OREANDA-NEWS. October 29, 2014. LyondellBasell Industries (NYSE: LYB) announced earnings from continuing operations for the third quarter 2014 of USD1.3 billion, or USD 2.46 diluted earnings per share. 

Third quarter 2014 EBITDA was USD 2.0 billion.  The quarter includes a USD 45 million non-cash charge for the impact of a lower of cost or market (LCM) inventory adjustment.  The increase from the second quarter 2014 was primarily due to increased earnings in our Olefins and Polyolefins – Americas segment.

"We are pleased to deliver a second consecutive quarter of record earnings, and our best quarter ever.  During the third quarter we achieved diluted earnings per share from continuing operations of USD 2.46 and, for the first time, EBITDA exceeded USD 2 billion.  Our Olefins and Polyolefins- Americas segment generated EBITDA in excess of USD 1.1 billion during the quarter.  A tight U.S. ethylene market helped drive the record earnings," said Jim Gallogly, LyondellBasell Chief Executive Officer.  

"In addition to our strong earnings, we continue to return cash to our shareholders.  During the quarter, dividends and share repurchases totaled USD 1.6 billion.  We repurchased approximately 12 million shares during the third quarter, and approximately 46 million shares year to date.  Since the first share repurchase program was started in May 2013, we have repurchased approximately 73 million shares, or approximately 13 percent of the shares outstanding," continued Gallogly.

"Industry fundamentals remained strong during the quarter, and we continue to make progress on our investment program.  Late in the quarter we initiated production from the 800 million pound per year La Porte ethylene expansion.  This is the first of multiple ethylene expansions by the company, putting us well ahead of new greenfield plants pursued by others in the industry.  In addition, we announced the development of two new growth projects, a further expansion of our Channelview olefins complex and a new U.S. Gulf Coast PO/TBA plant.  Both projects take advantage of the favorable environment for North American raw materials, and the PO/TBA plant leverages our proprietary technology.   These projects demonstrate that LyondellBasell has continued organic growth opportunities," Gallogly added.