Highlights - Fourth-quarter reported net loss of $53 million, or $0.46 per share. - Lyondell and Equistar finish the year with significant liquidity. - LCR sets annual EBITDA record. - Record safety performance ranks Lyondell among best in the chemical industry.
HOUSTON, Jan. 31 /PRNewswire-FirstCall/ -- Lyondell Chemical Company (NYSE: LYO) had a loss before extraordinary and unusual items for the fourth quarter of 2001 of $58 million, or $0.50 per share. This compares with a net loss, on a comparable basis, of $16 million, or $0.13 per share, for the third quarter 2001 and a loss of $45 million, or $0.38 per share, for the fourth quarter of 2000.
Including extraordinary and unusual items, Lyondell reported a loss of $53 million, or $0.46 per share, for the fourth quarter 2001. This compares with a loss of $67 million, or $0.57 per share, for the third quarter 2001 and a loss of $48 million, or $0.41 per share, for the fourth quarter of 2000.
For the full-year 2001, Lyondell had a net loss of $150 million, or $1.28 per share. This compares to net income of $437 million, or $3.71 per share, on a fully diluted basis, for 2000. Excluding extraordinary and unusual items, Lyondell's net loss for 2001 was $98 million, or $0.84 per share, compared to 2000 net income of $70 million, or $0.59 per share.
"Last year was another difficult year for the chemical industry," said Dan F. Smith, president and CEO of Lyondell Chemical Company. "Unprecedented raw material costs in the first half of the year, inventory reductions that continued through the year, an extended industrial recession, and new Gulf Coast ethylene supply combined to keep the chemical sector in severe trough conditions.
"In spite of this difficult environment, Lyondell and Equistar finished the year with significant cash on the balance sheets in part by improving working capital management. In addition, I am particularly proud of Lyondell's safety performance, which not only was the best in our history, but also ranks us among the best in the chemical industry. Our employees did an excellent job in a tough environment."
Major accomplishments in 2001 include: -- Best safety performance in the enterprise's history, ranking Lyondell among the best in the chemical industry. -- Lyondell and Equistar finished the year with significant cash balances and available credit facilities. -- LYONDELL-CITGO Refining LP set financial records in 2001, reduced fixed costs by $28 million from 2000, and successfully completed a major fourth-quarter turnaround.
As a result of the implementation in the first quarter of 2002 of Statement of Financial Accounting Standard No. 142 on accounting for goodwill and other intangible assets, Equistar expects to recognize, as the cumulative effect of the accounting change, a charge against earnings of approximately $1.1 billion to write off the value of goodwill. Lyondell does not expect to recognize any charge relating to goodwill on the Lyondell balance sheet. Equistar's write-off of goodwill will have no significant effect on Lyondell's equity basis investment in Equistar or Lyondell's earnings.
Lyondell Earnings Summary (A) Millions of dollars except Full Full per share amounts 4Q 3Q 4Q Year Year 2001 2001 2000 2001 2000 Net Income (Loss) Before Extraordinary and Unusual Items (B)(C)(D) $(58) $(16) $(45) $(98) $70 Earnings (Loss) per Share Before Extraordinary and Unusual Items(B)(C)(D) $(0.50) $(0.13) $(0.38) $(0.84) $0.59 Net Income (Loss) As Reported $(53) $(67) $(48) $(150) $437 Earnings (Loss) per Share As Reported $(0.46) $(0.57) $(0.41) $(1.28) $3.71 EBITDA (Lyondell and proportionate share of ventures) (E) $136 $193 $156 $738 $1,084 (A) See Consolidated Income Statements. (B) The fourth quarter 2001 excludes a $10 million after-tax benefit from reduction of the third quarter 2001 ADI shutdown charge and an after-tax extraordinary charge of $5 million related to early debt retirement. The full year 2001 excludes the net unusual charge related to the ADI shutdown of $41 million after tax, the fourth quarter 2001 extraordinary charge as well as an after-tax charge of $6 million consisting of Lyondell's share of Equistar's facility shutdown costs. (C) The third quarter 2001 excludes the unusual charge related to the ADI shutdown of $51 million after tax. (D) The fourth quarter 2000 excludes an after-tax extraordinary charge of $3 million related to early debt retirement. The 2000 full-year amount excludes the after-tax gain on asset sale of $400 million and after-tax extraordinary charges of $33 million related to early debt retirement. (E) EBITDA consists of earnings before net interest, taxes, depreciation and amortization and has been adjusted to exclude extraordinary and unusual items. INTERMEDIATE CHEMICALS AND DERIVATIVES (IC&D)
The IC&D segment includes propylene oxide (PO) and derivatives, styrene monomer and MTBE. EBITDA for the fourth quarter 2001 was $90 million, compared to $110 million for the third quarter. For the full-year 2001, EBITDA in the IC&D segment was $425 million, compared to $636 million in 2000.
MTBE margins contracted from the third quarter due primarily to falling MTBE prices in the US and Europe, consistent with the end of both regions' summer driving seasons. The PO business was largely stable, and styrene performance changed little from the third quarter 2001.
Compared to 2000, a general slowdown in the global economy resulted in significantly lower sales volumes in the PO and derivatives business. Margins also were depressed for products sold into the polyurethane end-use markets. These same factors impacted the styrene business, resulting in significant decreases in volumes and margins. The MTBE business was largely unchanged from 2000. The year 2000 also reflected the first-quarter contribution of the polyols business, which was sold to Bayer March 31, 2000.
EQUISTAR CHEMICALS, LP
Equistar's EBITDA for the fourth quarter 2001 was $39 million, compared to $46 million in the third quarter. Full-year 2001 EBITDA was $250 million versus $644 million in 2000.
Compared to the third quarter 2001, benefits from lower feedstock costs and higher propylene prices were more than offset by falling product prices and lower sales volumes. For the year, significant deterioration in product margins and sales volumes led to weaker performance compared to 2000. As industry demand declined in the second half of 2000, margins were eroded by over-supply of ethylene and ethylene derivatives in the market.
Equistar's Petrochemicals segment had EBITDA of $101 million in the fourth quarter of 2001, compared to EBITDA of $79 million in the third quarter. The increase was due primarily to falling feedstock prices and higher propylene prices. These benefits were partially offset by falling ethylene prices and lower sales volumes.
In Equistar's Polymers segment, fourth quarter EBITDA was a negative $32 million compared to a negative $10 million in the third quarter. Results for the Polymers segment deteriorated in the fourth quarter due to both lower volumes and margins. Polymer price declines exceeded the decline in ethylene prices. Polymer volumes were affected by reduced domestic demand in December.
LYONDELL-CITGO REFINING LP (LCR)
LCR had EBITDA of $54 million in the fourth quarter 2001, compared to $116 million in the third quarter. Full-year 2001 EBITDA was a record $364 million, compared to $301 million in 2000.
LCR's fourth quarter results were lower compared to the third quarter due to the scheduled major turnaround, which significantly reduced crude throughput and increased fixed costs. Total crude processing rates in the fourth quarter averaged 207,000 barrels per day, of which CSA crude comprised 196,000 barrels per day. This compares to third-quarter rates of 269,000 barrels per day in the third quarter, of which CSA crude comprised 253,000 barrels per day.
For the year, improved reliability resulted in increased processing rates, compared to 2000, enabling LCR to take advantage of crude supply agreement (CSA) volumes and higher refining margins in the market.
Sales Revenues 4Q 3Q 4Q Full Full Millions of dollars 2001 2001 2000 Year Year 2001 2000 Reported Sales Revenues $717 $750 $949 $3,226 $4,036 Total sales revenues - all businesses in which Lyondell participates (A) $2,518 $2,980 $3,920 $12,570 $15,771 Lyondell's proportionate share of the sales revenues of businesses in which it participates (A) $1,569 $1,825 $2,386 $7,691 $9,626 (A) Includes revenues from sales to affiliates.
Lyondell Chemical Company, (www.lyondell.com ), headquartered in Houston, Texas, is the world's largest producer of propylene oxide (PO); the world's number three supplier of TDI (toluene diisocyanate); a leading producer of propylene glycol; a leading producer of other PO derivatives such as BDO (butanediol) and PGE (propylene glycol ether); and a producer of styrene monomer and MTBE as co-products of PO production. Through its 41% interest in Equistar Chemicals, LP, Lyondell also is one of the largest producers of ethylene, propylene and polyethylene in North America and a leading producer of polypropylene, ethylene oxide, ethylene glycol, high value-added specialty polymers and polymeric powder. Through its 58.75% interest in LYONDELL-CITGO Refining LP, Lyondell is one of the largest refiners in the United States, processing extra heavy Venezuelan crude oil to produce gasoline, low sulfur diesel and jet fuel. Lyondell is the third largest methanol producer in the U.S., through its 75% interest in Lyondell Methanol Company, L.P.
The statements in this release relating to matters that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to, future global economic conditions, technological developments, availability of capital markets, industry production capacity and operating rates, the supply/demand balance for Lyondell's and its joint ventures' products, competitive products and pricing pressures, increases in raw material and/or energy costs, changes in governmental regulations and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to Lyondell's Annual Report on Form 10-K for the year ended December 31, 2000, Lyondell's Quarterly Report on Form 10-Q for the quarter ended September 30, 2001, and Lyondell's Annual Report on Form 10-K for the year ended December 31, 2001, which will be filed in March 2002.
LYONDELL CHEMICAL COMPANY
SELECTED FINANCIAL AND OPERATING INFORMATION (UNAUDITED)
(Millions of dollars)
Lyondell Chemical Lyondell and
Company Proportionate
(Excluding Joint Ventures Share of
Equity Equistar LCR LMC Equity
Investments)(A) 100% 100% 100% Investments (B)
Three months ended
December 31, 2001:
Sales and other
operating revenues (C) $717 $1,185 $592 $24 $1,569
SG&A and R&D 45 60 17 2 81
EBITDA before unusual and
extraordinary charges 90 39 54 (3) 136
Depreciation and
amortization 70(D) 82(F) 27 3 119
Net interest expense 92(D) 52(F) 10 --- 119
Capital expenditures 16(E) 25 50 --- 56
Dividends 27 27
Three months ended
September 30, 2001:
Sales and other
operating revenues (C) $750 $1,351 $850 $29 $1,825
SG&A and R&D 40 49 16 2 71
EBITDA before
extraordinary items 110 46 116 (6) 193
Depreciation and
amortization 67(D) 80(F) 26 2 114
Net interest expense 91(D) 46(F) 10 --- 116
Capital expenditures 12(E) 32 30 --- 43
Dividends 26 26
Three months ended
December 31, 2000:
Sales and other
operating revenues (C) $949 $1,783 $1,138 $50 $2,386
SG&A and R&D 59 50 14 4 91
EBITDA before
extraordinary items 89 9 107 1 156
Depreciation and
amortization 60(D) 80 28 2 108
Net interest expense 98(D) 47 17 --- 127
Capital expenditures 26 50 14 --- 55
Dividends 27 27
Year ended December 31, 2001:
EBITDA before unusual and
extraordinary charges $425 $250 $364 $(5) $738
Net interest expense 369(G) 189 51 --- 476
Capital expenditures 68(E) 110 109 --- 177
Dividends 106 106
Year ended December 31, 2000:
EBITDA before unusual and
extraordinary charges $636 $644 $301 $10 $1,084
Net interest expense 462(G) 181 61 --- 572
Capital expenditures 104 131 60 --- 193
Dividends 106 106
(A) Consists of the operations of the Intermediate Chemicals and
Derivatives business segment.
(B) This column reflects a combined total of Lyondell's 100% owned
operations and its pro rata share of each joint venture's operations
and is not a presentation in accordance with accounting principles
generally accepted in the United States of America. Lyondell
currently owns a 41% interest in Equistar Chemicals, LP
("Equistar"), a 58.75% interest in LYONDELL-CITGO Refining LP
("LCR") and a 75% interest in Lyondell Methanol Company ("LMC").
(C) Includes revenues from sales to affiliates.
(D) "Depreciation and amortization" and "net interest expense" both
include approximately $4 million of non-cash amortization of debt
issuance costs in each of the three-month periods ended December 31,
2001, September 30, 2001, and December 31, 2000.
(E) Excludes contributions to PO-11 joint venture and U.S. PO joint
venture of $45 million and $44 million in the three-month periods
ended December 31, 2001 and September 30, 2001, respectively, and
$119 million in the twelve-months ended December 31, 2001.
(F) "Depreciation and amortization" and "net interest expense" both
include approximately $1 million of non-cash amortization of debt
issuance costs in each of the three-month periods ended December 31,
2001 and September 30, 2001.
(G) Includes approximately $15 million and $18 million of non-cash
amortization of debt issuance costs for 2001 and 2000, respectively.
LYONDELL CHEMICAL COMPANY
SELECTED FINANCIAL AND OPERATING INFORMATION (UNAUDITED)
For the three For the twelve
months ended months ended
INCOME STATEMENTS December 31, December 31,
(Millions of dollars, except 2001 2000 2001 2000
per share data)
Sales and other operating revenues $717 $949 $3,226 $4,036
Operating costs and expenses:
Cost of sales 622 857 2,771 3,371
Selling, general and
administrative expenses 37 51 149 190
Research and development 8 8 32 35
Amortization of goodwill and
other intangibles 24 20 99 101
Unusual charges (15) --- 63 ---
Operating income 41 13 112 339
Income (loss) from equity investment
in Equistar (29) (39) (77) 101
Income from equity investment in LCR 13 38 129 86
Income (loss) from other equity
investments (5) 1 (12) 12
Interest expense, net (92) (98) (369) (462)
Other income (expense), net (2) 19 (4) 27
Gain on sale of assets --- --- --- 590
Income (loss) before income taxes
and extraordinary item (74) (66) (221) 693
Provision for (benefit from) income
taxes (26) (21) (76) 223
Income (loss) before
extraordinary item (48) (45) (145) 470
Extraordinary loss, net of income
taxes (5) (3) (5) (33)
Net income (loss) $(53) $(48) $(150) $437
Basic earnings per share:
Income (loss) before
extraordinary item $(0.42) $(0.38) $(1.24) $4.00
Net income (loss) $(0.46) $(0.41) $(1.28) $3.72
Weighted average shares
outstanding (in thousands) 117,563 117,560 117,563 117,557
Diluted earnings per share:
Income (loss) before
extraordinary item $(0.42) $(0.38) $(1.24) $3.99
Net income (loss) $(0.46) $(0.41) $(1.28) $3.71
Weighted average shares
outstanding (in thousands) 117,563 117,560 117,563 117,778
INTERMEDIATE CHEMICALS AND
DERIVATIVES SEGMENT
SELECTED FINANCIAL AND
OPERATING INFORMATION
(Millions of dollars)
Sales and other operating revenues $717 $949 $3,226 $4,036
Operating income 41 13 112 339
EBITDA before unusual and
extraordinary charges 90 89 425 636
Sales Volumes (millions)
PO and derivatives (pounds) (A) 739 793 2,803 3,393
Co-products:
Styrene monomer (pounds) 787 805 3,132 3,475
TBA and derivatives (gallons) 284 320 1,157 1,211
(A) Includes propylene oxide ("PO"), PO derivatives and isocyanates.
The polyols business sold to Bayer on March 31, 2000 is included
through the date of sale.
LYONDELL CHEMICAL COMPANY
SELECTED FINANCIAL INFORMATION (UNAUDITED)
(Millions of dollars)
For the twelve months
ended December 31,
STATEMENTS OF CASH FLOWS 2001 2000
Net income (loss) $(150) $437
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Gain on sale of assets --- (590)
Depreciation and amortization 269 279
Extraordinary loss 5 33
Unusual charges 63 ---
Accounts receivable 154 (160)
Inventories 48 3
Accounts payable (74) 67
Changes in other working capital and other, net (116) (8)
Net cash provided by operating activities 199 61
Proceeds from sale of assets, net of cash sold --- 2,497
Expenditures for property, plant and equipment (68) (104)
Contributions and advances to affiliates (A) (173) (40)
Distributions from affiliates in excess
of earnings 50 85
Net cash (used in) provided by
investing activities (191) 2,438
Proceeds from issuance of long-term debt 393 ---
Repayments of long-term debt (394) (2,417)
Dividends paid (106) (106)
Other (15) (20)
Net cash used in financing activities (122) (2,543)
Effect of exchange rate changes on cash --- (3)
Decrease in cash and cash equivalents $(114) $(47)
(A) Includes contributions to PO-11 joint venture and U.S. PO joint
venture of $45 million and $119 million in the three- and
twelve-months ended December 31, 2001, respectively.
LYONDELL CHEMICAL COMPANY
SELECTED FINANCIAL INFORMATION (UNAUDITED)
(Millions of dollars)
December 31, December 31,
BALANCE SHEET 2001 2000
Cash and cash equivalents $146 $260
Accounts receivable, net 352 508
Inventories 316 392
Prepaid expenses and other current assets 116 49
Deferred tax assets 277 136
Total current assets 1,207 1,345
Property, plant and equipment, net 2,293 2,429
Investments and long-term receivables:
Investment in PO joint ventures 717 621
Investment in Equistar 522 599
Receivable from LCR 229 229
Investment in LCR 29 20
Investment in LMC 36 49
Other investments and long-term receivables 86 88
Goodwill, net 1,102 1,152
Other assets 482 515
Total assets $6,703 $7,047
Accounts payable $319 $401
Current maturities of long-term debt 7 10
Other accrued liabilities 233 323
Total current liabilities 559 734
Long-term debt, less current maturities 3,846 3,844
Other liabilities 583 441
Deferred income taxes 790 702
Minority interest 176 181
Stockholders' equity (117,562,920 and
117,560,333 shares outstanding
respectively at December 31, 2001
and December 31, 2000) 749 1,145
Total liabilities and stockholders' equity $6,703 $7,047
Investment in Equistar, December 31, 2000 $599
Lyondell's share of Equistar net loss (77)
Other ---
Investment in Equistar, December 31, 2001 $522
Investment in LCR, December 31, 2000 $20
Lyondell's share of LCR net income 129
Cash distributions from LCR (165)
Cash contributions to LCR 45
Investment in LCR, December 31, 2001 $29
Investment in LMC, December 31, 2000 $49
Lyondell's share of LMC net loss (12)
Cash distributions from LMC (10)
Cash contributions to LMC 9
Investment in LMC, December 31, 2001 $36
LYONDELL CHEMICAL COMPANY
EQUISTAR CHEMICALS, LP
SELECTED FINANCIAL AND OPERATING INFORMATION (UNAUDITED)
For the three For the twelve
months ended months ended
INCOME STATEMENTS December 31, December 31,
(Millions of dollars) 2001 2000 2001 2000
Sales and other operating
revenues (A) $1,185 $1,783 $5,909 $7,495
Operating costs and expenses:
Cost of sales 1,160 1,797 5,733 6,908
Selling, general and
administrative expenses 50 40 181 182
Research and development 10 10 39 38
Amortization of goodwill 8 8 33 33
Restructuring and unusual charges --- --- 22 ---
Operating income (loss) (43) (72) (99) 334
Interest expense, net (52) (47) (189) (181)
Other income, net 1 1 8 ---
Income (loss) before extraordinary
loss (94) (118) (280) 153
Extraordinary loss --- --- (3) ---
Net income (loss) (B) $(94) $(118) $(283) $153
SELECTED FINANCIAL AND OPERATING
INFORMATION
(Millions of dollars)
Sales and Other Operating
Revenues (A)
Petrochemicals segment $1,042 $1,697 $5,384 $7,031
Polymers segment 428 538 1,980 2,351
Intersegment eliminations (285) (452) (1,455) (1,887)
Total $1,185 $1,783 $5,909 $7,495
Other Operating Expenses (C)
Petrochemicals segment $2 $1 $9 $7
Polymers segment 21 19 78 71
Unallocated 45 38 166 175
Total $68 $58 $253 $253
Operating Income (Loss)
Petrochemicals segment $50 $51 $275 $694
Polymers segment (48) (85) (186) (185)
Unallocated (45) (38) (188) (175)
Total $(43) $(72) $(99) $334
EBITDA
Petrochemicals segment $101 $100 $477 $894
Polymers segment (32) (69) (126) (129)
Unallocated (30) (22) (126) (121)
Total $39 $9 $225 $644
EBITDA before unusual
and extraordinary charges $39 $9 $250 $644
Sales Volumes (A)
Selected petrochemical products
(millions):
Ethylene, propylene and other
olefins (pounds) 3,884 4,470 16,236 18,490
Aromatics (gallons) 92 85 366 397
Polymers products (millions of pounds) 1,460 1,518 5,862 6,281
(A) Includes revenues/volumes from sales to affiliates.
(B) As a partnership, Equistar is not subject to federal income taxes.
(C) Other Operating Expenses include SG&A, R&D and amortization of
goodwill.
LYONDELL CHEMICAL COMPANY
EQUISTAR CHEMICALS, LP
SELECTED FINANCIAL INFORMATION (UNAUDITED)
(Millions of dollars)
December 31, December 31,
BALANCE SHEETS 2001 2000
Cash and cash equivalents $202 $18
Accounts receivable, net 540 758
Inventories 448 506
Prepaid expenses and other current assets 36 50
Total current assets 1,226 1,332
Property, plant and equipment, net 3,705 3,819
Goodwill, net 1,053 1,086
Other assets 324 345
Total assets $6,308 $6,582
Accounts payable $360 $487
Current maturities of long-term debt 104 90
Other accrued liabilities 197 166
Total current liabilities 661 743
Long-term debt, less current maturities 2,233 2,158
Other liabilities 177 141
Partners' capital 3,237 3,540
Total liabilities and partners' capital $6,308 $6,582
For the three For the twelve
months ended months ended
December 31, December 31,
SELECTED CASH FLOW INFORMATION 2001 2000 2001 2000
Depreciation and amortization $82 $80 $321 $310
Cash flow from operations 111 26 230 339
Capital expenditures 25 50 110 131
LYONDELL CHEMICAL COMPANY
LYONDELL-CITGO REFINING LP
SELECTED FINANCIAL AND OPERATING INFORMATION (UNAUDITED)
CONDENSED BALANCE SHEETS December 31, December 31,
(Millions of dollars) 2001 2000
Total current assets $230 $310
Property, plant and equipment, net 1,343 1,319
Deferred charges and other assets 97 67
Total assets $1,670 $1,696
Notes payable $--- $450
Other current liabilities 385 417
Long-term debt 450 ---
Loans payable to partners 264 264
Other liabilities and deferred credits 79 57
Partners' capital 492 508
Total liabilities and partners' capital $1,670 $1,696
For the three For the twelve
months ended months ended
INCOME STATEMENTS December 31, December 31,
(Millions of dollars) 2001 2000 2001 2000
Sales and other operating
revenues (A) $592 $1,138 $3,284 $4,075
Operating costs and expenses:
Cost of sales 548 1,045 2,967 3,826
Selling, general and
administrative expenses 17 14 61 60
Operating income 27 79 256 189
Interest expense, net (10) (17) (51) (61)
Income before extraordinary item 17 62 205 128
Extraordinary loss, net of
income taxes --- --- (2) ---
Net income (B) $17 $62 $203 $128
SELECTED CASH FLOW INFORMATION
(Millions of dollars)
Depreciation and amortization $27 $28 $108 $112
Cash flow from operations 7 92 280 222
Capital expenditures 50 14 109 60
EBITDA before extraordinary item $54 $107 $364 $301
SELECTED OPERATING INFORMATION
Sales Volumes (including
intersegment sales) (A)
Refined products (thousand barrels
per day):
Gasoline 81 120 101 118
Diesel and heating oil 63 80 71 72
Jet fuel 13 26 20 19
Aromatics 8 11 8 11
Other refinery products 113 110 107 105
Total refined products volumes 278 347 307 325
Refinery Runs
Crude processing rates (thousand
barrels per day):
Crude Supply Agreement - coked 196 219 229 196
Other heavy crude oil - coked --- 34 9 19
Other crude oil 11 17 10 30
Total crude oil 207 270 248 245
(A) Includes revenues/volumes from sales to affiliates.
(B) As a partnership, LCR is not subject to federal income taxes.
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SOURCE Lyondell Chemical Company
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CONTACT: media, Anne M. Knisely, +1-713-309-2643, or investors, Patrick Quarles, +1-713-309-7141, both of Lyondell Chemical Company
CAPTION: LYOLOGO LYONDELL LOGO Lyondell Logo. (PRNewsFoto)[PM] HOUSTON, TX USA 09/21/2000
