LyondellBasell Reports Second-Quarter 2011 Results
(CORRECT: LyondellBasell Industries 2Q EBITDA $1.55B >LYB per DowJones)
Last Update: 7/29/2011 7:12:48 AM
Margin Expansion and Consistency Across Quarter Drive Excellent Results
ROTTERDAM, The Netherlands, July 29, 2011 /PRNewswire via COMTEX/ --
Second-Quarter 2011 Highlights
Net income of $804 million; Diluted earnings per share of $1.38
Quarterly EBITDA of $1,553 million; 11 percent increase from first quarter 2011
Sales of $14.0 billion, a 15 percent increase from first quarter 2011
Margin expansion in global olefins, U.S. refining and oxyfuels businesses
Majority independent Supervisory Board in place with addition of four new members
Initiated dividend
LyondellBasell Industries (LYB) today announced net income for the second quarter
2011 of $804 million, or $1.38 per share. Second-quarter 2011 EBITDA was $1,553
million, an 11 percent increase from the first quarter 2011. Sales in the second
quarter were $14,042 million, an increase of 15 percent from the prior quarter.
Comparisons with the prior quarter are available in the following table.
Table 1 - Earnings Summary(a)
--------------------------------------------
Millions of U.S. dollars (except share data) Three months endedSix months ended
---------------------------- ----------------
June 30, 2011 March 31, 2011
------------- --------------
June 30, 2011
-------------------------------------------- -------------
Sales and other operating revenues$14,042$12,252$26,294
-------------------------------------------- ------------- -------------- ----------------
Net income(b)8046631,467
-------------------------------------------- ------------- -------------- ----------------
Diluted earnings per share (U.S. dollars)1.381.152.56
-------------------------------------------- ------------- -------------- ----------------
Diluted share count (millions)575569569
-------------------------------------------- ------------- -------------- ----------------
EBITDA(c)1,5531,4022,955
-------------------------------------------- ------------- -------------- ----------------
(a)Net income and EBITDA are calculated using the LIFO (Last-In, First-Out) method of inventory accounting.
(b)Represents net income attributable to shareholders of LyondellBasell Industries.See Table 11.
(c)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.
During the second quarter 2011, results improved over a very strong first quarter
2011. Improvements in the performance of global olefins, U.S. refining and
oxyfuels were most notable. Financial performance was generally consistent across
the quarter.
In addition, results reflect the following:
Table 2 - Charges (Benefits) Included in Net Income
Three months endedSix months ended
---------------------------- ----------------
Millions of U.S. dollars (except share data)June 30, 2011 March 31, 2011 June 30, 2011
------------------------------------------------------------------------------- ------------- -------------- ----------------
Pretax charges (benefits):
-------------------------------------------------------------------------------
Reorganization items$28$2$30
----------------------------------------------- ------------- -------------- ----------------
Sale of precious metals(41)-(41)
----------------------------------------------- ------------- -------------- ----------------
Corporate restructurings61-61
----------------------------------------------- ------------- -------------- ----------------
Environmental accruals16-16
----------------------------------------------- ------------- -------------- ----------------
Warrants - mark to market(6)5953
----------------------------------------------- ------------- -------------- ----------------
Impairments13518
----------------------------------------------- ------------- -------------- ----------------
Premiums and charges on early repayment of debt 12-12
----------------------------------------------- ------------- -------------- ----------------
Insurance settlement-(34)(34)
----------------------------------------------- ------------- -------------- ----------------
Total pretax charges (benefits)8332115
------------------------------------------------------------------------------- ------------- -------------- ----------------
Provision for (benefit from) income tax related to these items(21)11(10)
------------------------------------------------------------------------------- ------------- -------------- ----------------
After-tax effect of net charges (credits)6243105
------------------------------------------------------------------------------- ------------- -------------- ----------------
Effect on diluted earnings per share(0.11)(0.08)(0.18)
------------------------------------------------------------------------------- ------------- -------------- ----------------
"During the second quarter, we continued to demonstrate the earnings potential of
our company as margins increased over already strong first-quarter levels," said
LyondellBasell Chief Executive Officer Jim Gallogly. "Our EBITDA of more than
$1.5 billion brings our first half EBITDA to nearly $3 billion."
"In U.S. olefins, we continued to optimize plant operations across our assets,
taking advantage of low-cost natural gas liquids while at the same time
completing major maintenance activities at one of our Channelview olefins plants.
Improved cracker and butadiene margins led to solid European olefins results,"
added Gallogly. "Our Intermediates & Derivatives segment continued its strong,
stable performance. Our Refining & Oxyfuels segment captured margin through
improved operations and the purchase of advantaged crude oils for the Houston
refinery while oxyfuels volumes increased and spreads widened during the summer
driving season," Gallogly said.
"The Supervisory Board now consists of a majority of independent directors
following the election of four new members in May. During the second quarter, in
addition to repaying 10 percent of our 8 percent Notes, we also paid our first
dividend to shareholders," added Gallogly.
OUTLOOK
"Following a very strong first half of the year, we remain positive about the
balance of 2011," commented Gallogly. "The Chinese polyolefins market is giving
indications that it is recovering from its soft patch and although U.S. and
European polymer markets are still adjusting to this disruption, we are entering
a period of significant industry maintenance. Since our key U.S. maintenance
projects have been completed for the year, we should be the beneficiary of
tightened supply/demand conditions and any opportunities that this may create,"
continued Gallogly.
"Most importantly, the fundamentals that created strong first-half results remain
intact," Gallogly said. "Specifically, we continue to benefit from the favorable
ratio of U.S. natural gas prices to crude oil prices. The flexibility within our
assets makes us particularly well suited to benefit from this environment.
Additionally, our Houston refinery's ability to process discounted heavy crude
oils further enhances our favorable position. The benefits we capture in this
environment are clearly visible in our first half results. These fundamentals are
expected to continue into the foreseeable future."
LYONDELLBASELL BUSINESS RESULTS DISCUSSION BY REPORTING SEGMENT
LyondellBasell operates in five business segments: 1) Olefins & Polyolefins -
Americas; 2) Olefins & Polyolefins - Europe, Asia, International; 3)
Intermediates & Derivatives; 4) Refining & Oxyfuels; and 5) Technology.
Olefins & Polyolefins - Americas (O&P-Americas) - The primary products of this
segment include ethylene and its co-products (propylene, butadiene and benzene),
polyethylene, polypropylene and Catalloy process resins.
Table 3 - O&P-Americas Financial Overview(a)
--------------------------------------------
Millions of U.S. dollarsThree months endedSix months ended
---------------------------- ----------------
June 30, 2011 March 31, 2011 June 30, 2011
-------------------------------------------- ------------- -------------- ----------------
Operating income$509$421$930
-------------------------------------------- ------------- -------------- ----------------
EBITDA5784841,062
-------------------------------------------- ------------- -------------- ----------------
(a)Operating income and EBITDA are calculated using the LIFO method of inventory accounting.See Table 8.
Three months ended June 30, 2011 versus three months ended March 31, 2011 -
O&P-Americas segment EBITDA increased $94 million versus the first quarter 2011.
Olefins profitability improved approximately $130 million despite the
approximately $75 million lost opportunity cost of the scheduled maintenance
activity at one of our Channelview olefins plants and an approximately $25
million weather related lost opportunity cost at our Morris, Ill. facility. An
ethylene sales price increase of approximately 9 cents per pound was partially
offset by an approximately 2 cents per pound increase in the company's average
cost-of-ethylene-production metric. Higher monomer prices contributed to an
approximately $50 million decline in polyethylene (PE) results as sales price
increases lagged monomer price increases. Polypropylene (PP) profits for the
second quarter 2011 increased approximately $10 million versus the first quarter
2011. Total polyolefins sales volumes were relatively unchanged from the prior
period.
Olefins & Polyolefins - Europe, Asia, International (O&P-EAI) - The primary
products of this segment include ethylene and its co-products (propylene and
butadiene), polyethylene, polypropylene, global polypropylene compounds, Catalloy
process resins and Polybutene-1 resins.
Table 4 - O&P-EAI Financial Overview(a)
---------------------------------------
Millions of U.S. dollarsThree months endedSix months ended
---------------------------- ----------------
June 30, 2011 March 31, 2011 June 30, 2011
--------------------------------------- ------------- -------------- ----------------
Operating income$207$179$386
--------------------------------------- ------------- -------------- ----------------
EBITDA275333608
--------------------------------------- ------------- -------------- ----------------
(a)Operating income and EBITDA are calculated using the LIFO method of inventory accounting.See Table 8.
Three months ended June 30, 2011 versus three months ended March 31, 2011 -
O&P-EAI segment EBITDA increased $95 million versus the first quarter 2011 after
excluding a second-quarter 2011 joint venture dividend decline of $91 million and
approximately $60 million of accruals related to a proposed European staff
reorganization and possible environmental remediation charges. Olefins results
improved approximately $95 million from the first quarter 2011 due to
significantly improved cracker and butadiene margins. Production volumes were
relatively unchanged between the periods. Polyethylene results were approximately
equal to the prior period while combined polypropylene and polypropylene
compounds results improved approximately $10 million from the first quarter 2011.
Intermediates & Derivatives (I&D) - The primary products of this segment include
propylene oxide (PO) and its co-products (styrene monomer, tertiary butyl alcohol
(TBA), isobutylene and tertiary butyl hydroperoxide), and derivatives (propylene
glycol, propylene glycol ethers and butanediol); acetyls, and ethylene oxide and
its derivatives.
Table 5 - I&D Financial Overview(a)
-----------------------------------
Millions of U.S. dollarsThree months endedSix months ended
---------------------------- ----------------
June 30, 2011 March 31, 2011 June 30, 2011
----------------------------------- ------------- -------------- ----------------
Operating income$235$234$469
----------------------------------- ------------- -------------- ----------------
EBITDA314270584
----------------------------------- ------------- -------------- ----------------
(a)Operating income and EBITDA are calculated using the LIFO method of inventory accounting.See Table 8.
Three months ended June 30, 2011 versus three months ended March 31, 2011 - I&Dsegment EBITDA increased $44 million versus the first quarter 2011. Decreased
sales volumes, as a result of the end of the aircraft deicer season, were
primarily responsible for lower PO and PO derivatives results. Intermediates
profitability increased versus the first quarter 2011 as increased acetyls and
styrene margins and a $41 million gain on the sale of spent silver catalyst
boosted results.
Refining & Oxyfuels (R&O) - The primary products of this segment include
gasoline, diesel fuel, heating oil, jet fuel, petrochemical raw materials, methyl
tertiary butyl ether (MTBE) and ethyl tertiary butyl ether (ETBE).
Table 6 - R&O Financial Overview(a)
-----------------------------------
Millions of U.S. dollarsThree months endedSix months ended
---------------------------- ----------------
June 30, 2011 March 31, 2011 June 30, 2011
----------------------------------- ------------- -------------- ----------------
Operating income$296$164$460
----------------------------------- ------------- -------------- ----------------
EBITDA353210563
----------------------------------- ------------- -------------- ----------------
(a) Operating income and EBITDA are calculated using the LIFO method of inventory accounting.See Table 8.
Three months ended June 30, 2011 versus three months ended March 31, 2011 -
Refining & Oxyfuels segment EBITDA increased $143 million versus the first
quarter 2011. The Houston refinery financial performance improved approximately
$135 million versus first quarter 2011. Crude oil throughput at the Houston
refinery increased slightly to 263,000 barrels per day. Refining margins improved
as the average industry benchmark margin increased approximately $2 per barrel
during the quarter. Margins realized at the Houston refinery increased by more
than the industry benchmark due to the purchase and processing of advantaged
crudes and operating benefits stemming from the first-quarter completion of the
fluid catalytic cracker turnaround. Absent from second quarter results is the $34
million first-quarter Houston refinery insurance settlement. At the Berre
refinery, results declined approximately $10 million from first quarter 2011 due
to low naphtha prices relative to gasoline and additional crude costs related to
the Libyan political situation. Throughput was reduced due to poor economics.
Oxyfuels results improved approximately $50 million compared to the first quarter
2011 due to seasonally higher volumes and margins.
Technology Segment - The principal products of the Technology segment include
polyolefin catalysts and production process technology licenses and related
services.
Table 7 - Technology Financial Overview(a)
------------------------------------------
Millions of U.S. dollarsThree months endedSix months ended
---------------------------- ----------------
June 30, 2011 March 31, 2011 June 30, 2011
------------------------------------------ ------------- -------------- ----------------
Operating income$23$66$89
------------------------------------------ ------------- -------------- ----------------
EBITDA4291133
------------------------------------------ ------------- -------------- ----------------
(a)Operating income and EBITDA are calculated using the LIFO method of inventory accounting.See Table 8.
Three months ended June 30, 2011 versus three months ended March 31, 2011 -
Results declined compared to the prior quarter due to lower licensing income and
a $16 million charge related to the closing of a U.S. research facility.
Liquidity
Company liquidity, which we define as cash and cash equivalents plus funds
available through established lines of credit, was approximately $7.1 billion on
June 30, 2011. The cash balance was approximately $4.9 billion (including
restricted cash) on June 30, 2011.
Capital Spending
Capital expenditures, including maintenance turnaround, catalyst and IT related
expenditures, were $261 million during the second quarter 2011.
CONFERENCE CALL
LyondellBasell will host a conference call today, July 29, 2011, at 11:00 a.m.
ET. Participating on the call will be: Jim Gallogly, Chief Executive Officer;
Kent Potter, Executive Vice President and Chief Financial Officer; Sergey
Vasnetsov, Senior Vice President - Strategic Planning and Transactions; and Doug
Pike, Vice President of Investor Relations. The toll-free dial-in number in the
U.S. is 888-982-4611. For international numbers, please go to our website,
lyondellbasell.com, for a complete listing of toll-free
numbers by country. The pass code for all numbers is 9704313.
A replay of the call will be available from 1:00 p.m. ET July 29 to 1:00 p.m. ET
on Aug. 29. The replay dial-in numbers are 800-510-9771 (U.S.) and +1
402-344-6800 (international). The pass code for each is 4765.
A copy of the slides that accompany the call will be available on our website at
lyondellbasell.com.
ABOUT LYONDELLBASELL
LyondellBasell (LYB) is one of the world's largest plastics, chemical and
refining companies. The company manufactures products at 58 sites in 18
countries. LyondellBasell products and technologies are used to make items that
improve the quality of life for people around the world including packaging,
electronics, automotive components, home furnishings, construction materials and
biofuels. More information about LyondellBasell can be found at
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 and natural gas;
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; legal
and environmental proceedings; tax rulings, consequences or proceedings;
technological developments, and our ability to develop new products and process
technologies; current and 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 substantial 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, 2010, which can be found at
lyondellbasell.com on the Investor Relations page and on the
Securities and Exchange Commission's website at sec.gov.
NON-GAAP 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. We
report our financial results in accordance with U.S. generally accepted
accounting principles, but believe that certain non-GAAP financial measures
provide useful supplemental information to investors regarding the underlying
business trends and performance of the company's ongoing operations. These
non-GAAP financial measures should be considered as a supplement to, and not as a
substitute for, or superior to, the financial measures prepared in accordance
with GAAP.
We have included EBITDA in this press release, as we believe that EBITDA is a
measure commonly used by investors. However, 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. For purposes of this release
and our other disclosures, EBITDA means earnings before interest, taxes,
depreciation, amortization and restructuring costs, as adjusted for other items
management does not believe are indicative of the Company's underlying results of
operations, including but not limited to, impairment charges, reorganization
items and the effect of mark-to-market accounting on our warrants, to the extent
applicable as shown in Table 9 at the end of this release. EBITDA also includes
dividends from joint ventures. 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.
Reconciliations of non-GAAP financial measures to their nearest comparable GAAP
financial measures are provided in the financial tables at the end of this
release.
OTHER FINANCIAL MEASURE PRESENTATION NOTES
As a result of the Company's reorganization proceedings and its emergence from
Chapter 11, financial results are prepared and disclosed for a predecessor
company for the time period before May 1, 2010, and the successor company for
time periods after April 30, 2010, the date of emergence. For financial
accounting purposes, the predecessor and successor companies are considered to be
two separate entities. As a result of the reorganization and application of
fresh-start accounting, the results of operations of the predecessor and
successor companies may not be comparable.
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.
Media Contact: David Harpole (713) 309-4125 Investor Contact: Doug Pike (713)
309-4590
Table 8 - Reconciliation of Segment Information to Consolidated Financial Information
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
20112010
----------------------------------------------------------------------------------------
(Millions of U.S. dollars)Q1Q2YTDMay 1 - June 30Q3Q4
--------------------------------------------------------------------------
Sales and other operating revenues:
Olefins & Polyolefins - Americas$3,572$4,010$7,582$2,004$3,247$3,155
Olefins & Polyolefins - Europe, Asia, International3,9444,2648,2082,1403,2473,342
Intermediates & Derivatives1,6921,7773,4699401,4531,361
Refining & Oxyfuels4,7205,83310,5532,4033,8674,051
Technology13912626575157133
Other/elims(1,815)(1,968)(3,783)(790)(1,669)(1,432)
------------------------------------------
Total$12,252$14,042$26,294$6,772$10,302$10,610
Operating income (loss):
Olefins & Polyolefins - Americas$421$509$930$149$448$446
Olefins & Polyolefins - Europe, Asia, International17920738611423166
Intermediates & Derivatives234235469109207196
Refining & Oxyfuels1642964601483144
Technology66238923388
Other1(5)(4)13(19)(16)
Total$1,065$1,265$2,330$422$988$844
Depreciation and amortization:
Olefins & Polyolefins - Americas$58$59$117$51$42$58
Olefins & Polyolefins - Europe, Asia, International5766123336053
Intermediates & Derivatives343771233028
Refining & Oxyfuels42468895543
Technology24164064032
Other---7(5)(7)
------------------------------------------
Total$215$224$439$129$222$207
EBITDA: (a)
Olefins & Polyolefins - Americas$484$578$1,062$198$492$505
Olefins & Polyolefins - Europe, Asia, International333275608174289125
Intermediates & Derivatives270314584128243228
Refining & Oxyfuels21035356321140212
Technology9142133297844
Other14(9)572(44)(29)
------------------------------------------
Total EBITDA1,402$1,553$2,9556221,1981,085
2010 LCM inventory valuation adjustments---33332(323)
Total excluding 2010 LCM inventory valuation
adjustments$1,402$1,553$2,955$955$1,230$762
Capital, turnarounds and IT deferred spending:
Olefins & Polyolefins - Americas$66$138$204$50$40$56
Olefins & Polyolefins - Europe, Asia, International423779313243
Intermediates & Derivatives5152053932
Refining & Oxyfuels10158159223452
Technology7310379
Other110115612
------------------------------------------
Total222261483116158204
Deferred charges included above(1)-(1)(3)(5)(4)
------------------------------------------
Capital expenditures$221$261$482$113$153$200
(a) See Table 9 for a reconciliation of total EBITDA, excluding LCM inventory valuation adjustments, to net income.
Table 9 - Reconciliation of EBITDA to Net Income
------------------------------------------------------------------------------------------------------------------------------------------
20112010
---------------------------------------------------------------
(Millions of U.S. dollars)Q1Q2YTDMay 1 - June 30Q3Q4
-------------------------------------------------------
Segment EBITDA:
Olefins & Polyolefins - Americas$484$578$1,062$198$492$505
Olefins & Polyolefins - Europe, Asia, International333275608174289125
Intermediates & Derivatives270314584128243228
Refining & Oxyfuels21035356321140212
Technology9142133297844
Other14(9)572(44)(29)
--------------------------------
Total EBITDA1,4021,5532,9556221,1981,085
LCM inventory valuation adjustments---33332(323)
--------------------------------
Total EBITDA excluding LCM inventory valuation adjustments1,4021,5532,9559551,230762
Add:
Income from equity investment5873131272930
Unrealized foreign exchange (loss) gain(3)41(14)(7)(1)
Gain on sale of Flavors and Fragrances business-----64
Deduct:
2010 LCM inventory valuation adjustments---(333)(32)323
Depreciation and amortization(215)(224)(439)(129)(222)(207)
Impairment charge(5)(13)(18)--(28)
Reorganization items(2)(28)(30)(8)(13)(2)
Interest expense, net(155)(164)(319)(120)(186)(222)
Joint venture dividends received(96)(11)(107)(28)-(6)
Provision for (benefit from) income taxes(263)(388)(651)(28)(254)112
Fair value change in warrants(59)6(53)17(76)(55)
Other(2)(5)(7)8(2)(4)
--------------------------------
Net income6608031,463347467766
Less: Net (income) loss attributable to non-controlling interests314(5)75
--------------------------------
Net income attributable to LyondellBasell Industries$663$804$1,467$342$474$771
Table 10 - Selected Segment Operating Information
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20112010
--------------------------------------------------------------------
Q1Q2YTDQ1Q2Q3Q4YTD
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Olefins and Polyolefins - Americas
Volumes (million pounds)
Ethylene produced2,0891,9294,0182,0191,9982,1842,1528,353
Propylene produced7695561,3257557777906953,017
Polyethylene sold1,4051,3772,7821,3301,3201,4721,3475,469
Polypropylene sold5856111,1966156706756112,571
Benchmark Market Prices
West Texas Intermediate crude oil (USD per barrel)94.60102.3498.5078.8878.0576.0985.2479.58
Light Louisiana Sweet ("LLS") crude oil (USD per barrel)107.83118.34113.1780.0282.1679.6489.3382.80
Natural gas (USD per million BTUs)4.194.434.315.364.044.354.174.48
U.S. weighted average cost of ethylene production (cents/pound)32.633.833.234.326.725.233.830.0
U.S. ethylene (cents/pound)49.357.553.452.345.638.347.345.9
U.S. polyethylene [high density] (cents/pound)87.795.391.583.384.077.783.782.2
U.S. propylene (cents/pound)71.787.379.561.563.356.257.359.6
U.S. polypropylene [homopolymer] (cents/pound)100.8113.8107.387.889.882.783.886.0
Olefins and Polyolefins - Europe, Asia, International
Volumes (million pounds)
Ethylene produced9979991,9968618429949133,610
Propylene produced6086311,2395095406365602,245
Polyethylene sold1,3051,2792,5841,2391,2301,3161,2755,060
Polypropylene sold1,7041,6313,3351,5381,7621,8911,8327,023
Benchmark Market Prices
Western Europe weighted average cost of ethylene production (euro 0.01 per pound)34.735.435.028.727.326.535.729.5
Western Europe ethylene (euro 0.01 per pound)52.054.753.441.643.743.144.343.2
Western Europe polyethylene [high density] (euro 0.01 per pound)62.165.964.051.453.852.452.552.5
Western Europe propylene (euro 0.01 per pound)50.855.353.138.945.143.142.642.4
Western Europe polypropylene [homopolymer] (euro 0.01 per pound)66.669.468.051.360.360.358.957.7
Intermediates and Derivatives
Volumes (million pounds)
Propylene oxide and derivatives8387911,6298697818728603,382
Ethylene oxide and derivatives288277565265250206251972
Styrene monomer8528171,6695897808276852,881
Acetyls4394178553794394054841,707
TBA Intermediates4854599444724704544251,821
Refining and Oxyfuels
Volumes
Houston Refining crude processing rate (thousands of barrels per day)258263261263189261233236
Berre Refinery crude processing rate (thousands of barrels per day)10185937399998088
MTBE/ETBE sales volumes (million gallons)196206398189236248218891
Benchmark Market Margins
Light crude oil - 2-1-1(a)6.0010.288.186.9410.397.669.018.51
Light crude oil - Maya differential(a)17.8715.5016.829.089.918.529.609.31
Urals 4-1-2-1 (USD per barrel)7.797.717.755.987.275.946.626.44
MTBE - Northwest Europe (cents per gallon)58.992.775.449.346.244.318.739.5
Source: CMAI, Bloomberg, LyondellBasell Industries
(a) Prices prior to 2011 use WTI as the light crude oil benchmark.Beginning in 2011, Light Louisiana Sweet ("LLS") is used as the light crude oil benchmark.
Table 11 - Unaudited Income Statement Information
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20112010
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(Millions of U.S. dollars, except per share data)Q1Q2YTDMay 1 -June 30Q3Q4
----------------------------------------------------------------
Sales and other operating revenues$12,252$14,042$26,294$6,772$10,302$10,610
Cost of sales10,94312,47423,4176,1989,0759,494
Selling, general and administrative
expenses211247458129204231
Research and development expenses335689233541
---------------------------------------
Operating income1,0651,2652,330422988844
Income from equity investments5873131272930
Interest expense, net(155)(164)(319)(120)(186)(222)
Other income (expense), net(43)45254(97)(60)
---------------------------------------
Income before income taxes and
reorganization items9251,2192,144383734592
Reorganization items(2)(28)(30)(8)(13)(2)
---------------------------------------
Income before taxes9231,1912,114375721590
Provision for (benefit from) income taxes26338865128254(112)
---------------------------------------
Income from continuing operations6608031,463347467702
Income from discontinued operations,
net of tax-----64
---------------------------------------
Net income6608031,463347467766
Less: Net (income) loss attributable to
non-controlling interests314(5)75
---------------------------------------
Net income attributable to the Company$663$804$1,467$342$474$771
Table 12 - Unaudited Cash Flow Information
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20112010
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(Millions of U.S. dollars)Q1Q2YTDMay 1 - June 30Q3Q4
---------------------------------------------------------
Net cash provided by operating activities$221$1,026$1,247$1,105$1,125$728
Net cash used in investing activities(216)(435)(651)(110)(157)(46)
Net cash provided by (used in)
financing activities28(327)(299)133(88)(1,239)
SOURCE LyondellBasell Industries |
