OREANDA-NEWS. May 06, 2014. First-Quarter 2014 Highlights

Diluted earnings per share of USD1.72; USD 943 million income from continuing operations

EBITDA of USD 1,668 million notwithstanding plant maintenance and weather-related cost increases

Growth projects progressing with the start-up of a 200 million pounds per year polyethylene expansion, the commencement of the La Porte turnaround that will enable the third quarter addition of 800 million pounds per year of ethylene capacity, and the issuance of final permits for the Corpus Christi ethylene expansion

Repurchased 15 million shares during the first quarter

Shareholders approved a share repurchase program for an additional 10 percent of shares at the annual meeting on April 16, 2014; and the Supervisory Board approved a 10 cent per share increase of the quarterly interim dividend to USD 0.70 per share

LyondellBasell Industries (NYSE: LYB) announced earnings from continuing operations for the first quarter 2014 of USD 943 million or USD 1.72 diluted earnings per share. First quarter 2014 EBITDA was \\$ USD 1,668 million. 

"The first quarter results were good despite headwinds from maintenance, weather-related raw material cost volatility, and shipping delays. Exclusive of these pressures, the underlying business fundamentals remained strong and relatively unchanged," said Jim Gallogly, LyondellBasell Chief Executive Officer. 

"In the U.S., our key raw materials continue to be in abundant supply with ethane tracking natural gas prices. Although natural gas prices increased in the face of record winter temperatures, current pricing and the outlook have moderated reflecting the strength of U.S. shale developments," Gallogly said.

"The theme for our 2013 annual report was – 'Taking the Early Advantage.' We are putting these words into action. Our growth program is generating immediate results as our methanol plant restart contributed to first quarter earnings and cash flow. During late March, we completed a 200 million pound per year polyethylene expansion at Matagorda and began the final steps of our La Porte ethylene expansion. Additionally in mid-April, we received the final environmental permits for our Corpus Christi ethylene expansion," Gallogly said.