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NOVA Chemicals Q4'13 profit skyrockets 186%
28
Feb '14
In the fourth quarter of 2013, we generated a profit of $152 million compared to a profit of $53 million in the fourth quarter of 2012. For the full year 2013, we generated a profit of $658 million compared to a profit of $531 million for the full year 2012. The quarter-over-quarter and year-over-year improvements were primarily due to higher margins in our Polyethylene segment.
 
The Olefins/Polyolefins business unit generated $215 million of operating profit in the fourth quarter of 2013 compared to operating profit of $130 million in the fourth quarter of 2012. For the full year 2013, the business unit generated operating profit of $1.1 billion compared to operating profit of $1.0 billion for the full year 2012. 
 
The quarter-over-quarter increase was due to higher margins in our Polyethylene segment offset somewhat by a decrease in margins in our Corunna Olefins segment. The year-over-year increase was primarily due to higher margins and record sales volume in our Polyethylene segment offset somewhat by a decrease in margins in our Joffre Olefins and Corunna Olefins segments.
 
The Performance Styrenics segment reported an operating profit from continuing operations of $3 million in the fourth quarter of 2013 and $2 million in the fourth quarter of 2012. 
 
For the full year 2013, the segment generated an operating profit from continuing operations of $5 million compared to $9 million for the full year 2012. The quarter-over-quarter improvement was primarily due to slightly higher margins, while the year-over-year decline was due to slightly lower margins.
 
Highlights 
On December 18, 2013, we announced our decision to move forward with the second phase of our NOVA 2020 growth strategy. This next phase of the NOVA 2020 growth strategy, anticipated to take place over the 2014 to 2018 timeframe, will concentrate on expanding our Corunna cracker ethylene manufacturing capacity by approximately 20%, pursuing a debottleneck at our Moore low-density polyethylene line and pursuing a retrofit of our Moore high-density polyethylene line. Additionally, we will continue to evaluate options for a second Advanced SCLAIRTECHTM technology facility.
 
In December 2013, we began to utilize ethane supplied from the Marcellus Shale Basin as feedstock at our Corunna cracker.
 
In January 2014, we began to utilize ethane extracted from off-gas produced at oil sands upgrading facilities in Alberta at our Joffre facility.
 
Financial Highlights 
These highlights should be read in conjunction with our annual audited consolidated financial statements as of and for the year ended December 31, 2013 contained in our annual report on Form 20-F. On January 1, 2013, we adopted certain new and amended International Financial Reporting Standards ("IFRS"), which were required to be applied retrospectively. 
 

NOVA Chemicals

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