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Westlake achieves highest earnings in 2011 in its history
22 Feb '12
5 min read
The 2011 income from operations was negatively impacted by three separate events: an unscheduled outage at one of our ethylene units in Lake Charles, Louisiana, a scheduled major maintenance turnaround of our Calvert City facility and a fire at a third-party storage facility in Mont Belvieu, Texas. The 2010 results were negatively impacted by an unscheduled outage at one of our ethylene units in Lake Charles caused by severe weather.
EBITDA (earnings before interest expense, income taxes, depreciation and amortization) of $84.9 million for the fourth quarter of 2011 decreased $87.5 million compared to $172.4 million in the fourth quarter of 2010. EBITDA for the fourth quarter of 2011 decreased $66.7 million compared to $151.6 million in the third quarter of 2011.
Net cash provided by operating activities was $362.3 million in 2011. Capital expenditures in 2011 were $176.8 million. At December 31, 2011, we had cash balances of $922.2 million, including $96.3 million of restricted cash, and our long-term debt was $764.6 million. The restricted cash is designated for qualifying amounts spent for certain capital additions in Louisiana.
Income from operations for the Olefins segment decreased by $78.6 million to $75.9 million in the fourth quarter of 2011 from $154.5 million in the fourth quarter of 2010. The decrease was primarily due to higher feedstock costs.
Income from operations for the fourth quarter of 2011 for the Olefins segment of $75.9 million decreased $29.5 million from the $105.4 million reported in the third quarter of 2011. The decrease was primarily due to lower integrated product margins, largely as a result of lower polyethylene sales prices and higher feedstock costs.
Income from operations was $459.3 million in 2011 compared to $460.0 million in 2010 as higher polyethylene and styrene sales prices were mostly offset by higher feedstock costs as compared to 2010. In addition, income from operations for 2011 was negatively impacted by the unscheduled outage at one of our ethylene units in Lake Charles and the fire at a third-party storage facility at Mont Belvieu. Results for 2010 were negatively impacted by the unscheduled outage at one of our ethylene units in Lake Charles caused by severe weather.
EBITDA (earnings before interest expense, income taxes, depreciation and amortization) of $84.9 million for the fourth quarter of 2011 decreased $87.5 million compared to $172.4 million in the fourth quarter of 2010. EBITDA for the fourth quarter of 2011 decreased $66.7 million compared to $151.6 million in the third quarter of 2011.
Net cash provided by operating activities was $362.3 million in 2011. Capital expenditures in 2011 were $176.8 million. At December 31, 2011, we had cash balances of $922.2 million, including $96.3 million of restricted cash, and our long-term debt was $764.6 million. The restricted cash is designated for qualifying amounts spent for certain capital additions in Louisiana.
Income from operations for the Olefins segment decreased by $78.6 million to $75.9 million in the fourth quarter of 2011 from $154.5 million in the fourth quarter of 2010. The decrease was primarily due to higher feedstock costs.
Income from operations for the fourth quarter of 2011 for the Olefins segment of $75.9 million decreased $29.5 million from the $105.4 million reported in the third quarter of 2011. The decrease was primarily due to lower integrated product margins, largely as a result of lower polyethylene sales prices and higher feedstock costs.
Income from operations was $459.3 million in 2011 compared to $460.0 million in 2010 as higher polyethylene and styrene sales prices were mostly offset by higher feedstock costs as compared to 2010. In addition, income from operations for 2011 was negatively impacted by the unscheduled outage at one of our ethylene units in Lake Charles and the fire at a third-party storage facility at Mont Belvieu. Results for 2010 were negatively impacted by the unscheduled outage at one of our ethylene units in Lake Charles caused by severe weather.
Westlake Chemical Corporation
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