Net income in the first quarter 2013 increased by 44 percent from the fourth quarter 2012. The increase was primarily a result of improved operating results across all segments, other than Refining, which had a planned maintenance turnaround.
First-Quarter 2013 Highlights:
- Record diluted earnings per share of $1.56; $906 million income from continuing operations
- First quarter EBITDA of $1,585 million; record Olefins & Polyolefins - Americas results
- Began construction of La Porte ethylene expansion and methanol plant restart projects
- Completed significant scheduled maintenance at the Houston refinery; increased the refinery feedstock flexibility to accommodate both Canadian and lighter crudes
- Achieved investment grade credit rating
"The theme for our 2012 annual report was – "Seize the Moment – Securing the Future". We are converting these words to action. Our first quarter results demonstrate our success. For example, in our Olefins and Polyolefins – Americas segment, we took advantage of strong industry margins, and for the third consecutive quarter, operated our ethylene plant system at or above nameplate capacity - achieving record profitability in this segment," said Jim Gallogly, LyondellBasell Chief Executive Officer.
"In addition to our strong financial and operating results during the quarter, we passed several key milestones which we believe will help in securing our future performance. We received environmental permits and began construction on two key growth projects – the Channelview methanol plant restart and the La Porte olefins expansion.
“We are targeting to complete the methanol restart this year and the La Porte expansion during 2014. In addition, we completed a major turnaround at the Houston refinery, implementing modifications that position us to benefit from rapidly developing North American crude oil production. When completed, and assuming 2012 margins, these three projects would represent approximately $775 million of potential annual EBITDA," Gallogly added.
"While the U.S. olefins business set new records during the quarter, the situation in European olefins and polyolefins continued to be difficult. Although our results improved from recent quarters, underlying economic and industry conditions have not. Our Intermediates and Derivatives segment continued to post steady results. At the Houston refinery, major turnaround activities required us to reduce first quarter throughput which negatively impacted the quarter," Gallogly indicated.
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