LyondellBasell Reports Second-Quarter 2012 Results

ROTTERDAM, Netherlands, July 27, 2012 /PRNewswire/ --

Second-Quarter 2012 Highlights

  • $768 million net income or $1.33 diluted earnings per share
  • Second-quarter EBITDA of $1,774 million
  • Olefins margins in North America and Europe expanded as raw material costs declined
  • Interim quarterly dividend increased by 60 percent to 40 cents per share
  • Berre refinery moved to discontinued operations; business segments have been realigned by moving Oxyfuels to Intermediates and Derivatives

LyondellBasell Industries (NYSE: LYB) today announced earnings for the second quarter 2012 of $768 million, or $1.33 per share.  Discontinued operations had no impact on earnings in the second quarter.  Second-quarter 2012 EBITDA was $1,774 million, a 44 percent increase from the first quarter 2012. Second quarter net income includes the net negative effect of $191 million, or $0.33 per share, related to charges associated with debt repayments, and inventory accounting valuations, partially offset by proceeds from an insurance settlement.

Comparisons with the prior quarter and second quarter 2011 are shown below:

Table 1 - Earnings Summary(a)








Three Months Ended

Six Months Ended






June 30,

Millions of U.S. dollars (except share data)

June 30,

 2012 

March 31,

 2012

June 30,

 2011

2012

2011

Sales and other operating revenues

$11,248 

$11,734

$13,306

$22,982

$24,686

Net income(a)

768

599

803

1,367

1,463

Income from continuing operations

768

594

851

1,362

1,533

Diluted earnings per share (U.S. dollars):







Net income(b)

1.33

1.04

1.38

2.37

2.56


Income from continuing operations

1.33

1.03

1.46

2.36

2.68

Diluted share count (millions)  

577 

575

575

576

569

EBITDA(c)

1,774 

1,228

1,593

3,002

3,013

EBITDA excluding LCM inventory valuation adjustments

 

1,845

 

1,228

 

1,593

 

3,073

 

3,013








(a)  Includes net loss attributable to non-controlling interests and loss from discontinued operations, net of tax.  See Table 11.

(b)  Includes diluted 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 net income.

During the second quarter 2012, results improved over the first quarter 2012, with the most significant improvements being in global olefins and North America polyolefins, which benefited from increased margins driven by lower feedstock costs.

Results also reflect the following charges and benefits:

Table 2 - Charges (Benefits) Included in Income from Continuing Operations




Three Months Ended

Six Months Ended




June 30,

March 31,

June 30,

June 30,

Millions of U.S. dollars (except share data)

2012

2012

2011

2012

2011

Pretax charges (benefits):







Charges and premiums related to








repayment of debt

$329

$ - -

$12

$329

$12


Reorganization items

- -

(5)

28

(5)

30


Corporate restructurings

- -

- -

61

- -

61


Impairments

- -

22

4

22

4


Sale of precious metals

- -

- -

(41)

- -

(41)


Warrants - mark to market

- -

10

(6)

10

53


Insurance settlement

(100)

- -

- -

(100)

(34)


Environmental accruals

- -

- -

16

- -

16


Lower of cost or market inventory adjustment

71

- -

- -

71

- -

Total pretax charges (benefits)

300

27

74

327

101

Provision for (benefit from) income tax related







to these items

(109)

(5)

(21)

(114)

(10)

After-tax effect of net charges (credits)

$191

$22

$53

$213

$91

Effect on diluted earnings per share

($0.33)

($0.03)

($0.09)

($0.36)

($0.16)

"During the second quarter, we continued to demonstrate the earnings power of our company as margins strengthened over the first quarter," said Jim Gallogly, LyondellBasell Chief Executive Officer.  "While global economic uncertainties dominate the headlines, our company's performance has remained strong. NGL supply and costs continue to drive favorable U.S. olefin results particularly in the Midwest where ethane prices declined to below equivalent fuel values," he stated.

"The Olefins and Polyolefins-EAI segment benefited from improved European olefin margins and joint venture dividend payments despite weak European economic conditions, which led to lower volumes. The Intermediate and Derivatives, and Technology segments continue to demonstrate strong, steady performance. The Houston refinery operated near full capacity; however, low by-product values impacted refining results," Gallogly said.

"We accomplished several key milestones during the second quarter, including completing a major Channelview turnaround, finalizing our debt refinancing and raising our interim quarterly dividend by 60 percent," Gallogly indicated. 

OUTLOOK

"While we expect global economic uncertainty to continue and related volatility to limit our near-term visibility, we remain focused on the fundamentals. In North America, current ethane and propane raw material prices position our North American olefins business to remain advantaged relative to global ethylene producers. On the other hand, our European olefins and polyolefins business will be challenged, and thus we will continue efforts to improve our relative cost position," Gallogly added.

"Safe and reliable operations, proprietary technologies, and access to low cost feedstocks in the U.S. and Middle East position us well to generate strong earnings and free cash flow. LyondellBasell is poised to move forward to a new chapter in which we are pursuing growth projects targeted to take advantage of opportunities created by North America's shale gas development," Gallogly said.

LYONDELLBASELL BUSINESS RESULTS DISCUSSION BY REPORTING SEGMENT

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

We ceased operations at the Berre refinery on Jan. 4, 2012, and the dormant equipment was mothballed.  The majority of the product and raw material inventories at the refinery have been sold. Consistent with these actions and beginning with the second quarter results, these operations are now considered to be discontinued operations for U.S. GAAP reporting purposes.

Additionally, our segments have been realigned with the movement of the oxyfuels business to the Intermediates and Derivatives segment.  In the past, the marketing of oxyfuels was aligned with the sale of products from our refining business, particularly related to Berre and significant European sales.  However, with the closure of the Berre refinery, responsibility for business decisions relating to oxyfuels has been moved to the Intermediates and Derivatives business management function, as the profits generated by these products are related to sourcing decisions regarding certain co-products of propylene oxide production. Consistent with this change, our former Refining and Oxyfuels segment has been renamed the Refining segment.

Appendices A through D provide select financial data outlining and recasting these reporting changes.

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

Six Months Ended




June 30,

March 31,

June 30,

June 30,


Millions of U.S. dollars

2012 

2012 

2011

2012

2011


Operating income

$700 

$519 

$508

$1,219

$929


EBITDA

776 

598 

577

1,374

1,061


EBITDA excluding LCM charges

847 

598 

577

1,445

1,061










Three months ended June 30, 2012 versus three months ended March 31, 2012 – O&P-Americas segment EBITDA increased $178 million versus the first quarter 2012. Second quarter 2012 results include a $71 million Lower of Cost or Market adjustment. Compared to the prior period, olefins results increased approximately $170 million primarily due to improved margins.  Average ethylene sales price decreased 6 cents per pound while the company's average cost of ethylene production metric decreased approximately 13 cents per pound.  The decrease in the cost of ethylene production was driven by lower natural gas liquids and naphtha prices.  Ethylene production volume increased by approximately 150 million pounds after the completion of the Channelview turnaround in April. Polyethylene results increased approximately $30 million, primarily as a result of a decrease in ethylene raw material cost, which more than offset a decrease in polyethylene pricing.  Polypropylene results improved approximately $30 million from the first quarter 2012, primarily due to higher margins.  Overall, polyolefin sales volumes declined approximately 7 percent in the second quarter 2012 compared to the first quarter 2012.  The segment received $29 million in the second quarter from an insurance settlement for Hurricane Ike.

Three months ended June 30, 2012 versus three months ended June 30, 2011 – O&P-Americas results increased $199 million versus the second quarter 2011.  Olefins results increased approximately $230 million compared to the prior year period, largely as a result of significantly improved margins driven by lower natural gas liquids prices.  Combined polyolefins results improved by approximately $30 million. Second quarter 2012 results include a $71 million Lower of Cost or Market adjustment.

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

Six Months Ended




June 30,

March 31,

June 30,

June 30,


Millions of U.S. dollars

2012

2012

2011

2012

2011


Operating income

$203

$3

$203

$206

$378


EBITDA

335

101

273

436

602










Three months ended June 30, 2012 versus three months ended March 31, 2012 – O&P-EAI segment EBITDA increased $234 million versus the first quarter 2012. Olefins results increased approximately $180 million from the first quarter 2012 primarily due to margin expansion for light olefins and butadiene. Margin expansion was the result of declining raw material costs coupled with higher quarterly average sales prices. Combined polyolefin results were relatively unchanged. Polypropylene compounds and polybutene results were relatively unchanged from the first quarter 2012.  Dividends, primarily from our Saudi Arabia (SEPC) and Thailand (HMC Polymers) joint ventures, totaled $59 million during the second quarter 2012.

Three months ended June 30, 2012 versus three months ended June 30, 2011 – O&P-EAI segment EBITDA increased $62 million versus the second quarter 2011.  Compared to the second quarter 2011, olefins results were relatively unchanged while polyolefin results declined approximately $80 million primarily due to lower volumes and margins. Polypropylene compounding and polybutene results were $10 million higher than the prior year driven by higher margins. Second quarter 2012 includes $59 million related to dividend payments from our joint ventures. Second quarter 2011 results included charges of approximately $60 million from an O&P-EAI staff reorganization and environmental remediation.

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

Six Months Ended



June 30,

March 31,

June 30,

June 30,


Millions of U.S. dollars

2012 

2012

2011

2012

2011


Operating income

$390 

$370

$327

$760

$603


EBITDA

455 

418

419

873

740









Three months ended June 30, 2012 versus three months ended March 31, 2012 I&D segment EBITDA increased $37 million versus the first quarter 2012.  EBITDA included an $18 million insurance settlement related to Hurricane Ike, and $14 million of dividends from our Asian PO joint ventures.  The underlying PO and derivatives results were relatively unchanged.  Intermediates results increased versus the prior quarter primarily driven by PO co-products margin improvement. Oxyfuels results were relatively unchanged compared to the prior quarter.

Three months ended June 30, 2012 versus three months ended June 30, 2011 – I&D EBITDA increased $36 million compared to the second quarter 2011. The underlying PO and derivatives EBITDA was relatively unchanged versus the prior year period.  Intermediates results decreased by approximately $50 million compared to the second quarter 2011 primarily due to the absence of a  $41 million gain on the sale of precious metals. Oxyfuels results improved approximately $40 million between the periods mainly as a result of stronger margins. 

I&D also benefited from an insurance settlement payment of $18 million in the second quarter 2012 related to Hurricane Ike and dividend payments from our Asian PO joint ventures, which totaled $14 million.

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

Six Months Ended



June 30,

March 31,

June 30,

June 30,


Millions of U.S. dollars

2012 

2012 

2011

2012

2011


Operating income

$124 

$10 

$258

$134

$416


EBITDA

161 

48 

293

209

483









Three months ended June 30, 2012 versus three months ended March 31, 2012 – Refining segment EBITDA increased $113 million versus the first quarter 2012.  The Houston refinery operated near capacity at 267,000 barrels per day, an increase of 8,000 barrels per day from the prior quarter. The benchmark crack spread Maya 2-1-1 increased $3.01 per barrel to $23.16 per barrel in the second quarter 2012. Relative to the benchmark spread, results continue to be negatively impacted from depressed by-product values such as coke.  Refining segment EBITDA results reflect $53 million related to a Hurricane Ike insurance settlement in the second quarter.  

Three months ended June 30, 2012 versus three months ended June 30, 2011 – Refining segment EBITDA decreased $132 million versus the second quarter 2011 due to a decline in the Maya 2-1-1 benchmark and lower by-product values. The 2011 period benefited from favorable crude purchasing opportunities. Second quarter 2012 EBITDA results included a $53 million benefit related to a Hurricane Ike insurance settlement. 

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

Six Months Ended




June 30,

March 31,

June 30,

June 30,


Millions of U.S. dollars

2012 

2012 

2011

2012

2011


Operating income

$30 

$38 

$23

$68

$89


EBITDA

49 

57 

42

106

133










Three months ended June 30, 2012 versus three months ended March 31, 2012 – Results decreased primarily due to lower licensing and services income coupled with lower catalyst volumes.

Three months ended June 30, 2012 versus three months ended June 30, 2011 – Results increased due to lower research and development costs more than offsetting a decline in catalyst sales.

Liquidity

Company liquidity, defined as cash and cash equivalents plus funds available through established lines of credit, was approximately $4.4 billion on June 30, 2012.  The company's cash balance was approximately $2.0 billion on June 30, 2012.

Capital Spending

Capital expenditures, including maintenance turnaround, catalyst and information technology related expenditures, were $236 million during the second quarter 2012.

CONFERENCE CALL

LyondellBasell will host a conference call today, July 27, 2012, at 11 a.m. ET.  Participating on the call will be Jim Gallogly, Chief Executive Officer; Karyn Ovelmen, Executive Vice President and Chief Financial Officer; Sergey Vasnetsov, Senior Vice President - Strategic Planning and Transactions; and Doug Pike, Vice President of Investor Relations. 

The toll-free dial-in number in the U.S. is 888-606-9542.  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 1037125.

A replay of the call will be available from 3 p.m. ET July 27 to 11 p.m. ET on August 27.  The replay dial-in numbers are 866-418-8384 (U.S.) and +1 203-369-0754 (international). The pass code for each is 2378.

A copy of the slides that accompany the call will be available on the LyondellBasell website at http://www.lyondellbasell.com/earnings.

ABOUT LYONDELLBASELL

LyondellBasell (NYSE: LYB) is one of the world's largest plastics, chemical and refining companies. The company 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 components, home furnishings, construction materials and biofuels. More information about LyondellBasell can be found at www.lyondellbasell.com.

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, 2011, 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.

We have included EBITDA in this press release.  EBITDA, as presented herein, may not be comparable to a similarly titled measure reported by other companies due to differences in the way the measure is calculated. For purposes of this release, EBITDA means earnings before interest, taxes, depreciation and amortization, as adjusted for other items management does not believe are indicative of the Company's underlying results of operations such as impairment charges, reorganization items, and the effect of mark-to-market accounting on our warrants.  EBITDA also includes dividends from joint ventures.  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 non-GAAP financial measures to their nearest comparable GAAP financial measures are provided in Tables 8 and 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.

Media Contact:

David A. Harpole +1 713-309-4125

Investor Contact:

Douglas J. Pike +1 713-309-7141

 

Table 8 - Reconciliation of Segment Information to Consolidated Financial Information


































2011 


2012


(Millions of U.S. dollars)

Q1


Q2


Q3


Q4


Total


Q1


Q2


YTD


Sales and other operating revenues:  


























Olefins & Polyolefins - Americas

$

3,572


$

4,010


$

3,875


$

3,423


$

14,880


$

3,349


$

3,283


$

6,632



Olefins & Polyolefins - Europe, Asia, International


3,988



4,292



3,954



3,357



15,591



3,898



3,575



7,473



Intermediates & Derivatives


2,331



2,536



2,491



2,142



9,500



2,485



2,285



4,770



Refining


2,867



3,996



3,955



2,888



13,706



3,203



3,496



6,699



Technology


139



126



129



112



506



119



115



234



Other/elims


(1,517)



(1,654)



(1,888)



(941)



(6,000)



(1,320)



(1,506)



(2,826)




Continuing Operations

$

11,380


$

13,306


$

12,516


$

10,981


$

48,183


$

11,734


$

11,248


$

22,982




Discontinued Operations

$

872


$

736


$

781


$

463


$

2,852


$

145


$

42


$

187


Operating income (loss):  


























Olefins & Polyolefins - Americas

$

421


$

508


$

598


$

328


$

1,855


$

519


$

700


$

1,219



Olefins & Polyolefins - Europe, Asia, International


175



203



130



(73)



435



3



203



206



Intermediates & Derivatives


276



327



368



185



1,156



370



390



760



Refining


158



258



390



3



809



10



124



134



Technology


66



23



7



11



107



38



30



68



Other


(1)



(9)



- -



(15)



(25)



- -



2



2




Continuing Operations

$

1,095


$

1,310


$

1,493


$

439


$

4,337


$

940


$

1,449


$

2,389




Discontinued Operations

$

(30)


$

(45)


$

(26)


$

(238)


$

(339)


$

6


$

(15)


$

(9)


Depreciation and amortization:


























Olefins & Polyolefins - Americas

$

58


$

59


$

64


$

65


$

246


$

65


$

71


$

136



Olefins & Polyolefins - Europe, Asia, International


57



66



69



70



262



69



69



138



Intermediates & Derivatives


44



48



46



48



186



47



48



95



Refining


32



35



37



49



153



38



37



75



Technology


24



16



21



23



84



18



19



37



Other


- -



- -



- -



- -



- -



- -



- -



- -




Continuing Operations

$

215


$

224


$

237


$

255


$

931


$

237


$

244


$

481




Discontinued Operations

$

- -


$

- -


$

- -


$

- -


$

- -


$

- -


$

- -


$

- -


EBITDA: (a)


























Olefins & Polyolefins - Americas

$

484


$

577


$

672


$

407


$

2,140


$

598


$

776


$

1,374



Olefins & Polyolefins - Europe, Asia, International


329



273



247



45



894



101



335



436



Intermediates & Derivatives


321



419



417



235



1,392



418



455



873



Refining


190



293



427



67



977



48



161



209



Technology


91



42



45



36



214



57



49



106



Other


5



(11)



(2)



(24)



(32)



6



(2)



4




Continuing Operations

$

1,420


$

1,593


$

1,806


$

766


$

5,585


$

1,228


$

1,774


$

3,002




Discontinued Operations

$

(18)


$

(40)


$

(18)


$

(230)


$

(306)


$

8


$

(15)


$

(7)


Capital, turnarounds and IT deferred  


























spending:  


























Olefins & Polyolefins - Americas

$

66


$

138


$

149


$

72


$

425


$

102


$

135


$

237



Olefins & Polyolefins - Europe, Asia, International


42



37



46



110



235



60



39



99



Intermediates & Derivatives


5



15



26



55



101



18



24



42



Refining


96



49



45



34



224



38



27



65



Technology


7



3



8



8



26



9



8



17



Other


1



10



- -



6



17



2



3



5




Total   


217



252



274



285



1,028



229



236



465



Deferred charges included above


(1)



- -



(2)



(4)



(7)



(1)



(3)



(4)




Continuing Operations

$

216


$

252


$

272


$

281


$

1,021


$

228


$

233


$

461




Discontinued Operations

$

5


$

9


$

7


$

8


$

29


$

- -


$

- -


$

- -

























































(a) See Table 9 for a reconciliation of total EBITDA to net income. 


 

Table 9 - Reconciliation of EBITDA to Income from Continuing Operations


































2011 


2012


(Millions of U.S. dollars)

Q1


Q2


Q3


Q4


Total


Q1


Q2


YTD


Segment EBITDA:


























Olefins & Polyolefins - Americas

$

484


$

577


$

672


$

407


$

2,140


$

598


$

776


$

1,374



Olefins & Polyolefins - Europe, Asia,  



























International


329



273



247



45



894



101



335



436



Intermediates & Derivatives


321



419



417



235



1,392



418



455



873



Refining


190



293



427



67



977



48



161



209



Technology


91



42



45



36



214



57



49



106



Other


5



(11)



(2)



(24)



(32)



6



(2)



4


Total EBITDA


1,420



1,593



1,806



766



5,585



1,228



1,774



3,002


Adjustments to EBITDA:


























Lower of cost or market inventory  



























adjustment


- -



- -



- -



- -



- -



- -



71



71



Sale of precious metals


- -



(41)



- -



- -



(41)



- -



- -



- -



Corporate restructurings


- -



61



14



18



93



- -



- -



- -



Environmental accruals


- -



16



- -



- -



16



- -



- -



- -



Settlement related to Houston refinery



























crane incident


- -



- -



- -



(15)



(15)



- -



- -



- -



Insurance settlement


(34)



- -



- -



- -



(34)



- -



(100)



(100)


Total Adjusted EBITDA


1,386



1,629



1,820



769



5,604



1,228



1,745



2,973


Add:  


























Income from equity investments


58



73



52



33



216



46



27



73


Deduct:  


























Adjustments to EBITDA


34



(36)



(14)



(3)



(19)



- -



29



29



Depreciation and amortization  


(215)



(224)



(237)



(255)



(931)



(237)



(244)



(481)



Impairment charges


- -



(4)



(19)



- -



(23)



(22)



- -



(22)



Asset retirement obligation


- -



- -



(10)



- -



(10)



- -



- -



- -



Reorganization items


(2)



(28)



- -



(15)



(45)



5



(1)



4



Interest expense, net


(155)



(164)



(145)



(542)



(1,006)



(95)



(409)



(504)



Joint venture dividends received


(96)



(11)



(55)



(44)



(206)



(14)



(73)



(87)



Provision for income taxes


(263)



(388)



(506)



98



(1,059)



(301)



(306)



(607)



Non-controlling interests


(3)



(1)



- -



(3)



(7)



(1)



(2)



(3)



Fair value change in warrants


(59)



6



22



(6)



(37)



(10)



- -



(10)



Other


(3)



(1)



3



(5)



(6)



(5)



2



(3)


Income from continuing operations


682



851



911



27



2,471



594



768



1,362



Adjustments to EBITDA


(34)



36



14



3



19



- -



(29)



(29)



Premiums and charges on early  



























repayment of debt


- -



12



- -



431



443



- -



329



329



Reorganization items


2



28



- -



15



45



(5)



- -



(5)



Asset retirement obligation


- -



- -



10



- -



10



- -



- -



- -



Fair value change in warrants


59



(6)



(22)



6



37



10



- -



10



Impairment charges


- -



4



19



- -



23



22



- -



22



Tax impact of net income (loss)  



























adjustments


11



(21)



(5)



(154)



(169)



(5)



(109)



(114)


Adjusted income from continuing operations

$

720


$

904


$

927


$

328


$

2,879


$

616


$

959


$

1,575


Earnings (loss) per share:


























Diluted earnings per share –



























continuing operations

$

1.19


$

1.46


$

1.54


$

0.05


$

4.32


$

1.03


$

1.33


$

2.36



Adjustments to continuing operations


0.07



0.09



0.03



0.52



0.69



0.04



0.32



0.36



Adjusted diluted earnings per share

$

1.26


$

1.55


$

1.57


$

0.57


$

5.01


$

1.07


$

1.65


$

2.72


























































 

Table 10 - Selected Segment Operating Information






























2011


2012








Q1


Q2


Q3


Q4


YTD


Q1


Q2


YTD


Olefins and Polyolefins - Americas




















Volumes (million pounds)





















Ethylene produced



2,089


1,929


2,134


2,201


8,353


1,988


2,134


4,122




Propylene produced



769


556


838


744


2,907


533


615


1,148




Polyethylene sold



1,405


1,377


1,368


1,343


5,493


1,448


1,316


2,764




Polypropylene sold



585


611


635


640


2,471


650


634


1,284



Benchmark Market Prices





















West Texas Intermediate crude oil (USD






















per barrel)



94.60


102.34


89.54


94.06


95.11


103.03


93.35


98.15




Light Louisiana Sweet ("LLS") crude oil (USD






















per barrel)



107.83


118.34


112.46


110.81


112.40


119.85


108.24


114.00




Natural gas (USD per million BTUs)



4.19


4.43


4.31


3.64


4.14


2.65


2.33


2.49




U.S. weighted average cost of ethylene production






















(cents/pound)



32.6


33.8


34.3


41.6


35.6


28.5


18.4


23.4




U.S. ethylene (cents/pound)



49.3


57.5


55.8


54.4


54.3


54.9


46.9


50.9




U.S. polyethylene [high density] (cents/pound)



61.7


68.7


63.0


59.7


63.3


67.0


63.0


65.0




U.S. propylene (cents/pound)



71.7


87.3


76.5


57.8


73.3


67.2


64.2


65.7




U.S. polypropylene [homopolymer] (cents/pound)



89.3


99.7


90.2


70.7


87.5


81.2


76.7


78.9
























Olefins and Polyolefins - Europe, Asia, International




















Volumes (million pounds)





















Ethylene produced



997


999


926


807


3,729


947


930


1,877




Propylene produced



608


631


560


487


2,286


577


562


1,139




Polyethylene sold



1,305


1,279


1,349


1,210


5,143


1,316


1,137


2,453




Polypropylene sold



1,704


1,631


1,638


1,651


6,624


1,659


1,448


3,107



Benchmark Market Prices





















Western Europe weighted average cost of ethylene






















production (€0.01 per pound)



34.7


35.4


37.3


38.5


36.5


45.4


31.7


38.5




Western Europe ethylene (€0.01 per pound)



52.0


54.7


50.3


49.7


51.7


55.1


58.6


56.8




Western Europe polyethylene [high density] (€0.01






















per pound)



55.9


59.3


54.0


52.5


55.4


58.6


60.9


59.7




Western Europe propylene (€0.01 per pound)



50.8


55.3


50.2


46.5


50.7


50.1


54.1


52.1




Western Europe polypropylene [homopolymer] (€0.01






















per pound)



61.3


63.8


57.0


53.0


58.8


57.9


60.4


59.2























Intermediates and Derivatives




















Volumes (million pounds)





















Propylene oxide and derivatives



838


791


758


716


3,103


828


800


1,628




Ethylene oxide and derivatives



288


277


281


254


1,100


312


275


587




Styrene monomer



852


817


714


682


3,065


704


678


1,382




Acetyls



439


417


411


370


1,637


489


444


933




TBA Intermediates



485


459


433


418


1,795


462


448


910



Volumes (million gallons)





















MTBE/ETBE



192


206


260


210


868


205


196


401



Benchmark Market Margins





















MTBE - Northwest Europe (cents per gallon)



58.9


92.7


94.1


87.0


83.1


125.1


122.0


123.6






















Refining




















Volumes





















Houston Refining crude processing rate (thousands of






















barrels per day)



258


263


269


262


263


259


267


263



Benchmark Market Margins





















Light crude oil - 2-1-1



6.00


10.28


9.54


5.26


7.80


9.34


14.04


11.71




Light crude oil - Maya differential



17.87


15.50


13.99


7.45


13.76


10.81


9.12


9.84












































Note - Benchmark market prices for U.S. and Western Europe polyethylene and polypropylene reflect discounted prices. 























Source: CMAI, Bloomberg, LyondellBasell Industries


 

Table 11 - Unaudited Income Statement Information




































2011


2012


(Millions of U.S. dollars)


Q1


Q2


Q3


Q4


Total


Q1


Q2


YTD


Sales and other operating



























revenues


$

11,380


$

13,306


$

12,516


$

10,981


$

48,183


$

11,734


$

11,248


$

22,982


Cost of sales



10,037



11,704



10,734



10,257



42,732



10,532



9,561



20,093


Selling, general and 



























administrative expenses



215



236



236



231



918



223



201



424


Research and development



























expenses



33



56



53



54



196



39



37



76



Operating income



1,095



1,310



1,493



439



4,337



940



1,449



2,389


Income from equity investments



58



73



51



33



215



46



27



73


Interest expense, net



(156)



(163)



(146)



(542)



(1,007)



(95)



(409)



(504)


Other income (expense), net



(50)



47



19



14



30



(1)



8



7



Income before income taxes 




























and reorganization items



947



1,267



1,417



(56)



3,575



890



1,075



1,965


Reorganization items



(2)



(28)



- -



(15)



(45)



5



(1)



4



Income (loss) before taxes



945



1,239



1,417



(71)



3,530



895



1,074



1,969


Provision for (benefit from)



























income taxes



263



388



506



(98)



1,059



301



306



607


Income from continuing



























operations



682



851



911



27



2,471



594



768



1,362


Income (loss) from discontinued



























operations, net of tax



(22)



(48)



(16)



(245)



(331)



5



- -



5


Net income (loss)



660



803



895



(218)



2,140



599



768



1,367


Net loss attributable to



























non-controlling interests



3



1



- -



3



7



1



2



3


Net income (loss) attributable to



























the Company


$

663


$

804


$

895


$

(215)


$

2,147


$

600


$

770


$

1,370






















































































































 

Table 12 - Unaudited Cash Flow Information


































2011 


2012


(Millions of U.S. dollars)

Q1



Q2



Q3



Q4



Total


Q1



Q2



YTD


Net cash provided by  


























operating activities

$

221


$

1,026


$

1,531


$

91


$

2,869


$

921


$

509


$

1,430






























Net cash used in  


























investing activities


(216)



(435)



(320)



(50)



(1,021)



(185)



(245)



(430)




























Net cash provided by (used in)  


























financing activities


28



(327)



(118)



(4,547)



(4,964)



(148)



50



(98)






















































































 

Table 13 - Unaudited Balance Sheet Information
































March 31,


June 30,


September 30,


December 31,


March 31,


June 30,


(Millions of U.S. dollars)

2011


2011


2011


2011


2012


2012


Cash and cash equivalents

$

4,383


$

4,687


$

5,609


$

1,065


$

1,670


$

1,950


Restricted cash


- -



250



292



53



9



14


Accounts receivable, net


4,764



4,901



4,038



3,778



4,209



3,888


Inventories


5,726



5,577



5,682



5,499



5,208



5,759


Prepaid expenses and other




















current assets


1,100



1,098



1,097



1,040



1,002



755




Total current assets


15,973



16,513



16,718



11,435



12,098



12,366


Property, plant and equipment, net


7,440



7,569



7,363



7,333



7,426



7,237


Investments and long-term




















receivables:





















Investment in PO joint






















ventures


444



436



422



412



415



411




Equity investments


1,586



1,654



1,594



1,559



1,605



1,521




Related party receivable


14



19



4



4



4



- -




Other investments and






















long-term receivables


66



63



67



68



72



70


Goodwill


807



621



598



585



595



576


Intangible assets, net


1,344



1,310



1,237



1,177



1,149



1,103


Other assets, net


274



290



264



266



245



261




Total assets

$

27,948


$

28,475


$

28,267


$

22,839


$

23,609


$

23,545


























Current maturities of long-term debt

$

253


$

2


$

2


$

4


$

- -


$

- -


Short-term debt


51



50



49



48



42



48


Accounts payable


4,099



3,999



3,307



3,414



3,545



3,004


Accrued liabilities


1,711



1,613



1,505



1,242



1,049



915


Deferred income taxes


246



315



315



310



310



277




Total current liabilities


6,360



5,979



5,178



5,018



4,946



4,244


Long-term debt


5,805



5,813



5,782



3,980



3,984



4,305


Other liabilities


2,043



2,110



2,021



2,277



2,281



2,208


Deferred income taxes


1,027



947



1,204



917



1,035



1,245


Stockholders' equity


12,671



13,579



14,025



10,593



11,310



11,492


Non-controlling interests


42



47



57



54



53



51




Total liabilities and






















stockholders' equity

$

27,948


$

28,475


$

28,267


$

22,839


$

23,609


$

23,545












































 


 

Appendix A - Reconciliation of Segment Information to Consolidated Financial Information – As Previously Reported


































2011


2012







May 1 -




















(Millions of U.S. dollars)


December 31


Q1


Q2


Q3


Q4


Total


Q1


Sales and other operating revenues:
























Olefins & Polyolefins - Americas


$

8,406


$

3,572


$

4,010


$

3,875


$

3,423


$

14,880


$

3,349



Olefins & Polyolefins - Europe, Asia,

























International



8,729



3,944



4,264



3,918



3,334



15,460



3,866



Intermediates & Derivatives



3,754



1,692



1,777



1,617



1,401



6,487



1,699



Refining & Oxyfuels



10,321



4,720



5,833



5,869



4,311



20,733



4,261



Technology



365



139



126



129



112



506



119



Other/elims



(3,891)



(1,815)



(1,968)



(2,111)



(1,137)



(7,031)



(1,415)




Total


$

27,684


$

12,252


$

14,042


$

13,297


$

11,444


$

51,035


$

11,879


Operating income (loss):
























Olefins & Polyolefins - Americas


$

1,043


$

421


$

509


$

599


$

328


$

1,857


$

519



Olefins & Polyolefins - Europe, Asia,

























International



411



179



207



144



(55)



475



5



Intermediates & Derivatives



512



234



235



259



134



862



245



Refining & Oxyfuels



241



164



296



454



(196)



718



140



Technology



69



66



23



7



11



107



38



Other



(22)



1



(5)



4



(21)



(21)



(1)



Current cost adjustment



- -



- -



- -



- -



- -



- -



- -




Total


$

2,254


$

1,065


$

1,265


$

1,467


$

201


$

3,998


$

946


Depreciation and amortization:
























Olefins & Polyolefins - Americas


$

151


$

58


$

59


$

64


$

65


$

246


$

65



Olefins & Polyolefins - Europe, Asia,

























International



146



57



66



69



70



262



69



Intermediates & Derivatives



81



34



37



35



36



142



35



Refining & Oxyfuels



107



42



46



48



61



197



50



Technology



78



24



16



21



23



84



18



Other



(5)



- -



- -



- -



- -



- -



- -




Total


$

558


$

215


$

224


$

237


$

255


$

931


$

237


EBITDA:
























Olefins & Polyolefins - Americas


$

1,195


$

484


$

578


$

673


$

407


$

2,142


$

598



Olefins & Polyolefins - Europe, Asia,

























International



588



333



275



261



62



931



103



Intermediates & Derivatives



599



270



314



297



173



1,054



282



Refining & Oxyfuels



373



210



353



519



(110)



972



192



Technology



151



91



42



45



36



214



57



Other



(1)



14



(9)



(7)



(32)



(34)



4




Total EBITDA



2,905



1,402



1,553



1,788



536



5,279



1,236




LCM inventory valuation


























adjustments



42



- -



- -



- -



- -



- -



- -




Total excluding LCM inventory


























valuation adjustments


$

2,947


$

1,402


$

1,553


$

1,788


$

536


$

5,279


$

1,236


Capital, turnarounds and IT deferred
























spending:
























Olefins & Polyolefins - Americas


$

146


$

66


$

138


$

149


$

72


$

425


$

102



Olefins & Polyolefins - Europe, Asia,

























International



106



42



37



46



110



235



60



Intermediates & Derivatives



76



5



15



25



54



99



18



Refining & Oxyfuels



108



101



58



53



43



255



38



Technology



19



7



3



8



8



26



9



Other



26



1



10



- -



6



17



2




Total 



481



222



261



281



293



1,057



229



Deferred charges included above



(15)



(1)



- -



(2)



(4)



(7)



(1)




Capital expenditures


$

466


$

221


$

261


$

279


$

289


$

1,050


$

228




























 

Appendix B - Reconciliation of Segment Information to Consolidated Financial Information – Realignment for Oxyfuels

































2010


2011


2012







May 1 -




















(Millions of U.S. dollars)


December 31


Q1


Q2


Q3


Q4


Total


Q1


Sales and other operating revenues:
























Olefins & Polyolefins - Americas


$

8,406


$

3,572


$

4,010


$

3,875


$

3,423


$

14,880


$

3,349



Olefins & Polyolefins - Europe, Asia,  International



8,729



3,944



4,264



3,918



3,334



15,460



3,866



Intermediates & Derivatives



5,414



2,341



2,556



2,511



2,149



9,557



2,485



Refining



8,692



4,081



5,074



4,995



3,570



17,720



3,475



Technology



365



139



126



129



112



506



119



Other/elims



(3,922)



(1,825)



(1,988)



(2,131)



(1,144)



(7,088)



(1,415)



     Total


$

27,684


$

12,252


$

14,042


$

13,297


$

11,444


$

51,035


$

11,879


Operating income (loss):
























Olefins & Polyolefins - Americas


$

1,043


$

421


$

509


$

599


$

328


$

1,857


$

519



Olefins & Polyolefins - Europe, Asia,  International



411



179



207



144



(55)



475



5



Intermediates & Derivatives



626



275



323



366



186



1,150



370



Refining



127



123



208



347



(248)



430



15



Technology



69



66



23



7



11



107



38



Other



(22)



1



(5)



4



(21)



(21)



(1)



     Total


$

2,254


$

1,065


$

1,265


$

1,467


$

201


$

3,998


$

946


Depreciation and amortization:
























Olefins & Polyolefins - Americas


$

151


$

58


$

59


$

64


$

65


$

246


$

65



Olefins & Polyolefins - Europe, Asia,  International



146



57



66



69



70



262



69



Intermediates & Derivatives



105



44



48



46



48



186



47



Refining



83



32



35



37



49



153



38



Technology



78



24



16



21



23



84



18



Other



(5)



-



-



-



-



-



-



     Total


$

558


$

215


$

224


$

237


$

255


$

931


$

237


EBITDA:
























Olefins & Polyolefins - Americas


$

1,195


$

484


$

578


$

673


$

407


$

2,142


$

598



Olefins & Polyolefins - Europe, Asia,  International



588



333



275



261



62



931



103



Intermediates & Derivatives



744



320



415



415



236



1,386



418



Refining



228



160



252



401



(173)



640



56



Technology



151



91



42



45



36



214



57



Other



(1)



14



(9)



(7)



(32)



(34)



4



     Total EBITDA



2,905



1,402



1,553



1,788



536



5,279



1,236



          LCM inventory valuation adjustments



42



-



-



-



-



-



-





Total excluding LCM inventory valuation adjustments


$

2,947


$

1,402


$

1,553


$

1,788


$

536


$

5,279


$

1,236


Capital, turnarounds and IT deferred spending:
























Olefins & Polyolefins - Americas


$

146


$

66


$

138


$

149


$

72


$

425


$

102



Olefins & Polyolefins - Europe, Asia,  International



106



42



37



46



110



235



60



Intermediates & Derivatives



79



5



15



26



55



101



18



Refining



105



101



58



52



42



253



38



Technology



19



7



3



8



8



26



9



Other



26



1



10



-



6



17



2




Total 



481



222



261



281



293



1,057



229



Deferred charges included above



(15)



(1)



-



(2)



(4)



(7)



(1)




Capital expenditures


$

466


$

221


$

261


$

279


$

289


$

1,050


$

228




























 

Appendix C - Reconciliation of Segment Information to Consolidated Financial Information – Discontinued Operations - Berre Refinery

































2010


2011


2012







May 1 -




















(Millions of U.S. dollars)


December 31


Q1


Q2


Q3


Q4


Total


Q1


Sales and other operating revenues:
























Olefins & Polyolefins - Americas


$

8,406


$

3,572


$

4,010


$

3,875


$

3,423


$

14,880


$

3,349



Olefins & Polyolefins - Europe, Asia,  International



8,950



3,988



4,292



3,954



3,357



15,591



3,898



Intermediates & Derivatives



3,723



1,682



1,757



1,597



1,394



6,430



1,699



Refining & Oxyfuels



7,888



3,506



4,755



4,829



3,629



16,719



3,989



Technology



365



139



126



129



112



506



119



Other/elims



(3,200)



(1,507)



(1,634)



(1,868)



(934)



(5,943)



(1,320)



     Continuing Operations


$

26,132


$

11,380


$

13,306


$

12,516


$

10,981


$

48,183


$

11,734



Discontinued Operations


$

1,552


$

872


$

736


$

781


$

463


$

2,852


$

145


Operating income (loss):
























Olefins & Polyolefins - Americas


$

1,039


$

421


$

508


$

598


$

328


$

1,855


$

519



Olefins & Polyolefins - Europe, Asia,  International



367



175



203



130



(73)



435



3



Intermediates & Derivatives



515



235



239



261



133



868



245



Refining & Oxyfuels



322



199



346



497



55



1,097



135



Technology



69



66



23



7



11



107



38



Other



(20)



(1)



(9)



-



(15)



(25)



-



     Continuing Operations


$

2,292


$

1,095


$

1,310


$

1,493


$

439


$

4,337


$

940



Discontinued Operations


$

(38)


$

(30)


$

(45)


$

(26)


$

(238)


$

(339)


$

6


Depreciation and amortization:
























Olefins & Polyolefins - Americas


$

151


$

58


$

59


$

64


$

65


$

246


$

65



Olefins & Polyolefins - Europe, Asia,  International



147



57



66



69



70



262



69



Intermediates & Derivatives



81



34



37



35



36



142



35



Refining & Oxyfuels



106



42



46



48



61



197



50



Technology



78



24



16



21



23



84



18



Other



(5)



-



-



-



-



-



-



     Continuing Operations


$

558


$

215


$

224


$

237


$

255


$

931


$

237


EBITDA:
























Olefins & Polyolefins - Americas


$

1,191


$

484


$

577


$

672


$

407


$

2,140


$

598



Olefins & Polyolefins - Europe, Asia,  International



549



329



273



247



45



894



101



Intermediates & Derivatives



602



271



318



299



172



1,060



282



Refining & Oxyfuels



429



240



394



545



130



1,309



184



Technology



151



91



42



45



36



214



57



Other



8



5



(11)



(2)



(24)



(32)



6



     Continuing Operations



2,930



1,420



1,593



1,806



766



5,585



1,228




LCM inventory valuation adjustments



42



-



-



-



-



-



-




Continuing Operations  excluding


























LCM inventory valuation adjustments


$

2,972


$

1,420


$

1,593


$

1,806


$

766


$

5,585


$

1,228



Discontinued Operations


$

(25)


$

(18)


$

(40)


$

(18)


$

(230)


$

(306)


$

8


Capital, turnarounds and IT deferred spending:
























Olefins & Polyolefins - Americas


$

146


$

66


$

138


$

149


$

72


$

425


$

102



Olefins & Polyolefins - Europe, Asia,  International



106



42



37



46



110



235



60



Intermediates & Derivatives



76



5



15



25



54



99



18



Refining & Oxyfuels



83



96



49



46



35



226



38



Technology



19



7



3



8



8



26



9



Other



26



1



10



-



6



17



2



    Total 



456



217



252



274



285



1,028



229



Deferred charges included above



(15)



(1)



-



(2)



(4)



(7)



(1)



Capital expenditures of Continuing Operations


$

441


$

216


$

252


$

272


$

281


$

1,021


$

228



Discontinued Operations


$

25


$

5


$

9


$

7


$

8


$

29


$

-





















































Note - Segment results for the periods presented above have been recast from amounts previously reported to reflect the effect of discontinued operations related to the shutdown of our Berre refinery in France and the realignment of our Oxyfuels business


 

Appendix D - Reconciliation of Segment Information to Consolidated Financial Information – Recast for Segment Realignment and Discontinued Operations

































2010


2011


2012







May 1 -




















(Millions of U.S. dollars)


December 31


Q1


Q2


Q3


Q4


Total


Q1


Sales and other operating revenues:
























Olefins & Polyolefins - Americas


$

8,406


$

3,572


$

4,010


$

3,875


$

3,423


$

14,880


$

3,349



Olefins & Polyolefins - Europe, Asia,  International



8,950



3,988



4,292



3,954



3,357



15,591



3,898



Intermediates & Derivatives



5,383



2,331



2,536



2,491



2,142



9,500



2,485



Refining



6,259



2,867



3,996



3,955



2,888



13,706



3,203



Technology



365



139



126



129



112



506



119



Other/elims



(3,231)



(1,517)



(1,654)



(1,888)



(941)



(6,000)



(1,320)



Continuing Operations


$

26,132


$

11,380


$

13,306


$

12,516


$

10,981


$

48,183


$

11,734



Discontinued Operations


$

1,552


$

872


$

736


$

781


$

463


$

2,852


$

145


Operating income (loss):
























Olefins & Polyolefins - Americas


$

1,039


$

421


$

508


$

598


$

328


$

1,855


$

519



Olefins & Polyolefins - Europe, Asia,  International



367



175



203



130



(73)



435



3



Intermediates & Derivatives



629



276



327



368



185



1,156



370



Refining



208



158



258



390



3



809



10



Technology



69



66



23



7



11



107



38



Other



(20)



(1)



(9)



-



(15)



(25)



-



Continuing Operations


$

2,292


$

1,095


$

1,310


$

1,493


$

439


$

4,337


$

940



Discontinued Operations


$

(38)


$

(30)


$

(45)


$

(26)


$

(238)


$

(339)


$

6


Depreciation and amortization:
























Olefins & Polyolefins - Americas


$

151


$

58


$

59


$

64


$

65


$

246


$

65



Olefins & Polyolefins - Europe, Asia,  International



147



57



66



69



70



262



69



Intermediates & Derivatives



105



44



48



46



48



186



47



Refining



82



32



35



37



49



153



38



Technology



78



24



16



21



23



84



18



Other



(5)



-



-



-



-



-



-



Continuing Operations


$

558


$

215


$

224


$

237


$

255


$

931


$

237


EBITDA:
























Olefins & Polyolefins - Americas


$

1,191


$

484


$

577


$

672


$

407


$

2,140


$

598



Olefins & Polyolefins - Europe, Asia,  International



549



329



273



247



45



894



101



Intermediates & Derivatives



747



321



419



417



235



1,392



418



Refining



284



190



293



427



67



977



48



Technology



151



91



42



45



36



214



57



Other



8



5



(11)



(2)



(24)



(32)



6



     Total EBITDA



2,930



1,420



1,593



1,806



766



5,585



1,228



          LCM inventory valuation adjustments



42



-



-



-



-



-



-





Continuing Operations  excluding


























LCM inventory valuation adjustments


$

2,972


$

1,420


$

1,593


$

1,806


$

766


$

5,585


$

1,228



Discontinued Operations


$

(25)


$

(18)


$

(40)


$

(18)


$

(230)


$

(306)


$

8


Capital, turnarounds and IT deferred spending:
























Olefins & Polyolefins - Americas


$

146


$

66


$

138


$

149


$

72


$

425


$

102



Olefins & Polyolefins - Europe, Asia,  International



106



42



37



46



110



235



60



Intermediates & Derivatives



79



5



15



26



55



101



18



Refining



80



96



49



45



34



224



38



Technology



19



7



3



8



8



26



9



Other



26



1



10



-



6



17



2



   Total 



456



217



252



274



285



1,028



229



Deferred charges included above



(15)



(1)



- -



(2)



(4)



(7)



(1)



Capital expenditures of Continuing Operations


$

441


$

216


$

252


$

272


$

281


$

1,021


$

228



Discontinued Operations


$

25


$

5


$

9


$

7


$

8


$

29


$

-





















































Note - Segment results for the periods presented above have been recast from amounts previously reported to reflect the effect of discontinued operations related to the shutdown of our Berre refinery in France and the realignment of our Oxyfuels business.

 

 

 

SOURCE LyondellBasell Industries


email Email Page   print Print