HOUSTON and LONDON, Nov. 1,
2016 /PRNewswire/ --
Third Quarter 2016 Highlights
- Income from continuing operations: $1.0
billion
- Diluted earnings per share: $2.31
per share
- EBITDA: $1.6 billion
- Share repurchases and dividends totaled $1.2 billion; repurchased 10.3 million shares
during the third quarter, approximately 2% of the outstanding
shares
Comparisons with the prior quarter and third quarter
2015 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)
|
2016
|
2016
|
2015
|
2016
|
2015
|
|
|
Sales and other
operating revenues
|
$7,365
|
$7,328
|
$8,334
|
$21,436
|
$25,664
|
|
|
Net
income(a)
|
953
|
1,091
|
1,186
|
3,074
|
3,679
|
|
|
Income from
continuing operations(b)
|
955
|
1,092
|
1,189
|
3,077
|
3,682
|
|
|
Diluted earnings per
share (U.S. dollars):
|
|
|
|
|
|
|
|
Net
income(c)
|
2.30
|
2.56
|
2.54
|
7.23
|
7.77
|
|
|
Income from
continuing operations(b)
|
2.31
|
2.56
|
2.55
|
7.24
|
7.78
|
|
|
Diluted share count
(millions)
|
414
|
425
|
463
|
424
|
473
|
|
|
EBITDA(d)
|
1,606
|
1,783
|
2,001
|
5,196
|
6,139
|
|
|
|
|
|
|
|
|
|
|
Excluding
LCM1
Impact:
|
|
|
|
|
|
|
|
LCM charges
(benefits), pre-tax
|
- -
|
(68)
|
181
|
- -
|
264
|
|
|
Income from
continuing operations(b)
|
955
|
1,045
|
1,303
|
3,077
|
3,848
|
|
|
Diluted earnings per
share (U.S. dollars):
|
|
|
|
|
|
|
|
Income from
continuing operations(b)
|
2.31
|
2.45
|
2.80
|
7.24
|
8.13
|
|
|
EBITDA(d)
|
1,606
|
1,715
|
2,182
|
5,196
|
6,403
|
|
|
|
|
|
|
|
|
|
|
(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 third quarter 2016 of
approximately $1.0 billion, or
$2.31 per share. Third quarter
2016 EBITDA was $1.6 billion.
"Third quarter earnings were $2.31
per share; remaining on a 2016 annual pace that exceeds
$9.00 per share. During the
quarter and throughout the year, the strong contribution from our
European olefins and polyolefins business has demonstrated the
geographic balance within our portfolio. This has been
particularly significant as our North American olefins and
polyolefins business results have been impacted by a heavy planned
maintenance schedule. Both regions experienced continued
strong polyolefin demand. Within our refining business,
operating disruptions impacted third quarter results," said
Bob Patel, LyondellBasell's
CEO.
OUTLOOK
"During October, global olefin and polyolefin
industry conditions have remained favorable. We anticipate
that the winter months will bring some typical seasonal slowing in
select business lines. The fourth quarter marks the
completion of a period of significant planned maintenance and
associated downtime in our olefin and polyolefin assets.
During 2017, our planned maintenance schedule is much lighter than
2016, and we will be positioned to benefit from our investment in
system upgrades, reliability and expansions," 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
|
Nine Months
Ended
|
|
|
September
30,
|
June
30,
|
September
30,
|
September
30,
|
|
Millions of
U.S. dollars
|
2016
|
2016
|
2015
|
2016
|
2015
|
|
Operating
income
|
$582
|
$646
|
$740
|
$1,935
|
$2,594
|
|
EBITDA
|
682
|
754
|
841
|
2,314
|
2,886
|
|
LCM charges,
pre-tax
|
- -
|
- -
|
79
|
- -
|
101
|
|
EBITDA excluding LCM
adjustments
|
682
|
754
|
920
|
2,314
|
2,987
|
Three months ended September 30,
2016 versus three months ended June
30, 2016 – EBITDA decreased $72 million for the third quarter 2016 versus the
second quarter 2016. Compared to the prior period, underlying
olefin results increased approximately $15
million. Ethylene price increased approximately
4 cents per pound. Combined
polyolefin results declined by $70
million. Polyethylene spreads decreased by
approximately 4 cents per
pound. Polyethylene sales volumes improved by approximately 6
percent as inventory management offset planned maintenance.
Polypropylene spreads declined by 9
cents per pound partially offset by volumes which increased
approximately 13 percent. Joint venture equity income
declined by $8 million.
Three months ended September 30,
2016 versus three months ended September 30, 2015 – EBITDA decreased
$238 million versus the third quarter
2015, excluding a favorable $79
million quarter to quarter variance as a result of an LCM
inventory adjustment. Olefin results declined by $120 million. Third quarter was impacted by
planned maintenance activities at Corpus
Christi and Morris,
Illinois. Combined polyolefin results declined approximately
$110 million versus the prior year
period. Polyethylene results declined primarily due to a
margin decline of approximately 7
cents per pound. Polyethylene sales volumes declined
by approximately 4 percent due to planned facility maintenance
during the quarter. Polypropylene sales volumes and margins
were relatively unchanged. Joint venture equity income was
unchanged.
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
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
|
September
30,
|
June
30,
|
September
30,
|
September
30,
|
|
Millions of
U.S. dollars
|
2016
|
2016
|
2015
|
2016
|
2015
|
|
Operating
income
|
$447
|
$423
|
$412
|
$1,228
|
$1,007
|
|
EBITDA
|
584
|
576
|
549
|
1,669
|
1,398
|
|
LCM charges
(benefits), pretax
|
- -
|
(40)
|
6
|
- -
|
6
|
|
EBITDA excluding LCM
adjustments
|
584
|
536
|
555
|
1,669
|
1,404
|
Three months ended September 30,
2016 versus three months ended June
30, 2016 – EBITDA increased by $48 million versus the second quarter 2016,
excluding an unfavorable $40 million
quarter to quarter variance as a result of an LCM inventory
adjustment. The third quarter benefited $11 million from the restructuring of Asian
polypropylene joint ventures and the sale of Australian
polypropylene assets. Olefin results increased
approximately $95 million as margins
increased approximately 7 cents per
pound. Olefins also benefitted from increased volume due to
the absence of second quarter maintenance. Combined
polyolefin results declined $25
million primarily due to lower polyethylene margins.
Polypropylene compounds and polybutene-1 results decreased by
$10 million. Equity income
declined by $29 million due to
scheduled joint venture maintenance.
Three months ended September 30,
2016 versus three months ended September 30, 2015 – EBITDA increased by
$29 million versus the third quarter
2015, excluding a favorable $6
million quarter to quarter variance as a result of an LCM
inventory adjustment. The third quarter of 2016 benefited
$11 million from the restructuring of
Asian polypropylene joint ventures and the sale of Australian
polypropylene assets. Olefin results were relatively
unchanged. Combined polyolefin results increased
approximately $20 million as spreads
improved while volumes declined by approximately 5 percent.
Polypropylene compounds and polybutene-1 results improved by
approximately $15 million.
Equity income declined by $12
million due to scheduled joint venture maintenance.
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
|
Nine Months
Ended
|
|
September
30,
|
June
30,
|
September
30,
|
September
30,
|
|
Millions of
U.S. dollars
|
2016
|
2016
|
2015
|
2016
|
2015
|
|
Operating
income
|
$240
|
$327
|
$403
|
$822
|
$1,079
|
|
EBITDA
|
304
|
397
|
460
|
1,027
|
1,263
|
|
LCM charges
(benefits), pre-tax
|
- -
|
(28)
|
46
|
- -
|
107
|
|
EBITDA excluding LCM
adjustments
|
304
|
369
|
506
|
1,027
|
1,370
|
Three months ended September 30,
2016 versus three months ended June
30, 2016 –EBITDA decreased $65 million versus the second quarter 2016,
excluding an unfavorable $28 million
quarter to quarter variance as a result of an LCM adjustment
related to inventory. Results for PO and PO derivatives
declined by approximately $15 million
primarily due to declining margins. Intermediate chemicals
results declined by approximately $60
million, primarily due to a styrene margin decline of
approximately 3 cents per
pound. Lower ethanol, ethylene oxide, and ethylene glycol
results also contributed. Oxyfuels were relatively unchanged
with sales volume increases offset by lower margins. Equity
income from joint ventures was relatively unchanged.
Three months ended September 30,
2016 versus three months ended September 30, 2015 – EBITDA decreased
$202 million versus the
third quarter 2015, excluding a favorable $46 million quarter to quarter variance as a
result of an LCM inventory adjustment. Results for PO and PO
derivatives declined by approximately $50
million due to lower margins while volumes increased
approximately 8 percent. Intermediate chemicals results
declined by approximately $130
million primarily due to methanol, styrene, and ethylene
glycol margins. Oxyfuels results decreased approximately
$20 million relative to very strong
third quarter 2015 margins. Equity income from joint ventures
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
|
2016
|
2016
|
2015
|
2016
|
2015
|
|
Operating income
(loss)
|
($56)
|
($53)
|
$52
|
($139)
|
$245
|
|
EBITDA
|
(10)
|
(13)
|
93
|
(9)
|
401
|
|
LCM charges,
pre-tax
|
- -
|
- -
|
50
|
- -
|
50
|
|
EBITDA excluding LCM
adjustments
|
(10)
|
(13)
|
143
|
(9)
|
451
|
Three months ended September 30,
2016 versus three months ended June
30, 2016 – EBITDA increased $3 million versus the second quarter 2016.
During the third quarter, operating rates were limited to 209,000
barrels per day due to operational disruptions. The Maya
2-1-1 industry benchmark crack spread decreased by $2.09 per barrel, averaging $18.98 per barrel.
Three months ended September 30,
2016 versus three months ended September 30, 2015 – EBITDA decreased
$153 million versus the third quarter
2015, excluding a favorable $50
million quarter to quarter variance as a result of an LCM
inventory adjustment. Third quarter 2016 throughput was down
by 40,000 barrels per day from the prior year period due to
operational disruptions. The Maya 2-1-1 industry benchmark
crack spread decreased by $3.79 per
barrel.
Technology Segment – The Technology segment has global
responsibility for our polyolefin catalyst business and our process
technology licensing business.
|
Table 6 -
Technology Financial Overview
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
|
September
30,
|
June
30,
|
September
30,
|
September
30,
|
|
Millions of
U.S. dollars
|
2016
|
2016
|
2015
|
2016
|
2015
|
|
Operating
income
|
$35
|
$62
|
$34
|
$170
|
$143
|
|
EBITDA
|
45
|
73
|
45
|
201
|
178
|
Three months ended September 30,
2016 versus three months ended June
30, 2016 – EBITDA decreased by $28 million due to the timing of licensing
revenue.
Three months ended September 30,
2016 versus three months ended September 30, 2015 – EBITDA was unchanged
with improved catalyst results partially offset by licensing
results.
Capital Spending and Cash Balances
Capital
expenditures, including growth projects, maintenance turnarounds,
catalyst and information technology-related expenditures, were
$586 million during the third quarter
2016. Our cash and liquid investment balance was $2.1 billion at September
30, 2016. We repurchased 10.3 million ordinary shares
during the third quarter 2016. There were 409 million common shares
outstanding as of September 30,
2016. The company paid dividends of $351 million during the third quarter of
2016.
CONFERENCE CALL
LyondellBasell will host a conference
call November 1 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 November
1 until December 1 at
11:59 p.m. EDT. The replay
dial-in numbers are 866-425-0182 (U.S.) and +1 203-369-0874
(international). The pass code for each is 11116.
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 17 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
|
|
Q3
|
|
YTD
|
|
Sales and other
operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
2,551
|
|
$
|
2,679
|
|
$
|
2,516
|
|
$
|
2,218
|
|
$
|
9,964
|
|
$
|
2,115
|
|
$
|
2,211
|
|
$
|
2,342
|
|
$
|
6,668
|
|
|
Olefins &
Polyolefins - EAI
|
|
2,911
|
|
|
3,061
|
|
|
2,932
|
|
|
2,672
|
|
|
11,576
|
|
|
2,578
|
|
|
2,721
|
|
|
2,634
|
|
|
7,933
|
|
|
Intermediates &
Derivatives
|
|
1,918
|
|
|
2,159
|
|
|
2,039
|
|
|
1,656
|
|
|
7,772
|
|
|
1,702
|
|
|
1,769
|
|
|
1,805
|
|
|
5,276
|
|
|
Refining
|
|
1,607
|
|
|
2,102
|
|
|
1,693
|
|
|
1,155
|
|
|
6,557
|
|
|
955
|
|
|
1,289
|
|
|
1,330
|
|
|
3,574
|
|
|
Technology
|
|
136
|
|
|
107
|
|
|
100
|
|
|
122
|
|
|
465
|
|
|
132
|
|
|
129
|
|
|
102
|
|
|
363
|
|
|
Other/elims
|
|
(938)
|
|
|
(963)
|
|
|
(946)
|
|
|
(752)
|
|
|
(3,599)
|
|
|
(739)
|
|
|
(791)
|
|
|
(848)
|
|
|
(2,378)
|
|
|
|
Continuing
Operations
|
$
|
8,185
|
|
$
|
9,145
|
|
$
|
8,334
|
|
$
|
7,071
|
|
$
|
32,735
|
|
$
|
6,743
|
|
$
|
7,328
|
|
$
|
7,365
|
|
$
|
21,436
|
|
Operating income
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
934
|
|
$
|
920
|
|
$
|
740
|
|
$
|
662
|
|
$
|
3,256
|
|
$
|
707
|
|
$
|
646
|
|
$
|
582
|
|
$
|
1,935
|
|
|
Olefins &
Polyolefins - EAI
|
|
236
|
|
|
359
|
|
|
412
|
|
|
302
|
|
|
1,309
|
|
|
358
|
|
|
423
|
|
|
447
|
|
|
1,228
|
|
|
Intermediates &
Derivatives
|
|
271
|
|
|
405
|
|
|
403
|
|
|
145
|
|
|
1,224
|
|
|
255
|
|
|
327
|
|
|
240
|
|
|
822
|
|
|
Refining
|
|
74
|
|
|
119
|
|
|
52
|
|
|
(101)
|
|
|
144
|
|
|
(30)
|
|
|
(53)
|
|
|
(56)
|
|
|
(139)
|
|
|
Technology
|
|
64
|
|
|
45
|
|
|
34
|
|
|
54
|
|
|
197
|
|
|
73
|
|
|
62
|
|
|
35
|
|
|
170
|
|
|
Other
|
|
(4)
|
|
|
(3)
|
|
|
9
|
|
|
(10)
|
|
|
(8)
|
|
|
(3)
|
|
|
(2)
|
|
|
1
|
|
|
(4)
|
|
|
|
Continuing
Operations
|
$
|
1,575
|
|
$
|
1,845
|
|
$
|
1,650
|
|
$
|
1,052
|
|
$
|
6,122
|
|
$
|
1,360
|
|
$
|
1,403
|
|
$
|
1,249
|
|
$
|
4,012
|
|
Depreciation and
amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
86
|
|
$
|
85
|
|
$
|
87
|
|
$
|
95
|
|
$
|
353
|
|
$
|
90
|
|
$
|
88
|
|
$
|
87
|
|
$
|
265
|
|
|
Olefins &
Polyolefins - EAI
|
|
55
|
|
|
54
|
|
|
54
|
|
|
56
|
|
|
219
|
|
|
55
|
|
|
58
|
|
|
58
|
|
|
171
|
|
|
Intermediates &
Derivatives
|
|
60
|
|
|
56
|
|
|
55
|
|
|
62
|
|
|
233
|
|
|
70
|
|
|
69
|
|
|
62
|
|
|
201
|
|
|
Refining
|
|
74
|
|
|
40
|
|
|
41
|
|
|
41
|
|
|
196
|
|
|
43
|
|
|
40
|
|
|
40
|
|
|
123
|
|
|
Technology
|
|
12
|
|
|
12
|
|
|
11
|
|
|
11
|
|
|
46
|
|
|
10
|
|
|
11
|
|
|
10
|
|
|
31
|
|
|
|
Continuing
Operations
|
$
|
287
|
|
$
|
247
|
|
$
|
248
|
|
$
|
265
|
|
$
|
1,047
|
|
$
|
268
|
|
$
|
266
|
|
$
|
257
|
|
$
|
791
|
|
EBITDA:
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
1,031
|
|
$
|
1,014
|
|
$
|
841
|
|
$
|
775
|
|
$
|
3,661
|
|
$
|
878
|
|
$
|
754
|
|
$
|
682
|
|
$
|
2,314
|
|
|
Olefins &
Polyolefins - EAI
|
|
357
|
|
|
492
|
|
|
549
|
|
|
427
|
|
|
1,825
|
|
|
509
|
|
|
576
|
|
|
584
|
|
|
1,669
|
|
|
Intermediates &
Derivatives
|
|
337
|
|
|
466
|
|
|
460
|
|
|
212
|
|
|
1,475
|
|
|
326
|
|
|
397
|
|
|
304
|
|
|
1,027
|
|
|
Refining
|
|
149
|
|
|
159
|
|
|
93
|
|
|
(59)
|
|
|
342
|
|
|
14
|
|
|
(13)
|
|
|
(10)
|
|
|
(9)
|
|
|
Technology
|
|
76
|
|
|
57
|
|
|
45
|
|
|
65
|
|
|
243
|
|
|
83
|
|
|
73
|
|
|
45
|
|
|
201
|
|
|
Other
|
|
2
|
|
|
(2)
|
|
|
13
|
|
|
(26)
|
|
|
(13)
|
|
|
(3)
|
|
|
(4)
|
|
|
1
|
|
|
(6)
|
|
|
|
Continuing
Operations
|
$
|
1,952
|
|
$
|
2,186
|
|
$
|
2,001
|
|
$
|
1,394
|
|
$
|
7,533
|
|
$
|
1,807
|
|
$
|
1,783
|
|
$
|
1,606
|
|
$
|
5,196
|
|
Capital,
turnarounds and IT deferred spending:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
149
|
|
$
|
140
|
|
$
|
159
|
|
$
|
220
|
|
$
|
668
|
|
$
|
303
|
|
$
|
339
|
|
$
|
384
|
|
$
|
1,026
|
|
|
Olefins &
Polyolefins - EAI
|
|
38
|
|
|
27
|
|
|
49
|
|
|
72
|
|
|
186
|
|
|
81
|
|
|
60
|
|
|
48
|
|
|
189
|
|
|
Intermediates &
Derivatives
|
|
76
|
|
|
76
|
|
|
135
|
|
|
154
|
|
|
441
|
|
|
76
|
|
|
80
|
|
|
90
|
|
|
246
|
|
|
Refining
|
|
33
|
|
|
28
|
|
|
23
|
|
|
24
|
|
|
108
|
|
|
57
|
|
|
71
|
|
|
51
|
|
|
179
|
|
|
Technology
|
|
6
|
|
|
3
|
|
|
7
|
|
|
8
|
|
|
24
|
|
|
6
|
|
|
9
|
|
|
9
|
|
|
24
|
|
|
Other
|
|
4
|
|
|
4
|
|
|
- -
|
|
|
5
|
|
|
13
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
12
|
|
|
|
Continuing
Operations
|
$
|
306
|
|
$
|
278
|
|
$
|
373
|
|
$
|
483
|
|
$
|
1,440
|
|
$
|
527
|
|
$
|
563
|
|
$
|
586
|
|
$
|
1,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Q3
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income(a)
|
$
|
1,164
|
|
$
|
1,329
|
|
$
|
1,186
|
|
$
|
795
|
|
$
|
4,474
|
|
$
|
1,030
|
|
$
|
1,091
|
|
$
|
953
|
|
$
|
3,074
|
|
(Income) loss from
discontinued operations, net of tax
|
|
3
|
|
|
(3)
|
|
|
3
|
|
|
2
|
|
|
5
|
|
|
- -
|
|
|
1
|
|
|
2
|
|
|
3
|
|
Income from
continuing operations(a)
|
|
1,167
|
|
|
1,326
|
|
|
1,189
|
|
|
797
|
|
|
4,479
|
|
|
1,030
|
|
|
1,092
|
|
|
955
|
|
|
3,077
|
|
|
Provision for income
taxes
|
|
440
|
|
|
541
|
|
|
487
|
|
|
262
|
|
|
1,730
|
|
|
432
|
|
|
346
|
|
|
326
|
|
|
1,104
|
|
|
Depreciation and
amortization
|
|
287
|
|
|
247
|
|
|
248
|
|
|
265
|
|
|
1,047
|
|
|
268
|
|
|
266
|
|
|
257
|
|
|
791
|
|
|
Interest expense,
net
|
|
58
|
|
|
72
|
|
|
77
|
|
|
70
|
|
|
277
|
|
|
77
|
|
|
79
|
|
|
68
|
|
|
224
|
|
EBITDA(b)
|
$
|
1,952
|
|
$
|
2,186
|
|
$
|
2,001
|
|
$
|
1,394
|
|
$
|
7,533
|
|
$
|
1,807
|
|
$
|
1,783
|
|
$
|
1,606
|
|
$
|
5,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Q3
|
|
YTD
|
|
Olefins and
Polyolefins - Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (million
pounds)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethylene
produced
|
|
2,364
|
|
2,415
|
|
2,514
|
|
2,391
|
|
9,684
|
|
2,392
|
|
1,899
|
|
1,939
|
|
6,230
|
|
|
|
Propylene
produced
|
|
805
|
|
740
|
|
697
|
|
798
|
|
3,040
|
|
832
|
|
748
|
|
575
|
|
2,155
|
|
|
|
Polyethylene
sold
|
|
1,473
|
|
1,575
|
|
1,577
|
|
1,578
|
|
6,203
|
|
1,554
|
|
1,426
|
|
1,517
|
|
4,497
|
|
|
|
Polypropylene
sold
|
|
627
|
|
698
|
|
662
|
|
606
|
|
2,593
|
|
612
|
|
582
|
|
659
|
|
1,853
|
|
|
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
|
|
44.94
|
|
41.65
|
|
|
|
Light Louisiana Sweet
("LLS") crude oil (USD per barrel)
|
|
52.84
|
|
62.93
|
|
50.20
|
|
43.53
|
|
52.36
|
|
35.34
|
|
47.39
|
|
46.52
|
|
43.20
|
|
|
|
Houston Ship Channel
natural gas (USD per million BTUs)
|
|
2.76
|
|
2.76
|
|
2.72
|
|
2.11
|
|
2.57
|
|
1.93
|
|
2.06
|
|
2.79
|
|
2.26
|
|
|
|
U.S. weighted average
cost of ethylene production (cents/pound)
|
|
10.2
|
|
9.7
|
|
9.6
|
|
10.9
|
|
10.1
|
|
9.8
|
|
12.0
|
|
10.6
|
|
10.8
|
|
|
|
U.S. ethylene
(cents/pound)
|
|
34.8
|
|
34.2
|
|
30.3
|
|
27.5
|
|
31.7
|
|
26.7
|
|
30.3
|
|
33.0
|
|
30.0
|
|
|
|
U.S. polyethylene
[high density] (cents/pound)
|
|
65.7
|
|
67.3
|
|
64.3
|
|
57.0
|
|
63.6
|
|
52.3
|
|
59.0
|
|
60.7
|
|
57.3
|
|
|
|
U.S. propylene
(cents/pound)
|
|
49.7
|
|
41.7
|
|
33.2
|
|
31.3
|
|
39.0
|
|
31.0
|
|
32.7
|
|
37.8
|
|
33.8
|
|
|
|
U.S. polypropylene
[homopolymer] (cents/pound)
|
|
67.7
|
|
61.7
|
|
59.3
|
|
62.7
|
|
62.8
|
|
67.8
|
|
61.7
|
|
60.2
|
|
63.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins and
Polyolefins - Europe, Asia, International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (million
pounds)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethylene
produced
|
|
1,007
|
|
1,047
|
|
944
|
|
978
|
|
3,976
|
|
950
|
|
941
|
|
1,066
|
|
2,957
|
|
|
|
Propylene
produced
|
|
600
|
|
632
|
|
575
|
|
575
|
|
2,382
|
|
555
|
|
577
|
|
649
|
|
1,781
|
|
|
|
Polyethylene
sold
|
|
1,533
|
|
1,360
|
|
1,304
|
|
1,379
|
|
5,576
|
|
1,434
|
|
1,386
|
|
1,315
|
|
4,135
|
|
|
|
Polypropylene
sold
|
|
1,817
|
|
1,529
|
|
1,673
|
|
1,757
|
|
6,776
|
|
1,773
|
|
1,617
|
|
1,509
|
|
4,899
|
|
|
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
|
|
17.9
|
|
18.5
|
|
|
|
Western Europe
ethylene
|
|
39.3
|
|
47.1
|
|
46.6
|
|
41.4
|
|
43.6
|
|
38.4
|
|
41.1
|
|
42.3
|
|
40.6
|
|
|
|
Western Europe
polyethylene [high density]
|
|
45.2
|
|
60.6
|
|
61.2
|
|
56.9
|
|
56.0
|
|
55.4
|
|
57.6
|
|
55.7
|
|
56.2
|
|
|
|
Western Europe
propylene
|
|
37.1
|
|
44.4
|
|
41.7
|
|
31.0
|
|
38.5
|
|
26.3
|
|
28.8
|
|
30.7
|
|
28.6
|
|
|
|
Western Europe
polypropylene [homopolymer]
|
|
49.8
|
|
62.5
|
|
59.3
|
|
47.4
|
|
54.7
|
|
46.5
|
|
49.5
|
|
49.5
|
|
48.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermediates and
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (million
pounds)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Propylene oxide and
derivatives sold
|
|
870
|
|
751
|
|
697
|
|
682
|
|
3,000
|
|
793
|
|
743
|
|
752
|
|
2,288
|
|
|
|
Ethylene oxide and
derivatives sold
|
|
268
|
|
312
|
|
282
|
|
237
|
|
1,099
|
|
301
|
|
233
|
|
224
|
|
758
|
|
|
|
Styrene monomer
sold
|
|
903
|
|
735
|
|
904
|
|
889
|
|
3,431
|
|
917
|
|
933
|
|
911
|
|
2,761
|
|
|
|
Acetyls
sold
|
|
547
|
|
810
|
|
733
|
|
623
|
|
2,713
|
|
702
|
|
821
|
|
751
|
|
2,274
|
|
|
|
TBA Intermediates
sold
|
|
433
|
|
321
|
|
421
|
|
371
|
|
1,546
|
|
415
|
|
391
|
|
410
|
|
1,216
|
|
|
Volumes (million
gallons)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MTBE/ETBE
sold
|
|
229
|
|
299
|
|
268
|
|
258
|
|
1,054
|
|
270
|
|
278
|
|
298
|
|
846
|
|
|
Benchmark Market
Margins (cents per gallon)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MTBE - Northwest
Europe
|
|
64.0
|
|
106.0
|
|
119.0
|
|
49.8
|
|
85.1
|
|
44.4
|
|
78.7
|
|
55.3
|
|
59.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refining
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (thousands
of barrels per day)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heavy crude oil
processing rate
|
|
241
|
|
255
|
|
249
|
|
206
|
|
238
|
|
186
|
|
183
|
|
209
|
|
192
|
|
|
Benchmark Market
Margins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Light crude oil -
2-1-1
|
|
15.02
|
|
16.42
|
|
15.29
|
|
9.44
|
|
14.04
|
|
8.67
|
|
11.52
|
|
11.46
|
|
10.58
|
|
|
|
Light crude oil -
Maya differential
|
|
8.72
|
|
7.56
|
|
7.48
|
|
9.11
|
|
8.26
|
|
9.19
|
|
9.55
|
|
7.52
|
|
8.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Q3
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and other
operating revenues
|
$
|
8,185
|
|
$
|
9,145
|
|
$
|
8,334
|
|
$
|
7,071
|
|
$
|
32,735
|
|
$
|
6,743
|
|
$
|
7,328
|
|
$
|
7,365
|
|
$
|
21,436
|
|
Cost of
sales(a)
|
|
6,379
|
|
|
7,047
|
|
|
6,465
|
|
|
5,792
|
|
|
25,683
|
|
|
5,166
|
|
|
5,702
|
|
|
5,903
|
|
|
16,771
|
|
Selling, general and
administrative expenses
|
|
205
|
|
|
228
|
|
|
194
|
|
|
201
|
|
|
828
|
|
|
193
|
|
|
199
|
|
|
188
|
|
|
580
|
|
Research and
development expenses
|
|
26
|
|
|
25
|
|
|
25
|
|
|
26
|
|
|
102
|
|
|
24
|
|
|
24
|
|
|
25
|
|
|
73
|
|
|
Operating
income(a)
|
|
1,575
|
|
|
1,845
|
|
|
1,650
|
|
|
1,052
|
|
|
6,122
|
|
|
1,360
|
|
|
1,403
|
|
|
1,249
|
|
|
4,012
|
|
Income from equity
investments
|
|
69
|
|
|
90
|
|
|
93
|
|
|
87
|
|
|
339
|
|
|
91
|
|
|
117
|
|
|
81
|
|
|
289
|
|
Interest expense,
net
|
|
(58)
|
|
|
(72)
|
|
|
(77)
|
|
|
(70)
|
|
|
(277)
|
|
|
(77)
|
|
|
(79)
|
|
|
(68)
|
|
|
(224)
|
|
Other income
(expense), net(b)
|
|
21
|
|
|
4
|
|
|
10
|
|
|
(10)
|
|
|
25
|
|
|
88
|
|
|
(3)
|
|
|
19
|
|
|
104
|
|
|
Income from
continuing operations before income taxes(a)
(b)
|
|
1,607
|
|
|
1,867
|
|
|
1,676
|
|
|
1,059
|
|
|
6,209
|
|
|
1,462
|
|
|
1,438
|
|
|
1,281
|
|
|
4,181
|
|
Provision for income
taxes
|
|
440
|
|
|
541
|
|
|
487
|
|
|
262
|
|
|
1,730
|
|
|
432
|
|
|
346
|
|
|
326
|
|
|
1,104
|
|
|
Income from
continuing operations(c)
|
|
1,167
|
|
|
1,326
|
|
|
1,189
|
|
|
797
|
|
|
4,479
|
|
|
1,030
|
|
|
1,092
|
|
|
955
|
|
|
3,077
|
|
Income (loss) from
discontinued operations, net of tax
|
|
(3)
|
|
|
3
|
|
|
(3)
|
|
|
(2)
|
|
|
(5)
|
|
|
- -
|
|
|
(1)
|
|
|
(2)
|
|
|
(3)
|
|
|
|
Net
income(c)
|
|
1,164
|
|
|
1,329
|
|
|
1,186
|
|
|
795
|
|
|
4,474
|
|
|
1,030
|
|
|
1,091
|
|
|
953
|
|
|
3,074
|
|
Net (income) loss
attributable to non-controlling interests
|
|
2
|
|
|
1
|
|
|
(1)
|
|
|
- -
|
|
|
2
|
|
|
- -
|
|
|
- -
|
|
|
(1)
|
|
|
(1)
|
|
|
|
Net income
attributable to the Company
shareholders(c)
|
$
|
1,166
|
|
$
|
1,330
|
|
$
|
1,185
|
|
$
|
795
|
|
$
|
4,476
|
|
$
|
1,030
|
|
$
|
1,091
|
|
$
|
952
|
|
$
|
3,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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
|
|
Q3
|
|
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
|
|
$
|
- -
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
Table 12 -
Unaudited Cash Flow Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2016
|
|
(Millions of U.S.
dollars)
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
|
1,468
|
|
$
|
1,446
|
|
$
|
1,768
|
|
$
|
1,160
|
|
$
|
5,842
|
|
$
|
1,300
|
|
$
|
1,261
|
|
$
|
1,332
|
|
$
|
3,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) investing activities
|
|
(443)
|
|
|
(727)
|
|
|
67
|
|
|
52
|
|
|
(1,051)
|
|
|
(597)
|
|
|
(471)
|
|
|
(459)
|
|
|
(1,527)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
financing activities
|
|
(401)
|
|
|
(1,021)
|
|
|
(1,684)
|
|
|
(1,744)
|
|
|
(4,850)
|
|
|
(333)
|
|
|
(1,039)
|
|
|
(1,195)
|
|
|
(2,567)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,616
|
|
$
|
1,325
|
|
$
|
1,474
|
|
$
|
924
|
|
$
|
1,318
|
|
$
|
1,060
|
|
$
|
740
|
|
Restricted
cash
|
|
2
|
|
|
3
|
|
|
1
|
|
|
7
|
|
|
4
|
|
|
4
|
|
|
4
|
|
Short-term
investments
|
|
1,478
|
|
|
1,989
|
|
|
1,602
|
|
|
1,064
|
|
|
1,332
|
|
|
1,023
|
|
|
1,090
|
|
Accounts receivable,
net
|
|
3,089
|
|
|
3,373
|
|
|
2,924
|
|
|
2,517
|
|
|
2,683
|
|
|
2,806
|
|
|
2,852
|
|
Inventories
|
|
4,267
|
|
|
4,179
|
|
|
4,138
|
|
|
4,051
|
|
|
3,978
|
|
|
4,009
|
|
|
4,015
|
|
Prepaid expenses and
other current assets(a)
|
|
1,195
|
|
|
1,121
|
|
|
1,059
|
|
|
1,226
|
|
|
1,009
|
|
|
1,081
|
|
|
852
|
|
|
Total current
assets
|
|
11,647
|
|
|
11,990
|
|
|
11,198
|
|
|
9,789
|
|
|
10,324
|
|
|
9,983
|
|
|
9,553
|
|
Property, plant and
equipment, net
|
|
8,430
|
|
|
8,636
|
|
|
8,793
|
|
|
8,991
|
|
|
9,373
|
|
|
9,681
|
|
|
10,057
|
|
Investments and
long-term receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in PO
joint ventures
|
|
373
|
|
|
357
|
|
|
357
|
|
|
397
|
|
|
398
|
|
|
390
|
|
|
399
|
|
|
Equity
investments
|
|
1,581
|
|
|
1,612
|
|
|
1,602
|
|
|
1,608
|
|
|
1,734
|
|
|
1,610
|
|
|
1,681
|
|
|
Other investments and
long-term receivables
|
|
38
|
|
|
126
|
|
|
125
|
|
|
122
|
|
|
18
|
|
|
18
|
|
|
17
|
|
Goodwill
|
|
533
|
|
|
543
|
|
|
543
|
|
|
536
|
|
|
548
|
|
|
542
|
|
|
543
|
|
Intangible assets,
net
|
|
695
|
|
|
671
|
|
|
644
|
|
|
640
|
|
|
618
|
|
|
588
|
|
|
562
|
|
Other
assets(a)
|
|
637
|
|
|
600
|
|
|
605
|
|
|
674
|
|
|
559
|
|
|
623
|
|
|
607
|
|
|
Total
assets
|
$
|
23,934
|
|
$
|
24,535
|
|
$
|
23,867
|
|
$
|
22,757
|
|
$
|
23,572
|
|
$
|
23,435
|
|
$
|
23,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of
long-term debt
|
$
|
4
|
|
$
|
3
|
|
$
|
3
|
|
$
|
4
|
|
$
|
4
|
|
$
|
4
|
|
$
|
3
|
|
Short-term
debt
|
|
514
|
|
|
582
|
|
|
573
|
|
|
353
|
|
|
594
|
|
|
616
|
|
|
621
|
|
Accounts
payable
|
|
2,631
|
|
|
2,755
|
|
|
2,450
|
|
|
2,182
|
|
|
2,243
|
|
|
2,357
|
|
|
2,329
|
|
Accrued
liabilities
|
|
1,482
|
|
|
1,455
|
|
|
1,784
|
|
|
1,810
|
|
|
1,600
|
|
|
1,374
|
|
|
1,357
|
|
Deferred income
taxes(a)
|
|
429
|
|
|
434
|
|
|
383
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
- -
|
|
|
Total current
liabilities
|
|
5,060
|
|
|
5,229
|
|
|
5,193
|
|
|
4,349
|
|
|
4,441
|
|
|
4,351
|
|
|
4,310
|
|
Long-term
debt
|
|
7,677
|
|
|
7,658
|
|
|
7,674
|
|
|
7,671
|
|
|
8,504
|
|
|
8,485
|
|
|
8,464
|
|
Other
liabilities
|
|
2,038
|
|
|
2,063
|
|
|
2,044
|
|
|
2,036
|
|
|
2,125
|
|
|
2,143
|
|
|
2,151
|
|
Deferred income
taxes(a)
|
|
1,653
|
|
|
1,635
|
|
|
1,604
|
|
|
2,127
|
|
|
2,134
|
|
|
2,149
|
|
|
2,387
|
|
Stockholders'
equity
|
|
7,478
|
|
|
7,927
|
|
|
7,328
|
|
|
6,550
|
|
|
6,344
|
|
|
6,283
|
|
|
6,082
|
|
Non-controlling
interests
|
|
28
|
|
|
23
|
|
|
24
|
|
|
24
|
|
|
24
|
|
|
24
|
|
|
25
|
|
|
Total liabilities and
stockholders' equity
|
$
|
23,934
|
|
$
|
24,535
|
|
$
|
23,867
|
|
$
|
22,757
|
|
$
|
23,572
|
|
$
|
23,435
|
|
$
|
23,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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-third-quarter-2016-earnings-300354755.html
SOURCE LyondellBasell Industries