|
25
|
|
|
76
|
|
|
Operating
income(a)
|
|
1,340
|
|
|
1,613
|
|
|
1,706
|
|
|
1,077
|
|
|
5,736
|
|
|
1,575
|
|
|
1,845
|
|
|
1,650
|
|
|
5,070
|
|
Income from equity
investments
|
|
61
|
|
|
68
|
|
|
64
|
|
|
64
|
|
|
257
|
|
|
69
|
|
|
90
|
|
|
93
|
|
|
252
|
|
Interest expense,
net
|
|
(86)
|
|
|
(89)
|
|
|
(79)
|
|
|
(65)
|
|
|
(319)
|
|
|
(58)
|
|
|
(72)
|
|
|
(77)
|
|
|
(207)
|
|
Other income,
net
|
|
11
|
|
|
6
|
|
|
3
|
|
|
18
|
|
|
38
|
|
|
21
|
|
|
4
|
|
|
10
|
|
|
35
|
|
|
Income from
continuing operations before income
taxes(a)
|
|
1,326
|
|
|
1,598
|
|
|
1,694
|
|
|
1,094
|
|
|
5,712
|
|
|
1,607
|
|
|
1,867
|
|
|
1,676
|
|
|
5,150
|
|
Provision for income
taxes
|
|
383
|
|
|
425
|
|
|
434
|
|
|
298
|
|
|
1,540
|
|
|
440
|
|
|
541
|
|
|
487
|
|
|
1,468
|
|
|
Income from
continuing operations(b)
|
|
943
|
|
|
1,173
|
|
|
1,260
|
|
|
796
|
|
|
4,172
|
|
|
1,167
|
|
|
1,326
|
|
|
1,189
|
|
|
3,682
|
|
Income (loss) from
discontinued operations, net of tax
|
|
1
|
|
|
3
|
|
|
(3)
|
|
|
(5)
|
|
|
(4)
|
|
|
(3)
|
|
|
3
|
|
|
(3)
|
|
|
(3)
|
|
|
|
Net
income(b)
|
|
944
|
|
|
1,176
|
|
|
1,257
|
|
|
791
|
|
|
4,168
|
|
|
1,164
|
|
|
1,329
|
|
|
1,186
|
|
|
3,679
|
|
Net (income) loss
attributable to non-controlling interests
|
|
1
|
|
|
2
|
|
|
1
|
|
|
2
|
|
|
6
|
|
|
2
|
|
|
1
|
|
|
(1)
|
|
|
2
|
|
|
|
Net income
attributable to the Company
shareholders(b)
|
$
|
945
|
|
$
|
1,178
|
|
$
|
1,258
|
|
$
|
793
|
|
$
|
4,174
|
|
$
|
1,166
|
|
$
|
1,330
|
|
$
|
1,185
|
|
$
|
3,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Amounts presented
herein include pre-tax LCM charges of $45 million in the third
quarter of 2014, $715 million in the fourth quarter of 2014, $92
million in the first quarter of 2015 and $181 million in the third
quarter of 2015. The second quarter of 2015 includes a pre-tax benefit of
$9 million for the partial reversal of the first quarter 2015 LCM
adjustment resulting from price recoveries during the
period.
|
(b) Amounts presented
herein include after tax LCM charges of $28 million in the third
quarter of 2014, $455 million in the fourth quarter of 2014, $58
million in the first quarter of 2015 and $114 million in the third
quarter of 2015. The second quarter of 2015 includes an after tax benefit
of $6 million for the partial reversal of the first quarter 2015
LCM adjustment discussed above.
|
Table 11 - Charges
(Benefits) Included in Income from Continuing
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2015
|
Millions of U.S.
dollars (except share data)
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
Q3
|
|
YTD
|
Pretax charges
(benefits):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Settlement of
environmental indemnification agreement
|
$
|
(52)
|
|
$
|
- -
|
|
$
|
- -
|
|
$
|
- -
|
|
$
|
(52)
|
|
$
|
- -
|
|
$
|
- -
|
|
$
|
- -
|
|
$
|
- -
|
|
Lower of cost or
market inventory adjustment
|
|
- -
|
|
|
- -
|
|
|
45
|
|
|
715
|
|
|
760
|
|
|
92
|
|
|
(9)
|
|
|
181
|
|
|
264
|
|
Emission allowance
credits, amortization
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
35
|
|
|
- -
|
|
|
- -
|
|
|
35
|
Total pretax charges
(benefits)
|
|
(52)
|
|
|
- -
|
|
|
45
|
|
|
715
|
|
|
708
|
|
|
127
|
|
|
(9)
|
|
|
181
|
|
|
299
|
Provision for
(benefit from) income tax related to these items
|
|
- -
|
|
|
- -
|
|
|
(17)
|
|
|
(260)
|
|
|
(277)
|
|
|
(47)
|
|
|
3
|
|
|
(67)
|
|
|
(111)
|
After-tax effect of
net charges (benefits)
|
$
|
(52)
|
|
$
|
- -
|
|
$
|
28
|
|
$
|
455
|
|
$
|
431
|
|
$
|
80
|
|
$
|
(6)
|
|
$
|
114
|
|
$
|
188
|
Effect on diluted
earnings per share
|
$
|
0.09
|
|
$
|
- -
|
|
$
|
(0.05)
|
|
$
|
(0.91)
|
|
$
|
(0.82)
|
|
$
|
(0.17)
|
|
$
|
0.02
|
|
$
|
(0.25)
|
|
$
|
(0.40)
|
|
|
|
|
|
|
|
|
|
|
Table 12 -
Unaudited Cash Flow Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2015
|
|
(Millions of U.S.
dollars)
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
|
801
|
|
$
|
1,797
|
|
$
|
1,434
|
|
$
|
2,016
|
|
$
|
6,048
|
|
$
|
1,468
|
|
$
|
1,446
|
|
$
|
1,768
|
|
$
|
4,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) investing activities
|
|
(2,011)
|
|
|
(246)
|
|
|
(638)
|
|
|
(636)
|
|
|
(3,531)
|
|
|
(443)
|
|
|
(727)
|
|
|
67
|
|
|
(1,103)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
financing activities
|
|
(550)
|
|
|
(2,217)
|
|
|
(1,621)
|
|
|
(1,519)
|
|
|
(5,907)
|
|
|
(401)
|
|
|
(1,021)
|
|
|
(1,684)
|
|
|
(3,106)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 13 -
Unaudited Balance Sheet Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
June
30,
|
|
September
30,
|
|
December
31,
|
|
March
31,
|
|
June
30,
|
|
September
30,
|
|
(Millions of U.S.
dollars)
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2015
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
2,702
|
|
$
|
2,030
|
|
$
|
1,185
|
|
$
|
1,031
|
|
$
|
1,616
|
|
$
|
1,325
|
|
$
|
1,474
|
|
Restricted
cash
|
|
3
|
|
|
2
|
|
|
- -
|
|
|
2
|
|
|
2
|
|
|
3
|
|
|
1
|
|
Short-term
investments
|
|
1,402
|
|
|
1,299
|
|
|
1,544
|
|
|
1,593
|
|
|
1,478
|
|
|
1,989
|
|
|
1,602
|
|
Accounts receivable,
net
|
|
4,141
|
|
|
4,264
|
|
|
4,105
|
|
|
3,448
|
|
|
3,089
|
|
|
3,373
|
|
|
2,924
|
|
Inventories
|
|
5,589
|
|
|
5,326
|
|
|
5,359
|
|
|
4,517
|
|
|
4,267
|
|
|
4,179
|
|
|
4,138
|
|
Prepaid expenses and
other current assets
|
|
1,156
|
|
|
784
|
|
|
739
|
|
|
1,054
|
|
|
1,195
|
|
|
1,121
|
|
|
1,059
|
|
|
|
Total current
assets
|
|
14,993
|
|
|
13,705
|
|
|
12,932
|
|
|
11,645
|
|
|
11,647
|
|
|
11,990
|
|
|
11,198
|
|
Property, plant and
equipment, net
|
|
8,556
|
|
|
8,740
|
|
|
8,600
|
|
|
8,758
|
|
|
8,430
|
|
|
8,636
|
|
|
8,793
|
|
Investments and
long-term receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in PO
joint ventures
|
|
424
|
|
|
418
|
|
|
397
|
|
|
384
|
|
|
373
|
|
|
357
|
|
|
357
|
|
|
|
Equity
investments
|
|
1,693
|
|
|
1,702
|
|
|
1,690
|
|
|
1,636
|
|
|
1,581
|
|
|
1,612
|
|
|
1,602
|
|
|
|
Other investments and
long-term receivables
|
|
62
|
|
|
58
|
|
|
54
|
|
|
44
|
|
|
38
|
|
|
126
|
|
|
125
|
|
Goodwill
|
|
605
|
|
|
602
|
|
|
576
|
|
|
566
|
|
|
533
|
|
|
543
|
|
|
543
|
|
Intangible assets,
net
|
|
870
|
|
|
838
|
|
|
799
|
|
|
769
|
|
|
695
|
|
|
671
|
|
|
644
|
|
Other
assets
|
|
624
|
|
|
593
|
|
|
583
|
|
|
481
|
|
|
709
|
|
|
670
|
|
|
673
|
|
|
|
Total
assets
|
$
|
27,827
|
|
$
|
26,656
|
|
$
|
25,631
|
|
$
|
24,283
|
|
$
|
24,006
|
|
$
|
24,605
|
|
$
|
23,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of
long-term debt
|
$
|
3
|
|
$
|
3
|
|
$
|
2
|
|
$
|
4
|
|
$
|
4
|
|
$
|
3
|
|
$
|
3
|
|
Short-term
debt
|
|
58
|
|
|
55
|
|
|
56
|
|
|
346
|
|
|
514
|
|
|
582
|
|
|
573
|
|
Accounts
payable
|
|
3,642
|
|
|
3,690
|
|
|
3,431
|
|
|
3,064
|
|
|
2,631
|
|
|
2,755
|
|
|
2,450
|
|
Accrued
liabilities
|
|
1,477
|
|
|
1,310
|
|
|
1,460
|
|
|
1,554
|
|
|
1,482
|
|
|
1,455
|
|
|
1,784
|
|
Deferred income
taxes
|
|
540
|
|
|
570
|
|
|
685
|
|
|
469
|
|
|
429
|
|
|
434
|
|
|
383
|
|
|
|
Total current
liabilities
|
|
5,720
|
|
|
5,628
|
|
|
5,634
|
|
|
5,437
|
|
|
5,060
|
|
|
5,229
|
|
|
5,193
|
|
Long-term
debt
|
|
6,766
|
|
|
6,766
|
|
|
6,753
|
|
|
6,757
|
|
|
7,749
|
|
|
7,728
|
|
|
7,742
|
|
Other
liabilities
|
|
1,838
|
|
|
1,851
|
|
|
1,795
|
|
|
2,122
|
|
|
2,038
|
|
|
2,063
|
|
|
2,044
|
|
Deferred income
taxes
|
|
1,677
|
|
|
1,623
|
|
|
1,574
|
|
|
1,623
|
|
|
1,653
|
|
|
1,635
|
|
|
1,604
|
|
Stockholders'
equity
|
|
11,791
|
|
|
10,753
|
|
|
9,843
|
|
|
8,314
|
|
|
7,478
|
|
|
7,927
|
|
|
7,328
|
|
Non-controlling
interests
|
|
35
|
|
|
35
|
|
|
32
|
|
|
30
|
|
|
28
|
|
|
23
|
|
|
24
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
27,827
|
|
$
|
26,656
|
|
$
|
25,631
|
|
$
|
24,283
|
|
$
|
24,006
|
|
$
|
24,605
|
|
$
|
23,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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-quarterly-results-300165228.html
SOURCE LyondellBasell Industries