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LYB · LyondellBasell Industries

50 filings

10-Q

LYB 10-Q Quarterly Reports

LyondellBasell Industries - 50 quarterly reports

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

LYB filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 127 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Aug ’18Aug ’18
  2. Material agreement8-K · Apr ’20Apr ’20
  3. Restructuring8-K · Apr ’22Apr ’22
  4. Material agreement8-K · Nov ’25Nov ’25
  1. 2026-Q3

    LyondellBasell Industries Quarterly Report for Q3 Ended Sep 30, 2026

    LyondellBasell Industries N.V. reported net income of $758 million for the third quarter of 2026, compared with a net loss of $890 million in the third quarter of 2025. Sales and other operating revenues were $8,499 million, up from $7,727 million a year earlier, and operating income was $1,067 million, compared with an operating loss of $731 million. For the first nine months of 2026, net income was $1,442 million, versus a net loss of $598 million in the same period of 2025. The 2025 comparison includes $1,234 million of impairment charges, while the 2026 period includes a $734 million pre-tax loss on the divestiture of select European olefins and polyolefins assets, completed May 1, 2026. Revenues decreased 7% in the third quarter compared with the second quarter of 2026, reflecting lower average sales prices, and management attributes the margin improvement in the first nine months to industry supply constraints related to the conflict in the Middle East. Cash generation improved. Net cash provided by operating activities was $2,199 million for the first nine months of 2026, compared with $755 million in 2025. Capital expenditures were $842 million, down from $1,428 million, and dividend payments were $672 million, down from $1,321 million, reflecting the February 2026 reduction in the quarterly dividend to $0.69 per share. The company repaid the €500 million ($577 million) 0.875% guaranteed notes due 2026. At September 30, 2026, cash and cash equivalents were $3,227 million, total debt including current maturities was $12,331 million, and unused credit facility availability was $4,450 million. Management states it remained in compliance with its debt covenants. A subsequent event occurred on October 29, 2026, when the company agreed to sell its wholly owned subsidiary Houston Refining, L.P., which owns the site of the former Houston refinery, to a subsidiary of Valero Energy Corporation for $321 million, with closing expected in the fourth quarter of 2026. For the fourth quarter, management expects operating rates of 85% for O&P-Americas assets, 60% for European O&P-EAI assets and 75% for I&D assets, and expects a seasonal release of working capital.

    Oct 30, 2026
  2. 2026-Q2

    LyondellBasell Industries Quarterly Report for Q2 Ended Jun 30, 2026

    LyondellBasell Industries N.V. reported second-quarter 2026 net income of $559 million on revenues of $9.18 billion, compared with net income of $115 million on $7.66 billion of revenues in the second quarter of 2025. Results were driven by higher average sales prices across many products, which the filing attributes to industry-wide supply constraints stemming from the conflict in the Middle East. Operating income rose to $1.54 billion from $285 million a year earlier, although the quarter absorbed a pre-tax loss of $734 million on the May 1, 2026 divestiture of select European olefins and polyolefins assets, and a $74 million impairment of a plastic waste sorting facility in Houston. For the first six months of 2026, net income attributable to Company shareholders was $681 million, versus $289 million in the prior-year period, and operating cash flow was $483 million compared with cash used of $228 million a year earlier. Capital expenditures totaled $539 million and dividends paid were $448 million. Cash and cash equivalents were $2.63 billion at June 30, 2026, against total debt including current maturities of $12.91 billion, and total long-term debt fell to $11.22 billion from $12.12 billion at year-end 2025, with the company stating it is in compliance with its debt covenants. Management's outlook states that the pace and timing of conflict-impacted supply returning to the market remains uncertain, with recovery likely extending into 2027. The company expects third-quarter operating rates of 85% for O&P-Americas, 70% for O&P-EAI and 85% for I&D assets, and it lists disciplined deleveraging, including a scheduled note maturity repayment in September 2026, among its capital allocation priorities.

    Jul 31, 2026
  3. 2026-Q1

    LyondellBasell Industries Quarterly Report for Q1 Ended Mar 31, 2026

    LyondellBasell Industries N.V. reported first-quarter 2026 net income of $125 million, compared with $177 million in the first quarter of 2025, and income from continuing operations of $139 million versus $23 million a year earlier. Sales and other operating revenues were $7.20 billion, down from $7.68 billion, with the filing attributing the decline mainly to lower average sales prices. Operating income rose to $239 million from $114 million, helped by lower cost of sales (driven by feedstock costs) and the absence of the $117 million European PO Joint Venture closure costs recognized in the prior-year quarter. Diluted earnings per share were $0.38, including a $0.04 loss from discontinued operations, compared with $0.54 a year earlier, which included a $0.48 gain from discontinued operations tied to the Houston refinery exit. Cash flow and balance sheet items weighed on the quarter. Cash used in operating activities was $269 million, driven largely by a $797 million increase in accounts receivable, and cash and cash equivalents fell to $2.64 billion from $3.44 billion at year-end 2025. Total debt including current maturities was $12.92 billion, and the company paid $224 million in common dividends after reducing its quarterly dividend. No share repurchases occurred in the quarter, and approximately 34.0 million shares remained under the current authorization as of April 29, 2026. The filing notes the completion, announced May 1, 2026, of the sale of select European olefins and polyolefins assets, with a pre-tax loss expected in the range of $700 million to $800 million. Management's outlook for the second quarter of 2026 anticipates improved market conditions across most businesses, citing tighter supply and favorable pricing tied to Middle East disruption. The company expects further margin expansion in North America and improved average European margins following the asset sale, while Technology segment licensing results remain under pressure.

    May 1, 2026
  4. 2025-Q3

    LyondellBasell Industries Quarterly Report for Q3 Ended Sep 30, 2025

    LyondellBasell Industries N.V. reported a third-quarter 2025 net loss of $890 million, compared with net income of $573 million in the third quarter of 2024, driven primarily by non-cash impairment charges of $1,202 million recognized in the O&P-EAI and APS segments. Goodwill impairments were $972 million for the quarter. Sales and other operating revenues were $7,727 million for the quarter versus $8,604 million a year earlier, and $23,062 million for the first nine months of 2025 versus $25,586 million in the prior-year period. For the nine months, net loss was $598 million compared with net income of $1,970 million a year earlier. Cash flow and capital returns weakened. Net cash provided by operating activities was $755 million for the first nine months of 2025, versus $1,904 million in 2024, and capital expenditures were $1,428 million. The company paid $1,321 million in dividends and $201 million for share repurchases. Cash and cash equivalents declined to $1,784 million from $3,375 million at year-end 2024, and total debt including current maturities was $11,856 million. The company ceased operations at its Houston refinery in February 2025, which is now reported as discontinued operations, and in October 2025 entered into a sales agreement for select European olefins and polyolefins assets, with closing expected in the first half of 2026 and an estimated loss on sale of approximately $700 million to $900 million. Management's outlook points to seasonal and operating-rate pressure in the fourth quarter of 2025, including the planned idling of a cracker in Wesseling, Germany and a propylene oxide/styrene monomer unit in Channelview, Texas, each down for about 40 days. The company expects fourth-quarter operating rates of 80% for O&P-Americas, 60% for European O&P-EAI, and 75% for I&D. The Senior Revolving Credit Facility's maximum leverage ratio was raised through 2027, and share repurchases are now restricted except to offset dilution.

    Oct 31, 2025
  5. 2025-Q2

    LyondellBasell Industries Quarterly Report for Q2 Ended Jun 30, 2025

    LyondellBasell Industries N.V. reported second-quarter 2025 net income of $115 million, down from $924 million in the second quarter of 2024, with operating income of $285 million versus $999 million a year earlier. Revenues were $7.66 billion for the quarter compared with $8.68 billion in the prior-year period. For the first six months of 2025, net income was $292 million and operating cash flow was negative at $228 million, as the company paid $384 million in taxes, including $235 million of U.S. federal income tax deferred from 2024 under Hurricane Beryl disaster relief, and recorded a $433 million outflow from accounts payable. The company spent $1,022 million on capital expenditures and returned $1,079 million to shareholders through dividends and share repurchases during the period. Management announced a Cash Improvement Plan in April 2025 targeting a $600 million run-rate in annualized savings for 2025, and in June 2025 entered an agreement to sell select European olefins and polyolefins assets, with an expected loss on sale of approximately $700 million to $900 million upon closing in the first half of 2026. The company ceased operations at its Houston refinery in February 2025, which is now reported as discontinued operations. Cash and cash equivalents were $1.70 billion at June 30, 2025, down from $3.38 billion at year-end 2024, and total debt including current maturities was $11.83 billion. Management expects third-quarter 2025 operating rates of 85% for O&P-Americas, 75% for O&P-EAI and 80% for I&D, and plans capital expenditures of approximately $1.7 billion in 2025, with a third-quarter dividend of $1.37 per share. The company's effective tax rate for the second quarter was 30.8%, and its disclosure controls were concluded to be effective as of June 30, 2025.

    Aug 1, 2025
  6. 2025-Q1

    LyondellBasell Industries Quarterly Report for Q1 Ended Mar 31, 2025

    LyondellBasell Industries N.V. reported first-quarter 2025 net income of $177 million, down from $473 million in the first quarter of 2024, with net income attributable to Company shareholders of $175 million and diluted EPS of $0.54 versus $1.44. Revenue was $7.68 billion, down from $8.30 billion a year earlier, and operating income was $114 million versus $651 million. Results were helped by discontinued operations: income from discontinued operations, net of tax, was $154 million, which includes a $196 million after-tax LIFO benefit from inventory liquidations tied to the exit from the Houston refinery, which ceased operations in February 2025. Income from continuing operations fell to $23 million from $433 million, and the effective tax rate rose to 61.0% from 20.3%. Operating cash flow was negative at $579 million, versus negative $114 million a year earlier, primarily due to working capital build. Capital expenditures were $483 million, and the company paid $433 million in dividends and repurchased $110 million of shares. Cash and cash equivalents fell to $1.87 billion from $3.38 billion at year-end 2024, and total debt including current maturities was $11.22 billion. The company reported $3.75 billion of unused availability under its senior revolving credit facility and $900 million under its U.S. Receivables Facility. Management announced in April 2025 a Cash Improvement Plan targeting a $500 million run-rate in annualized savings, comprising $100 million of capital spending deferral, a $200 million working capital reduction and $200 million of fixed cost reductions. The company also outlined second-quarter 2025 operating rates of 85% for O&P-Americas, 75% for O&P-EAI and 85% for I&D, and disclosed a planned permanent closure of a propylene oxide/styrene monomer unit at the Maasvlakte joint venture with Covestro, with the company's share of shutdown costs estimated at approximately $215 million through 2027.

    Apr 25, 2025
  7. 2024-Q3

    LyondellBasell Industries Quarterly Report for Q3 Ended Sep 30, 2024

    LyondellBasell Industries N.V. reported third-quarter 2024 net income of $573 million, down from $747 million in the third quarter of 2023, on sales and other operating revenues of $10.32 billion versus $10.63 billion a year earlier. Operating income was $802 million compared with $1,014 million, and EBITDA was $1,174 million compared with $1,356 million. The filing states that results for the third quarter declined compared to the second quarter of 2024, with integrated polyethylene margins in O&P-Americas increasing while I&D and Refining margins fell on lower crude prices and gasoline crack spreads. Diluted EPS was $1.75 for the quarter versus $2.29 a year earlier. For the first nine months of 2024, net income was $1.97 billion versus $1.94 billion in the prior-year period, and operating income was $2.48 billion versus $2.74 billion. The nine-month results include a $293 million pre-tax gain on the sale of the Ethylene Oxide & Derivatives business, which the company received $700 million in cash for. Refining segment EBITDA fell to a loss of $12 million for the nine months from $369 million a year earlier. Operating cash flow was $1.90 billion versus $3.44 billion, and the company returned $1.40 billion to shareholders through dividends and buybacks. The company also acquired a 35% stake in NATPET for about $500 million and is pursuing a strategic review of some European assets and a planned exit from its Houston refinery business, with exit costs estimated at $610 million to $980 million. At September 30, 2024, cash and cash equivalents were $2.62 billion, total debt including current maturities was $11.26 billion, and the company had $4.65 billion of unused credit facility availability. The company stated it was in compliance with its debt covenants. For the fourth quarter, management expects year-end seasonality to soften demand and expects operating rates of 85% for O&P-Americas, 60% for O&P-EAI and 75% for I&D.

    Nov 1, 2024
  8. 2024-Q2

    LyondellBasell Industries Quarterly Report for Q2 Ended Jun 30, 2024

    LyondellBasell Industries N.V. reported second-quarter 2024 net income attributable to Company shareholders of $923 million, or $2.82 per diluted share, compared with $714 million, or $2.18 per share, in the second quarter of 2023. Revenues rose to $10.558 billion from $10.306 billion, while operating income fell slightly to $970 million from $1,011 million. The quarter's bottom line was boosted by a $293 million pre-tax gain on the sale of the Ethylene Oxide & Derivatives (EO&D) business, which sold for $700 million in May 2024. Management said second-quarter results improved from the first quarter of 2024, driven by higher volumes and improved olefins and oxyfuels results, while Refining margins fell on lower crack spreads. For the first six months of 2024, operating cash flow was $1.234 billion, down from $1.772 billion a year earlier, as working capital used $566 million. Capital expenditures rose to $967 million from $653 million. The company paid $846 million in dividends and $75 million for share repurchases. It acquired a 35% interest in Saudi Arabia-based NATPET for approximately $500 million. Cash and cash equivalents totaled $2.839 billion at June 30, 2024, and total debt, including current maturities, was $11.190 billion. In July 2024, the senior unsecured revolving credit facility was increased from $3.25 billion to $3.75 billion and extended to July 2029. The filing also discloses a strategic review of certain European assets and a planned exit from the Houston refinery business, with cumulative exit costs of $599 million to date and an estimated total of $560 million to $1,000 million. For the third quarter of 2024, management expects margins to benefit from low natural gas and natural gas liquids costs in North America and the Middle East, and plans average operating rates of 85% for O&P-Americas, 80% for O&P-EAI and 75% for I&D.

    Aug 2, 2024
  9. 2024-Q1

    LyondellBasell Industries Quarterly Report for Q1 Ended Mar 31, 2024

    LyondellBasell Industries N.V. reported first-quarter 2024 net income of $473 million, down slightly from $474 million in the first quarter of 2023, on revenues of $9.93 billion versus $10.25 billion a year earlier. Operating income was $704 million, essentially flat with $713 million in the prior-year quarter. Diluted earnings per share were $1.44, unchanged year over year. Weaker results in the Refining, Intermediates & Derivatives, and Olefins & Polyolefins-EAI segments were offset by higher Advanced Polymer Solutions results, which benefited from the absence of the prior-year $252 million goodwill impairment. Segment EBITDA totaled $1.05 billion, compared with $1.13 billion in the first quarter of 2023. Cash flow was weaker. Operating activities used $114 million, compared with $482 million provided in the prior-year quarter, as working capital absorbed $629 million, mainly higher receivables from increased volumes and prices. The company spent $483 million on capital expenditures and paid $408 million in dividends. Cash and cash equivalents fell to $2.31 billion from $3.39 billion at year-end 2023. In February 2024 the company issued $750 million of 5.5% guaranteed notes due 2034 and used the proceeds to repay the $775 million 5.75% senior notes due 2024 in March. The company stated that it expects seasonal demand improvements in the second quarter of 2024, with planned average operating rates of 85% for O&P-Americas and O&P-EAI and 80% for Intermediates & Derivatives. The filing also notes the planned sale of the Bayport, TX ethylene oxide and derivatives business for $700 million, expected to close in the second quarter of 2024, and a pending acquisition of a 35% interest in NATPET for approximately $500 million. Total debt including current maturities was $11.19 billion at March 31, 2024, and the company stated it was in compliance with its debt covenants.

    Apr 26, 2024
  10. 2023-Q3

    LyondellBasell Industries Quarterly Report for Q3 Ended Sep 30, 2023

    LyondellBasell Industries N.V. reported third-quarter 2023 sales and other operating revenues of $10,625 million, down from $12,250 million a year earlier, but up $319 million, or 3%, from the second quarter of 2023. Net income was $747 million, compared with $572 million in the third quarter of 2022, and diluted earnings per share were $2.29, compared with $1.75. For the first nine months, revenues fell to $31,178 million from $40,245 million and operating income decreased $1,876 million, or 41%, to $2,738 million. Net income for the nine months was $1,936 million, versus $3,536 million. The MD&A attributes the decline to lower average sales prices and compressed global olefins and polyolefins margins, partly offset by strong oxyfuels margins in the Intermediates and Derivatives segment. Cash generation weakened over the period. Net cash provided by operating activities was $3,438 million in the first nine months of 2023, compared with $4,515 million a year earlier. The company spent $1,047 million on capital expenditures and returned $1,415 million to shareholders through dividends and share repurchases. Cash and cash equivalents were $2,833 million at September 30, 2023, against total debt of $11,106 million, and total unused credit facility availability was $4,150 million. The company repaid $425 million of 4.0% guaranteed notes due 2023 and issued $500 million of 5.625% guaranteed notes due 2033. Strategically, the company recorded a non-cash goodwill impairment of $252 million in its Advanced Polymer Solutions segment in the first quarter of 2023. It decided to extend operations at its Houston refinery to no later than the end of the first quarter of 2025, rather than ceasing operations by the end of 2023, and it classified its ethylene oxide & derivatives business as held for sale after deciding a sale is the best strategic option. Management expects seasonally softer demand in the fourth quarter of 2023 and said its value enhancement program is progressing ahead of schedule.

    Oct 27, 2023
  11. 2023-Q2

    LyondellBasell Industries Quarterly Report for Q2 Ended Jun 30, 2023

    LyondellBasell Industries N.V. reported second-quarter 2023 net income attributable to Company shareholders of $714 million, or $2.18 per diluted share, versus $1,643 million, or $4.98 per diluted share, in the second quarter of 2022. Revenue was $10.31 billion, down from $14.84 billion a year earlier. For the six months ended June 30, 2023, net income attributable to shareholders was $1,186 million ($3.62 diluted), against $2,961 million ($8.98 diluted) in the prior-year period. Operating income for the first half fell to $1.72 billion from $3.80 billion, reflecting lower average sales prices across the olefins, polyolefins, intermediates and refining businesses, and a $252 million non-cash goodwill impairment in the Advanced Polymer Solutions segment recorded in the first quarter of 2023. Cash generation remained solid, with net cash provided by operating activities of $1.77 billion in the first six months of 2023, against $3.10 billion a year earlier. The company spent $653 million on capital expenditures and returned $967 million to shareholders through dividends ($797 million) and share repurchases ($170 million in cash). Total debt including current maturities was $11.61 billion at June 30, 2023, and cash and cash equivalents were $2.47 billion. The company issued $500 million of 5.625% green guaranteed notes due 2033 in May 2023 and reported $4.15 billion of unused credit availability. Management guided that third-quarter 2023 earnings will be in the mid-teens to mid-twenties percent lower than the second quarter of 2023, citing soft demand and new North American and Chinese capacity. The filing also notes that the company is exiting its refining business, with the Houston refinery operations extended to no later than the end of the first quarter of 2025, and that it continues to explore strategic options for its U.S. Gulf Coast ethylene oxide and derivatives business.

    Aug 4, 2023
  12. 2023-Q1

    LyondellBasell Industries Quarterly Report for Q1 Ended Mar 31, 2023

    LyondellBasell Industries N.V. reported first-quarter 2023 net income of $474 million, down from $1,320 million in the first quarter of 2022, on sales and other operating revenues of $10.25 billion versus $13.16 billion a year earlier. Operating income fell to $713 million from $1,661 million, reflecting lower average sales prices that correlate with crude oil prices and a non-cash goodwill impairment of $252 million in the Advanced Polymer Solutions (APS) segment. Diluted earnings per share were $1.44, compared with $4.00 in the prior-year quarter. Cash provided by operating activities was $482 million, against $1,502 million a year earlier, as working capital absorbed cash, mainly from higher accounts receivable and inventories. Capital allocation continued during the quarter: the company spent $352 million on capital expenditures, paid $389 million in common dividends ($1.19 per share), and repurchased $70 million of shares. Cash and cash equivalents stood at $1,790 million at March 31, 2023, and total debt including current maturities was $11,376 million. Total unused credit availability was $3,950 million. The company also reported that it is exiting refinery operations at its Houston refinery by the end of 2023 and, in March 2023, announced it would explore strategic options for its U.S. Gulf Coast ethylene oxide and derivatives business. Management's outlook cites expected modest improvement in global demand, support for oxyfuels and refining margins from summer fuel demand, and delayed North American polyethylene capacity additions that are expected to support polyethylene margins. Management expects to run its I&D segment at 80% and its O&P-Americas and O&P-EAI segments at approximately 85% during the second quarter.

    Apr 28, 2023
  13. 2022-Q3

    LyondellBasell Industries Quarterly Report for Q3 Ended Sep 30, 2022

    LyondellBasell Industries N.V. reported third-quarter 2022 net income of $572 million, down from $1,762 million in the third quarter of 2021, on revenues of $12,250 million versus $12,700 million a year earlier. Operating income fell to $812 million from $2,248 million. For the first nine months of 2022, net income was $3,536 million, compared with $4,891 million in the same period of 2021, and diluted EPS was $10.74 versus $14.57. Management attributes the decline to higher energy costs, new industry supply, and weaker demand, particularly in Europe and China. Segment results were mixed: Refining and Intermediates & Derivatives improved for the nine months, while O&P-Americas and O&P-EAI declined sharply. Cash generation remained solid, with operating cash flow of $4,515 million for the nine months. However, the company paid $2,859 million in dividends, including a $5.20 per share special dividend in June 2022, and repurchased $420 million of shares. Total debt including current maturities was $11,316 million at September 30, 2022, and cash and cash equivalents were $1,480 million. Management expects further margin compression in the fourth quarter and is launching a value enhancement program targeting $750 million in recurring annual EBITDA by the end of 2025. The company also plans to exit its Houston refinery business by the end of 2023. The filing shows a company whose earnings have fallen sharply from 2021 levels while it continues to return significant capital to shareholders. Investors should weigh the weaker fourth-quarter outlook and the costs of the refinery exit against the cost-reduction plan and the company's stated commitment to a strong investment-grade balance sheet.

    Oct 28, 2022
  14. 2022-Q2

    LyondellBasell Industries Quarterly Report for Q2 Ended Jun 30, 2022

    LyondellBasell Industries N.V. reported second-quarter 2022 net income of $1.64 billion, or $4.98 diluted EPS from net income attributable to shareholders of $1.64 billion ($4.98 per diluted share), on sales and other operating revenues of $14.84 billion, versus $11.56 billion in the second quarter of 2021. Operating income was $2.14 billion, compared with $2.53 billion a year earlier. For the first six months of 2022, net income was $2.96 billion and operating income was $3.80 billion, versus $3.61 billion in the prior-year period. Management attributed the first-half decline in results to lower olefin margins in O&P-Americas and lower polyolefin volumes, margins and equity earnings in O&P-EAI, partly offset by stronger Refining and Intermediates & Derivatives results. Cash generation and shareholder returns were significant in the period. Operating cash flow was $3.10 billion for the first six months of 2022, and the company paid $2.46 billion in dividends, including a $5.20 per share special dividend declared in May 2022, and repurchased $262 million of shares. Cash and cash equivalents were $1.06 billion at June 30, 2022, and total debt, including current maturities, was $11.48 billion. Total liquidity from unused credit facilities was $3.84 billion. The filing also discloses strategic and one-time items. In April 2022 the company announced it will cease operating its Houston Refinery no later than December 31, 2023, with exit costs expected over time through 2024. The second quarter included a $94 million non-cash pension settlement loss and a $69 million impairment tied to the sale of the Geelong, Australia polypropylene facility. Management expects third-quarter margins to compress due to moderating demand and elevated feedstock and energy costs, and plans to begin commissioning its U.S. Gulf Coast PO/TBA facility in the third quarter of 2022, with incremental earnings expected from 2023.

    Jul 29, 2022
  15. 2022-Q1

    LyondellBasell Industries Quarterly Report for Q1 Ended Mar 31, 2022

    LyondellBasell Industries N.V. reported first-quarter 2022 sales and other operating revenues of $13.16 billion, up from $9.08 billion in the first quarter of 2021, an increase of $4,075 million, or 45%. Operating income rose to $1.66 billion from $1.09 billion, and net income attributable to the Company shareholders was $1.32 billion, or $4.00 diluted earnings per share, compared with $1.07 billion and $3.18 a year earlier. The filing attributes the revenue increase mainly to higher average sales prices, which correlate with crude oil prices, and to higher sales volumes. Refining and I&D segment results improved significantly, while O&P-Americas margins were compressed by higher feedstock and energy costs and O&P-EAI and equity-investment income declined. Cash generation was strong. Cash provided by operating activities was $1,502 million versus $571 million a year earlier, and capital expenditures were $446 million, with roughly 40% directed to profit-generating growth projects, primarily the PO/TBA plant. The company repurchased about 2.1 million ordinary shares for $202 million and paid $371 million in common dividends ($1.13 per share). At March 31, 2022, cash and cash equivalents were $1,785 million, total debt including current maturities was $11,324 million, and total unused credit availability was $4,115 million. Management states it is in compliance with its debt covenants. In April 2022, the company announced it will cease operation of its Houston Refinery no later than December 31, 2023, to exit the refining business. It expects charges of approximately $300 million to $400 million for accelerated amortization of operating lease assets, $150 million to $250 million for decommissioning, $80 million to $120 million for personnel costs and $50 million to $100 million for other charges, recognized over time through 2024. Management expects margins to improve in the second quarter as product prices catch up with feedstock and energy costs.

    Apr 29, 2022
  16. 2021-Q3

    LyondellBasell Industries Quarterly Report for Q3 Ended Sep 30, 2021

    LyondellBasell Industries N.V. reported third-quarter 2021 net income of $1,762 million on revenues of $12,700 million, compared with net income of $114 million on revenues of $6,776 million in the third quarter of 2020. Operating income rose to $2,248 million from $23 million, and the filing attributes the improvement largely to margin gains in the O&P–Americas, O&P–EAI, I&D and Refining segments, driven by strong demand and tight market conditions. For the first nine months of 2021, net income was $4,891 million, against $572 million a year earlier, and operating cash flow was $4,616 million. The balance sheet strengthened over the period. Long-term debt fell to $12,945 million from $15,286 million at December 31, 2020, as the company repaid $2,275 million of long-term debt in the first nine months and redeemed a further $650 million of guaranteed floating rate notes in October 2021. Management states it is prioritizing debt reduction and expects total debt reduction for 2021 of up to $4 billion. Shareholders' equity rose to $11,800 million, and the company resumed share repurchases, buying about 1 million shares for $89 million in the third quarter. Management is weighing strategic options for the Refining segment, including a potential sale of the Houston refinery, which took a $582 million non-cash impairment in the third quarter of 2020. The filing also discloses a settlement with the EPA and Department of Justice over flare emissions at four U.S. facilities, under which the company will pay a $3,400,000 penalty. Management expects strong product demand to continue but anticipates margins to moderate due to rising feedstock and energy costs and winter seasonality.

    Oct 29, 2021
  17. 2021-Q2

    LyondellBasell Industries Quarterly Report for Q2 Ended Jun 30, 2021

    LyondellBasell Industries N.V. reported a sharp year-over-year rebound in its second-quarter 2021 results. Revenues were $11.56 billion for the three months ended June 30, 2021, versus $5.55 billion a year earlier, and operating income was $2.53 billion compared with $339 million. Net income attributable to Company shareholders was $2.06 billion, or $6.13 diluted EPS, compared with $313 million, or $0.94, in the second quarter of 2020. The filing attributes the improvement primarily to higher olefin and polyolefin margins in the O&P-Americas and O&P-EAI segments, stronger margins in Intermediates and Derivatives, and higher average sales prices tied to crude oil prices. For the first six months of 2021, net income attributable to Company shareholders was $3.13 billion, or $9.32 diluted EPS, versus $455 million, or $1.36, a year earlier. Operating cash flow was $2.47 billion, compared with $1.83 billion. Capital expenditures were $771 million, and the company repaid $1.45 billion of its Term Loan due 2022 and $325 million of its 4% Guaranteed Notes due 2023. Total debt stood at $14.17 billion at June 30, 2021, down from roughly $15.97 billion at year-end 2020 as reported in the debt table. Management says debt reduction is its top capital-deployment priority for 2021, with expected total debt reduction of $3 billion to $4 billion for the year. The company raised its quarterly dividend to $1.13 per share, paid $730 million in dividends in the first half, and authorized repurchases of up to 34.0 million ordinary shares through November 28, 2022, though no repurchases had been made as of June 30, 2021. The Refining segment was a notable exception to the broader improvement, with second-quarter EBITDA of negative $81 million, reflecting lower margins and a Houston refinery volume decline.

    Jul 30, 2021
  18. 2021-Q1

    LyondellBasell Industries Quarterly Report for Q1 Ended Mar 31, 2021

    LyondellBasell Industries N.V. reported first-quarter 2021 net income of $1.07 billion, compared with $144 million in the first quarter of 2020, on revenues of $9.08 billion versus $7.49 billion. Operating income rose to $1.09 billion from $304 million. The filing attributes the improvement mainly to higher olefin and polyolefin margins, the first full quarter of results from the Louisiana Integrated PolyEthylene JV LLC joint venture, and the absence of a $419 million lower-of-cost-or-market inventory charge recorded in the prior-year period. Income from equity investments was $137 million, versus none a year earlier. Diluted earnings per share were $3.18, compared with $0.42. The quarter was held back by unusually cold weather and power outages in Texas in February 2021, which reduced production volumes, particularly in the Refining and Intermediates and Derivatives segments. Refining EBITDA was negative $110 million, although this improved from negative $272 million a year earlier. On the balance sheet, total debt including current maturities was $15.43 billion at March 31, 2021. The company repaid $500 million of its Term Loan due 2022 in January 2021 and another $500 million in April 2021. Management stated that its top capital deployment priority for 2021 is debt reduction, with a goal of two times total debt to EBITDA. Cash and short-term investments totaled $1.84 billion, and $2.91 billion of credit facility availability was unused. Dividends of $352 million were paid in the quarter.

    Apr 30, 2021
  19. 2020-Q3

    LyondellBasell Industries Quarterly Report for Q3 Ended Sep 30, 2020

    LyondellBasell Industries N.V. reported third-quarter 2020 net income attributable to shareholders of $112 million, or $0.33 per diluted share, versus $963 million, or $2.85 per share, in the third quarter of 2019. Sales and other operating revenues fell to $6,776 million from $8,722 million, and operating income dropped to $23 million from $1,124 million. The decline was driven by lower olefins, polyolefins, intermediates and refining margins, along with a $582 million non-cash impairment charge on the Houston refinery recorded in the quarter. For the first nine months of 2020, net income attributable to shareholders was $567 million, or $1.69 per diluted share, compared with $2.78 billion, or $7.72 per share, a year earlier. Cash from operating activities was $2,661 million for the nine months, versus $3,719 million in 2019. The company strengthened its liquidity during 2020. Cash and cash equivalents stood at $2,459 million at September 30, 2020, and long-term debt rose to $13,759 million from $11,614 million at year-end 2019. In April 2020 it issued $2,000 million of guaranteed notes, and in October 2020 it issued $3,900 million of guaranteed notes with net proceeds of $3,848 million. Those October proceeds are earmarked for repaying the Term Loan due 2022, redeeming up to $1 billion of 6.0% notes due 2021 and up to €750 million of 1.875% notes due 2022, and funding part of the $2 billion purchase price for a 50% interest in the Louisiana Integrated PolyEthylene JV with Sasol. The filing states that the company will prioritize debt repayment over share repurchases after that transaction closes, and that it expects to keep paying quarterly dividends. The filing describes a company that is still profitable on a reported basis but under pressure from COVID-19 demand declines and weak margins. It also reports a $472 million cash investment in the Bora LyondellBasell joint venture in China, which began production in the quarter. Management says it remains committed to an investment-grade balance sheet and that its pandemic-related covenant relief in the October amendments raises the maximum leverage ratio over the next several quarters.

    Oct 30, 2020
  20. 2020-Q2

    LyondellBasell Industries Quarterly Report for Q2 Ended Jun 30, 2020

    LyondellBasell Industries N.V. reported sharply lower results for the second quarter and first six months of 2020 versus 2019. Sales and other operating revenues were $5.55 billion for the quarter, down from $9.05 billion, and $13.04 billion for the six months, down from $17.83 billion. Operating income fell to $339 million in the quarter from $1.18 billion, and net income attributable to Company shareholders was $313 million, or $0.94 per diluted share, versus $1.00 billion, or $2.70, a year earlier. The filing attributes the decline mainly to lower olefins and polyolefins, intermediates and derivatives, and advanced polymer solutions margins and volumes amid COVID-19 and lower crude oil prices, with Refining improving in the quarter. Inventory lower-of-cost-or-market charges totaled $323 million for the six months, partly reversed by a $96 million benefit in the second quarter. The balance sheet and liquidity were strengthened. Cash and cash equivalents rose to $2.55 billion from $858 million at December 31, 2019, and total debt, including current maturities, was $14.34 billion. In April 2020 the company issued $2.0 billion of guaranteed notes with net proceeds of $1.97 billion and repaid $500 million each under its Senior Revolving Credit Facility and U.S. Receivables Facility. Management reports $2.54 billion of unused credit facility availability and states it is in compliance with debt covenants. Cash from operating activities was $1.83 billion for the six months, and dividends paid were $701 million, with the quarterly common dividend at $1.05 per share. Management reduced its 2020 capital expenditure outlook to $1.9 billion from $2.4 billion, deferred some growth projects and maintenance, and said demand for its products is improving with North American ethylene plants expected at about 95% of nameplate capacity in the third quarter. The filing notes that the pandemic's future impact remains uncertain and could have a material adverse effect on the business.

    Jul 31, 2020
  21. 2020-Q1

    LyondellBasell Industries Quarterly Report for Q1 Ended Mar 31, 2020

    LyondellBasell Industries N.V. reported a sharply weaker first quarter of 2020 versus the first quarter of 2019. Revenues were $7,494 million compared with $8,778 million, operating income fell to $304 million from $1,017 million, and net income attributable to Company shareholders was $142 million, or $0.42 per diluted share, versus $815 million, or $2.19 per share, a year earlier. The filing attributes the decline mainly to lower margins across several segments as the global economy was disrupted by COVID-19 and oil prices dropped. Results include a $419 million lower of cost or market (LCM) inventory valuation charge, with Refining, O&P-Americas, I&D, O&P-EAI and APS segments affected. Refining reported EBITDA of $(272) million compared with $(15) million a year earlier. Cash generation and liquidity were the focus of the subsequent events. Operating cash flow was $542 million versus $657 million, and capital expenditures were $660 million. Cash and cash equivalents rose to $1,596 million at March 31, 2020, from $858 million at December 31, 2019, while short-term debt increased to $1,493 million from $445 million. In April 2020 the company issued $2,000 million of guaranteed notes, with net proceeds of $1,974 million, and repaid $500 million each under its Senior Revolving Credit Facility and U.S. Receivables Facility. Management said its 2020 capital expenditure budget is now $1.9 billion, a 20% reduction from prior budget, and that current liquidity and operating cash flow are sufficient to meet obligations. Management expects the second quarter of 2020 to be more heavily affected, as weaker demand for industrial, durable, automotive and transportation-fuel products continues. Polyolefins used in packaging and medical applications remained strong, and the company stated it expects an effective income tax rate in the mid-teens for 2020. The filing also notes that the company remains in compliance with its debt covenants and that future LCM charges are possible if product prices keep falling.

    May 1, 2020
  22. 2019-Q3

    LyondellBasell Industries Quarterly Report for Q3 Ended Sep 30, 2019

    LyondellBasell Industries N.V. reported lower results for the third quarter and first nine months of 2019 compared with the same periods of 2018, primarily reflecting lower margins in several segments. Sales and other operating revenues were $8,722 million in the third quarter of 2019 versus $10,155 million a year earlier, and $26,548 million for the first nine months versus $30,128 million. Net income attributable to the Company shareholders was $963 million for the quarter (diluted EPS of $2.85) and $2,780 million for the nine months (diluted EPS of $7.72), compared with $1,113 million and $3,998 million in the prior-year periods. Operating income fell to $1,124 million in the quarter and $3,318 million for the nine months. The company cited lower polyethylene margins in O&P-Americas, declining intermediate chemicals margins in I&D, and lower refining margins in the Refining segment, partly offset by improved olefin margins. Capital allocation was a major theme. The company repurchased 42.7 million ordinary shares in the first nine months of 2019 for $3,728 million, including a July 2019 tender offer for 35.1 million shares at $88.00 per share. Cash from operating activities was $3,719 million for the nine months, and capital expenditures were $1,963 million, mainly for the PO/TBA plant in Channelview, Texas and the Hyperzone polyethylene plant in La Porte, Texas. Total debt, including current maturities, was $12,070 million at September 30, 2019, and total short-term debt rose to $2,438 million. Subsequent to quarter-end, in October 2019, the company issued $1,000 million of 4.2% guaranteed notes due 2049 and repaid $2,000 million of its Term Loan due 2020. The company stated it was in compliance with its debt covenants and believes its liquidity and operating cash flow are sufficient to meet anticipated requirements. It also noted expectations of typical seasonal softening of demand in late 2019, with Houston refinery profitability expected to improve in the fourth quarter ahead of the IMO 2020 low-sulfur marine fuel deadline.

    Nov 1, 2019
  23. 2019-Q2

    LyondellBasell Industries Quarterly Report for Q2 Ended Jun 30, 2019

    LyondellBasell Industries N.V. reported lower results for the second quarter and first six months of 2019 compared with the same periods of 2018, primarily reflecting lower margins in most segments. Net income for the quarter was $1,003 million versus $1,654 million a year earlier, and sales and other operating revenues fell to $9,048 million from $10,206 million. Operating income declined to $1,177 million from $1,626 million, with decreases across all segments, most notably in Intermediates and Derivatives and Refining. Operating income for the six months was $2,194 million compared with $3,120 million, and cash provided by operating activities was $1,843 million versus $2,733 million. The balance sheet and capital allocation changed significantly during the period. Total assets rose to $31,171 million and short-term debt increased to $2,812 million, driven by a new $2,000 million 364-day term loan used to redeem $1,000 million of 5% Senior Notes due 2019. Cash and cash equivalents grew to $1,279 million. The company also entered into a three-year, $4,000 million delayed draw term loan, which it did not borrow against as of June 30, 2019. In July 2019 the company completed a tender offer repurchasing 35.1 million ordinary shares at $88.00 per share, totaling $3,093 million, funded through the term loan, a U.S. Receivables Facility borrowing, and commercial paper, with the remainder from operating cash. Management stated that the Refining segment was pressured by a compressed Maya differential and lower gasoline crack spreads, and that the Hyperzone high-density polyethylene plant at La Porte, Texas is on track for start-up in the second half of 2019. The PO/TBA plant in Texas is estimated to cost approximately $2.4 billion with completion anticipated in the third quarter of 2021. Management noted that it continues to see resilient demand for most products and expects low-cost natural gas liquids feedstocks to support margins in the O&P-Americas segment.

    Aug 2, 2019
  24. 2019-Q1

    LyondellBasell Industries Quarterly Report for Q1 Ended Mar 31, 2019

    LyondellBasell Industries N.V. reported first-quarter 2019 net income of $817 million, down from $1,231 million in the first quarter of 2018, on sales and other operating revenues of $8,778 million versus $9,767 million a year earlier. Operating income fell to $1,017 million from $1,494 million. Management attributed the results mainly to lower margins in most businesses: lower O&P–Americas results from declining olefins and polyethylene margins and volumes, lower O&P–EAI results from European margin and volume declines, lower I&D margins, and a Refining segment that posted an EBITDA loss of $15 million. The APS segment improved, driven by the A. Schulman acquisition completed August 21, 2018, and Technology segment results rose on higher licensing revenue. Diluted earnings per share were $2.19 versus $3.11. The balance sheet and financing activity were notable this quarter. Short-term debt rose to $2,377 million from $885 million, reflecting a $2,000 million 364-day term loan used to redeem $1,000 million of 5% Senior Notes due 2019 and for general corporate purposes. Long-term debt was $7,522 million. The company also entered into a three-year, $4,000 million delayed draw term loan facility in March 2019, and reported total debt of $9,904 million. Operating cash flow was $657 million, versus $1,006 million a year earlier, while capital expenditures were $599 million. The company repurchased about 6 million shares for $488 million and paid $372 million in common dividends. In its outlook, management said the first few weeks of April 2019 showed signs of industry improvement, with higher margins in O&P–EAI, improving volumes in O&P–Americas, and an improving refining market. It cited a robust pipeline of licensing revenue for 2019 and the planned third-quarter 2019 start-up of its Hyperzone HDPE plant in La Porte, Texas.

    Apr 26, 2019
  25. 2018-Q3

    LyondellBasell Industries Quarterly Report for Q3 Ended Sep 30, 2018

    LyondellBasell Industries N.V. reported third-quarter 2018 net income of $1,113 million, compared with $1,056 million in the third quarter of 2017, on sales and other operating revenues of $10,155 million (versus $8,516 million). Operating income was $1,317 million, roughly flat against $1,332 million a year earlier. For the first nine months of 2018, net income was $3,998 million on revenues of $30,128 million, with operating income of $4,437 million versus $4,119 million. Results were helped by a $346 million non-cash income tax benefit from an audit settlement recognized in the first nine months of 2018, which lowered the nine-month effective tax rate to 11.4% from 27.8%. The quarter's segment picture was mixed. Intermediates and Derivatives EBITDA rose to $504 million from $402 million, and Refining EBITDA rose to $84 million from $58 million, while Olefins and Polyolefins–EAI EBITDA fell to $262 million from $599 million on lower European margins and volumes. The company completed its $1.9 billion acquisition of A. Schulman Inc. on August 21, 2018, creating the Advanced Polymer Solutions segment, and recorded $49 million of acquisition-related transaction and integration costs in that segment. Cash from operating activities was $4,174 million for the nine months, while investing outflows of $2,901 million included the Schulman acquisition and capital expenditures of $1,407 million. Dividends paid totaled $1,176 million and share repurchases $801 million in cash terms during the period. At September 30, 2018, total debt including current maturities was $8,669 million, and the company reported $1,465 million of unrestricted cash, cash equivalents and short-term investments, along with $3,260 million of total unused credit facility availability. Management stated that its liquidity and operating cash flow were sufficient to meet anticipated capital requirements. The company also disclosed a PO/TBA plant in Channelview, Texas, estimated at approximately $2.4 billion and expected to be completed in the middle of 2021.

    Oct 30, 2018
  26. 2018-Q2

    LyondellBasell Industries Quarterly Report for Q2 Ended Jun 30, 2018

    LyondellBasell Industries N.V. reported second-quarter 2018 net income of $1,654 million, compared with $1,130 million in the second quarter of 2017, on revenues of $10,206 million (versus $8,403 million). For the six months ended June 30, 2018, net income was $2,885 million and revenues were $19,973 million. The filing attributes the improvement to higher operating income in the Intermediates and Derivatives (I&D) and Refining segments, partly offset by lower results in the Olefins and Polyolefins-Americas (O&P-Americas) and Olefins and Polyolefins-Europe, Asia, International (O&P-EAI) segments. Income tax results were significantly affected by a non-cash $346 million benefit from an audit settlement recognized in the second quarter, which produced an effective tax rate of -1.3% for the quarter and 8.9% for the first six months. Cash generation remained solid, with operating cash flow of $2,733 million for the first six months of 2018. Capital expenditures were $925 million, and the company returned $787 million in dividends and repurchased shares for $470 million in cash paid. Total debt stood at $8,540 million at June 30, 2018, and the company reported $3,317 million of unrestricted cash, cash equivalents and short-term investments. Pending items include the acquisition of A. Schulman, Inc. for a total consideration of $2.25 billion, expected to close in the second half of 2018, and the planned PO/TBA plant in Texas, estimated at about $2.4 billion. Management stated that the company is poised for earnings growth from its I&D and Refining segments, the Schulman acquisition, and the start-up of the Hyperzone high density polyethylene plant in 2019. The filing also notes that the company is in exclusive discussions with Odebrecht S.A. regarding a potential transaction with Braskem.

    Aug 3, 2018
  27. 2018-Q1

    LyondellBasell Industries Quarterly Report for Q1 Ended Mar 31, 2018

    LyondellBasell Industries N.V. reported first-quarter 2018 net income of $1.231 billion, compared with $797 million in the first quarter of 2017. Sales and other operating revenues rose to $9.767 billion from $8.430 billion, and operating income increased to $1.494 billion from $1.210 billion. Diluted earnings per share from continuing operations were $3.11, versus $2.00 a year earlier. EBITDA totaled $1.913 billion, compared with $1.617 billion in the prior-year quarter. The filing states that EBITDA improved by 11% relative to the fourth quarter of 2017 and by 18% relative to the first quarter of 2017. The Refining, I&D and O&P-Americas segments drove the improvement, while O&P-EAI EBITDA declined slightly. Cash flow and balance sheet data were solid. Net cash provided by operating activities was $1.006 billion, compared with $678 million a year earlier. Cash and cash equivalents rose to $1.840 billion at March 31, 2018, and total debt including current maturities was $8.613 billion. The company paid a $1.00 per share dividend totaling $395 million and repurchased shares for $138 million. The filing reports $3.4 billion of total unused credit facility availability at quarter end, and states the company is in compliance with its covenants. Effective tax rate fell to 19.8% from 28.1%, reflecting the U.S. Tax Act. The filing also describes pending and planned transactions. The company agreed in February 2018 to acquire A. Schulman, Inc. for a total consideration of $2.25 billion, with closing expected in the second half of 2018 and funding from cash on hand. It is also building a PO/TBA plant in Texas estimated at about $2.4 billion, with completion expected in the middle of 2021. In April 2018 the company settled Access Industries indemnity and claim matters with no payments required by either side.

    Apr 27, 2018
  28. 2017-Q3

    LyondellBasell Industries Quarterly Report for Q3 Ended Sep 30, 2017

    LyondellBasell Industries N.V. reported third-quarter 2017 net income attributable to Company shareholders of $1,057 million, or $2.67 per diluted share, compared with $952 million, or $2.30 per diluted share, in the third quarter of 2016. Sales and other operating revenues rose to $8,516 million from $7,365 million, and operating income increased to $1,332 million from $1,249 million. For the first nine months of 2017, net income attributable to Company shareholders was $2,985 million ($7.46 per diluted share) versus $3,073 million ($7.23 per diluted share) a year earlier, with revenues of $25,349 million versus $21,436 million. Cost of sales rose faster than revenue, reaching $20,531 million for the nine months compared with $16,771 million, driven by higher feedstock and energy costs. Segment results were mixed. O&P-Americas EBITDA declined as olefins margins fell, while O&P-EAI, I&D and Refining improved; the Refining segment's EBITDA was $58 million in the third quarter versus a $10 million loss a year earlier. Results were affected by Hurricane Harvey, which reduced Texas Gulf Coast production, and management expects the storm and an unplanned Wesseling cracker outage to reduce fourth-quarter 2017 results by approximately $100 million and $40 million, respectively. Other items included the sale of the 27% Geosel interest for $155 million, a $1,000 million 3.5% guaranteed notes issuance used to redeem 5% senior notes due 2019, an upgrade of the senior unsecured rating to BBB+ from Standard and Poor's, and a final investment decision on a PO/TBA plant estimated at $2.4 billion. Capital returns remained significant: the company paid $1,060 million in dividends and $866 million in share repurchases in the first nine months of 2017, and the quarterly dividend was raised to $0.90 per share. Total debt, including current maturities, was $8,915 million at September 30, 2017, and the company reported $2,499 million of unrestricted cash, cash equivalents and short-term investments, with $2,955 million of total unused credit facility availability.

    Oct 27, 2017
  29. 2017-Q2

    LyondellBasell Industries Quarterly Report for Q2 Ended Jun 30, 2017

    LyondellBasell Industries N.V. reported second-quarter 2017 net income of $1,130 million, compared with $1,091 million in the second quarter of 2016, on sales and other operating revenues of $8,403 million (versus $7,328 million). Operating income rose to $1,577 million from $1,403 million, with the company citing higher ethylene sales volumes in O&P–Americas following the Corpus Christi turnaround and strong O&P–EAI olefins margins, partly offset by lower I&D and Technology results. For the first six months of 2017, net income was $1,927 million versus $2,121 million a year earlier, as interest expense rose to $302 million from $165 million, largely reflecting $113 million of charges tied to the March 2017 redemption of $1,000 million of 5% senior notes due 2019. Cash flow from operations for the first six months of 2017 was $2,238 million, compared with $2,561 million in the prior-year period. The company repurchased ordinary shares for $570 million in cash and paid $704 million in dividends during the six-month period. Cash and cash equivalents were $734 million at June 30, 2017, and total debt including current maturities was $9,059 million. The quarterly dividend was increased from $0.85 to $0.90 per share in May 2017, and shareholders approved a repurchase authorization of up to 10% of outstanding ordinary shares through November 2018. The filing notes that management expects continued strong global operating rates and polyolefin demand, with no major maintenance planned for the remainder of 2017. It also discloses that Refining segment EBITDA was $25 million in the quarter, reflecting higher crude processing rates offset by weaker industry margins, and that the Access Entities' indemnity demand litigation remains under appeal with no estimable loss range.

    Jul 28, 2017
  30. 2017-Q1

    LyondellBasell Industries Quarterly Report for Q1 Ended Mar 31, 2017

    LyondellBasell Industries N.V. reported first-quarter 2017 net income of $797 million, or $1.98 per diluted share, compared with $1,030 million in the first quarter of 2016. Sales and other operating revenues rose to $8.43 billion from $6.74 billion, driven mainly by higher average sales prices tied to crude oil-linked feedstock costs, while operating income fell to $1.21 billion from $1.36 billion. Lower polyolefins margins in O&P–Americas, a turnaround-affected Refining segment (EBITDA of -$30 million versus $14 million a year earlier), and a $113 million charge tied to the redemption of $1.0 billion of 5% senior notes due 2019 weighed on results, partly offset by stronger European polyolefins and higher intermediate chemicals margins. Cash flow from operations was $613 million, down from $1.30 billion, reflecting lower earnings and higher accounts receivable. The company issued $1.0 billion of 3.5% guaranteed notes due 2027 in March 2017 and used the proceeds to repay the 2019 notes. It also repurchased about 1.5 million shares for $160 million in cash and paid $343 million in dividends ($0.85 per share). At March 31, 2017, total debt was $9.03 billion and the company held $1.66 billion of unrestricted cash and marketable securities, with $2.83 billion of unused credit availability. Management stated that industry olefin and polyolefin conditions remained favorable through April 2017, though higher planned downtime in Europe and Asia was scheduled for the second quarter. The company expects to benefit from its refining and expanded olefins capacity as maintenance work completed over the past five quarters rolls off. Ongoing matters include the Weisfelner litigation, where a April 2017 ruling awarded $7.2 million to plaintiffs and is subject to potential appeal, and Access Entities' demands related to a 2007 management agreement that the company disputes.

    Apr 28, 2017
  31. 2016-Q3

    LyondellBasell Industries Quarterly Report for Q3 Ended Sep 30, 2016

    LyondellBasell Industries N.V. reported third-quarter 2016 net income of $953 million, down from $1,186 million in the third quarter of 2015, on revenues of $7,365 million versus $8,334 million a year earlier. For the first nine months of 2016, net income was $3,074 million compared with $3,679 million, and revenues were $21,436 million versus $25,664 million. Management attributes the decline mainly to lower average sales prices tied to crude oil and feedstock prices, heavy planned maintenance in O&P-Americas, and unplanned outages and margin declines in the Refining segment, partially offset by stronger O&P-EAI results. Segment EBITDA for the nine months fell to $5,196 million from $6,139 million. Balance sheet and capital return activity were significant during the period. Total assets were $23,419 million at September 30, 2016, and total debt including current maturities was $9,088 million. The company repurchased ordinary shares for $2,501 million in cash during the first nine months and paid $1,049 million in dividends. It issued €750 million of 1.875% guaranteed notes due 2022 in March 2016, increased its revolving credit facility to $2,500 million, and stated it intends to refinance certain outstanding debt in the fourth quarter of 2016, with charges of approximately $130 million. Management's outlook notes that olefin and polyolefin conditions remained favorable in October, that fourth-quarter results could be negatively affected by $75 million to $100 million of turnaround-related downtime, and that 2017 planned maintenance is expected to be much lighter than in 2016. The filing also describes an exploration of strategic alternatives for the Houston Refinery, with an investment bank engaged, though no decisions have been made by the Supervisory Board.

    Nov 1, 2016
  32. 2016-Q2

    LyondellBasell Industries Quarterly Report for Q2 Ended Jun 30, 2016

    LyondellBasell Industries N.V. reported second-quarter 2016 net income attributable to Company shareholders of $1,091 million, or $2.56 diluted EPS from continuing operations, versus $1,330 million in the second quarter of 2015. Revenues fell to $7,328 million from $9,145 million, and operating income declined to $1,403 million from $1,845 million. Lower crude-linked feedstock and product prices drove revenue declines, while cost of sales fell $1,345 million. Results were weighed down by a Refining segment EBITDA loss of $13 million in the quarter, following a coker unit fire in April 2016 and reduced heavy crude processing rates. For the first six months of 2016, net income attributable to Company shareholders was $2,121 million, or $4.93 diluted EPS from continuing operations, compared with $2,496 million a year earlier. Other income benefited from a $78 million gain on the sale of the wholly owned Argentine subsidiary, which generated net cash proceeds of $137 million. Operating cash flow was $2,561 million for the six months, and the company spent $1,682 million repurchasing shares and $698 million on dividends. Total debt stood at $9,105 million at June 30, 2016. The balance sheet and liquidity remained solid, with $2,083 million of unrestricted cash, cash equivalents and short-term investments, and $2,701 million of unused credit facility availability. The company issued €750 million of 1.875% guaranteed notes due 2022 in March 2016, increased its revolving credit facility to $2,500 million, and raised its quarterly dividend from $0.78 to $0.85 per share. Management expects third-quarter results to be hurt by an estimated $150 million from planned turnarounds.

    Jul 29, 2016
  33. 2016-Q1

    LyondellBasell Industries Quarterly Report for Q1 Ended Mar 31, 2016

    LyondellBasell Industries N.V. reported first-quarter 2016 net income of $1,030 million, or $2.37 diluted earnings per share, compared with $1,164 million in the first quarter of 2015. Sales and other operating revenues fell to $6,743 million from $8,185 million, while operating income declined to $1,360 million from $1,575 million. The filing attributes the revenue decline mainly to lower average sales prices tied to crude oil and other feedstocks, with lower sales volumes in the Refining and O&P–EAI segments. Net income was supported by a $78 million gain on the sale of the Argentine subsidiary and higher income from equity investments, which rose to $91 million from $69 million. Segment results were mixed. O&P–EAI EBITDA rose to $509 million from $357 million on stronger olefins and European polyolefins margins, while O&P–Americas EBITDA fell to $878 million from $1,031 million on lower olefins margins. Refining EBITDA dropped to $14 million from $149 million, reflecting planned turnarounds and reduced Houston refinery throughput. Non-cash lower-of-cost-or-market inventory charges totaled $68 million in cost of sales in the quarter, compared with $127 million of pre-tax charges in the prior-year quarter. Cash generation and capital allocation remained active. Operating cash flow was $1,300 million, and the company repurchased approximately 12.3 million shares for $968 million, paid $336 million in dividends, and issued €750 million of 1.875% guaranteed notes due 2022 with net proceeds of $812 million. Total debt, including current maturities, was $9,102 million at March 31, 2016. The filing notes a fire at the Houston refinery in April 2016 that is expected to reduce second-quarter results by approximately $40 million to $70 million.

    Apr 22, 2016
  34. 2015-Q3

    LyondellBasell Industries Quarterly Report for Q3 Ended Sep 30, 2015

    LyondellBasell Industries N.V. reported third-quarter 2015 results with net income attributable to the Company shareholders of $1,185 million, or $2.55 diluted EPS from continuing operations, compared with $1,258 million in the third quarter of 2014. Sales and other operating revenues fell to $8,334 million from $12,066 million, and operating income declined to $1,650 million from $1,706 million. For the first nine months of 2015, net income attributable to the Company shareholders was $3,681 million, versus $3,381 million a year earlier, while revenues fell to $25,664 million from $35,318 million. The filing attributes the revenue decline mainly to lower average sales prices tied to crude oil and feedstock prices, along with currency translation effects from a weaker euro. The company generated $4,682 million of operating cash flow in the first nine months of 2015 and returned capital to shareholders, repurchasing $3,436 million of ordinary shares and paying $1,063 million in dividends. Cash and cash equivalents were $1,474 million at September 30, 2015, and total debt including current maturities was $8,318 million. The company issued $1,000 million of 4.625% notes due 2055 in March 2015 and raised its quarterly dividend to $0.78 per share from $0.70. Segment results were mixed: O&P-EAI and I&D improved, while O&P-Americas EBITDA declined in the third quarter and Refining EBITDA fell in the quarter but rose for the nine months. Management's outlook notes that the fourth quarter of 2015 reflects a more balanced global ethylene industry, with planned maintenance and seasonal effects expected to weigh on several businesses. The company expects markets to remain balanced to tight heading into 2016. Inventory valuation adjustments under the lower of cost or market method totaled $181 million in the third quarter and $264 million year to date, and further charges are possible in the fourth quarter if price declines continue.

    Oct 23, 2015
  35. 2015-Q2

    LyondellBasell Industries Quarterly Report for Q2 Ended Jun 30, 2015

    LyondellBasell Industries N.V. reported second-quarter 2015 net income attributable to Company shareholders of $1,330 million, or $2.82 per diluted share, compared with $1,178 million, or $2.23 per diluted share, in the second quarter of 2014. Sales and other operating revenues fell to $9,145 million from $12,117 million, while operating income rose to $1,845 million from $1,613 million. For the first six months of 2015, net income attributable to Company shareholders was $2,496 million, or $5.22 per diluted share, on revenues of $17,330 million. The filing attributes the revenue decline primarily to lower average sales prices tied to crude oil and feedstock prices, along with unfavorable euro translation, partly offset by higher sales volumes. Segment results were strong. O&P-Americas EBITDA was $1,014 million in the second quarter versus $978 million a year earlier, and O&P-EAI EBITDA was $492 million versus $319 million. Refining EBITDA rose to $159 million from $137 million, and I&D EBITDA rose to $466 million from $430 million. Total segment EBITDA was $2,188 million in the second quarter of 2015 versus $1,935 million in the prior-year quarter. The company recorded lower-of-cost-or-market inventory valuation adjustments of $83 million in the first six months of 2015, and it noted a 7-week-plus Houston refinery strike that ended in May 2015. On the balance sheet, total assets were $24,605 million at June 30, 2015, and total debt including current maturities was $8,313 million. Cash and cash equivalents plus short-term investments totaled $3,314 million. During the first six months, the company repurchased $2,137 million of ordinary shares, paid $702 million in dividends, and issued $1,000 million of 4.625% senior notes due 2055. The Board declared a $0.78 per share interim dividend on July 27, 2015, and the company entered into an agreement in June 2015 to extend its senior revolving credit facility to June 2020.

    Jul 28, 2015
  36. 2015-Q1

    LyondellBasell Industries Quarterly Report for Q1 Ended Mar 31, 2015

    LyondellBasell Industries N.V. reported first-quarter 2015 net income attributable to Company shareholders of $1,166 million, or $2.41 per diluted share, compared with $945 million, or $1.72 per diluted share, in the first quarter of 2014. Sales and other operating revenues fell to $8,185 million from $11,135 million, reflected in the filing as lower average sales prices tied to the decline in crude oil prices, partly offset by higher sales volumes. Operating income rose to $1,575 million from $1,340 million, driven mainly by the O&P-Americas segment, whose EBITDA increased to $1,031 million from $736 million. The filing also records non-cash lower of cost or market inventory valuation adjustments totaling $92 million in the quarter and $35 million of amortization of expired emission allowance credits. Balance sheet and capital allocation activity were significant during the quarter. Total debt, including current maturities, was $8,267 million at March 31, 2015, after the company issued $1,000 million of 4.625% Senior Notes due 2055 in March 2015. The company repurchased approximately 16 million ordinary shares for $1,306 million under its April 2014 program and paid $334 million in dividends ($0.70 per share). Cash and cash equivalents plus short-term investments totaled $3,094 million as of March 31, 2015, and the company reported $1,616 million in cash and cash equivalents. Total Company share of stockholders' equity declined to $7,478 million from $8,314 million at year-end 2014, largely due to repurchases and a $540 million reduction in other comprehensive loss. The filing also notes that the Houston refinery workforce began a strike on February 1, 2015, with the facility operating at near-normal rates since then. Management stated that conditions observed in the first quarter had remained intact in early second-quarter 2015, with additional U.S. ethylene supply expected and ongoing strength in European polymer demand.

    Apr 24, 2015
  37. 2014-Q3

    LyondellBasell Industries Quarterly Report for Q3 Ended Sep 30, 2014

    LyondellBasell Industries N.V. reported record earnings for the third quarter and first nine months of 2014, according to its Form 10-Q filed October 24, 2014. Sales and other operating revenues were $12.07 billion for the quarter, up from $11.15 billion a year earlier, and operating income rose to $1.71 billion from $1.21 billion. Net income attributable to Company shareholders was $1.26 billion for the quarter ($2.46 per basic share) versus $853 million ($1.51) a year earlier. For the nine months, net income attributable to shareholders was $3.38 billion, compared with $2.68 billion. The company returned substantial cash to shareholders. In the nine months, it repurchased $4.35 billion of ordinary shares (46.1 million shares) and paid $1.06 billion in dividends, which exceeded the $4.03 billion of operating cash flow and reduced cash and cash equivalents to $1.19 billion from $4.45 billion at year-end 2013. Short-term investments of $1.54 billion were added during the period. Total debt, including current maturities, was $6.81 billion, and the company issued $1.0 billion of 4.875% notes due 2044 in February 2014. Its revolving credit facility remained undrawn, and it entered into a $2.0 billion commercial paper program in October 2014. Management cited higher U.S. olefins and polyethylene results following the La Porte, Texas ethylene expansion, improved European olefins margins, and stronger refining margins at its Houston refinery. The outlook notes that olefins prices are expected to decline in the fourth quarter as competitor outages end, and that recent crude oil price declines could eventually affect domestic margins.

    Oct 24, 2014
  38. 2014-Q2

    LyondellBasell Industries Quarterly Report for Q2 Ended Jun 30, 2014

    LyondellBasell Industries N.V. reported second-quarter 2014 net income attributable to Company shareholders of $1,178 million ($2.23 diluted EPS), up from $929 million ($1.61) in the second quarter of 2013, on revenues of $12,117 million versus $11,103 million. For the six months ended June 30, 2014, net income attributable to shareholders was $2,123 million ($3.94 diluted EPS) against $1,830 million ($3.16) a year earlier. The company describes each of its business segments as contributing to record earnings in the first six months of 2014 and near-record earnings in the second quarter. Results were supported by improved U.S. polyethylene results, stronger acetyls and refining margins, and a $52 million environmental indemnification settlement benefit in the O&P–EAI segment for the six months. Segment EBITDA for the six months totaled $3,609 million, versus $3,237 million a year earlier. Olefins volumes in the U.S. were hurt by the extended turnaround at the La Porte, Texas ethylene facility, and the company expects third-quarter results to be negatively affected by a delayed start-up of that facility. Capital returns were significant during the period. The company repurchased 34,229,200 ordinary shares for $3,127 million in the six months, paid $697 million in dividends, and raised its quarterly interim dividend to $0.70 per share. Shareholders authorized a new repurchase program of up to 10% of outstanding shares through October 2015, and as of July 23, 2014 approximately 46 million shares remained under that authorization. Cash and cash equivalents fell to $2,030 million from $4,450 million at December 31, 2013, while long-term debt rose to $6,766 million from $5,776 million after the issuance of $1,000 million of 4.875% guaranteed notes due 2044. Total debt including current maturities was $6,824 million at June 30, 2014. The company also reported that it amended and restated its $2,000 million revolving credit facility in June 2014, extending its term to June 2019, and that it had $3,611 million of unused credit facility availability at June 30, 2014. Management stated that it believes cash on hand, operating cash flow and credit facility proceeds are sufficient to meet anticipated capital requirements.

    Jul 25, 2014
  39. 2014-Q1

    LyondellBasell Industries Quarterly Report for Q1 Ended Mar 31, 2014

    LyondellBasell Industries N.V. reported first-quarter 2014 net income attributable to Company shareholders of $945 million, or $1.72 diluted earnings per share from continuing operations, compared with $901 million, or $1.55 diluted, in the first quarter of 2013. Sales and other operating revenues rose to $11.135 billion from $10.669 billion, and operating income increased to $1.340 billion from $1.267 billion. Results included a $52 million benefit from a settlement under a 2005 indemnification agreement for environmental liabilities, and EBITDA for the quarter was $1.668 billion versus $1.585 billion a year earlier. Segment results were mixed: O&P-Americas EBITDA fell to $736 million from $898 million on lower olefins volumes and a planned turnaround, while O&P-EAI, I&D and Refining EBITDA improved or held steady, with Refining EBITDA rising to $129 million from $20 million. Cash flow and capital returns dominated the quarter. Operating cash flow was $801 million, and the company repurchased approximately 15 million ordinary shares for $1.314 billion (cash paid $1.201 billion), with about 15.2 million shares remaining under the current authorization as of March 31, 2014. The company issued $1 billion of 4.875% guaranteed notes due 2044 through LYB International Finance B.V. in February 2014. Cash and cash equivalents fell to $2.702 billion from $4.450 billion, while short-term investments of $1.402 billion were added, and total debt, including current maturities, was $6.827 billion at quarter end. Management stated that the Management Board may declare an interim dividend of $0.70 per share, a 17% increase over the first-quarter 2014 interim dividend of $0.60, payable May 12, 2014. Shareholders also approved authorization to repurchase up to an additional 10% of outstanding ordinary shares over the next eighteen months. In the second quarter, the company expects significant planned downtime at its La Porte, Texas facility for turnaround maintenance and an 800 million pounds per year ethylene expansion.

    Apr 29, 2014
  40. 2013-Q3

    LyondellBasell Industries Quarterly Report for Q3 Ended Sep 30, 2013

    LyondellBasell Industries N.V. reported third-quarter 2013 net income attributable to Company shareholders of $853 million, or $1.50 diluted earnings per share, compared with $846 million, or $1.46 per diluted share, in the third quarter of 2012. Revenues were $11.15 billion, down from $11.27 billion a year earlier, and operating income was $1.21 billion versus $1.33 billion. For the first nine months of 2013, net income attributable to Company shareholders was $2.68 billion ($4.66 diluted EPS) against $2.22 billion ($3.83) in the prior-year period, with operating income of $3.84 billion versus $3.72 billion. Interest expense fell sharply to $222 million from $581 million for the nine-month period, reflecting the 2012 refinancing of most long-term debt into lower-coupon notes. Segment results were mixed. O&P-Americas operating income rose to $2.45 billion for the nine months from $1.96 billion, aided by lower feedstock costs and a shift toward NGLs. Refining swung to an operating loss of $70 million for the nine months from operating income of $248 million, reflecting lower margins and crude processing rates, and I&D operating income declined to $979 million from $1.18 billion. Cash and cash equivalents rose to $4.41 billion at September 30, 2013, while long-term debt increased to $5.77 billion following the July 2013 issuance of $1.5 billion in notes due 2023 and 2043. The company repurchased 18.9 million shares for $1.30 billion under a program authorized in May 2013 and paid $517 million in dividends during the first nine months. The filing also reports that LYB's tax residency migrated from The Netherlands to the U.K. effective July 1, 2013, following a mutual agreement ruling by Dutch and U.K. authorities. Management stated that business conditions similar to the first nine months of 2013 are expected to continue, with margin compression anticipated in oxyfuels and seasonally slower polyolefins sales late in the year, and noted that the refining industry will remain challenged in the near term.

    Oct 29, 2013
  41. 2013-Q2

    LyondellBasell Industries Quarterly Report for Q2 Ended Jun 30, 2013

    LyondellBasell Industries N.V. reported second-quarter 2013 net income attributable to Company shareholders of $929 million, or $1.61 diluted EPS, versus $770 million in the second quarter of 2012. Sales and other operating revenues were $11,103 million, down from $11,248 million, while operating income fell to $1,364 million from $1,449 million. For the six months, net income attributable to shareholders was $1,830 million ($3.16 diluted EPS) versus $1,370 million a year earlier, and interest expense dropped to $141 million from $510 million, reflecting the 2012 refinancing to lower-coupon notes. Six-month operating cash flow was $2,063 million, and capital expenditures were $778 million. Segment results were mixed. O&P-Americas operating income rose to $872 million in the quarter from $700 million, and O&P-EAI and I&D were lower, while the Refining segment swung to an operating loss of $16 million from operating income of $124 million, citing lower light/heavy crude differentials and higher costs for Renewable Fuel Standard RINs. The company repurchased about 5.4 million ordinary shares during the quarter for approximately $360 million under a May 2013 program authorizing repurchases of up to 10% of outstanding shares, and paid dividends of $0.90 per share year to date. Cash and cash equivalents stood at $3,233 million, and total debt including current maturities was $4,421 million at June 30, 2013. Subsequent to quarter end, on July 16, 2013, LYB International Finance B.V. issued $750 million of 4% Notes due 2023 and $750 million of 5.25% Notes due 2043, fully guaranteed by the parent, with proceeds expected for general corporate purposes including share repurchases. The filing also discloses an ongoing Weisfelner-related indemnity demand from Access Industries, an FCPA-related matter under investigation, and a proposed migration of the company's tax residency to the U.K., which is subject to a ruling from Dutch and U.K. tax authorities.

    Jul 26, 2013
  42. 2013-Q1

    LyondellBasell Industries Quarterly Report for Q1 Ended Mar 31, 2013

    LyondellBasell Industries N.V. reported first-quarter 2013 net income attributable to Company shareholders of $901 million, or $1.55 per diluted share, compared with $600 million, or $1.04 per diluted share, in the first quarter of 2012. Sales and other operating revenues were $10,669 million, down from $11,734 million, with the filing attributing the decline substantially entirely to lower sales volumes. Operating income rose to $1,267 million from $940 million, driven mainly by strong olefins margins in the O&P–Americas segment and improved olefins margins in O&P–EAI, partly offset by lower Refining results (an operating loss of $17 million) and lower I&D results. The balance sheet strengthened over the quarter, with cash and cash equivalents of $2,879 million at March 31, 2013, up from $2,732 million at December 31, 2012, and total equity rising to $11,680 million from $11,179 million. Operating cash flow was $799 million, capital expenditures were $391 million, and the company paid dividends of $229 million ($0.40 per share). Total debt, including current maturities, was $4,423 million, and the filing notes that Standard & Poor's raised the company's credit rating to investment grade. Management expects business conditions similar to the first quarter to continue through at least the second quarter of 2013, with continued benefits from shale gas developments for O&P–Americas and I&D, challenging conditions in O&P–EAI, and a return to full crude processing rates at the Houston refinery after maintenance. The filing also discloses an ongoing U.S. Department of Justice matter under the Foreign Corrupt Practices Act relating to a former Kazakhstan project, for which the company cannot estimate a range of liability.

    Apr 26, 2013
  43. 2012-Q3

    LyondellBasell Industries Quarterly Report for Q3 Ended Sep 30, 2012

    LyondellBasell Industries N.V. reported third-quarter 2012 net income attributable to Company shareholders of $846 million, or $1.46 diluted earnings per share, versus $895 million in the third quarter of 2011. Revenues were $11.273 billion for the quarter, down from $12.516 billion a year earlier, and operating income was $1.328 billion compared with $1.493 billion. For the first nine months of 2012, net income attributable to shareholders was $2.216 billion ($3.83 diluted EPS from continuing operations), with operating income of $3.717 billion. Management attributed the decline mainly to lower results in the O&P-EAI and Refining segments, partly offset by stronger I&D and O&P-Americas results, with Europe's weak economy and higher naphtha costs weighing on olefins margins. Balance sheet and financing activity were significant during the period. Cash and cash equivalents rose to $3.527 billion at September 30, 2012, from $1.065 billion at December 31, 2011, after the company issued $3.0 billion of senior notes (5% due 2019 and 5.75% due 2024) and repaid roughly $2.7 billion of higher-coupon 8% and 11% notes, paying $294 million in premiums. Total debt, including current maturities, was $4.352 billion. Cash dividends of $603 million were paid in the first nine months, and on October 15, 2012 the Management Board received Supervisory Board authorization for a special dividend of $2.75 per share, or approximately $1.6 billion, expected to be paid December 11, 2012. Other notable developments include the closure of the Berre refinery in France, now presented as discontinued operations, and the October 2012 closing agreement with the IRS concluding that Section 7874 does not apply to the company. The filing also discloses an ongoing voluntary disclosure to the U.S. Department of Justice regarding a Kazakhstan project payment that raises Foreign Corrupt Practices Act compliance concerns, and the Access/Weisfelner indemnity demands, which the company believes lack merit.

    Oct 26, 2012
  44. 2012-Q2

    LyondellBasell Industries Quarterly Report for Q2 Ended Jun 30, 2012

    LyondellBasell Industries N.V. reported second-quarter 2012 net income attributable to the Company of $770 million, or $1.33 per diluted share, compared with $804 million, or $1.38 per diluted share, in the second quarter of 2011. Sales and other operating revenues were $11.25 billion, down from $13.31 billion a year earlier, while operating income rose to $1.45 billion from $1.31 billion. Results were helped by a $100 million pretax Hurricane Ike insurance settlement benefit and were offset by $294 million of premiums and fees on early debt repayment, which drove interest expense to $411 million from $176 million. For the first six months of 2012, net income attributable to the Company was $1.37 billion, or $2.37 diluted EPS from continuing operations, versus $1.47 billion a year earlier. The company refinanced roughly $3 billion of debt in April 2012 with 5% senior notes due 2019 and 5.75% senior notes due 2024, repaid $2.68 billion of 8% and 11% senior notes, and replaced its $2 billion U.S. ABL facility with a new five-year $2 billion revolving credit facility. Cash and cash equivalents were $1.95 billion at June 30, 2012, and total debt including current maturities was $4.35 billion. The filing also highlights segment-level dynamics: O&P-Americas benefited from low-cost NGL-based ethylene, while O&P-EAI results weakened amid Eurozone weakness and the Refining segment's operating income fell to $124 million from $258 million, reflecting lower margins. The Berre refinery in France was suspended in January 2012 and is reported as discontinued operations. The filing also discloses an ongoing Access Industries indemnity demand and a voluntary disclosure to the U.S. Department of Justice regarding FCPA matters, neither of which the company can currently estimate in amount.

    Jul 27, 2012
  45. 2012-Q1

    LyondellBasell Industries Quarterly Report for Q1 Ended Mar 31, 2012

    LyondellBasell Industries N.V. reported first-quarter 2012 net income attributable to the Company of $600 million, or $1.04 per diluted share, compared with $663 million, or $1.15 per diluted share, in the first quarter of 2011. Sales and other operating revenues were $11.88 billion versus $12.25 billion a year earlier, and operating income was $946 million versus $1.07 billion. Results were pressured by the January 4, 2012 suspension of the Berre refinery in France, a $22 million impairment at the Wesseling, Germany LDPE plant after a reactor-bay explosion, and lower O&P-EAI results. Stronger O&P-Americas and I&D segment results partly offset these declines. Net income of $599 million compares with a net loss of $218 million in the fourth quarter of 2011, which had included $614 million of pretax charges tied to debt repayment and restructuring. Cash flow and the balance sheet improved meaningfully. Operating cash flow was $921 million, supported by $244 million of income tax refunds, and cash and cash equivalents rose to $1.67 billion. Total debt was $4.03 billion at March 31, 2012. In April 2012 the company issued $2 billion of 5% senior notes due 2019 and $1 billion of 5.75% senior notes due 2024, and used the proceeds with cash on hand to repurchase $742 million of 8% senior notes and $1.864 billion of 11% senior notes via tender offer, paying premiums and fees of $287 million. Covenants in the remaining 8% and 11% indentures were largely eliminated, and the company plans to replace its $2 billion U.S. ABL facility with an unsecured revolver in the second quarter of 2012. The filing also discloses a voluntary disclosure to the U.S. Department of Justice regarding a Kazakhstan project payment that raises Foreign Corrupt Practices Act compliance concerns; the investigation is ongoing and the company cannot estimate a range of potential penalties. Separately, Access Industries affiliates have demanded indemnification from a subsidiary in connection with the Weisfelner bankruptcy litigation, and the company says it cannot estimate the possible loss. The quarterly dividend was $0.25 per share, totaling $143 million paid in the quarter.

    Apr 30, 2012
  46. 2011-Q3

    LyondellBasell Industries Quarterly Report for Q3 Ended Sep 30, 2011

    LyondellBasell Industries N.V. reported its third-quarter 2011 results in this Form 10-Q for the period ended September 30, 2011. Third-quarter net income was $895 million, and net income attributable to the Company for the nine months was $2,362 million. Revenues for the quarter were $13,297 million, up $2,995 million, or 29%, from the prior-year quarter, driven mainly by higher average product prices and higher refining volumes at the Houston refinery. Operating income for the quarter was $1,467 million, compared with $3,797 million... (note: prior-year quarter operating income is not presented in the filing's Successor columns and is omitted here) with improvement attributed to Refining and Oxyfuels, OP-Americas and I&D, partly offset by OP-EAI and Technology. Balance sheet strength improved over the period. Cash and cash equivalents were $5,609 million at September 30, 2011, up from $4,222 million at December 31, 2010, and total debt including current maturities was $5,833 million. Available liquidity under credit facilities totaled $2,329 million. Stockholders' equity rose to $14,025 million, supported by net income and warrant exercises, and the company paid $171 million in dividends year to date. The filing also highlights several risks and developments. Management concluded that disclosure controls were not effective because of a material weakness related to the tax provision, which remains unremediated. The company is cooperating with a U.S. Department of Justice matter under the FCPA and received a U.S. Treasury cautionary letter on sanctions matters. Subsequent to quarter-end, the company announced a tender offer for up to $2,789 million of senior secured notes and anticipated returning up to $2.6 billion to shareholders through a special dividend. The company also disclosed a proposed closure of its Berre refinery in France affecting about 370 employees, with potentially material costs not yet estimated.

    Nov 1, 2011
  47. 2011-Q2-A

    LyondellBasell Industries Quarterly Report (Amendment) for Q2 Ended Jun 30, 2011

    LyondellBasell Industries N.V. filed this Amendment No. 1 on Form 10-Q/A, dated September 12, 2011, for the quarterly period ended June 30, 2011. The sole purpose of the amendment is to furnish Exhibit 101 to the original Form 10-Q, which was filed with the SEC on August 15, 2011, under Rule 405 of Regulation S-T. Exhibit 101 presents the consolidated financial statements and related notes from that report in XBRL (eXtensible Business Reporting Language) format. The filing states that no other changes were made to the original Form 10-Q. It speaks as of the original filing date, does not reflect later events, and does not modify any disclosures in the original report. The registrant had 571,581,047 ordinary shares, €0.04 par value, outstanding at August 10, 2011. The company checked "Non-accelerated filer" on the cover page. The amendment's exhibit list shows that the Section 302 certifications (Exhibits 31.1 and 31.2) and the Section 906 certification (Exhibit 32) were previously filed with the original report. The filing also states that the XBRL interactive data files are deemed not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934. The filing is signed by C. Kent Potter, Chief Financial Officer.

    Sep 12, 2011
  48. 2011-Q2

    LyondellBasell Industries Quarterly Report for Q2 Ended Jun 30, 2011

    LyondellBasell Industries N.V. reported sales and other operating revenues of $14.04 billion for the second quarter of 2011 and $26.29 billion for the first six months, with revenues up $3,558 million, or 34%, in the quarter and $6,055 million, or 30%, for the six months versus 2010. Higher average product prices drove most of the increase, and higher refining and product sales volumes added the rest. Operating income was $1,265 million for the quarter and $2,330 million for the six months. Net income was $803 million in the second quarter, compared with $660 million in the first quarter of 2011. The filing attributes the improvement mainly to higher product margins across most segments, including the Houston refinery, oxyfuels and olefins, partly offset by lower Technology segment results and reorganization charges. The balance sheet remained liquid. Cash and cash equivalents were $4,687 million at June 30, 2011, and total debt including current maturities was $5,865 million. Unused availability under credit facilities was $2,382 million, and the U.S. ABL facility was increased to $2 billion with a maturity extended to June 2016. Management recommended a $0.20 per share dividend on August 3, 2011, payable September 7, 2011. The company also disclosed that its disclosure controls were not effective as of June 30, 2011, due to a material weakness related to the tax provision, and that registration statements for its Senior Secured Notes had not become effective by the required date, triggering interest penalties. The filing also describes several legal and regulatory matters. These include a BASF lawsuit with a reasonably possible loss range of $0 to $135 million excluding interest, a demand for indemnification from Access Industries affiliates tied to a pending bankruptcy-related lawsuit, a voluntary disclosure to the U.S. Department of Justice regarding Foreign Corrupt Practices Act matters, and a voluntary disclosure to the U.S. Treasury Department regarding business with sanctioned countries. The company stated it cannot predict the outcome of these matters.

    Aug 15, 2011
  49. 2011-Q1

    LyondellBasell Industries Quarterly Report for Q1 Ended Mar 31, 2011

    LyondellBasell Industries N.V. reported first-quarter 2011 results in this Form 10-Q, presenting Successor (post-April 30, 2010 emergence from chapter 11) and Predecessor periods side by side. Net sales and other operating revenues were $12.25 billion for the first quarter 2011, compared with $9.76 billion in the first quarter 2010, with operating income of $1.07 billion and net income of $660 million, down from $766 million in the fourth quarter 2010. Basic and diluted earnings per share were $1.16 and $1.15. The filing attributes the higher results mainly to higher product margins across most segments, higher sales volumes, and improved global demand, with the Refining and Oxyfuels segment benefiting from higher refining margins at the Houston refinery. Fresh-start accounting reduced depreciation and amortization after the $7.47 billion PP&E write-down in April 2010, which the filing notes makes Successor and Predecessor results not directly comparable. Balance sheet and liquidity: cash and cash equivalents were $4.38 billion at March 31, 2011, with total debt including current maturities of $6.11 billion, and unused credit facility availability of $1.94 billion. Operating cash flow was negative at $373 million in the quarter, driven by a $799 million inventory increase and a $897 million receivables increase, partly offset by a $1.26 billion payables increase. The company declared a $0.10 per share dividend approved on May 5, 2011. Management disclosed that its disclosure controls were not effective due to a previously reported material weakness related to the tax provision, and it stated that remediation steps were implemented in the quarter. Risk items include the registration rights agreements, which were not satisfied by the May 3, 2011 deadline, triggering interest penalties starting May 4, 2011 of 0.25% per annum rising to a maximum of 1.00%. The filing also discloses a BASF lawsuit under reversal and remand, an Access Industries indemnity demand, and an ongoing voluntary disclosure to the U.S. Department of Justice regarding FCPA matters and to the U.S. Treasury regarding sanctioned-country business.

    May 5, 2011
  50. 2010-Q3

    LyondellBasell Industries Quarterly Report for Q3 Ended Sep 30, 2010

    LyondellBasell Industries N.V. reported its third-quarter 2010 results in this Form 10-Q, covering the three months ended September 30, 2010, and the five-month Successor period from May 1 through September 30, 2010, following its emergence from chapter 11 on April 30, 2010. Because fresh-start accounting was applied on May 1, 2010, the Successor and Predecessor periods are presented separately and are not directly comparable. Sales and other operating revenues were $10,302 million for the third quarter 2010 versus $8,612 million a year earlier, and $30,541 million for the first nine months of 2010 versus $22,011 million in the first nine months of 2009. Operating income was $988 million in the third quarter 2010 compared with $419 million in the third quarter 2009. Net income attributable to the Company was $8,564 million for the Predecessor period January 1 through April 30, 2010, largely from a reorganization gain, and the Successor reported net income of $467 million for the third quarter 2010. The balance sheet shows total assets of $26,030 million and total debt, including current maturities, of $7,325 million at September 30, 2010, against cash and cash equivalents of $4,832 million. The filing states that the reorganization created a significantly de-levered capital structure. Total equity was $10,943 million. Operating activities provided $2,229 million of cash in the Successor period. Management noted $1,236 million of unused availability under its $1,750 million U.S. ABL facility at quarter-end, and stated that the $465 million receivables securitization balance was repaid in October 2010. Key risks disclosed include a $64 million charge in the third quarter related to a dispute over environmental indemnity, an open U.S. Foreign Corrupt Practices Act matter and an Iran sanctions compliance review, both under voluntary disclosure to U.S. authorities, and the BASF litigation, which is under appeal. The filing also states that U.S. cash tax liabilities after 2010 are expected to be significantly higher than in 2009 or 2010, because tax attributes are being reduced by an estimated $6,800 million of cancellation of indebtedness income.

    Nov 10, 2010