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LYB · LyondellBasell Industries

16 filings

10-K

LYB 10-K Annual Reports

LyondellBasell Industries - 16 annual reports

Filing record · 2016–202610-K1110-Q338-K127

2025
LyondellBasell Industries Annual Report, Year Ended Dec 31, 2025
LyondellBasell Industries N.V. (LYB) reported a net loss of $738 million for 2025 compared with net income of $1,367 million in 2024, driven by non-cash impairment charges and weaker petrochemical margins. Revenues fell to $30.15 billion from $33.39 billion, with operating loss of $420 million versus operating income of $1,918 million the prior year. Goodwill impairments of $972 million and other impairments of $279 million, mainly in the O&P-EAI and APS segments, weighed on results. Cash provided by operating activities was $2.26 billion, capital expenditures were $1.88 billion, and dividends paid totaled $1.76 billion. Management announced a 2026 plan to sell select European olefins and polyolefins assets, with closing expected in the second quarter of 2026 and an expected loss of approximately $700 million to $900 million. The company also declared a quarterly dividend of $0.69 per share in February 2026, a $0.68 reduction from the fourth-quarter 2025 dividend. A cash improvement plan achieved $800 million in annualized savings relative to the 2025 plan, with a further $500 million targeted for 2026, for a cumulative target of $1.3 billion. At year-end, the company held cash and cash equivalents of $3.44 billion and total debt of $12.94 billion, with $4.65 billion of unused credit availability. The 2026 capital budget is approximately $1.2 billion, of which about $800 million is for sustaining maintenance. The company also updated its sustainability goals, including a target of 800 thousand metric tons of recycled and renewable-based polymers annually by 2030.
Feb 20, 2026
2024
LyondellBasell Industries Annual Report, Year Ended Dec 31, 2024
LyondellBasell Industries N.V. (NYSE: LYB) reported 2024 net income of $1.37 billion, down from $2.12 billion in 2023, on sales and other operating revenues of $40.30 billion (versus $41.11 billion in 2023). Operating income fell to $1.82 billion from $3.05 billion, driven by an $837 million non-cash impairment of property, plant and equipment in the O&P-EAI segment tied to European assets under strategic review, and by lower margins in the Refining and I&D segments. Total impairments were $949 million for the year. Cash provided by operating activities was $3.82 billion, capital expenditures were $1.84 billion, and the company returned $1.92 billion to shareholders through dividends ($1.72 billion) and share repurchases ($195 million). The company is executing a strategy built on three pillars: growing and upgrading the core, building a Circular & Low Carbon Solutions business, and stepping up performance and culture. It is also exiting the refining business, with Houston refinery shutdown activities beginning in January 2025 and expected to be substantially completed in the first quarter of 2025. Other portfolio actions in 2024 included the sale of the EO&D business for $689 million, a pre-tax gain of $284 million, and a roughly $500 million acquisition of a 35% stake in National Petrochemical Industrial Company (NATPET). The Value Enhancement Program is estimated to reach a 2025 year-end run rate of approximately $1.0 billion of recurring annual EBITDA. Total debt was $11.15 billion at year-end 2024, against $3.38 billion of cash and cash equivalents and $4.65 billion of unused credit facility availability. Management expects a gradual oxyfuels margin recovery over the summer of 2025 and cites tariff and trade uncertainty as potential headwinds. Planned 2025 capital expenditures are approximately $1.9 billion, of which about $1.2 billion is for sustaining maintenance. Investors should weigh the weaker 2024 earnings, the European impairments and the ongoing strategic review of non-core European assets (about 30% of O&P-EAI production capacity) against the company's continued dividend growth goal and its target of returning 70% of free cash flow to shareholders over the long term.
Feb 27, 2025
2023
LyondellBasell Industries Annual Report, Year Ended Dec 31, 2023
LyondellBasell Industries N.V. reported 2023 net income of $2,121 million, down from $3,889 million in 2022, on sales and other operating revenues of $41,107 million versus $50,451 million. Operating income fell to $3,053 million from $5,101 million, with EBITDA of $4,509 million compared with $6,301 million. The decline reflected softer global demand, new industry capacity and lower average sales prices tied to crude oil, partly offset by lower feedstock and energy costs. The company recorded non-cash impairments of $518 million, including a $252 million goodwill impairment in Advanced Polymer Solutions and a $192 million write-down of its European PO joint venture investment. Cash from operating activities was $4,942 million, and the company returned about $1.8 billion to shareholders through dividends ($1,610 million) and share repurchases ($211 million), while capital expenditures were $1,531 million. Total debt was $11,232 million at year-end, and cash and cash equivalents were $3,390 million. Management plans a 2024 capital budget of about $2.1 billion and a Value Enhancement Program targeting roughly $600 million of recurring annual EBITDA by year-end 2024 and up to $1 billion by 2025. The company also decided to exit its Houston refinery no later than the end of the first quarter of 2025 and agreed to sell its ethylene oxide and derivatives business for $700 million.
Feb 22, 2024
2022
LyondellBasell Industries Annual Report, Year Ended Dec 31, 2022
LyondellBasell Industries N.V. (LYB) reported 2022 results with sales and other operating revenues of $50.45 billion, up from $46.17 billion in 2021, but operating income fell to $5.10 billion from $6.77 billion and net income declined to $3.89 billion from $5.62 billion. Management attributed the margin pressure to high and volatile energy and feedstock costs and reduced global demand, with O&P-Americas and O&P-EAI facing headwinds from weaker demand in Europe and Asia and global capacity additions. Refining and I&D were the bright spots: Refining EBITDA rose to $921 million from a $624 million loss in 2021, and I&D EBITDA rose to $1.87 billion from $1.38 billion, driven by oxyfuels margins. Strategically, the company decided in April 2022 to exit the Houston refinery business, with closure expected by the end of 2023, and sold its Australian polypropylene business, which resulted in a $69 million impairment. The company also formed a circular and low carbon solutions business and began start-up of its PO/TBA plant in Houston, with start-up on track for the end of Q1 2023 and a total cost of approximately $3.7 billion. A value enhancement program is targeted to yield approximately $750 million of EBITDA by the end of 2025. On cash and shareholder returns, operating cash flow was $6.12 billion in 2022, capital expenditures were $1.89 billion, and the company returned $3.7 billion to shareholders through quarterly dividends, a $5.20 per share special dividend, and share repurchases. Total debt was $11.32 billion at year-end, with cash and cash equivalents of $2.15 billion, and the company stated it remains committed to a strong investment grade balance sheet.
Feb 23, 2023
2021
LyondellBasell Industries Annual Report, Year Ended Dec 31, 2021
LyondellBasell Industries N.V. is a global, independent chemical company that participates across the petrochemical value chain through six reportable segments: O&P—Americas, O&P—EAI, Intermediates and Derivatives (I&D), Advanced Polymer Solutions (APS), Refining (Houston refinery), and Technology. The filing describes 2021 as a year of robust demand and tight market conditions. Sales and other operating revenues rose to $46.17 billion from $27.75 billion in 2020, operating income rose to $6.77 billion from $1.56 billion, and net income was $5.62 billion versus $1.43 billion. Operating cash flow was $7.70 billion, capital expenditures were $1.96 billion, and dividends paid totaled $1.49 billion. The company reduced long-term debt by $4 billion in 2021 and states it does not plan further long-term debt reduction in 2022. The Refining segment remained weak, with an EBITDA loss of $624 million, which included a $624 million non-cash impairment of the Houston refinery in the fourth quarter. The company is weighing strategic options for the refinery, including a potential sale. The company also expects 2022 capital expenditures of approximately $2.1 billion, with the PO/TBA plant in Houston expected to start up at the end of 2022 at a total capital cost of approximately $3.4 billion. The filing notes that costs for that project are expected to rise by roughly 40% to 50% above the original estimate due to COVID-19 delays, more extensive civil construction and tariffs. Risks highlighted include commodity price volatility, cyclical oversupply in chemicals and refining, environmental and climate regulation, and pending environmental enforcement matters, none of which the filing describes as material to the financial statements. The company also reports a pension deficit of $1,015 million and that it is in compliance with its debt covenants.
Feb 24, 2022
2020
LyondellBasell Industries Annual Report, Year Ended Dec 31, 2020
LyondellBasell Industries N.V. reported 2020 net income of $1.43 billion, down from $3.40 billion in 2019, on sales and other operating revenues of $27.75 billion versus $34.73 billion. Operating income fell to $1.56 billion from $4.12 billion, reflecting lower olefins, polyolefins, intermediates and derivatives, and refining margins, along with a $582 million non-cash impairment of the Houston refinery recognized in the third quarter of 2020. Cash from operating activities was $3.40 billion, and the company made capital expenditures of $1.95 billion, reduced from $2.69 billion in 2019 after postponing growth projects and maintenance during the pandemic. The company strengthened its liquidity during 2020 by issuing $2.0 billion and $3.9 billion of guaranteed notes, and it invested in new joint ventures, including a 50% stake in the Louisiana Joint Venture for $2 billion and a 50% interest in the Bora LyondellBasell complex in China for $472 million. Total debt, including current maturities, stood at $15.96 billion at year end, up from roughly $12.1 billion, and the company said it is prioritizing debt reduction and remains committed to its dividend, which was $4.20 per share in 2020. Its $2.5 billion revolving credit facility had $2.02 billion of unused availability at December 31, 2020. The filing also flags forward-looking risks, including volatile feedstock and energy costs, the pandemic's effect on demand, and a February 2021 Gulf Coast cold-weather event that shut down the majority of the region's petrochemical and refining capacity for at least a week at many facilities. The Houston PO/TBA project is now expected to finish in the fourth quarter of 2022, with costs projected to rise 40% to 50% above the original $2.4 billion estimate.
Feb 25, 2021
2019
LyondellBasell Industries Annual Report, Year Ended Dec 31, 2019
LyondellBasell Industries N.V. (LYB) reported 2019 net income of $3.40 billion on sales and other operating revenues of $34.73 billion, down from $39.00 billion in 2018, with operating income of $4.12 billion versus $5.23 billion. The decline was driven primarily by lower average sales prices tied to crude oil, weaker polyethylene and intermediate chemicals margins, and a Refining segment EBITDA loss of $65 million. Results were partly supported by the A. Schulman acquisition (added $1.30 billion of revenue in 2019) and record Technology segment licensing revenue. Cash from operating activities was $4.96 billion, and the company returned $5.2 billion to shareholders through dividends ($1.46 billion) and share repurchases ($3.75 billion paid in cash). Balance sheet leverage increased: long-term debt rose to $11.61 billion from $8.50 billion, and total debt including current maturities was $12.06 billion, largely due to borrowings used to fund the July 2019 tender offer and refinance maturities. Capital expenditures increased to $2.69 billion, with approximately $2.4 billion planned for 2020, including the Channelview PO/TBA plant expected to be completed in late 2021. Management expects an effective tax rate of approximately 20% for 2020 and cites expected benefits from IMO 2020 regulations for the Houston refinery and the completion of the Hyperzone polyethylene plant. The filing also discloses a $238 million unrecognized tax benefit position, a pension deficit of $1.29 billion, and several environmental enforcement matters, none described as material to the company's financial condition. The company's auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion on the financial statements and on internal control over financial reporting as of December 31, 2019.
Feb 20, 2020
2018
LyondellBasell Industries Annual Report, Year Ended Dec 31, 2018
LyondellBasell Industries N.V. (NYSE: LYB) reported 2018 sales and other operating revenues of $39.00 billion, up from $34.48 billion in 2017, and operating income of $5.23 billion versus $5.46 billion. Net income attributable to the Company shareholders was $4.69 billion, compared with $4.88 billion in 2017, and diluted earnings per share from continuing operations were $12.03. The company cited strong earnings despite a challenging second half of 2018, with planned and unplanned downtime reducing fourth-quarter 2018 results by approximately $225 million. Results were supported by higher Intermediates and Derivatives (EBITDA of $2.01 billion, up from $1.49 billion) and Technology segments, partly offset by lower results in Olefins and Polyolefins–Europe, Asia, International (EBITDA of $1.16 billion, down from $1.93 billion). Key corporate events in 2018 included the $1.94 billion acquisition of A. Schulman, Inc. (completed August 21, 2018), which formed the new Advanced Polymer Solutions segment, and the start of construction on a $2.4 billion PO/TBA plant in Channelview, Texas. Cash provided by operating activities was $5.47 billion, while the company spent $2.11 billion on capital expenditures, repurchased $1.85 billion of ordinary shares and paid $1.55 billion in dividends. Total debt, including current maturities, was $9.39 billion at year-end. In February 2019, the company entered into a $2.00 billion 364-day term loan and used the proceeds to redeem the remaining $1.00 billion of its 5% Senior Notes due 2019. The filing also highlights ongoing exposure to commodity cycles, feedstock price volatility, the single-site Houston refinery, European operations and pension underfunding, with the aggregate pension projected benefit obligation exceeding plan assets by $992 million at December 31, 2018. The company stated that it expects its 2019 effective income tax rate to be approximately 20% and planned approximately $2.8 billion of capital expenditures and PO joint venture contributions for 2019.
Feb 21, 2019
2017
LyondellBasell Industries Annual Report, Year Ended Dec 31, 2017
LyondellBasell Industries N.V. reported 2017 net income of $4.88 billion on sales and other operating revenues of $34.48 billion, up from $29.18 billion in 2016. Operating income rose to $5.46 billion from $5.06 billion, driven mainly by higher olefins volumes after the Corpus Christi expansion, higher Olefins and Polyolefins—EAI and Intermediates and Derivatives margins, and better crude processing rates at the Houston refinery. Diluted EPS from continuing operations was $12.28, versus $9.15 in 2016. Results were also lifted by an $819 million non-cash tax benefit from the Tax Cuts and Jobs Act, which lowered the effective tax rate to 10.9% from 26.5% in 2016. Cash flow from operations was $5.21 billion, and capital expenditures were $1.55 billion. The company returned $1.42 billion through dividends, raised the quarterly dividend from $0.85 to $0.90, and repurchased about 10 million shares for $845 million. Cash and cash equivalents were $1.52 billion at year-end, and total debt was $8.62 billion. The company redeemed $1 billion of 5% senior notes due 2019 using proceeds from new 3.5% guaranteed notes due 2027. Total debt including current maturities was $8.62 billion at December 31, 2017. Looking ahead, the company expects 2018 capital expenditures of about $2.4 billion, including the Hyperzone polyethylene plant and a PO/TBA plant. On February 15, 2018, it agreed to acquire A. Schulman for total consideration of $2.25 billion, funded with cash on hand and expected to close in the second half of 2018. Near-term EBITDA is expected to be hit by about $45 million from January cold-weather disruptions and about $50 million per quarter in the first and second quarters from a Channelview cracker turnaround.
Feb 22, 2018
2016
LyondellBasell Industries Annual Report, Year Ended Dec 31, 2016
LyondellBasell Industries N.V. (LYB) reported 2016 results in its Form 10-K filed February 17, 2017. Revenues fell to $29.18 billion from $32.74 billion in 2015, and operating income declined to $5.06 billion from $6.12 billion. Net income attributable to the Company shareholders was $3.84 billion, compared with $4.48 billion in 2015. Management described 2016 earnings as good despite a heavy maintenance schedule and several operational upsets at the Houston refinery. Olefins and Polyolefins—Americas operating income fell to $2.39 billion, while O&P—EAI rose to $1.49 billion. Refining posted an operating loss of $99 million, reflecting lower margins and reduced crude processing rates. Cash generated from operating activities was $5.61 billion, and the company returned capital to shareholders through $2.94 billion of share repurchases and $1.40 billion of dividends paid. Total debt, including current maturities, was $8.98 billion at year-end, and the company had $2.71 billion of unused credit facility availability. Capital expenditures were $2.24 billion in 2016, and management expects approximately $2 billion in 2017 spending. The filing states that the industry outlook for 2017 has steadily improved, citing healthy economic activity, ethylene project delays, and more favorable crude oil prices and NGL supply. Key risks highlighted include feedstock price volatility, the dependence of the Houston refinery as the company's only refining operation, cyclical oversupply in chemicals and refining, and exposure to euro-denominated assets and international operations. The filing also discloses a pension deficit of $942 million and potential IRS Section 409A exposure of up to $170 million tied to executive stock options.
Feb 17, 2017
2015
LyondellBasell Industries Annual Report, Year Ended Dec 31, 2015
LyondellBasell Industries N.V. (LYB) reported record 2015 earnings in its annual report, with net income of $4.47 billion on sales and other operating revenues of $32.74 billion, down from $45.61 billion in 2014. Diluted earnings per share from continuing operations were $9.60, compared with $8.00 in 2014. Results were supported by lower feedstock costs, stronger European polyolefins margins and improved refining margins, but were offset by lower olefins margins in the Americas and by lower-of-cost-or-market inventory charges totaling $548 million pretax in 2015 (and $760 million in 2014). Operating income was $6.12 billion, up from $5.74 billion. Cash flow from operations was $5.84 billion in 2015, and the company returned substantial capital to shareholders: it repurchased 51.8 million shares for $4.62 billion and paid $1.41 billion in dividends, with dividends declared at $3.04 per share. Total debt, including current maturities, was $8.03 billion at year end, and cash, cash equivalents and short-term investments totaled $1.99 billion. The company also cited $1.63 billion of unused availability under its $2.0 billion revolving credit facility. Management's outlook for early 2016 points to lower ethylene margins for the Americas on an NGL basis, healthy polyolefins margins in the U.S. and Europe, and planned maintenance at the Houston refinery expected to reduce first-quarter results by $40 million. Capital expenditures are planned at $1.83 billion for 2016, up from $1.44 billion in 2015, with the Corpus Christi ethylene expansion scheduled for completion in the second quarter of 2016.
Feb 16, 2016
2014
LyondellBasell Industries Annual Report, Year Ended Dec 31, 2014
LyondellBasell Industries N.V. reported record earnings for 2014 despite a large inventory charge. Revenues were $45.61 billion in 2014, up from $44.06 billion in 2013, and operating income rose to $5.74 billion from $5.10 billion. Results absorbed a $760 million pretax lower of cost or market (LCM) inventory valuation charge ($483 million after tax) recognized in the third and fourth quarters, driven by a decline in crude oil and correlated product prices. Net income attributable to Company shareholders was $4.17 billion, or $7.99 diluted EPS. EBITDA reached $7.05 billion across segments, with O&P—Americas at $3.91 billion and O&P—EAI at $1.37 billion, while Refining fell to $65 million after its $344 million LCM charge. Cash flow from operations was $6.05 billion. The company returned substantial capital to shareholders, repurchasing $5.79 billion of shares and paying $1.40 billion in dividends, and declared $2.70 per share in dividends for 2014 versus $2.00 in 2013. Total debt stood at $7.11 billion at year-end, and cash and cash equivalents fell to $1.03 billion from $4.45 billion, with an additional $1.59 billion in short-term investments. Management said it expects North American margins to be lower in 2015 as the NGL advantage narrows, that further LCM charges are likely in the first quarter of 2015 if crude prices remain depressed, and that it is reevaluating the planned Gulf Coast polyethylene facility. The filing also highlights growth investments, including a 800 million pound ethylene expansion completed at La Porte, Texas, and planned ethylene and PO/TBA projects, along with a strike at the Houston refinery that began when the United Steelworkers contract expired on February 1, 2015. The company's pension plans carried a $953 million projected benefit obligation deficit at year-end 2014.
Feb 17, 2015
2013
LyondellBasell Industries Annual Report, Year Ended Dec 31, 2013
LyondellBasell Industries N.V. (NYSE: LYB) reported 2013 sales and other operating revenues of $44.06 billion, down from $45.35 billion in 2012, while operating income rose to $5.10 billion from $4.68 billion and net income attributable to the Company shareholders was $3.86 billion, or $6.75 per diluted share. The filing attributes the improvement mainly to continued benefits from low-cost U.S. natural gas and natural gas liquids, increased LPG cracking in Europe and a $353 million tax benefit from the release of valuation allowances tied to French tax losses. Lower refining margins and a decline in Houston refinery crude processing rates, largely from turnaround activity, weighed on the Refining segment, which fell to $22 million of operating income from $334 million. The balance sheet strengthened, with cash and cash equivalents of $4.45 billion at year-end 2013 versus $2.73 billion a year earlier, and total debt of $5.84 billion. Operating cash flow was $4.84 billion. The company repurchased 27.4 million ordinary shares for $1.95 billion under a program authorized in May 2013, paid dividends of $1.13 billion, and issued $1.5 billion of notes through LYB International Finance B.V. Its credit rating was raised to investment grade by Moody's and Standard & Poor's, and it migrated its tax residency to the United Kingdom effective July 1, 2013. Looking ahead, the filing states that olefins in North America should continue to benefit from cost-advantaged NGLs, that a La Porte, Texas olefins turnaround begins late in the first quarter of 2014, and that the Channelview methanol plant restart supports the I&D segment. The company expects its refining position to strengthen in 2014 as North American crude production grows. Ethylene expansions at La Porte (2014) and Channelview and Corpus Christi (2015) are projected to add about 1.85 billion pounds per year of capacity.
Feb 20, 2014
2012
LyondellBasell Industries Annual Report, Year Ended Dec 31, 2012
LyondellBasell Industries N.V. (NYSE: LYB) reported 2012 sales and other operating revenues of $45.35 billion, down from $48.18 billion in 2011, with operating income of $4.68 billion versus $4.34 billion a year earlier and net income attributable to the Company shareholders of $2.85 billion. The filing attributes the revenue decline mainly to lower average product prices and weaker European demand, while operating income rose on strong U.S. ethylene performance from low-cost natural gas liquids and a high butane-to-gasoline spread that boosted oxyfuels results. Results were partly offset by a weak European olefins and polyolefins segment, which reported operating income of $127 million versus $435 million in 2011, and by $210 million in after-tax charges for early debt repayment. Balance sheet and cash flow were strengthened during the year. Cash and cash equivalents rose to $2.73 billion, and operating cash flow was $4.79 billion. The company refinanced nearly $3 billion of debt with 5% senior notes due 2019 and 5.75% senior notes due 2024, retired its 8% and 11% senior notes, and replaced its ABL facility with a $2.0 billion unsecured revolving credit facility, of which $1,949 million was available at year-end. Cash dividends paid totaled $2.42 billion, including a $2.75 per share special dividend, and the company stated its intent to keep paying quarterly dividends while increasing them over time. Key risks flagged in the filing include European economic weakness, commodity feedstock price volatility, cyclical oversupply in chemicals and refining, and an open U.S. Department of Justice inquiry under the Foreign Corrupt Practices Act relating to a former Kazakhstan project, for which the company said it could not reasonably estimate a liability range. The Houston refinery is the company's only refining operation.
Feb 12, 2013
2011
LyondellBasell Industries Annual Report, Year Ended Dec 31, 2011
LyondellBasell Industries N.V. reported 2011 sales and other operating revenues of $51.0 billion and operating income of $3.998 billion, against $41.2 billion of 2010 combined revenues as presented in the filing. Net income was $2.14 billion for 2011, with diluted earnings per share from continuing operations of $3.74. Growth was driven by higher average sales prices and raw material costs, strong ethylene margins in the O&P-Americas segment, and higher refining margins at the Houston refinery, partly offset by a fourth-quarter 2011 slowdown, especially in Europe, and the suspension of operations at the Berre refinery on January 4, 2012. The company ended 2011 with cash of $1.065 billion, total debt of $4.032 billion, and working capital of $5.863 billion. During 2011 it repaid $4.288 billion of principal debt since the fourth quarter of 2010, issued $1.0 billion of 6% senior notes due 2021, and paid a special dividend of $4.50 per share ($2.58 billion) in December 2011. Operating cash flow was $2.869 billion, and capital expenditures were $1.050 billion. Key risks disclosed include cyclical supply-demand balances in chemicals and refining, raw material cost volatility, European sovereign debt stress, a pending IRS examination under Section 7874 of whether the company should be treated as a U.S. corporation, an FCPA-related voluntary disclosure to the U.S. Department of Justice, and a pension deficit of $1.079 billion. Approximately 44% of ordinary shares were held by two shareholders as of February 24, 2012.
Feb 29, 2012
2010
LyondellBasell Industries Annual Report, Year Ended Dec 31, 2010
LyondellBasell Industries N.V. (LYB) reports results for the successor period from May 1 through December 31, 2010, following emergence from chapter 11 on April 30, 2010. Consolidated sales and other operating revenues were $27.68 billion for the successor period and $13.47 billion for the predecessor period January 1 through April 30, 2010, compared with $30.83 billion in 2009 and $50.71 billion in 2008. Full-year 2010 revenues were $41.15 billion. Successor-period net income attributable to the company was $1.59 billion, or diluted EPS of $2.67 from continuing operations, while the predecessor period included a large $8.56 billion net income driven by reorganization gains. Results are not directly comparable across the two periods because of fresh-start accounting, which included a $7.47 billion write-down of property, plant and equipment. The company describes itself as the world's third largest independent chemical company by revenue, with five reportable segments: Olefins and Polyolefins Americas ($8.41 billion successor-period revenue), Olefins and Polyolefins Europe, Asia and International ($8.73 billion), Intermediates and Derivatives ($3.75 billion), Refining & Oxyfuels ($10.32 billion), and Technology ($365 million). Successor-period operating income was $2.25 billion. Cash and cash equivalents were $4.22 billion at December 31, 2010, and total debt was $6.08 billion. Operating cash flow was $2.96 billion for the successor period. Management reported a material weakness in internal control over income tax accounting related to fresh-start accounting, and the company disclosed ongoing FCPA and sanctions-related investigations, a pending BASF lawsuit with a $170 million jury verdict that was reversed on appeal, and an Access Industries indemnity demand. The company has not paid dividends. Its financing agreements limit dividends and share repurchases to $50 million per year plus 1.75% of net tangible assets through 2011. Three shareholders own about 52% of the ordinary shares, and the company's pension plans were underfunded by $1.17 billion at year-end 2010.
Mar 18, 2011