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LyondellBasell Reports First-Quarter 2013 Results



              LyondellBasell Reports First-Quarter 2013 Results

PR Newswire

ROTTERDAM, Netherlands, April 26, 2013

ROTTERDAM, Netherlands, April 26, 2013 /PRNewswire/ -- 

First-Quarter 2013 Highlights

  o Record diluted earnings per share of $1.56; $906 million income from
    continuing operations
  o First quarter EBITDA of $1,585 million; record Olefins & Polyolefins -
    Americas results
  o Began construction of La Porte ethylene expansion and methanol plant
    restart projects
  o Completed significant scheduled maintenance at the Houston refinery;
    increased the refinery feedstock flexibility to accommodate both Canadian
    and lighter crudes
  o Achieved investment grade credit rating

LyondellBasell Industries (NYSE: LYB) today announced earnings for the first
quarter 2013 of $906 million, or $1.56  diluted earnings  per share. First
quarter 2013 EBITDA was $1,585 million, a 25 percent increase from the fourth
quarter 2012 and a 29 percent increase from the first quarter 2012. Net income
in the first quarter 2013 increased by 44 percent from the fourth quarter
2012. The increase was primarily a result of improved operating results across
all segments, other than Refining, which had a planned maintenance turnaround.

Comparisons with the prior quarter and first quarter 2012 are shown below:

Table 1 - Earnings Summary
                                        Three Months Ended
                                        March 31,   December 31,   March 31,

Millions of U.S. dollars (except share  2013        2012           2012
data)
Sales and other operating revenues      $10,669     $11,097        $11,734
Net income^(a)                          900         623            599
Income from continuing operations       906         645            594
Diluted earnings per share (U.S.
dollars):
         Net income^(b)                 1.55        1.09           1.04
         Income from continuing         1.56        1.13           1.03
         operations
Diluted share count (millions)          578         578            575
EBITDA^(c)                              1,585       1,265          1,227
(a)  Includes net loss attributable to non-controlling interests and income
(loss) from discontinued operations, net of tax. See Table 11.
(b)  Includes diluted earnings (loss) per share attributable to discontinued
operations.
(c)  See the end of this release for an explanation of the Company's use of
EBITDA and Table 9 for reconciliations of EBITDA to income from continuing
operations.

Results also reflect the following charges and benefits:

Table 2 - Charges (Benefits) Included in Income from Continuing Operations
                                             Three Months Ended
Millions of U.S. dollars (except share data) March 31, December 31, March 31,
                                             2013      2012         2012
Pretax charges (benefits):
     Reorganization items                    $ - -     $ - -        ($5)
     Corporate restructurings                - -       53           - -
     Impairments                             - -       - -          22
     Warrants - mark to market               - -       - -          10
     Unfavorable contract reserve reversal   - -       (28)         - -
Total pretax charges                         - -       25           27
Benefit from income tax related to these     - -       (17)         (5)
items
After-tax effect of net charges              $ - -     $8           $22
Effect on diluted earnings per share         $ - -     $ - -        ($0.04)

"The theme for our 2012 annual report was – "Seize the Moment – Securing the
Future". We are converting these words to action. Our first quarter results
demonstrate our success.  For example, in our Olefins and Polyolefins –
Americas segment, we took advantage of strong industry margins, and for the
third consecutive quarter, operated our ethylene plant system at or above
nameplate capacity - achieving record profitability in this segment," said Jim
Gallogly, LyondellBasell Chief Executive Officer. 

"In addition to our strong financial and operating results during the quarter,
we passed several key milestones which we believe will help in securing our
future performance. We received environmental permits and began construction
on two key growth projects – the Channelview methanol plant restart and the La
Porte olefins expansion. We are targeting to complete the methanol restart
this year and the La Porte expansion during 2014.  In addition, we completed a
major turnaround at the Houston refinery, implementing modifications that
position us to benefit from rapidly developing North American crude oil
production. When completed, and assuming 2012 margins, these three projects
would represent approximately $775 million of potential annual EBITDA,"
Gallogly added.

"While the U.S. olefins business set new records during the quarter, the
situation in European olefins and polyolefins continued to be difficult.
Although our results improved from recent quarters, underlying economic and
industry conditions have not. Our Intermediates and Derivatives segment
continued to post steady results. At the Houston refinery, major turnaround
activities required us to reduce first quarter throughput which negatively
impacted the quarter," Gallogly indicated.

OUTLOOK

"Overall, the trends of the previous quarters continued into early April. Our
Olefins and Polyolefins – Americas and Intermediates and Derivatives segments
continued to benefit from the shale gas developments," Gallogly said.

"However, as broadly reported, the global macro-economic outlook continues to
be uncertain. Within this environment, our "back-to-basics" strategy will
serve us well. Our focus is further sharpened as we proceed into the next
chapter of our story - execution of our growth projects and the continued
return of value to our shareholders," Gallogly added.

LYONDELLBASELL BUSINESS RESULTS DISCUSSION BY REPORTING SEGMENT

LyondellBasell operates in five business segments: 1) Olefins and Polyolefins
– Americas; 2) Olefins and Polyolefins – EAI; 3) Intermediates and
Derivatives; 4) Refining; and 5) Technology.

Olefins and Polyolefins - Americas (O&P-Americas)  – The primary products of
this segment include ethylene and its co-products (propylene, butadiene and
benzene), polyethylene, polypropylene and Catalloy process resins. 

Table 3 - O&P–Americas Financial Overview
                         Three Months Ended
                         March 31, December 31, March 31,
Millions of U.S. dollars 2013      2012         2012
Operating income         $821      $693         $519
EBITDA                   898       777          595

Three months ended March 31, 2013 versus three months ended December 31, 2012
– EBITDA increased $121 million in the first quarter 2013 versus the fourth
quarter 2012. Compared to the prior period, olefins results increased
approximately $140 million primarily due to an increase in margins.  Our cost
of ethylene production metric declined and the average ethylene price
increased 4 cents per pound. Improved ethylene co-product pricing drove the
decline in the cost of ethylene production. Combined polyolefin results
decreased by approximately $25 million from the fourth quarter 2012 primarily
due to lower polypropylene sales volumes and margins. Joint venture equity
income declined slightly.

Three months ended March 31, 2013 versus three months ended March 31, 2012 –  
EBITDA increased $303 million in the first quarter 2013 versus the first
quarter 2012.  Olefins results increased approximately $290 million compared
to the prior year period as a result of higher olefins margins and volumes.
The higher olefins margins were primarily driven by lower natural gas liquid
prices in the first quarter 2013, in particular ethane and propane. Olefins
production volumes were higher compared to the first quarter 2012, which was
impacted by a planned maintenance turnaround.  Polyethylene results were
relatively unchanged. Polypropylene results declined by approximately $25
million due to a 12 percent decline in polypropylene sales volumes in the
first quarter 2013 as price volatility negatively impacted customer buying
patterns. Joint venture equity income was relatively unchanged.

Olefins and Polyolefins - Europe, Asia, International (O&P-EAI)  – The primary
products of this segment include ethylene and its co-products (propylene and
butadiene), polyethylene, polypropylene, global polypropylene compounds,
Catalloy process resins and polybutene-1 resins.
 

Table 4 - O&P–EAI Financial Overview  
                         Three Months Ended
                         March 31, December 31, March 31,
Millions of U.S. dollars 2013      2012         2012
Operating income (loss)  $93       ($94)        $3
EBITDA                   225       27           115

Three months ended March 31, 2013 versus three months ended December 31, 2012
– EBITDA increased $198 million in the first quarter 2013 versus the fourth
quarter 2012. Excluding the net negative impact of various fourth quarter
items such as restructuring and compensation accruals, a feedstock contract
renegotiation, and a Wesseling plant turnaround, underlying EBITDA increased
approximately $115 million. Exclusive of the Wesseling turnaround impact,
olefins results improved approximately $40 million primarily due to olefin
margins expansion related to naphtha price volatility. Exclusive of the
feedstock contract renegotiation, underlying commodity polyolefin results
increased by approximately $30 million, driven by higher margins.
Polypropylene compounds and polybutene-1 results increased approximately $20
million from seasonally low fourth quarter results. Equity income from joint
ventures increased by $25 million from the fourth quarter 2012.

Three months ended March 31, 2013 versus three months ended March 31, 2012 –
EBITDA increased $110 million versus the first quarter 2012. Olefins results
increased by approximately $70 million, primarily  as a result of improved
margins. Combined commodity polyolefin results increased by approximately $30
million primarily as a result of higher polypropylene margins and volumes in
the first quarter 2013 and the absence of charges related to the first quarter
2012 Wesseling polyethylene reactor damage. Polypropylene compounds and
polybutene-1 results were relatively unchanged from the prior year period.
Equity income from joint ventures increased by $14 million from the first
quarter 2012.

Intermediates and Derivatives (I&D)  – The primary products of this segment
include propylene oxide (PO) and its co-products (styrene monomer, tertiary
butyl alcohol (TBA), isobutylene and tertiary butyl hydroperoxide), and
derivatives (propylene glycol, propylene glycol ethers and butanediol),
acetyls, ethylene oxide and its derivatives, and oxyfuels.  

Table 5 - I&D Financial Overview
                                 Three Months Ended
                                 March 31, December 31, March 31,
Millions of U.S. dollars         2013      2012         2012
Operating income                 $323      $246         $370
EBITDA                           373       297          417

Three months ended March 31, 2013 versus three months ended December 31, 2012
– EBITDA increased $76 million versus the fourth quarter 2012. Results for PO
and PO derivatives improved by $20 million primarily due to seasonal recovery
of volumes. Intermediate chemicals results increased by approximately $25
million due to higher C4 chemical and styrene margins. Oxyfuels results
improved due to stronger first quarter 2013 margins. Equity income from joint
ventures was relatively unchanged.

Three months ended March 31, 2013 versus three months ended March 31, 2012 –
EBITDA decreased $44 million compared to the first quarter 2012. Results for
PO and PO derivatives declined primarily due to lower solvents and butanediol
sales volumes and margins as new Asian capacity came online in 2013. PO
volumes and margins were relatively unchanged. Intermediate chemicals results
improved by approximately $30 million mainly due to higher C4 chemicals and
styrene margins. Oxyfuels results declined approximately $25 million primarily
as a result of lower margins in the 2013 period versus stronger than typical
first quarter 2012 margins. Equity income from joint ventures was relatively
unchanged. 

Refining – The primary products of this segment include gasoline, diesel fuel,
heating oil, jet fuel, and petrochemical raw materials.

Table 6 - Refining Financial Overview
                           Three Months Ended
                           March 31,  December 31, March 31,
Millions of U.S. dollars   2013       2012         2012
Operating income (loss)    ($17)      $86          $10
EBITDA                     20         123          48

Three months ended March 31, 2013 versus three months ended December 31, 2012
– EBITDA decreased $103 million versus the fourth quarter 2012. The Houston
refinery operated at 173,000 barrels per day, down 82,000 barrels per day from
the prior quarter primarily due to a planned turnaround. The throughput
decline negatively impacted the first quarter 2013 by approximately $80
million versus fourth quarter 2012. In addition, the Maya 2-1-1 benchmark
crack spread decreased $3.39 per barrel to $20.97 per barrel in the first
quarter 2013. The decline in our refinery spread was somewhat smaller relative
to the benchmark spread. Results continue to be negatively impacted from
depressed values of by-products such as petroleum coke and various natural gas
based products.

Three months ended March 31, 2013 versus three months ended March 31, 2012 –
EBITDA decreased $28 million versus the first quarter 2012 mainly due to the
impact of the first quarter 2013 turnaround. Compared to the first quarter in
2012, a throughput decline of 86,000 barrels per day negatively impacted the
current quarter by approximately $85 million, which more than offset an
increased crack spread. The Maya 2-1-1 benchmark crack spread increased $0.82
per barrel to $20.97 per barrel from the first quarter 2012.

Technology – The principal products of the Technology segment include
polyolefin catalysts and production process technology licenses and related
services.

Table 7 - Technology Financial Overview
                         Three Months Ended
                         March 31, December 31, March 31,
Millions of U.S. dollars 2013      2012         2012
Operating income         $50       $23          $38
EBITDA                   66        42           56

Three months ended March 31, 2013 versus three months ended December 31, 2012
– EBITDA increased by $24 million. The fourth quarter 2012 included $18
million in restructuring charges.

Three months ended March 31, 2013 versus three months ended March 31, 2012 –
EBITDA increased by $10 million driven by higher licensing revenues.

Capital spending and cash balances

Capital expenditures, including growth projects, maintenance turnarounds,
catalyst and information technology related expenditures, were $391 million in
the first quarter 2013. Our cash balance was $2.9 billion at March 31, 2013.

CONFERENCE CALL

LyondellBasell will host a conference call April 26 at 11 a.m. ET. 
Participants on the call will include Chief Executive Officer Jim Gallogly,
Executive Vice President and Chief Financial Officer Karyn Ovelmen, Senior
Vice President - Strategic Planning and Transactions Sergey Vasnetsov, and
Vice President of Investor Relations Doug Pike. 

The toll-free dial-in number in the U.S. is 800-369-1609.  For international
numbers, please go to the company website,
www.lyondellbasell.com/teleconference, for a complete listing of toll-free
numbers by country.  The pass code for all numbers is 4807902.

A replay of the call will be available from 2 p.m. ET April 26 until May 26 at
11 p.m. ET.  The replay dial-in numbers are 800-469-5439 (U.S.) and +1
203-369-3805 (international). The pass code for each is 3102.

The slides that accompany the call will be available at
http://www.lyondellbasell.com/earnings.  

ABOUT LYONDELLBASELL

LyondellBasell (NYSE: LYB) is one of the world's largest plastics, chemical
and refining companies and a member of the S&P 500. LyondellBasell
(www.lyondellbasell.com) manufactures products at 58 sites in 18 countries.
LyondellBasell products and technologies are used to make items that improve
the quality of life for people around the world including packaging,
electronics, automotive parts, home furnishings, construction materials and
biofuels. 

FORWARD-LOOKING STATEMENTS

The statements in this release and the related teleconference relating to
matters that are not historical facts are forward-looking statements. These
forward-looking statements are based upon assumptions of management which are
believed to be reasonable at the time made and are subject to significant
risks and uncertainties. Actual results could differ materially based on
factors including, but not limited to, the business cyclicality of the
chemical, polymers and refining industries; the availability, cost and price
volatility of raw materials and utilities, particularly the cost of oil,
natural gas, and associated natural gas liquids; competitive product and
pricing pressures; labor conditions; our ability to attract and retain key
personnel; operating interruptions (including leaks, explosions, fires,
weather-related incidents, mechanical failure, unscheduled downtime, supplier
disruptions, labor shortages, strikes, work stoppages or other labor
difficulties, transportation interruptions, spills and releases and other
environmental risks); the supply/demand balances for our and our joint
ventures' products, and the related effects of industry production capacities
and operating rates; our ability to achieve expected cost savings and other
synergies; legal and environmental proceedings; tax rulings, consequences or
proceedings; technological developments, and our ability to develop new
products and process technologies; potential governmental regulatory actions;
political unrest and terrorist acts; risks and uncertainties posed by
international operations, including foreign currency fluctuations; and our
ability to comply with debt covenants and service our debt.  Additional
factors that could cause results to differ materially from those described in
the forward-looking statements can be found in the "Risk Factors" section of
our Form 10-K for the year ended December 31, 2012, which can be found at
www.lyondellbasell.com on the Investor Relations page and on the Securities
and Exchange Commission's website at www.sec.gov.

NON-GAAP MEASURES

This release makes reference to certain "non-GAAP" financial measures as
defined in Regulation G of the U.S. Securities Exchange Act of 1934, as
amended.  We report our financial results in accordance with U.S. generally
accepted accounting principles, but believe that certain non-GAAP financial
measures provide useful supplemental information to investors regarding the
underlying business trends and performance of the company's ongoing operations
and are useful for period-over-period comparisons of such operations. These
non-GAAP financial measures should be considered as a supplement to, and not
as a substitute for, or superior to, the financial measures prepared in
accordance with GAAP.

Before the first quarter of 2013, we reported EBITDA  including certain
adjustments. The EBITDA previously reported was calculated as net income
before net interest expense, income taxes, depreciation and amortization,
reorganization items, income from equity investments, income (loss)
attributable to non-controlling interests, net income (loss) from discontinued
operations, plus joint venture dividends, as adjusted for other items
management does not believe are indicative of our underlying results of
operations such as impairment charges, asset retirement obligations and the
effect of mark-to-market accounting on our warrants. The specific items for
which EBITDA was adjusted in each prior reporting period were disclosed in the
reconciliation of non-GAAP financial measures table included in each reporting
period. Beginning March 31, 2013, we calculate EBITDA as income from
continuing operations plus interest expense (net), provision for (benefit
from) income taxes, and depreciation & amortization.  Reconciliations of our
current calculation of EBITDA for periods prior to March 31, 2013 to the
previously presented measures are included under "EBITDA Reconciliations" on
the Investor Relations section of our website at www.lyondellbasell.com.
EBITDA should not be considered an alternative to profit or operating profit
for any period as an indicator of our performance, or as alternatives to
operating cash flows as a measure of our liquidity.

Quantitative reconciliations of EBITDA to net income, the most comparable GAAP
measure, are provided in Table 9 at the end of this release.

OTHER FINANCIAL MEASURE PRESENTATION NOTES

This release contains time sensitive information that is accurate only as of
the time hereof. Information contained in this release is unaudited and
subject to change. LyondellBasell undertakes no obligation to update the
information presented herein except to the extent required by law.

 

Table 8 - Reconciliation of Segment Information to Consolidated Financial
Information
                2012                                                   2013
 (Millions of   Q1         Q2         Q3         Q4         Total      Q1
 U.S. dollars)
 Sales and
 other
 operating
 revenues:
  Olefins &
  Polyolefins - $ 3,349    $ 3,283    $ 3,217    $ 3,085    $ 12,934   $ 3,244
  Americas
  Olefins &
  Polyolefins -   3,898      3,575      3,448      3,600      14,521     3,800
  Europe, Asia,
  International
  Intermediates   2,485      2,285      2,637      2,251      9,658      2,282
  & Derivatives
  Refining        3,203      3,496      3,272      3,320      13,291     2,468
  Technology      119        115        124        140        498        134
  Other           (1,320)    (1,506)    (1,425)    (1,299)    (5,550)    (1,259)
    Continuing  $ 11,734   $ 11,248   $ 11,273   $ 11,097   $ 45,352   $ 10,669
    Operations
 Operating
 income (loss):
  Olefins &
  Polyolefins - $ 519      $ 700      $ 738      $ 693      $ 2,650    $ 821
  Americas
  Olefins &
  Polyolefins -   3          203        15         (94)       127        93
  Europe, Asia,
  International
  Intermediates   370        390        424        246        1,430      323
  & Derivatives
  Refining        10         124        114        86         334        (17)
  Technology      38         30         31         23         122        50
  Other           - -        2          6          5          13         (3)
    Continuing  $ 940      $ 1,449    $ 1,328    $ 959      $ 4,676    $ 1,267
    Operations
 Depreciation
 and
 amortization:
  Olefins &
  Polyolefins - $ 65       $ 71       $ 69       $ 76       $ 281      $ 75
  Americas
  Olefins &
  Polyolefins -   69         69         63         84         285        77
  Europe, Asia,
  International
  Intermediates   47         48         49         50         194        48
  & Derivatives
  Refining        38         37         36         37         148        36
  Technology      18         19         18         18         73         17
  Other           - -        - -        1          1          2          - -
    Continuing  $ 237      $ 244      $ 236      $ 266      $ 983      $ 253
    Operations
 EBITDA: ^(a)
  Olefins &
  Polyolefins - $ 595      $ 781      $ 814      $ 778      $ 2,968    $ 898
  Americas
  Olefins &
  Polyolefins -   115        305        102        26         548        225
  Europe, Asia,
  International
  Intermediates   417        432        475        297        1,621      373
  & Derivatives
  Refining        48         160        150        123        481        20
  Technology      56         50         49         42         197        66
  Other           (4)        (1)        (1)        (1)        (7)        3
    Continuing  $ 1,227    $ 1,727    $ 1,589    $ 1,265    $ 5,808    $ 1,585
    Operations
 Capital,
 turnarounds
 and IT
 deferred
 spending:
  Olefins &
  Polyolefins - $ 102      $ 135      $ 126      $ 105      $ 468      $ 122
  Americas
  Olefins &
  Polyolefins -   60         39         60         95         254        63
  Europe, Asia,
  International
  Intermediates   18         24         44         73         159        106
  & Derivatives
  Refining        38         27         24         47         136        93
  Technology      9          8          12         14         43         7
  Other           2          3          1          (1)        5          - -
    Total         229        236        267        333        1,065      391
  Deferred
  charges         (1)        (3)        (1)        - -        (5)        - -
  included
  above
    Continuing  $ 228      $ 233      $ 266      $ 333      $ 1,060    $ 391
    Operations
(a) See Table 9 for EBITDA calculation. 

 

Table 9 - EBITDA Calculation
                          2012                                         2013
 (Millions of U.S.        Q1       Q2       Q3       Q4       Total    Q1
 dollars)
 Net income attributable
 to the Company           $ 600    $ 770    $ 846    $ 632    $ 2,848  $ 901
 shareholders
 Net loss attributable to
 non-controlling            (1)      (2)      (2)      (9)      (14)     (1)
 interests
 (Income) loss from
 discontinued operations,   (5)      - -      7        22       24       6
 net of tax
 Income from continuing     594      768      851      645      2,858    906
 operations
    Provision for income    301      306      435      285      1,327    357
    taxes
    Depreciation and        237      244      236      266      983      253
    amortization
    Interest expense, net   95       409      67       69       640      69
 EBITDA                   $ 1,227  $ 1,727  $ 1,589  $ 1,265  $ 5,808  $ 1,585

 

Table 10 - Selected Segment Operating Information
                                     2012                                2013
                                     Q1      Q2     Q3     Q4     YTD    Q1
  Olefins and Polyolefins -
  Americas
    Volumes (million pounds)
     Ethylene produced               1,988   2,134  2,401  2,449  8,972  2,337
     Propylene produced              533     615    633    582    2,363  624
     Polyethylene sold               1,448   1,316  1,434  1,441  5,639  1,398
     Polypropylene sold              735     719    740    695    2,889  648
    Benchmark Market Prices
     West Texas Intermediate crude   103.0   93.4   92.2   88.2   94.1   94.4
     oil (USD per barrel)
     Light Louisiana Sweet ("LLS")   119.9   108.2  109.4  109.5  111.7  113.9
     crude oil (USD per barrel)
     Natural gas (USD per million    2.7     2.3    2.9    3.5    2.9    3.5
     BTUs)
     U.S. weighted average cost of
     ethylene production             28.5    18.4   19.7   18.6   21.2   13.8
     (cents/pound)
     U.S. ethylene (cents/pound)     54.9    46.9   45.4   45.7   48.3   48.0
     U.S. polyethylene [high         67.0    63.0   59.3   59.7   62.3   66.7
     density] (cents/pound)
     U.S. propylene (cents/pound)    67.2    64.2   49.8   54.5   58.9   73.5
     U.S. polypropylene              81.2    76.7   63.8   68.5   72.5   88.0
     [homopolymer] (cents/pound)
  Olefins and Polyolefins -
  Europe, Asia, International
    Volumes (million pounds)
     Ethylene produced               947     930    802    833    3,512  912
     Propylene produced              577     562    493    502    2,134  577
     Polyethylene sold               1,316   1,137  1,253  1,257  4,963  1,216
     Polypropylene sold              1,541   1,337  1,633  1,574  6,085  1,584
    Benchmark Market Prices (€0.01
    per pound)
     Western Europe weighted
     average cost of ethylene        45.4    31.7   39.6   38.9   38.9   36.2
     production
     Western Europe ethylene         55.1    58.6   53.1   58.1   56.2   58.6
     Western Europe polyethylene     58.6    60.9   57.2   61.0   59.4   61.2
     [high density]
     Western Europe propylene        50.1    54.1   47.6   50.8   50.7   50.6
     Western Europe polypropylene    57.9    60.4   56.1   58.7   58.3   59.1
     [homopolymer]
  Intermediates and Derivatives
    Volumes (million pounds)
     Propylene oxide and             774     743    762    663    2,942  683
     derivatives
     Ethylene oxide and              312     275    311    260    1,158  260
     derivatives
     Styrene monomer                 704     678    798    794    2,974  655
     Acetyls                         489     444    499    404    1,836  432
     TBA Intermediates               462     448    441    399    1,750  439
    Volumes (million gallons)
     MTBE/ETBE                       205     189    256    199    849    187
    Benchmark Market Margins 
    (cents per gallon)
     MTBE - Northwest Europe         125.1   122.0  149.9  76.3   118.2  104.9
  Refining
    Volumes (thousands of barrels
    per day)
     Heavy crude oil processing      259     267    240    255    255    173
     rate
    Benchmark Market Margins
     Light crude oil - 2-1-1         9.34    14.04  14.71  7.91   11.50  9.80
     Light crude oil - Maya          10.81   9.12   11.94  16.45  12.05  11.17
     differential
Source:  LYB and third party consultants
Note:  Benchmark market prices for U.S. and Western Europe polyethylene and
polypropylene reflect discounted prices. 

 

Table 11 - Unaudited Income Statement Information
                    2012                                              2013
 (Millions of U.S.  Q1        Q2        Q3        Q4        Total     Q1
 dollars)
 Sales and other    $ 11,734  $ 11,248  $ 11,273  $ 11,097  $ 45,352  $ 10,669
 operating revenues
 Cost of sales        10,532    9,561     9,670     9,832     39,595    9,153
 Selling, general
 and administrative   223       201       236       249       909       213
 expenses
 Research and
 development          39        37        39        57        172       36
 expenses
   Operating income   940       1,449     1,328     959       4,676     1,267
 Income from equity   46        27        32        38        143       59
 investments
 Interest expense,    (95)      (409)     (67)      (69)      (640)     (69)
 net
 Other income         (1)       8         (7)       2         2         6
 (expense), net
   Income before
   income taxes and   890       1,075     1,286     930       4,181     1,263
   reorganization
   items
 Reorganization       5         (1)       - -       - -       4         - -
 items
   Income before      895       1,074     1,286     930       4,185     1,263
   taxes
 Provision for        301       306       435       285       1,327     357
 income taxes
   Income from
   continuing         594       768       851       645       2,858     906
   operations
 Income (loss) from
 discontinued         5         - -       (7)       (22)      (24)      (6)
 operations, net of
 tax
   Net income         599       768       844       623       2,834     900
 Net loss
 attributable to      1         2         2         9         14        1
 non-controlling
 interests
   Net income
   attributable to  $ 600     $ 770     $ 846     $ 632     $ 2,848   $ 901
   the Company
   shareholders

 

Table 12 - Unaudited Cash Flow Information
                      2012                                             2013
 (Millions of U.S.    Q1       Q2       Q3       Q4         Total      Q1
 dollars)
 Net cash provided by $ 913    $ 504    $ 2,042  $ 1,328    $ 4,787    $ 799
 operating activities
 Net cash used in       (185)    (245)    (266)    (317)      (1,013)    (408)
 investing activities
 Net cash provided by
 (used in) financing    (140)    55       (234)    (1,826)    (2,145)    (234)
 activities

 

Table 13 - Unaudited Balance Sheet Information
                           March 31,  June 30,  September  December  March 31,
                                                30,        31,
 (Millions of U.S.         2012       2012      2012       2012      2013
 dollars)
 Cash and cash equivalents $  1,670   $ 1,950   $  3,527   $ 2,732   $  2,879
 Restricted cash              9         14         19        5          6
 Accounts receivable, net     4,209     3,888      4,083     3,904      3,878
 Inventories                  5,208     5,759      5,234     5,075      5,270
 Prepaid expenses and         1,002     755        532       570        622
 other current assets
    Total current assets      12,098    12,366     13,395    12,286     12,655
 Property, plant and          7,426     7,237      7,412     7,696      7,779
 equipment, net
 Investments and long-term
 receivables:
    Investment in PO joint    415       411        405       397        401
    ventures
    Equity investments        1,605     1,521      1,581     1,583      1,607
    Other investments and     76        70         361       383        421
    long-term receivables
 Goodwill                     595       576        585       591        582
 Intangible assets, net       1,149     1,103      1,073     1,038      999
 Other assets, net            245       261        292       246        233
    Total assets           $  23,609  $ 23,545  $  25,104  $ 24,220  $  24,677
 Current maturities of     $  - -     $ - -     $  - -     $ 1       $  1
 long-term debt
 Short-term debt              42        48         47        95         115
 Accounts payable             3,545     3,004      3,297     3,285      3,217
 Accrued liabilities          1,049     915        1,177     1,157      1,217
 Deferred income taxes        310       277        304       558        557
    Total current             4,946     4,244      4,825     5,096      5,107
    liabilities
 Long-term debt               3,984     4,305      4,305     4,304      4,307
 Other liabilities            2,281     2,208      2,153     2,327      2,306
 Deferred income taxes        1,035     1,245      1,460     1,314      1,277
 Stockholders' equity         11,310    11,492     12,312    11,139     11,641
 Non-controlling interests    53        51         49        40         39
    Total liabilities and  $  23,609  $ 23,545  $  25,104  $ 24,220  $  24,677
    stockholders' equity

SOURCE LyondellBasell Industries

Website: http://www.lyondellbasell.com
Contact: Media, David A. Harpole, +1-713-309-4125, or Investors, Douglas J.
Pike +1-713-309-7141
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