HOUSTON and LONDON, July 29,
2016 /PRNewswire/ --
Second Quarter 2016 Highlights
- Income from continuing operations: $1.1
billion ($1.0 billion
excluding LCM1)
- Diluted earnings per share: $2.56
per share ($2.45 per share excluding
LCM)
- EBITDA: $1.8 billion
($1.7 billion excluding LCM)
- Share repurchases and dividends totaled $1.1 billion; repurchased 8.8 million shares
during the second quarter, approximately 2% of the outstanding
shares
- Authorized a fourth share repurchase program for up to an
additional 10% of shares over the next 18 months
- Increased second quarter 2016 interim dividend by 9% to
$0.85 per share
Comparisons with the prior quarter and second quarter
2015 are available in the following table:
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)
|
2016
|
2016
|
2015
|
2016
|
2015
|
|
Sales and other
operating revenues
|
$7,328
|
$6,743
|
$9,145
|
$14,071
|
$17,330
|
|
Net
income(a)
|
1,091
|
1,030
|
1,329
|
2,121
|
2,493
|
|
Income from
continuing operations(b)
|
1,092
|
1,030
|
1,326
|
2,122
|
2,493
|
|
Diluted earnings per
share (U.S. dollars):
|
|
|
|
|
|
|
|
Net
income(c)
|
2.56
|
2.37
|
2.82
|
4.93
|
5.22
|
|
|
Income from
continuing operations(b)
|
2.56
|
2.37
|
2.81
|
4.93
|
5.22
|
|
Diluted share count
(millions)
|
425
|
434
|
472
|
429
|
477
|
|
EBITDA(d)
|
1,783
|
1,807
|
2,186
|
3,590
|
4,138
|
|
|
|
|
|
|
|
|
|
Excluding LCM
Impact:
|
|
|
|
|
|
|
LCM charges
(benefits), pre-tax
|
(68)
|
68
|
(9)
|
- -
|
83
|
|
Income from
continuing operations(b)
|
1,045
|
1,077
|
1,320
|
2,122
|
2,545
|
|
Diluted earnings per
share (U.S. dollars):
|
|
|
|
|
|
|
|
Income from
continuing operations(b)
|
2.45
|
2.48
|
2.79
|
4.93
|
5.33
|
|
EBITDA(d)
|
1,715
|
1,875
|
2,177
|
3,590
|
4,221
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes net loss
attributable to non-controlling interests and income (loss) from
discontinued operations, net of tax. See Table 10.
|
(b)
|
See Table 11 for
charges and benefits to income from continuing
operations.
|
(c)
|
Includes diluted
earnings (loss) 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."
|
LyondellBasell Industries (NYSE: LYB) today announced earnings
from continuing operations for the second quarter 2016 of
$1.1 billion, or $2.56 per share. Second quarter 2016 EBITDA
was $1.8 billion. The quarter
included a $68 million non-cash,
pre-tax benefit for the impact of a lower of cost or market (LCM)
inventory adjustment ($47 million
after-tax benefit). Excluding the LCM adjustment, earnings
from continuing operations during the second quarter totaled
$1.0 billion, or $2.45 per share and EBITDA was $1.7 billion.
"Excluding the first quarter gain from the Petroken business
sale and the impact of maintenance activities, overall second
quarter results were similar to the first quarter. Balance
across our business portfolio enabled us to generate earnings in
excess of $1 billion and earnings per
share of $2.56. Industry trends
generally developed as we anticipated resulting in continued strong
polyolefin performance and seasonally stronger fuel margins.
However, due to an April upset at our refinery, the benefits of
higher fuel margins were only seen in our Oxyfuels business," said
Bob Patel, LyondellBasell's
CEO.
OUTLOOK
"During the third quarter, chemical and polyolefin markets thus
far have generally been well balanced with trends similar to the
second quarter. However, refining and oxyfuel margins have
declined. Within our system, refinery repairs have been
completed, and the Corpus Christi
ethylene plant expansion is expected to be completed by the end of
the third quarter. During the second half of the year our plant
maintenance schedule continues to be significant with turnarounds
at additional O&P and I&D facilities. Although our
inventory and scheduling efforts will only partially mitigate the
production impact during this heavy planned maintenance period, we
look forward to the continuing returns from these investments in
long-term reliability," Patel said.
LYONDELLBASELL BUSINESS RESULTS DISCUSSION BY REPORTING
SEGMENT
LyondellBasell manages operations through five operating
segments: 1) Olefins & Polyolefins – Americas; 2) Olefins &
Polyolefins – Europe, Asia and International (EAI); 3) Intermediates
& Derivatives; 4) Refining; and 5) Technology.
The following comments and analysis represent underlying
business activity and are exclusive of LCM inventory
adjustments.
Olefins & 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
|
2016
|
2016
|
2015
|
2016
|
2015
|
|
Operating
income
|
$646
|
$707
|
$920
|
$1,353
|
$1,854
|
|
EBITDA
|
754
|
878
|
1,014
|
1,632
|
2,045
|
|
LCM charges
(benefits), pre-tax
|
- -
|
- -
|
(21)
|
- -
|
22
|
|
EBITDA excluding LCM
adjustments
|
754
|
878
|
993
|
1,632
|
2,067
|
|
Three months ended June 30,
2016 versus three months ended March
31, 2016 – EBITDA decreased $124 million for the second quarter 2016 versus
the first quarter 2016. First quarter 2016 results included a
$57 million gain on the sale of the
Petroken polypropylene business. Results declined by $67 million exclusive of the Petroken gain.
Compared to the prior period, underlying olefin results were
relatively unchanged as margins increased while customer and
internal derivative maintenance resulted in reduced ethylene
volumes. Combined polyolefin results continued to be strong
despite declining by approximately $60
million. Polyethylene sales volumes declined by 8% due
to plant maintenance. Polyethylene spreads increased by
approximately 1 cent per pound.
Polypropylene spreads declined by approximately 2 cents per pound and volumes were down 5%
primarily due to the first quarter sale of Petroken. Joint
venture equity income declined by $2
million.
Three months ended June 30,
2016 versus three months ended June
30, 2015 – EBITDA decreased $239 million versus the second quarter 2015,
excluding an unfavorable $21 million
quarter to quarter variance as a result of the LCM inventory
adjustments. Olefin results drove the decline as quarterly
EBITDA decreased approximately $280
million versus the prior year primarily due to lower
ethylene margin. Combined polyolefin results increased
approximately $30 million versus the
prior year period. Polyethylene results declined due to
maintenance while margins were relatively unchanged.
Polypropylene benefitted from a spread improvement of
approximately 10 cents per pound and
volumes were lower in 2016 due to the first quarter Petroken
sale. Joint venture equity income improved by $12 million consistent with strong polypropylene
margins.
Olefins & 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
|
|
Millions of
U.S.
dollars
|
Three Months
Ended
|
Six Months
Ended
|
|
June
30,
|
March 31,
|
June 30,
|
June
30,
|
|
2016
|
2016
|
2015
|
2015
|
2016
|
|
Operating
income
|
$423
|
$358
|
$359
|
$781
|
$595
|
|
EBITDA
|
576
|
509
|
492
|
1,085
|
849
|
|
LCM charges
(benefits), pretax
|
(40)
|
40
|
- -
|
- -
|
- -
|
|
EBITDA excluding LCM
adjustments
|
536
|
549
|
492
|
1,085
|
849
|
|
Three months ended June 30,
2016 versus three months ended March
31, 2016 – EBITDA decreased by $13 million versus the first quarter 2016,
excluding a favorable $80 million
quarter to quarter variance as a result of LCM inventory
adjustments. First quarter 2016 results included a
$21 million gain on the sale of the
Petroken polypropylene compounding business. Exclusive of the
Petroken sale, results were relatively unchanged. Olefin
results decreased approximately $30
million on relatively unchanged volumes. Combined
polyolefin results were steady. Polypropylene compounds and
polybutene-1 results increased by approximately $10MM. Equity
income from joint ventures increased by $27
million consistent with strong polypropylene margins.
Three months ended June 30,
2016 versus three months ended June
30, 2015 – EBITDA increased by $44 million versus the second quarter 2015,
excluding a favorable $40 million
quarter to quarter variance as a result of LCM inventory
adjustments. Olefin results declined by approximately
$60 million due to a 2 cent per pound decrease in margin combined with
reduced volumes related to planned maintenance at our Berre,
France facility. Combined
polyolefin results increased approximately $65 million as spreads for polyethylene improved
by approximately 1 cent per pound
while polypropylene spreads improved by approximately 4 cents per pound. Combined polyolefin
volumes increased by approximately 4%. Polypropylene compounds and
polybutene-1 results improved by approximately $10 million. Equity income from joint
ventures increased by $17
million.
Intermediates & 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), 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
|
2016
|
2016
|
2015
|
2016
|
2015
|
|
Operating
income
|
$327
|
$255
|
$405
|
$582
|
$676
|
|
EBITDA
|
397
|
326
|
466
|
723
|
803
|
|
LCM charges
(benefits), pre-tax
|
(28)
|
28
|
17
|
- -
|
61
|
|
EBITDA excluding LCM
adjustments
|
369
|
354
|
483
|
723
|
864
|
|
Three months ended June 30,
2016 versus three months ended March
31, 2016 – EBITDA increased $15 million versus the first quarter 2016,
excluding a favorable $56 million
quarter to quarter variance as a result of LCM adjustments related
to inventory. Results for PO and PO derivatives declined by
approximately $20 million partially
due to product sales mix. Intermediate chemicals results
improved by approximately $10
million, primarily due to an approximately 4 cents per pound improvement in styrene
margin. This increase was partially offset by lower methanol
margins. Oxyfuels improved approximately $30 million consistent with seasonal margin
improvements. Equity income from joint ventures was
relatively unchanged.
Three months ended June 30,
2016 versus three months ended June
30, 2015 – EBITDA decreased $114 million versus the second quarter 2015,
excluding a favorable $45 million
quarter to quarter variance as a result of LCM inventory
adjustments. Results for PO and PO derivatives were
relatively unchanged. Intermediate chemicals results declined
by approximately $45 million
primarily due to reduced methanol margins and lower EO/EG results
partially offset by higher styrene sales volumes. Oxyfuels
results decreased approximately $55
million relative to a very strong second quarter 2015.
Equity income from joint ventures decreased by $2 million.
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
|
2016
|
2016
|
2015
|
2016
|
2015
|
|
Operating income
(loss)
|
($53)
|
($30)
|
$119
|
($83)
|
$193
|
|
EBITDA
|
(13)
|
14
|
159
|
1
|
308
|
|
LCM charges
(benefits), pre-tax
|
- -
|
- -
|
(5)
|
- -
|
- -
|
|
EBITDA excluding LCM
adjustments
|
(13)
|
14
|
154
|
1
|
308
|
|
Three months ended June 30,
2016 versus three months ended March
31, 2016 – EBITDA decreased $27
million versus the first quarter 2016. The
Houston refinery operated at
183,000 barrels per day primarily due to the refinery fire.
The Maya 2-1-1 industry benchmark crack spread increased by
$3.21 per barrel, averaging
$21.07 per barrel. Despite the
improved industry crack spreads, spreads at the Houston Refinery
did not improve due to operational limitations.
Three months ended June 30,
2016 versus three months ended June
30, 2015 – EBITDA decreased $167
million versus the second quarter 2015, excluding an
unfavorable $5 million quarter to
quarter variance as a result of LCM inventory adjustments.
Second quarter 2016 throughput was down by 72,000 barrels per day
from the prior year period due to the refinery fire and subsequent
downtime for repairs. The Maya 2-1-1 industry benchmark crack
spread decreased by $2.91 per
barrel.
Technology Segment – 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
|
2016
|
2016
|
2015
|
2016
|
2015
|
|
Operating
income
|
$62
|
$73
|
$45
|
$135
|
$109
|
|
EBITDA
|
73
|
83
|
57
|
156
|
133
|
|
Three months ended June 30,
2016 versus three months ended March
31, 2016 – EBITDA decreased by $10 million due to lower licensing revenue.
Three months ended June 30,
2016 versus three months ended June
30, 2015 – EBITDA increased by $16 million due to improved catalyst and
licensing results.
Capital Spending and Cash Balances
Capital
expenditures, including growth projects, maintenance turnarounds,
catalyst and information technology-related expenditures, were
$563 million during the second
quarter 2016. Our cash and liquid investment balance was
$2.5 billion at June 30, 2016. We repurchased 8.8 million
ordinary shares during the second quarter 2016. There were 419
million common shares outstanding as of June
30, 2016. The company paid dividends of $362 million during the second quarter of
2016.
CONFERENCE CALL
LyondellBasell will host a conference
call July 29 at 11 a.m. EDT. Participants on the call will
include Chief Executive Officer Bob
Patel, Executive Vice President and Chief Financial Officer
Thomas Aebischer 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 6934553.
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. EDT July 29
until August 29 at 12:59 a.m. EDT. The replay dial-in numbers
are 866-453-2318 (U.S.) and +1 203-369-1226 (international). The
pass code for each is 72916.
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 57 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, 2015, 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 related to our use of LIFO
accounting and the recent decline 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2016
|
|
(Millions of U.S.
dollars)
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
YTD
|
|
Sales and other
operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
2,551
|
|
$
|
2,679
|
|
$
|
2,516
|
|
$
|
2,218
|
|
$
|
9,964
|
|
$
|
2,115
|
|
$
|
2,211
|
|
$
|
4,326
|
|
|
Olefins &
Polyolefins - EAI
|
|
2,911
|
|
|
3,061
|
|
|
2,932
|
|
|
2,672
|
|
|
11,576
|
|
|
2,578
|
|
|
2,721
|
|
|
5,299
|
|
|
Intermediates &
Derivatives
|
|
1,918
|
|
|
2,159
|
|
|
2,039
|
|
|
1,656
|
|
|
7,772
|
|
|
1,702
|
|
|
1,769
|
|
|
3,471
|
|
|
Refining
|
|
1,607
|
|
|
2,102
|
|
|
1,693
|
|
|
1,155
|
|
|
6,557
|
|
|
955
|
|
|
1,289
|
|
|
2,244
|
|
|
Technology
|
|
136
|
|
|
107
|
|
|
100
|
|
|
122
|
|
|
465
|
|
|
132
|
|
|
129
|
|
|
261
|
|
|
Other/elims
|
|
(938)
|
|
|
(963)
|
|
|
(946)
|
|
|
(752)
|
|
|
(3,599)
|
|
|
(739)
|
|
|
(791)
|
|
|
(1,530)
|
|
|
|
Continuing
Operations
|
$
|
8,185
|
|
$
|
9,145
|
|
$
|
8,334
|
|
$
|
7,071
|
|
$
|
32,735
|
|
$
|
6,743
|
|
$
|
7,328
|
|
$
|
14,071
|
|
Operating income
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
934
|
|
$
|
920
|
|
$
|
740
|
|
$
|
662
|
|
$
|
3,256
|
|
$
|
707
|
|
$
|
646
|
|
$
|
1,353
|
|
|
Olefins &
Polyolefins - EAI
|
|
236
|
|
|
359
|
|
|
412
|
|
|
302
|
|
|
1,309
|
|
|
358
|
|
|
423
|
|
|
781
|
|
|
Intermediates &
Derivatives
|
|
271
|
|
|
405
|
|
|
403
|
|
|
145
|
|
|
1,224
|
|
|
255
|
|
|
327
|
|
|
582
|
|
|
Refining
|
|
74
|
|
|
119
|
|
|
52
|
|
|
(101)
|
|
|
144
|
|
|
(30)
|
|
|
(53)
|
|
|
(83)
|
|
|
Technology
|
|
64
|
|
|
45
|
|
|
34
|
|
|
54
|
|
|
197
|
|
|
73
|
|
|
62
|
|
|
135
|
|
|
Other
|
|
(4)
|
|
|
(3)
|
|
|
9
|
|
|
(10)
|
|
|
(8)
|
|
|
(3)
|
|
|
(2)
|
|
|
(5)
|
|
|
|
Continuing
Operations
|
$
|
1,575
|
|
$
|
1,845
|
|
$
|
1,650
|
|
$
|
1,052
|
|
$
|
6,122
|
|
$
|
1,360
|
|
$
|
1,403
|
|
$
|
2,763
|
|
Depreciation and
amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
86
|
|
$
|
85
|
|
$
|
87
|
|
$
|
95
|
|
$
|
353
|
|
$
|
90
|
|
$
|
88
|
|
$
|
178
|
|
|
Olefins &
Polyolefins - EAI
|
|
55
|
|
|
54
|
|
|
54
|
|
|
56
|
|
|
219
|
|
|
55
|
|
|
58
|
|
|
113
|
|
|
Intermediates &
Derivatives
|
|
60
|
|
|
56
|
|
|
55
|
|
|
62
|
|
|
233
|
|
|
70
|
|
|
69
|
|
|
139
|
|
|
Refining
|
|
74
|
|
|
40
|
|
|
41
|
|
|
41
|
|
|
196
|
|
|
43
|
|
|
40
|
|
|
83
|
|
|
Technology
|
|
12
|
|
|
12
|
|
|
11
|
|
|
11
|
|
|
46
|
|
|
10
|
|
|
11
|
|
|
21
|
|
|
|
Continuing
Operations
|
$
|
287
|
|
$
|
247
|
|
$
|
248
|
|
$
|
265
|
|
$
|
1,047
|
|
$
|
268
|
|
$
|
266
|
|
$
|
534
|
|
EBITDA:
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
1,031
|
|
$
|
1,014
|
|
$
|
841
|
|
$
|
775
|
|
$
|
3,661
|
|
$
|
878
|
|
$
|
754
|
|
$
|
1,632
|
|
|
Olefins &
Polyolefins - EAI
|
|
357
|
|
|
492
|
|
|
549
|
|
|
427
|
|
|
1,825
|
|
|
509
|
|
|
576
|
|
|
1,085
|
|
|
Intermediates &
Derivatives
|
|
337
|
|
|
466
|
|
|
460
|
|
|
212
|
|
|
1,475
|
|
|
326
|
|
|
397
|
|
|
723
|
|
|
Refining
|
|
149
|
|
|
159
|
|
|
93
|
|
|
(59)
|
|
|
342
|
|
|
14
|
|
|
(13)
|
|
|
1
|
|
|
Technology
|
|
76
|
|
|
57
|
|
|
45
|
|
|
65
|
|
|
243
|
|
|
83
|
|
|
73
|
|
|
156
|
|
|
Other
|
|
2
|
|
|
(2)
|
|
|
13
|
|
|
(26)
|
|
|
(13)
|
|
|
(3)
|
|
|
(4)
|
|
|
(7)
|
|
|
|
Continuing
Operations
|
$
|
1,952
|
|
$
|
2,186
|
|
$
|
2,001
|
|
$
|
1,394
|
|
$
|
7,533
|
|
$
|
1,807
|
|
$
|
1,783
|
|
$
|
3,590
|
|
Capital,
turnarounds and IT deferred spending:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
149
|
|
$
|
140
|
|
$
|
159
|
|
$
|
220
|
|
$
|
668
|
|
$
|
303
|
|
$
|
339
|
|
$
|
642
|
|
|
Olefins &
Polyolefins - EAI
|
|
38
|
|
|
27
|
|
|
49
|
|
|
72
|
|
|
186
|
|
|
81
|
|
|
60
|
|
|
141
|
|
|
Intermediates &
Derivatives
|
|
76
|
|
|
76
|
|
|
135
|
|
|
154
|
|
|
441
|
|
|
76
|
|
|
80
|
|
|
156
|
|
|
Refining
|
|
33
|
|
|
28
|
|
|
23
|
|
|
24
|
|
|
108
|
|
|
57
|
|
|
71
|
|
|
128
|
|
|
Technology
|
|
6
|
|
|
3
|
|
|
7
|
|
|
8
|
|
|
24
|
|
|
6
|
|
|
9
|
|
|
15
|
|
|
Other
|
|
4
|
|
|
4
|
|
|
- -
|
|
|
5
|
|
|
13
|
|
|
4
|
|
|
4
|
|
|
8
|
|
|
|
Continuing
Operations
|
$
|
306
|
|
$
|
278
|
|
$
|
373
|
|
$
|
483
|
|
$
|
1,440
|
|
$
|
527
|
|
$
|
563
|
|
$
|
1,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
EBITDA as presented
herein includes the impacts of pre-tax LCM charges of $92 million,
$181 million and $284 million for the first, third and fourth
quarters of 2015, respectively. 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. EBITDA for the
first quarter of 2016 includes a pre-tax LCM adjustment of $68
million and a $78 million pre-tax gain on the sale of our wholly
owned Argentine subsidiary. Second quarter 2016 EBITDA includes a
pre-tax LCM benefit of $68 million for the reversal of the first
quarter 2016 LCM adjustment due to price recoveries during the
period. See Tables 2 through 6 for LCM adjustments recorded for
each segment.
|
(b)
|
See Table 8 for
EBITDA calculation.
|
Table 8 - EBITDA
Calculation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2016
|
|
(Millions of U.S.
dollars)
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income(a)
|
$
|
1,164
|
|
$
|
1,329
|
|
$
|
1,186
|
|
$
|
795
|
|
$
|
4,474
|
|
$
|
1,030
|
|
$
|
1,091
|
|
$
|
2,121
|
|
(Income) loss from
discontinued operations, net of tax
|
|
3
|
|
|
(3)
|
|
|
3
|
|
|
2
|
|
|
5
|
|
|
- -
|
|
|
1
|
|
|
1
|
|
Income from
continuing operations(a)
|
|
1,167
|
|
|
1,326
|
|
|
1,189
|
|
|
797
|
|
|
4,479
|
|
|
1,030
|
|
|
1,092
|
|
|
2,122
|
|
|
Provision for income
taxes
|
|
440
|
|
|
541
|
|
|
487
|
|
|
262
|
|
|
1,730
|
|
|
432
|
|
|
346
|
|
|
778
|
|
|
Depreciation and
amortization
|
|
287
|
|
|
247
|
|
|
248
|
|
|
265
|
|
|
1,047
|
|
|
268
|
|
|
266
|
|
|
534
|
|
|
Interest expense,
net
|
|
58
|
|
|
72
|
|
|
77
|
|
|
70
|
|
|
277
|
|
|
77
|
|
|
79
|
|
|
156
|
|
EBITDA(b)
|
$
|
1,952
|
|
$
|
2,186
|
|
$
|
2,001
|
|
$
|
1,394
|
|
$
|
7,533
|
|
$
|
1,807
|
|
$
|
1,783
|
|
$
|
3,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Amounts presented
herein include after-tax LCM charges of $58 million, $114 million
and $185 million in the first, third and fourth quarters of 2015,
respectively. 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. The first quarter of 2016 includes an after-tax LCM charge
of $47 million and a $78 million after-tax gain related to the sale
of our wholly owned Argentine subsidiary. The second quarter of
2016 includes an after-tax benefit of $47 million for the reversal
of the first quarter 2016 LCM adjustment due to price recoveries
during the period.
|
(b)
|
EBITDA as presented
herein includes the impact of pre-tax LCM charges of $92 million,
$181 million and $284 million for the first, third and fourth
quarters of 2015, respectively. 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. The first
quarter of 2016 includes a pre-tax LCM charge of $68 million and a
pre-tax gain of $78 million on the sale of our wholly owned
Argentine subsidiary. Second quarter 2016 EBITDA includes a pre-tax
LCM benefit of $68 million for the reversal of the first quarter
2016 LCM adjustment.
|
Table 9 - Selected
Segment Operating Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2016
|
|
|
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
YTD
|
|
Olefins and
Polyolefins - Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (million
pounds)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethylene
produced
|
|
2,364
|
|
2,415
|
|
2,514
|
|
2,391
|
|
9,684
|
|
2,392
|
|
1,899
|
|
4,291
|
|
|
|
Propylene
produced
|
|
805
|
|
740
|
|
697
|
|
798
|
|
3,040
|
|
832
|
|
748
|
|
1,580
|
|
|
|
Polyethylene
sold
|
|
1,473
|
|
1,575
|
|
1,577
|
|
1,578
|
|
6,203
|
|
1,554
|
|
1,426
|
|
2,980
|
|
|
|
Polypropylene
sold
|
|
627
|
|
698
|
|
662
|
|
606
|
|
2,593
|
|
612
|
|
582
|
|
1,194
|
|
|
Benchmark Market
Prices
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Texas
Intermediate crude oil (USD per barrel)
|
|
48.57
|
|
57.95
|
|
45.36
|
|
42.16
|
|
48.71
|
|
33.63
|
|
46.01
|
|
39.97
|
|
|
|
Light Louisiana Sweet
("LLS") crude oil (USD per barrel)
|
|
52.84
|
|
62.93
|
|
50.20
|
|
43.53
|
|
52.36
|
|
35.34
|
|
47.39
|
|
41.51
|
|
|
|
Natural gas (USD per
million BTUs)
|
|
2.76
|
|
2.76
|
|
2.72
|
|
2.11
|
|
2.57
|
|
1.93
|
|
2.06
|
|
1.99
|
|
|
|
U.S. weighted average
cost of ethylene production (cents/pound)
|
|
10.2
|
|
9.7
|
|
9.6
|
|
10.9
|
|
10.1
|
|
9.8
|
|
12.0
|
|
10.9
|
|
|
|
U.S. ethylene
(cents/pound)
|
|
34.8
|
|
34.2
|
|
30.3
|
|
27.5
|
|
31.7
|
|
26.7
|
|
30.3
|
|
28.5
|
|
|
|
U.S. polyethylene
[high density] (cents/pound)
|
|
65.7
|
|
67.3
|
|
64.3
|
|
57.0
|
|
63.6
|
|
52.3
|
|
59.0
|
|
55.7
|
|
|
|
U.S. propylene
(cents/pound)
|
|
49.7
|
|
41.7
|
|
33.2
|
|
31.3
|
|
39.0
|
|
31.0
|
|
32.7
|
|
31.8
|
|
|
|
U.S. polypropylene
[homopolymer] (cents/pound)
|
|
67.7
|
|
61.7
|
|
59.3
|
|
62.7
|
|
62.8
|
|
67.8
|
|
61.7
|
|
64.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins and
Polyolefins - Europe, Asia, International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (million
pounds)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethylene
produced
|
|
1,007
|
|
1,047
|
|
944
|
|
978
|
|
3,976
|
|
950
|
|
941
|
|
1,891
|
|
|
|
Propylene
produced
|
|
600
|
|
632
|
|
575
|
|
575
|
|
2,382
|
|
555
|
|
577
|
|
1,132
|
|
|
|
Polyethylene
sold
|
|
1,533
|
|
1,360
|
|
1,304
|
|
1,379
|
|
5,576
|
|
1,434
|
|
1,386
|
|
2,820
|
|
|
|
Polypropylene
sold
|
|
1,817
|
|
1,529
|
|
1,673
|
|
1,757
|
|
6,776
|
|
1,773
|
|
1,617
|
|
3,390
|
|
|
Benchmark Market
Prices (€0.01 per pound)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western Europe
weighted average cost of ethylene production
|
|
22.9
|
|
23.2
|
|
14.4
|
|
22.5
|
|
20.8
|
|
16.3
|
|
21.2
|
|
18.8
|
|
|
|
Western Europe
ethylene
|
|
39.3
|
|
47.1
|
|
46.6
|
|
41.4
|
|
43.6
|
|
38.4
|
|
41.1
|
|
39.7
|
|
|
|
Western Europe
polyethylene [high density]
|
|
45.2
|
|
60.6
|
|
61.2
|
|
56.9
|
|
56.0
|
|
55.4
|
|
57.6
|
|
56.5
|
|
|
|
Western Europe
propylene
|
|
37.1
|
|
44.4
|
|
41.7
|
|
31.0
|
|
38.5
|
|
26.3
|
|
28.8
|
|
27.6
|
|
|
|
Western Europe
polypropylene [homopolymer]
|
|
49.8
|
|
62.5
|
|
59.3
|
|
47.4
|
|
54.7
|
|
46.5
|
|
49.5
|
|
48.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermediates and
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (million
pounds)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Propylene oxide and
derivatives
|
|
870
|
|
751
|
|
697
|
|
682
|
|
3,000
|
|
793
|
|
743
|
|
1,536
|
|
|
|
Ethylene oxide and
derivatives
|
|
268
|
|
312
|
|
282
|
|
237
|
|
1,099
|
|
301
|
|
233
|
|
534
|
|
|
|
Styrene
monomer
|
|
903
|
|
735
|
|
904
|
|
889
|
|
3,431
|
|
917
|
|
933
|
|
1,850
|
|
|
|
Acetyls
|
|
547
|
|
810
|
|
733
|
|
623
|
|
2,713
|
|
702
|
|
821
|
|
1,523
|
|
|
|
TBA
Intermediates
|
|
433
|
|
321
|
|
421
|
|
371
|
|
1,546
|
|
415
|
|
391
|
|
806
|
|
|
Volumes (million
gallons)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MTBE/ETBE
|
|
229
|
|
299
|
|
268
|
|
258
|
|
1,054
|
|
270
|
|
278
|
|
548
|
|
|
Benchmark Market
Margins (cents per gallon)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MTBE - Northwest
Europe
|
|
64.0
|
|
106.0
|
|
119.0
|
|
49.8
|
|
85.1
|
|
44.4
|
|
78.7
|
|
61.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refining
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (thousands
of barrels per day)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heavy crude oil
processing rate
|
|
241
|
|
255
|
|
249
|
|
206
|
|
238
|
|
186
|
|
183
|
|
184
|
|
|
Benchmark Market
Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light crude oil -
2-1-1
|
|
15.02
|
|
16.42
|
|
15.29
|
|
9.44
|
|
14.04
|
|
8.67
|
|
11.52
|
|
10.13
|
|
|
|
Light crude oil -
Maya differential
|
|
8.72
|
|
7.56
|
|
7.48
|
|
9.11
|
|
8.26
|
|
9.19
|
|
9.55
|
|
9.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
2015
|
|
2016
|
|
(Millions of U.S.
dollars)
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and other
operating revenues
|
$
|
8,185
|
|
$
|
9,145
|
|
$
|
8,334
|
|
$
|
7,071
|
|
$
|
32,735
|
|
$
|
6,743
|
|
$
|
7,328
|
|
$
|
14,071
|
|
Cost of
sales(a)
|
|
6,379
|
|
|
7,047
|
|
|
6,465
|
|
|
5,792
|
|
|
25,683
|
|
|
5,166
|
|
|
5,702
|
|
|
10,868
|
|
Selling, general and
administrative expenses
|
|
205
|
|
|
228
|
|
|
194
|
|
|
201
|
|
|
828
|
|
|
193
|
|
|
199
|
|
|
392
|
|
Research and
development expenses
|
|
26
|
|
|
25
|
|
|
25
|
|
|
26
|
|
|
102
|
|
|
24
|
|
|
24
|
|
|
48
|
|
|
Operating
income(a)
|
|
1,575
|
|
|
1,845
|
|
|
1,650
|
|
|
1,052
|
|
|
6,122
|
|
|
1,360
|
|
|
1,403
|
|
|
2,763
|
|
Income from equity
investments
|
|
69
|
|
|
90
|
|
|
93
|
|
|
87
|
|
|
339
|
|
|
91
|
|
|
117
|
|
|
208
|
|
Interest expense,
net
|
|
(58)
|
|
|
(72)
|
|
|
(77)
|
|
|
(70)
|
|
|
(277)
|
|
|
(77)
|
|
|
(79)
|
|
|
(156)
|
|
Other income
(expense), net(b)
|
|
21
|
|
|
4
|
|
|
10
|
|
|
(10)
|
|
|
25
|
|
|
88
|
|
|
(3)
|
|
|
85
|
|
|
Income from
continuing operations before income taxes(a)
(b)
|
|
1,607
|
|
|
1,867
|
|
|
1,676
|
|
|
1,059
|
|
|
6,209
|
|
|
1,462
|
|
|
1,438
|
|
|
2,900
|
|
Provision for income
taxes
|
|
440
|
|
|
541
|
|
|
487
|
|
|
262
|
|
|
1,730
|
|
|
432
|
|
|
346
|
|
|
778
|
|
|
Income from
continuing operations(c)
|
|
1,167
|
|
|
1,326
|
|
|
1,189
|
|
|
797
|
|
|
4,479
|
|
|
1,030
|
|
|
1,092
|
|
|
2,122
|
|
Income (loss) from
discontinued operations, net of tax
|
|
(3)
|
|
|
3
|
|
|
(3)
|
|
|
(2)
|
|
|
(5)
|
|
|
- -
|
|
|
(1)
|
|
|
(1)
|
|
|
|
Net
income(c)
|
|
1,164
|
|
|
1,329
|
|
|
1,186
|
|
|
795
|
|
|
4,474
|
|
|
1,030
|
|
|
1,091
|
|
|
2,121
|
|
Net (income) loss
attributable to non-controlling interests
|
|
2
|
|
|
1
|
|
|
(1)
|
|
|
- -
|
|
|
2
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
|
Net income
attributable to the Company
shareholders(c)
|
$
|
1,166
|
|
$
|
1,330
|
|
$
|
1,185
|
|
$
|
795
|
|
$
|
4,476
|
|
$
|
1,030
|
|
$
|
1,091
|
|
$
|
2,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Amounts presented
herein include pre-tax LCM charges of $92 million, $181 million and
$284 million for the first, third and fourth quarters of 2015,
respectively. 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. The first quarter of 2016 includes a pre-tax
LCM charge of $68 million. Second quarter 2016 EBITDA includes a
pre-tax LCM benefit of $68 million for the partial reversal of the
first quarter 2016 LCM adjustment due to price recoveries during
the period.
|
(b)
|
Includes a pre-tax
gain of $78 million on the sale of our wholly owned Argentine
subsidiary in the second quarter of 2016.
|
(c)
|
Amounts presented
herein include after-tax LCM charges of $58 million, $114 million
and $185 million in the first, third and fourth quarters of 2015,
respectively. 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. The first quarter of 2016 includes an after-tax LCM charge
of $47 million and an after-tax gain of $78 million on the sale of
our wholly owned Argentine subsidiary. Second quarter 2016 EBITDA
includes an after tax LCM benefit of $47 million for the reversal
of the first quarter 2016 LCM adjustment.
|
Table 11 - Charges
(Benefits) Included in Income from Continuing
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2016
|
Millions of U.S.
dollars (except share data)
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
YTD
|
Pretax charges
(benefits):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
wholly owned subsidiary
|
$
|
- -
|
|
$
|
- -
|
|
$
|
- -
|
|
$
|
- -
|
|
$
|
- -
|
|
$
|
(78)
|
|
|
- -
|
|
|
(78)
|
|
Lower of cost or
market inventory adjustment
|
|
92
|
|
|
(9)
|
|
|
181
|
|
|
284
|
|
|
548
|
|
|
68
|
|
$
|
(68)
|
|
$
|
- -
|
|
Emission allowance
credits, amortization
|
|
35
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
35
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
Total pretax charges
(benefits)
|
|
127
|
|
|
(9)
|
|
|
181
|
|
|
284
|
|
|
583
|
|
|
(10)
|
|
|
(68)
|
|
|
(78)
|
Provision for
(benefit from) income tax related to these items
|
|
(47)
|
|
|
3
|
|
|
(67)
|
|
|
(99)
|
|
|
(210)
|
|
|
(21)
|
|
|
21
|
|
|
- -
|
After-tax effect of
net charges (benefits)
|
$
|
80
|
|
$
|
(6)
|
|
$
|
114
|
|
$
|
185
|
|
$
|
373
|
|
$
|
(31)
|
|
$
|
(47)
|
|
$
|
(78)
|
Effect on diluted
earnings per share
|
$
|
(0.17)
|
|
$
|
0.02
|
|
$
|
(0.25)
|
|
$
|
(0.42)
|
|
$
|
(0.80)
|
|
$
|
0.07
|
|
$
|
0.11
|
|
$
|
0.18
|
|
|
|
|
|
|
|
Table 12 -
Unaudited Cash Flow Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2016
|
|
(Millions of U.S.
dollars)
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
|
Q2
|
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
|
1,468
|
|
$
|
1,446
|
|
$
|
1,768
|
|
$
|
1,160
|
|
$
|
5,842
|
|
$
|
1,300
|
|
$
|
1,261
|
|
$
|
2,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) investing activities
|
|
(443)
|
|
|
(727)
|
|
|
67
|
|
|
52
|
|
|
(1,051)
|
|
|
(597)
|
|
|
(471)
|
|
|
(1,068)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
financing activities
|
|
(401)
|
|
|
(1,021)
|
|
|
(1,684)
|
|
|
(1,744)
|
|
|
(4,850)
|
|
|
(333)
|
|
|
(1,039)
|
|
|
(1,372)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 13 -
Unaudited Balance Sheet Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
June
30,
|
|
September
30,
|
|
December
31,
|
|
March
31,
|
|
June
30,
|
|
(Millions of U.S.
dollars)
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,616
|
|
$
|
1,325
|
|
$
|
1,474
|
|
$
|
924
|
|
$
|
1,318
|
|
$
|
1,060
|
|
Restricted
cash
|
|
2
|
|
|
3
|
|
|
1
|
|
|
7
|
|
|
4
|
|
|
4
|
|
Short-term
investments
|
|
1,478
|
|
|
1,989
|
|
|
1,602
|
|
|
1,064
|
|
|
1,332
|
|
|
1,023
|
|
Accounts receivable,
net
|
|
3,089
|
|
|
3,373
|
|
|
2,924
|
|
|
2,517
|
|
|
2,683
|
|
|
2,806
|
|
Inventories
|
|
4,267
|
|
|
4,179
|
|
|
4,138
|
|
|
4,051
|
|
|
3,978
|
|
|
4,009
|
|
Prepaid expenses and
other current assets(a)
|
|
1,195
|
|
|
1,121
|
|
|
1,059
|
|
|
1,226
|
|
|
1,009
|
|
|
1,081
|
|
|
|
Total current
assets
|
|
11,647
|
|
|
11,990
|
|
|
11,198
|
|
|
9,789
|
|
|
10,324
|
|
|
9,983
|
|
Property, plant and
equipment, net
|
|
8,430
|
|
|
8,636
|
|
|
8,793
|
|
|
8,991
|
|
|
9,373
|
|
|
9,681
|
|
Investments and
long-term receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in PO
joint ventures
|
|
373
|
|
|
357
|
|
|
357
|
|
|
397
|
|
|
398
|
|
|
390
|
|
|
|
Equity
investments
|
|
1,581
|
|
|
1,612
|
|
|
1,602
|
|
|
1,608
|
|
|
1,734
|
|
|
1,610
|
|
|
|
Other investments and
long-term receivables
|
|
38
|
|
|
126
|
|
|
125
|
|
|
122
|
|
|
18
|
|
|
18
|
|
Goodwill
|
|
533
|
|
|
543
|
|
|
543
|
|
|
536
|
|
|
548
|
|
|
542
|
|
Intangible assets,
net
|
|
695
|
|
|
671
|
|
|
644
|
|
|
640
|
|
|
618
|
|
|
588
|
|
Other
assets(a)
|
|
637
|
|
|
600
|
|
|
605
|
|
|
674
|
|
|
559
|
|
|
623
|
|
|
|
Total
assets
|
$
|
23,934
|
|
$
|
24,535
|
|
$
|
23,867
|
|
$
|
22,757
|
|
$
|
23,572
|
|
$
|
23,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of
long-term debt
|
$
|
4
|
|
$
|
3
|
|
$
|
3
|
|
$
|
4
|
|
$
|
4
|
|
$
|
4
|
|
Short-term
debt
|
|
514
|
|
|
582
|
|
|
573
|
|
|
353
|
|
|
594
|
|
|
616
|
|
Accounts
payable
|
|
2,631
|
|
|
2,755
|
|
|
2,450
|
|
|
2,182
|
|
|
2,243
|
|
|
2,357
|
|
Accrued
liabilities
|
|
1,482
|
|
|
1,455
|
|
|
1,784
|
|
|
1,810
|
|
|
1,600
|
|
|
1,374
|
|
Deferred income
taxes(a)
|
|
429
|
|
|
434
|
|
|
383
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
|
Total current
liabilities
|
|
5,060
|
|
|
5,229
|
|
|
5,193
|
|
|
4,349
|
|
|
4,441
|
|
|
4,351
|
|
Long-term
debt
|
|
7,677
|
|
|
7,658
|
|
|
7,674
|
|
|
7,671
|
|
|
8,504
|
|
|
8,485
|
|
Other
liabilities
|
|
2,038
|
|
|
2,063
|
|
|
2,044
|
|
|
2,036
|
|
|
2,125
|
|
|
2,143
|
|
Deferred income
taxes(a)
|
|
1,653
|
|
|
1,635
|
|
|
1,604
|
|
|
2,127
|
|
|
2,134
|
|
|
2,149
|
|
Stockholders'
equity
|
|
7,478
|
|
|
7,927
|
|
|
7,328
|
|
|
6,550
|
|
|
6,344
|
|
|
6,283
|
|
Non-controlling
interests
|
|
28
|
|
|
23
|
|
|
24
|
|
|
24
|
|
|
24
|
|
|
24
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
23,934
|
|
$
|
24,535
|
|
$
|
23,867
|
|
$
|
22,757
|
|
$
|
23,572
|
|
$
|
23,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Our prospective
adoption of ASU 2015-17,Income Taxes (Topic 740): Balance Sheet
Classification of Deferred Taxes, in December 2015 resulted in
the classification of our deferred taxes as of December 2015 as
noncurrent.
|
Logo - http://photos.prnewswire.com/prnh/20140416/75605
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lyondellbasell-reports-second-quarter-2016-earnings-300306061.html
SOURCE LyondellBasell