HOUSTON and LONDON, Aug. 2, 2019 /PRNewswire/ --
Second Quarter 2019 Highlights
- Net Income: $1.0 billion
- Diluted earnings per share: $2.70
per share
- EBITDA: $1.6 billion, an increase
of 11% over the first quarter 2019
- Announced new 250 kt Spherizone polypropylene project
for our JV in Thailand
- Increased our quarterly dividend to $1.05 per share, the eleventh increase over the
past 8 years
- Issued dividends totaling $388
million
- Launched a tender offer that led to the repurchase of 35.1
million shares in July
Comparisons with the prior quarter and second quarter
2018 are available in the following table:
Table 1 - Earnings Summary
Millions of
U.S. dollars (except share data)
|
Three Months
Ended
|
Six Months
Ended
|
June 30,
2019
|
March 31,
2019
|
June 30,
2018
|
June 30,
2019
|
June 30,
2018
|
Sales and other
operating revenues
|
$9,048
|
$8,778
|
$10,206
|
$17,826
|
$19,973
|
Net income
|
1,003
|
817
|
1,654
|
1,820
|
2,885
|
Diluted earnings per
share
|
2.70
|
2.19
|
4.22
|
4.88
|
7.33
|
Weighted average
diluted share count
|
370
|
372
|
392
|
371
|
394
|
EBITDA
(a)
|
1,579
|
1,428
|
2,010
|
3,007
|
3,923
|
(a)
|
See the end of this
release for an explanation of the Company's use of EBITDA and Table
9 for reconciliations of EBITDA to net income.
|
LyondellBasell Industries (NYSE: LYB) today announced net income
for the second quarter 2019 of $1.0
billion, or $2.70 per
share. Second quarter 2019 EBITDA was $1.6 billion. Integration activities
related to the acquisition of A. Schulman are on schedule and
expected to generate approximately $100
million in forward annual run-rate synergies as of the close
of the second quarter.
"LyondellBasell's leading business portfolio, strong operations
and advantaged assets delivered value in the second quarter by
serving global consumer-driven demand for our products.
Increased seasonal demand and reduced feedstock costs improved
ethylene chain margins for both of our Olefins & Polyolefins
segments. In our Intermediates & Derivatives segment,
robust seasonal margins increased profitability from our Oxyfuels
& Related Products business. Despite our Houston refinery operating at 97% of nameplate
capacity, low discounts for heavy sour crude oil in the U.S. Gulf
Coast market continued to pressure the profitability of our
Refining segment," said Bob Patel,
LyondellBasell CEO.
"In the second quarter we continued to advance our value-driven
growth strategy. Our disciplined approach to capital
deployment remains unchanged. We executed on this strategy in
the second quarter by raising our dividend, moving forward on our
projects to sustain and grow our assets, ending discussions
regarding the potential acquisition of Braskem and launching a
substantial share repurchase while maintaining our strong
investment grade credit rating. The tender offer demonstrates
our confidence in the value of our company and the outlook for our
business," Patel said.
OUTLOOK
"In July, we continue to see resilient demand for the majority
of our products with consumer-based demand driving stable volumes
for our Olefins & Polyolefins segments. In North America,
the majority of the ethylene crackers and polyethylene plants
planned to start between 2016 and 2019 has been commissioned and
more than 70% of the polyethylene capacity is now
operational. We expect low-cost natural gas liquid feedstocks
will continue to drive strong chain margin in our Olefins &
Polyolefins Americas segment as well as our Oxyfuels and Related
Products business. Looking beyond the quarter, we look
forward to the start-up of our Hyperzone HDPE plant during
the second half of this year," Patel said.
LYONDELLBASELL BUSINESS RESULTS DISCUSSION BY REPORTING
SEGMENT
LyondellBasell manages operations through six operating
segments: 1) Olefins and Polyolefins - Americas; 2) Olefins and
Polyolefins - Europe, Asia and International; 3) Intermediates and
Derivatives; 4) Advanced Polymer Solutions; 5) Refining; and 6)
Technology. Results for our Advanced Polymer Solutions
segment incorporates the businesses acquired from A. Schulman
beginning on August 21, 2018.
Historical segment results for Olefins and Polyolefins - Americas
and Olefins and Polyolefins - Europe, Asia
and International prior to the acquisition were recast as a result
of the shift of polypropylene compounds, Catalloy and
polybutene-1 product lines to Advanced Polymer Solutions.
Olefins & Polyolefins - Americas
(O&P-Americas) - Our O&P-Americas segment produces
and markets Olefins & Co-products, polyethylene and
polypropylene.
Table 2 - O&P-Americas Financial Overview
Millions of
U.S. dollars
|
Three Months
Ended
|
Six Months
Ended
|
June 30,
2019
|
March 31,
2019
|
June 30,
2018
|
June 30,
2019
|
June 30,
2018
|
Operating
income
|
$504
|
$384
|
$543
|
$888
|
$1,172
|
EBITDA
|
635
|
516
|
671
|
1,151
|
1,427
|
Three months ended June 30,
2019 versus three months ended March
31, 2019 - EBITDA increased $119
million versus the first quarter 2019. Compared with
the prior period, olefins results increased approximately
$90 million. Ethylene margin
improved as feedstock price declines outpaced a decline in the
price of ethylene and sales volume increased. Polyethylene
results increased more than $25
million primarily due to a spread increase for polyethylene
over ethylene of nearly $65 per
ton.
Three months ended June 30,
2019 versus three months ended June
30, 2018 - EBITDA decreased $36
million versus the second quarter 2018. Compared with
the prior period, olefins results increased more than $150 million. Ethylene margin improved
primarily due to decreased feedstock costs and increased co-product
prices. Polyolefins results decreased about $190 million driven by a spread decline in
polyethylene over ethylene of approximately $225 per ton.
Olefins & Polyolefins - Europe, Asia,
International (O&P-EAI) - Our O&P-EAI
segment produces and markets Olefins and Co-products, polyethylene
and polypropylene.
Table 3 - O&P-EAI Financial Overview
Millions of
U.S. dollars
|
Three Months
Ended
|
Six Months
Ended
|
June 30,
2019
|
March 31,
2019
|
June 30,
2018
|
June 30,
2019
|
June 30,
2018
|
Operating
income
|
$226
|
$186
|
$245
|
$412
|
$526
|
EBITDA
|
331
|
296
|
355
|
627
|
774
|
Three months ended June 30,
2019 versus three months ended March
31, 2019 - EBITDA increased $35
million versus the first quarter 2019. Compared with
the prior period, olefins results increased more than $55 million. Margin improved driven by an
increase in the price of ethylene and volume increased with
improved operating rates. Combined polyolefins results
decreased $15 million driven by lower
volumes.
Three months ended June 30,
2019 versus three months ended June
30, 2018 - EBITDA decreased $24
million versus the second quarter 2018. Results for
the second quarter 2019 include the impact of approximately
$15 million due to a decrease in the
euro versus the U.S. dollar exchange rate relative to the second
quarter 2018. Compared with the prior period, olefins results
increased more than $30 million
driven by an improvement in margin as declines in feedstock costs
outpaced ethylene price declines. Combined polyolefins
results decreased approximately $25
million. Polypropylene spread over propylene declined
about $55 per ton and polyethylene
volume declined.
Intermediates & Derivatives (I&D) -
Our I&D segment produces and markets Propylene Oxide &
Derivatives, Oxyfuels and Related Products and Intermediate
Chemicals, such as styrene monomer, acetyls, ethylene oxide and
ethylene glycol.
Table 4 - I&D Financial Overview
Millions of
U.S. dollars
|
Three Months
Ended
|
Six Months
Ended
|
June 30,
2019
|
March 31,
2019
|
June 30,
2018
|
June 30,
2019
|
June 30,
2018
|
Operating
income
|
$372
|
$314
|
$569
|
$686
|
$977
|
EBITDA
|
448
|
390
|
642
|
838
|
1,128
|
Three months ended June 30,
2019 versus three months ended March
31, 2019 - EBITDA increased $58 million versus the first quarter 2019.
Compared with the prior period, Propylene Oxide & Derivatives
results decreased $35 million
primarily due to a decline in volume. Intermediate Chemicals
results increased more than $25
million driven by an increase in volume for most
products. Oxyfuels & Related Products results increased
approximately $75 million primarily
due to seasonal margin improvements.
Three months ended June 30,
2019 versus three months ended June
30, 2018 - EBITDA decreased $194
million versus the record-setting second quarter 2018
results. Compared with the prior period, Propylene Oxide
& Derivatives results decreased approximately $55 million primarily due to a decline in
volume. Intermediate Chemicals results decreased $125 million driven by a decline in margin and
volume for most products. Oxyfuels & Related Products
were relatively unchanged with margin improvements offsetting
volume declines.
Advanced Polymer Solutions (APS) - Our
Advanced Polymer Solutions segment produces and markets in two
lines of business: Compounding & Solutions and Advanced
Polymers. Compounding & Solutions includes polypropylene
compounds, engineered plastics, masterbatches, engineered
composites, colors and powders. Advanced Polymers consists of
Catalloy and polybutene-1. A. Schulman was acquired on
August 21, 2018, and results from the
acquisition are included prospectively.
Table 5 - Advanced Polymer Solutions Financial
Overview
Millions of
U.S. dollars
|
Three Months
Ended
|
Six Months
Ended
|
June 30,
2019
|
March 31,
2019
|
June 30,
2018
|
June 30,
2019
|
June 30,
2018
|
Operating
income
|
$91
|
$119
|
$112
|
$210
|
$226
|
EBITDA
|
120
|
148
|
121
|
268
|
244
|
Three months ended June 30,
2019 versus three months ended March
31, 2019 - EBITDA decreased $28
million versus the first quarter 2019. Integration
costs related to the acquisition of A. Schulman and assigned to the
segment were $3 million higher in the
second quarter 2019 versus the first quarter. Compared with
the prior period, Compounding & Solutions results decreased
approximately $20 million.
Volume declined in most products and margin declined primarily due
to a lag in raw material pricing for polypropylene compounds.
Advanced Polymers results were relatively unchanged.
Three months ended June 30,
2019 versus three months ended June
30, 2018 - EBITDA decreased $1
million versus the second quarter 2018. Integration
costs related to the acquisition and assigned to the segment were
$19 million during the second quarter
2019. Compared with the prior period, Compounding &
Solutions results increased $35
million primarily due to the addition of new product lines
from the acquisition partially offset by reduced polypropylene
compounds volume. Advanced Polymers results decreased
approximately $20 million driven by
reduced volume and margin.
Refining - Our Refining segment produces and
markets gasoline and distillates, including diesel fuel, heating
oil and jet fuel.
Table 6 - Refining Financial Overview
Millions of
U.S. dollars
|
Three Months
Ended
|
Six Months
Ended
|
June 30,
2019
|
March 31,
2019
|
June 30,
2018
|
June 30,
2019
|
June 30,
2018
|
Operating income
(loss)
|
$(110)
|
$(59)
|
$58
|
$(169)
|
$73
|
EBITDA
|
(66)
|
(15)
|
104
|
(81)
|
167
|
Three months ended June 30,
2019 versus three months ended March
31, 2019 - EBITDA decreased $51
million versus the first quarter 2019. The Maya 2-1-1
industry benchmark crack spread increased $5.44 per barrel to $18.99 per barrel for the second quarter.
Margin declined due to higher prices for heavy sour crude oil
purchased on the U.S. Gulf Coast spot market. The Houston
Refinery continued to run well with crude throughput relatively
unchanged at 261,000 barrels per day.
Three months ended June 30,
2019 versus three months ended June
30, 2018 - EBITDA decreased $170
million versus the second quarter 2018. Margin
declined due to challenging market conditions and weakness in
naphtha and propylene. The Maya 2-1-1 spread decreased
$6.95 per barrel to $18.99 per barrel. Crude throughput was
relatively unchanged at 261,000 barrels per day.
Technology - Our Technology segment develops and
licenses chemical and polyolefin process technologies and
manufactures and sells polyolefin catalysts.
Table 7 - Technology Financial Overview
Millions of
U.S. dollars
|
Three Months
Ended
|
Six Months
Ended
|
June 30,
2019
|
March 31,
2019
|
June 30,
2018
|
June 30,
2019
|
June 30,
2018
|
Operating
income
|
$96
|
$73
|
$100
|
$169
|
$146
|
EBITDA
|
107
|
83
|
113
|
190
|
169
|
Three months ended June 30,
2019 versus three months ended March
31, 2019 - EBITDA increased $24
million versus the first quarter 2019 primarily due to an
increase in licensing revenue as several licenses reached revenue
milestones.
Three months ended June 30,
2019 versus three months ended June
30, 2018 - EBITDA decreased $6
million versus the second quarter 2018.
Capital Spending and Cash Balances
Capital expenditures, including growth projects, maintenance
turnarounds, catalyst and information technology-related
expenditures, were $622 million
during the second quarter 2019. Our cash and liquid
investment balance was $1.9 billion
at June 30, 2019. There were 370 million common shares
outstanding as of June 30, 2019. The company paid
dividends of $388 million during the
second quarter 2019.
Reconciliations and Additional Information
Quantitative reconciliations of EBITDA to net income, the most
comparable GAAP measure, are provided in Table 9 at the end of this
release. Additional operating and financial information,
including reconciliations of non-GAAP measures, may be found on our
website at www.LyondellBasell.com/investorrelations.
CONFERENCE CALL
LyondellBasell will host a conference call August 2 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 Director of Investor Relations David
Kinney.
The toll-free dial-in number in the U.S. is 800-475-8402. A
complete listing of toll-free numbers by country is available at
www.LyondellBasell.com/teleconference for international
callers. The passcode for all numbers is 6934553.
The slides and webcast that accompany the call will be available
at www.LyondellBasell.com/earnings.
A replay of the call will be available from 2:00 p.m. EDT August 2 until September 1 at 11:59 p.m.
EDT. The replay dial-in numbers are 888-277-9385
(U.S.) and +1 402-998-0509 (international). The passcode for each
is 5713.
ABOUT LYONDELLBASELL
LyondellBasell (NYSE: LYB) is one of the largest plastics,
chemicals and refining companies in the world. Driven by its
employees around the globe, LyondellBasell produces materials and
products that are key to advancing solutions to modern
challenges like enhancing food safety through lightweight
and flexible packaging, protecting the purity of water supplies
through stronger and more versatile pipes, improving the safety,
comfort and fuel efficiency of many of the cars and trucks on the
road, and ensuring the safe and effective functionality in
electronics and appliances. LyondellBasell sells products into more
than 100 countries and is the world's largest producer of polymer
compounds and the largest licensor of polyolefin
technologies. In 2019, LyondellBasell was named to Fortune
magazine's list of the "World's Most Admired Companies." More
information about LyondellBasell can be found at
www.LyondellBasell.com.
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; any proposed business combination, the
expected timetable for completing any proposed transactions and the
receipt of any required governmental approvals, future financial
and operating results, benefits and synergies of any proposed
transactions, future opportunities for the combined company; 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, 2018, which can be found at
www.LyondellBasell.com on the Investor Relations page and on
the Securities and Exchange Commission's website at
www.sec.gov.
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.
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.
Quantitative reconciliations of EBITDA to net income, the most
comparable GAAP measure, are provided in Table 9 at the end of this
release. Additional operating and financial information,
including reconciliations of non-GAAP measures, may be found on our
website at www.LyondellBasell.com/investorrelations.
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 8 -
Reconciliation of Segment Information to Consolidated Financial
Information
|
|
|
2018
|
|
2019
|
(Millions of U.S.
Dollars)
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
Total
|
Sales and other
operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
|
$
|
2,646
|
|
$
|
2,542
|
|
$
|
2,770
|
|
$
|
2,450
|
|
$
|
10,408
|
|
$
|
2,111
|
|
$
|
2,114
|
|
$
|
4,225
|
Olefins &
Polyolefins - EAI
|
|
2,960
|
|
2,900
|
|
2,643
|
|
2,335
|
|
10,838
|
|
2,535
|
|
2,505
|
|
5,040
|
Intermediates &
Derivatives
|
|
2,343
|
|
2,584
|
|
2,509
|
|
2,152
|
|
9,588
|
|
1,894
|
|
2,062
|
|
3,956
|
Advanced Polymer
Solutions
|
|
838
|
|
833
|
|
1,039
|
|
1,314
|
|
4,024
|
|
1,339
|
|
1,258
|
|
2,597
|
Refining
|
|
2,257
|
|
2,569
|
|
2,499
|
|
1,832
|
|
9,157
|
|
1,882
|
|
2,180
|
|
4,062
|
Technology
|
|
115
|
|
182
|
|
171
|
|
115
|
|
583
|
|
141
|
|
173
|
|
314
|
Other/Eliminations
|
|
(1,392)
|
|
(1,404)
|
|
(1,476)
|
|
(1,322)
|
|
(5,594)
|
|
(1,124)
|
|
(1,244)
|
|
(2,368)
|
Continuing
operations
|
|
$
|
9,767
|
|
$
|
10,206
|
|
$
|
10,155
|
|
$
|
8,876
|
|
$
|
39,004
|
|
$
|
8,778
|
|
$
|
9,048
|
|
$
|
17,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
|
$
|
629
|
|
$
|
543
|
|
$
|
572
|
|
$
|
507
|
|
$
|
2,251
|
|
$
|
384
|
|
$
|
504
|
|
$
|
888
|
Olefins &
Polyolefins - EAI
|
|
281
|
|
245
|
|
141
|
|
15
|
|
682
|
|
186
|
|
226
|
|
412
|
Intermediates &
Derivatives
|
|
408
|
|
569
|
|
431
|
|
308
|
|
1,716
|
|
314
|
|
372
|
|
686
|
Advanced Polymer
Solutions
|
|
114
|
|
112
|
|
48
|
|
55
|
|
329
|
|
119
|
|
91
|
|
210
|
Refining
|
|
15
|
|
58
|
|
38
|
|
(139)
|
|
(28)
|
|
(59)
|
|
(110)
|
|
(169)
|
Technology
|
|
46
|
|
100
|
|
88
|
|
50
|
|
284
|
|
73
|
|
96
|
|
169
|
Other
|
|
1
|
|
(1)
|
|
(1)
|
|
(2)
|
|
(3)
|
|
—
|
|
(2)
|
|
(2)
|
Continuing
operations
|
|
$
|
1,494
|
|
$
|
1,626
|
|
$
|
1,317
|
|
$
|
794
|
|
$
|
5,231
|
|
$
|
1,017
|
|
$
|
1,177
|
|
$
|
2,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
|
$
|
106
|
|
$
|
109
|
|
$
|
111
|
|
$
|
116
|
|
$
|
442
|
|
$
|
115
|
|
$
|
117
|
|
$
|
232
|
Olefins &
Polyolefins - EAI
|
|
56
|
|
52
|
|
50
|
|
50
|
|
208
|
|
53
|
|
52
|
|
105
|
Intermediates &
Derivatives
|
|
73
|
|
72
|
|
71
|
|
71
|
|
287
|
|
72
|
|
74
|
|
146
|
Advanced Polymer
Solutions
|
|
8
|
|
9
|
|
22
|
|
30
|
|
69
|
|
29
|
|
30
|
|
59
|
Refining
|
|
46
|
|
46
|
|
45
|
|
55
|
|
192
|
|
43
|
|
44
|
|
87
|
Technology
|
|
10
|
|
12
|
|
10
|
|
11
|
|
43
|
|
10
|
|
11
|
|
21
|
Continuing
operations
|
|
$
|
299
|
|
$
|
300
|
|
$
|
309
|
|
$
|
333
|
|
$
|
1,241
|
|
$
|
322
|
|
$
|
328
|
|
$
|
650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA:(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
|
$
|
756
|
|
$
|
671
|
|
$
|
704
|
|
$
|
631
|
|
$
|
2,762
|
|
$
|
516
|
|
$
|
635
|
|
$
|
1,151
|
Olefins &
Polyolefins - EAI
|
|
419
|
|
355
|
|
262
|
|
127
|
|
1,163
|
|
296
|
|
331
|
|
627
|
Intermediates &
Derivatives
|
|
486
|
|
642
|
|
504
|
|
379
|
|
2,011
|
|
390
|
|
448
|
|
838
|
Advanced Polymer
Solutions
|
|
123
|
|
121
|
|
70
|
|
86
|
|
400
|
|
148
|
|
120
|
|
268
|
Refining
|
|
63
|
|
104
|
|
84
|
|
(84)
|
|
167
|
|
(15)
|
|
(66)
|
|
(81)
|
Technology
|
|
56
|
|
113
|
|
98
|
|
61
|
|
328
|
|
83
|
|
107
|
|
190
|
Other
|
|
10
|
|
4
|
|
10
|
|
12
|
|
36
|
|
10
|
|
4
|
|
14
|
Continuing
operations
|
|
$
|
1,913
|
|
$
|
2,010
|
|
$
|
1,732
|
|
$
|
1,212
|
|
$
|
6,867
|
|
$
|
1,428
|
|
$
|
1,579
|
|
$
|
3,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital, turnarounds
and IT deferred spending:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
|
$
|
242
|
|
$
|
311
|
|
$
|
247
|
|
$
|
279
|
|
$
|
1,079
|
|
$
|
276
|
|
$
|
257
|
|
$
|
533
|
Olefins
& Polyolefins - EAI
|
|
58
|
|
40
|
|
58
|
|
92
|
|
248
|
|
64
|
|
39
|
|
103
|
Intermediates &
Derivatives
|
|
68
|
|
80
|
|
100
|
|
161
|
|
409
|
|
179
|
|
238
|
|
417
|
Advanced Polymer
Solutions
|
|
15
|
|
10
|
|
16
|
|
21
|
|
62
|
|
16
|
|
11
|
|
27
|
Refining
|
|
36
|
|
45
|
|
47
|
|
122
|
|
250
|
|
43
|
|
53
|
|
96
|
Technology
|
|
8
|
|
9
|
|
12
|
|
19
|
|
48
|
|
17
|
|
17
|
|
34
|
Other
|
|
2
|
|
1
|
|
2
|
|
4
|
|
9
|
|
4
|
|
7
|
|
11
|
Continuing
operations
|
|
$
|
429
|
|
$
|
496
|
|
$
|
482
|
|
$
|
698
|
|
$
|
2,105
|
|
$
|
599
|
|
$
|
622
|
|
$
|
1,221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See Table 9 for the reconciliation of EBITDA to net
income.
|
|
|
Table 9 -
Reconciliation of Net Income to EBITDA
|
|
|
|
2018
|
|
2019
|
(Millions of U.S.
dollars)
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Total
|
|
Q1
|
|
Q2
|
|
Total
|
Net income
(a)(b)
|
|
$
|
1,231
|
|
$
|
1,654
|
|
$
|
1,113
|
|
$
|
692
|
|
$
|
4,690
|
|
$
|
817
|
|
$
|
1,003
|
|
$
|
1,820
|
Loss from
discontinued operations, net of tax
|
|
—
|
|
1
|
|
2
|
|
5
|
|
8
|
|
—
|
|
3
|
|
3
|
Income from
continuing operations(a)(b)
|
|
1,231
|
|
1,655
|
|
1,115
|
|
697
|
|
4,698
|
|
817
|
|
1,006
|
|
1,823
|
Provision for (benefit
from) income taxes(b)
|
|
303
|
|
(21)
|
|
232
|
|
99
|
|
613
|
|
203
|
|
169
|
|
372
|
Depreciation and
amortization
|
|
299
|
|
300
|
|
309
|
|
333
|
|
1,241
|
|
322
|
|
328
|
|
650
|
Interest expense,
net
|
|
80
|
|
76
|
|
76
|
|
83
|
|
315
|
|
86
|
|
76
|
|
162
|
EBITDA(c)
|
|
$
|
1,913
|
|
$
|
2,010
|
|
$
|
1,732
|
|
$
|
1,212
|
|
$
|
6,867
|
|
$
|
1,428
|
|
$
|
1,579
|
|
$
|
3,007
|
|
|
|
(a)
|
The third quarter of
2018, fourth quarter of 2018, first quarter of 2019 and second
quarter of 2019 include after-tax charges of $42 million, $15
million,
$12 million and $15 million respectively, for
acquisition-related transaction and integration costs associated
with our acquisition of A. Schulman.
|
(b)
|
The second quarter of
2018 includes a $346 million non-cash benefit from the release of
unrecognized tax benefits and associated accrued
interest.
|
(c)
|
EBITDA for the third
quarter of 2018, fourth quarter of 2018, first quarter of 2019 and
second quarter of 2019 include pre-tax charges of $53 million, $20
million, $16 million and $19 million, respectively, for
acquisition-related transaction and integration costs associated
with our acquisition of A. Schulman.
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/lyondellbasell-reports-second-quarter-2019-earnings-300895580.html
SOURCE LyondellBasell Industries