LyondellBasell Industries has published its financial results for the first quarter of 2015, ended 31 March.
First quarter highlights
- Income from continuing operations: US$1.17 billion (US$1.23 billion excluding LCM).
- Diluted earnings per share: US$2.42 per share (US$2.54 per share excluding LCM, our highest diluted quarterly EPS ever).
- EBITDA: US$1.95 billion (US$2.04 billion excluding LCM).
- Share repurchases and dividends totalled US$1.69 billion; repurchased 15.7 million shares during the first quarter, more than 3% of the outstanding shares.
The first quarter included a US$92 million non-cash, pre tax charge for the impact of a lower of cost or market (LCM) inventory adjustment (US$58 million after tax). Excluding the LCM adjustment, earnings from continuing operations during the first quarter totalled US$1.2 billion, or US$2.54 per share, and EBITDA was US$2.0 billion.
"The first quarter of 2015 continued at a pace that made 2014 a record year. Excluding the LCM inventory impacts, first quarter diluted earnings per share of US$2.54 was a new quarterly high for LyondellBasell, and EBITDA exceeded US$2.0 billion for the third consecutive quarter. We have generated EBITDA of US$8.2 billion over the past twelve months excluding the impacts of the LCM. Quarterly EBITDA has been very steady during this period. During the first quarter, we achieved these strong results in a market in which crude oil price declines pressured product prices. However, the abundance of low cost natural gas based raw materials, supply and demand tightness in several products, and our flexible portfolio provided balance to offset the impact of lower prices. Our business portfolio proves to be resilient in a volatile market environment, delivering strong results," said Bob Patel, LyondellBasell Chief Executive Officer.
"During the first few weeks of April, business conditions within our olefins and polyolefins segments have been relatively consistent with the first quarter. Planned and unplanned industry downtime has continued to support polyolefins pricing. Additionally, in the US, NGL feedstock inventories stand at or near record levels, production has remained strong, and NGL prices are low. During the quarter, we expect our Intermediate and Derivatives segment to benefit from normal seasonal trends. Thus far, refining industry spreads have declined versus the first quarter but remain healthy," Patel said.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/refining/27042015/lyondellbasell-reports-first-quarter-results-664/