MOSCOW (MRC) -- LyondellBasell Industries, one of the world's largest plastics, chemical and refining companies, has reported record results in 2013, led by improvements in global olefins and polyolefins, according to the company's report.
LyondellBasell announced earnings from continuing operations for the fourth quarter 2013 of USD1,177 million, or USD2.11 per share. Fourth-quarter 2013 EBITDA was USD1,543 million. Full year 2013 income from continuing operations was USD3,860 million, or USD6.76 per share,
Fourth quarter 2013 EBITDA was relatively unchanged compared to the third quarter of 2013 despite the impact of normal seasonal slowdowns. Income from continuing operations increased relative to the third quarter due to a lower effective tax rate related to the release of reserves against certain European net operating losses (NOLs).
"We achieved record earnings in 2013, capped by the best fourth-quarter results in our history," said CEO Jim Gallogly. "Our performance for the quarter and the year continued a pattern of solid financial results built on our back-to-basics strategy and supplemented with high return growth projects. During the quarter, we completed the methanol restart project at Channelview, Texas. This project and other announced projects focus on capturing additional advantages from US shale gas ahead of our competition," he said.
Regarding the outlook for 2014 Gallogly said: "The fundamentals supporting our businesses have remained strong. The U.S. natural gas liquids advantage continues to evolve in a very positive way, and we are executing our growth projects rapidly to take advantage of these market opportunities. We believe olefins in North America will continue to benefit from strong margins created by cost-advantaged NGLs. We will commence an olefins turnaround at La Porte late in the first quarter which will extend into the second quarter. European olefins and polyolefins demand should improve from a seasonally-low fourth quarter."
As MRC wrote previously, LyondellBasell is working to cash in on the US shale gas advantage by working "cheaper and faster" than competitors, opting in most cases to focus on expansions and debottlenecking projects over building new facilities.
Headquartered in the Netherlands, LyondellBasell is one of the world's largest plastics, chemical and refining companies. LyondellBasell manufactures products at 58 sites in 18 countries. The company produces chemicals, fuels, and polymers used for packaging, clean fuels, durable textiles, medical applications, construction materials, and automotive parts. LyondellBasell is also a leading licensor of polypropylene and polyethylene technologies. The more than 250 polyolefin process licenses granted by LyondellBasell are twice that of any other polyolefin technology licensor.
MRC