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LyondellBasell Q1 EBITDA drops by $162mn
Apr '14
LyondellBasell Industries announced earnings from continuing operations for the first quarter 2014 of $943 million or $1.72 diluted earnings per share. First quarter 2014 EBITDA was $1,668 million.  
First-Quarter 2014 Highlights
-Diluted earnings per share of $1.72; $943 million income from continuing operations
-EBITDA of $1,668 million notwithstanding plant maintenance and weather-related cost increases
-Growth projects progressing with the start-up of a 200 million pounds per year polyethylene expansion, the commencement of the La Porte turnaround that will enable the third quarter addition of 800 million pounds per year of ethylene capacity, and the issuance of final permits for the Corpus Christi ethylene expansion
-Repurchased 15 million shares during the first quarter
-Shareholders approved a share repurchase program for an additional 10 percent of shares at the annual meeting on April 16, 2014; and the Supervisory Board approved a 10 cent per share increase of the quarterly interim dividend to $0.70 per share
Three months ended March 31, 2014 versus three months ended March 31, 2013
EBITDA declined $162 million versus the first quarter 2013. As noted above, maintenance activities coupled with preparation for the La Porte turnaround contributed to the lower results. 
An ethylene margin decline of 6 cents per pound impacted results by approximately $120 million. Polyethylene results increased primarily driven by a 9 cent per pound higher average price. Polypropylene results increased by approximately $30 million due to improved margins and 9 percent higher sales volumes. Joint venture equity income was relatively unchanged.
The first quarter 2014 income from continuing operations benefitted from $52 million related to an environmental indemnity settlement. There was no tax impact associated with this credit. The effect on diluted earnings per share was $0.09.
"The first quarter results were good despite headwinds from maintenance, weather-related raw material cost volatility, and shipping delays. Exclusive of these pressures, the underlying business fundamentals remained strong and relatively unchanged," said Jim Gallogly, LyondellBasell Chief Executive Officer. 
Click here to view full results.


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