HOUSTON and LONDON, April 26, 2019 /PRNewswire/
--
First Quarter 2019 Highlights
- Net Income: $0.8 billion
- Diluted earnings per share: $2.19
per share
- EBITDA: $1.4 billion
- Issued dividends and repurchased shares totaling $884 million; 5.6 million shares repurchased
during the first quarter
Comparisons with the prior quarter and first quarter
2018 are available in the following table:
Table 1 - Earnings Summary
Millions of
U.S. dollars (except share data)
|
Three Months
Ended
|
March 31,
2019
|
December 31,
2018
|
March 31,
2018
|
Sales and other
operating revenues
|
$8,778
|
$8,876
|
$9,767
|
Net income
|
817
|
692
|
1,231
|
Diluted earnings per
share
|
2.19
|
1.79
|
3.11
|
Weighted average
diluted share count
|
372
|
381
|
395
|
EBITDA
(a)
|
1,428
|
1,212
|
1,913
|
(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 first quarter 2019 of $0.8
billion, or $2.19 per
share. First quarter 2019 EBITDA was $1.4 billion. Integration activities
related to the acquisition of A. Schulman are on schedule and
estimated to have generated $85
million in forward annual run-rate synergies.
"LyondellBasell began 2019 with strong operational performance,
increasing sales volumes in Europe
and Asia and delivering promised
value from the A. Schulman acquisition. EBITDA for our
Olefins and Polyolefins - Europe,
Asia, International segment
rebounded with a 133 percent improvement over the fourth quarter
2018 and a strong recovery in polyolefins sales volumes.
EBITDA for our Advanced Polymer Solutions segment demonstrated the
promised quarterly synergies in addition to achieving our
expectations for significant improvement in baseline business
performance. Our Houston refinery delivered another quarter
of highly reliable operations, reducing the effects of a
challenging refining market," said Bob
Patel, LyondellBasell CEO.
"Market demand improved in the first quarter as the industry
recovered from an unusually slow fourth quarter. During the
first quarter, sales volumes increased 14 percent for polypropylene
globally, 9 percent for propylene oxide and derivatives and 15
percent for polypropylene compounds in Europe. We continued
to advance our value-driven growth strategy by actively managing
our asset portfolio with the acquisition of a syngas plant in
La Porte, Texas and the increase
of our ownership of methanol production at the site to 100
percent," Patel
said.
OUTLOOK
"In the first few weeks of April we have seen signs of industry
improvement. The strength in market sentiment is driving
higher margins for our Olefins & Polyolefins - EAI
segment. In our Olefins & Polyolefins - Americas segment
we are seeing volume improvement as we enter a period of strong
seasonal demand. The refining market is also improving with
increasing gasoline spreads and wider discounts for heavy
sour crude oil. Looking beyond the quarter, we will advance
our growth strategy and increase our earnings with a robust
pipeline of licensing revenue for 2019 in addition to the third
quarter start-up of our world-scale HDPE plant which utilizes our
innovative Hyperzone technology," 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
|
March 31,
2019
|
December 31,
2018
|
March 31,
2018
|
Operating
income
|
$384
|
$507
|
$629
|
EBITDA
|
516
|
631
|
756
|
Three months ended March 31,
2019 versus three months ended December 31, 2018 - EBITDA decreased
$115 million versus the fourth
quarter 2018. Compared with the prior period, olefins results
decreased $130 million.
Ethylene margin declined as the price of ethylene decreased
$42 per metric ton. Polyolefins
results declined nearly $30 million
primarily due to decreases in margin for both polyethylene and
polypropylene.
Three months ended March 31,
2019 versus three months ended March
31, 2018 - EBITDA decreased $240
million versus the first quarter 2018. Compared with
the prior period, olefins results decreased $110 million. Ethylene margin declined as
the price of ethylene decreased $79
per metric ton. Polyolefins results decreased approximately
$120 million driven by a spread
decline in polyethylene over ethylene of $132 per metric ton and a decrease in volume.
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
|
March 31,
2019
|
December 31,
2018
|
March 31,
2018
|
Operating
income
|
$186
|
$15
|
$281
|
EBITDA
|
296
|
127
|
419
|
Three months ended March 31,
2019 versus three months ended December 31, 2018 - EBITDA increased
$169 million versus the fourth
quarter 2018, which included a $36
million gain on the sale of our carbon black subsidiary in
France. Compared with the prior period, olefins results
increased more than $95
million. Volume and margin increased with the
completion of planned maintenance at our cracker in Wesseling,
Germany in the fourth quarter
partially offset by unplanned maintenance in the first
quarter. Combined polyolefins results increased more than
$55 million. Polyethylene
volume and margin improved with the completion of planned
maintenance and polypropylene volume increased with improved market
conditions. Joint venture equity income increased by
$25 million with the completion of
planned maintenance at our joint venture sites.
Three months ended March 31,
2019 versus three months ended March
31, 2018 - EBITDA decreased $123
million versus the first quarter 2018. Compared with
the prior period, olefins results decreased $35 million driven by a decline in volume due to
unplanned maintenance in the first quarter 2019. Combined
polyolefins results decreased approximately $40 million. Polyolefins spreads declined
for polyethylene and polypropylene over monomer $68 per metric ton and $83 per metric ton, respectively. Joint
venture equity income decreased by $25
million due to reduced margins.
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
|
March 31,
2019
|
December 31,
2018
|
March 31,
2018
|
Operating
income
|
$314
|
$308
|
$408
|
EBITDA
|
390
|
379
|
486
|
Three months ended March 31,
2019 versus three months ended December 31, 2018 - EBITDA increased
$11 million versus the fourth quarter
2018. Compared with the prior period, Propylene Oxide &
Derivatives results increased nearly $30
million. Volumes increased with the completion of
planned maintenance at our Bayport, Texas facility. Intermediate Chemicals
results decreased approximately $50
million driven by a decline in volume. Margin also
decreased primarily in methanol and ethylene glycol offset by an
improvement in styrene. Oxyfuels & Related Products
results increased more than $15
million primarily due to an improvement in margin.
Three months ended March 31,
2019 versus three months ended March
31, 2018 - EBITDA decreased $96
million versus the first quarter 2018. Compared with
the prior period, Propylene Oxide & Derivatives results
decreased approximately $10 million
due to reduced margins. Intermediate Chemicals results
decreased $40 million. Margin
declined primarily in styrene, methanol and acetyls partially
offset by an increase in methanol volume. Oxyfuels &
Related Products decreased by nearly $30
million due to margin and volume declines as a result of
softer gasoline market conditions.
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
|
March 31,
2019
|
December 31,
2018
|
March 31,
2018
|
Operating
income
|
$119
|
$55
|
$114
|
EBITDA
|
148
|
86
|
123
|
Three months ended March 31,
2019 versus three months ended December 31, 2018 - EBITDA increased
$62 million versus the fourth quarter
2018. Integration costs related to the acquisition of A.
Schulman and assigned to the segment were $4
million lower in the first quarter 2019 versus the fourth
quarter. Compared with the prior period, Compounding &
Solutions results increased more than $40
million. Volume increased with seasonal demand
improvement and margin improved after an unusually slow fourth
quarter in the automotive market. Advanced Polymers results
increased more than $5 million.
Three months ended March 31,
2019 versus three months ended March
31, 2018 - EBITDA increased $25
million versus the first quarter 2018. Integration
costs related to the acquisition and assigned to the segment were
$16 million during the first quarter
2019. Compared with the prior period, Compounding &
Solutions results increased nearly $55
million primarily due to the addition of new product lines
from the acquisition. Advanced Polymers results decreased
approximately $10 million.
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
|
March 31,
2019
|
December 31,
2018
|
March 31,
2018
|
Operating income
(loss)
|
$(59)
|
$(139)
|
$15
|
EBITDA
|
(15)
|
(84)
|
63
|
Three months ended March 31,
2019 versus three months ended December 31, 2018 - EBITDA increased $69
million versus the fourth quarter 2018. The Houston Refinery
operated at 259,000 barrels per day, 75,000 barrels per day more
than the prior period with the completion of planned
maintenance. The Maya 2-1-1 industry benchmark crack spread
modestly increased $2.66 per barrel
to $13.55 per barrel for the first
quarter. The Maya 2-1-1 remained challenged through February due to
high prices for heavy sour crude oil and a soft gasoline market
before improving significantly during March.
Three months ended March 31,
2019 versus three months ended March
31, 2018 - EBITDA decreased $78
million versus the first quarter 2018. Challenging
market conditions led to a decrease in the Maya 2-1-1 spread of
$7.17 per barrel to $13.55 per barrel. Crude throughput
increased by 7,000 barrels per day driven by improved
reliability.
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
|
March 31,
2019
|
December 31,
2018
|
March 31,
2018
|
Operating
income
|
$73
|
$50
|
$46
|
EBITDA
|
83
|
61
|
56
|
Three months ended March 31,
2019 versus three months ended December 31, 2018 - EBITDA increased
$22 million versus the fourth quarter
2018 primarily due to an increase in licensing revenue.
Three months ended March 31,
2019 versus three months ended March
31, 2018 - EBITDA increased $27
million versus the first quarter 2018 driven by an increase
in licensing revenue and catalyst sales volumes.
Capital Spending and Cash Balances
Capital expenditures, including growth projects, maintenance
turnarounds, catalyst and information technology-related
expenditures, were $599 million
during the first quarter 2019. Our cash and liquid investment
balance was $1.3 billion at
March 31, 2019. We repurchased 5.6 million ordinary
shares during the first quarter 2019. There were 370 million common
shares outstanding as of March 31, 2019. The company
paid dividends of $372
million during the first 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 April 26 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 1:30 p.m. EDT April
26 until June 25 at
12:59 a.m. EDT. The replay
dial-in numbers are 888-568-0028 (U.S.) and +1 203-369-3451
(international). The passcode for each is 3108.
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
|
Sales and other
operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
2,646
|
|
$
|
2,542
|
|
$
|
2,770
|
|
$
|
2,450
|
|
$
|
10,408
|
|
$
|
2,111
|
Olefins &
Polyolefins - EAI
|
2,960
|
|
2,900
|
|
2,643
|
|
2,335
|
|
10,838
|
|
2,535
|
Intermediates &
Derivatives
|
2,343
|
|
2,584
|
|
2,509
|
|
2,152
|
|
9,588
|
|
1,894
|
Advanced Polymer
Solutions
|
838
|
|
833
|
|
1,039
|
|
1,314
|
|
4,024
|
|
1,339
|
Refining
|
2,257
|
|
2,569
|
|
2,499
|
|
1,832
|
|
9,157
|
|
1,882
|
Technology
|
115
|
|
182
|
|
171
|
|
115
|
|
583
|
|
141
|
Other/Eliminations
|
(1,392)
|
|
(1,404)
|
|
(1,476)
|
|
(1,322)
|
|
(5,594)
|
|
(1,124)
|
Continuing
operations
|
$
|
9,767
|
|
$
|
10,206
|
|
$
|
10,155
|
|
$
|
8,876
|
|
$
|
39,004
|
|
$
|
8,778
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
629
|
|
$
|
543
|
|
$
|
572
|
|
$
|
507
|
|
$
|
2,251
|
|
$
|
384
|
Olefins &
Polyolefins - EAI
|
281
|
|
245
|
|
141
|
|
15
|
|
682
|
|
186
|
Intermediates &
Derivatives
|
408
|
|
569
|
|
431
|
|
308
|
|
1,716
|
|
314
|
Advanced Polymer
Solutions
|
114
|
|
112
|
|
48
|
|
55
|
|
329
|
|
119
|
Refining
|
15
|
|
58
|
|
38
|
|
(139)
|
|
(28)
|
|
(59)
|
Technology
|
46
|
|
100
|
|
88
|
|
50
|
|
284
|
|
73
|
Other
|
1
|
|
(1)
|
|
(1)
|
|
(2)
|
|
(3)
|
|
ā
|
Continuing
operations
|
$
|
1,494
|
|
$
|
1,626
|
|
$
|
1,317
|
|
$
|
794
|
|
$
|
5,231
|
|
$
|
1,017
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization:
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
106
|
|
$
|
109
|
|
$
|
111
|
|
$
|
116
|
|
$
|
442
|
|
$
|
115
|
Olefins &
Polyolefins - EAI
|
56
|
|
52
|
|
50
|
|
50
|
|
208
|
|
53
|
Intermediates &
Derivatives
|
73
|
|
72
|
|
71
|
|
71
|
|
287
|
|
72
|
Advanced Polymer
Solutions
|
8
|
|
9
|
|
22
|
|
30
|
|
69
|
|
29
|
Refining
|
46
|
|
46
|
|
45
|
|
55
|
|
192
|
|
43
|
Technology
|
10
|
|
12
|
|
10
|
|
11
|
|
43
|
|
10
|
Continuing
operations
|
$
|
299
|
|
$
|
300
|
|
$
|
309
|
|
$
|
333
|
|
$
|
1,241
|
|
$
|
322
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA:(a)
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
756
|
|
$
|
671
|
|
$
|
704
|
|
$
|
631
|
|
$
|
2,762
|
|
$
|
516
|
Olefins &
Polyolefins - EAI
|
419
|
|
355
|
|
262
|
|
127
|
|
1,163
|
|
296
|
Intermediates &
Derivatives
|
486
|
|
642
|
|
504
|
|
379
|
|
2,011
|
|
390
|
Advanced Polymer
Solutions
|
123
|
|
121
|
|
70
|
|
86
|
|
400
|
|
148
|
Refining
|
63
|
|
104
|
|
84
|
|
(84)
|
|
167
|
|
(15)
|
Technology
|
56
|
|
113
|
|
98
|
|
61
|
|
328
|
|
83
|
Other
|
10
|
|
4
|
|
10
|
|
12
|
|
36
|
|
10
|
Continuing
operations
|
$
|
1,913
|
|
$
|
2,010
|
|
$
|
1,732
|
|
$
|
1,212
|
|
$
|
6,867
|
|
$
|
1,428
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital, turnarounds
and IT deferred spending:
|
|
|
|
|
|
|
|
|
|
|
|
Olefins &
Polyolefins - Americas
|
$
|
242
|
|
$
|
311
|
|
$
|
247
|
|
$
|
279
|
|
$
|
1,079
|
|
$
|
276
|
Olefins &
Polyolefins - EAI
|
58
|
|
40
|
|
58
|
|
92
|
|
248
|
|
64
|
Intermediates &
Derivatives
|
68
|
|
80
|
|
100
|
|
161
|
|
409
|
|
179
|
Advanced Polymer
Solutions
|
15
|
|
10
|
|
16
|
|
21
|
|
62
|
|
16
|
Refining
|
36
|
|
45
|
|
47
|
|
122
|
|
250
|
|
43
|
Technology
|
8
|
|
9
|
|
12
|
|
19
|
|
48
|
|
17
|
Other
|
2
|
|
1
|
|
2
|
|
4
|
|
9
|
|
4
|
Continuing
operations
|
$
|
429
|
|
$
|
496
|
|
$
|
482
|
|
$
|
698
|
|
$
|
2,105
|
|
$
|
599
|
|
|
|
(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
|
Net income
(a)(b)
|
$
|
1,231
|
|
$
|
1,654
|
|
$
|
1,113
|
|
$
|
692
|
|
$
|
4,690
|
|
$
|
817
|
Loss from
discontinued operations, net of tax
|
ā
|
|
1
|
|
2
|
|
5
|
|
8
|
|
ā
|
Income from
continuing operations(a)(b)
|
1,231
|
|
1,655
|
|
1,115
|
|
697
|
|
4,698
|
|
817
|
Provision for (benefit from)
income taxes(b)
|
303
|
|
(21)
|
|
232
|
|
99
|
|
613
|
|
203
|
Depreciation and
amortization
|
299
|
|
300
|
|
309
|
|
333
|
|
1,241
|
|
322
|
Interest expense,
net
|
80
|
|
76
|
|
76
|
|
83
|
|
315
|
|
86
|
EBITDA(c)
|
$
|
1,913
|
|
$
|
2,010
|
|
$
|
1,732
|
|
$
|
1,212
|
|
$
|
6,867
|
|
$
|
1,428
|
|
|
(a)
|
The third quarter of
2018, fourth quarter of 2018 and first quarter of 2019 include
after-tax charges of $42 million, $15 million and $12 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 and first quarter of 2019
include pre-tax charges of $53 million, $20 million and $16
million, respectively, for acquisition-related transaction and
integration costs associated with our acquisition of A.
Schulman.
|
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SOURCE LyondellBasell Industries