OREANDA-NEWS. LyondellBasell Industries (NYSE: LYB) today announced earnings from continuing operations for the second quarter 2015 of $1.33  billion, or $2.81 diluted earnings per share.  Second quarter 2015 EBITDA was approximately $2.19 billion.    

Comparisons with the prior quarter and second quarter 2014 are available in the following table:

Table 1 - Earnings Summary

            
   

Three Months Ended

Six Months Ended

  
 

June 30,

March 31,

June 30,

June 30,

  

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

2015

2015

2014

2015

2014

  

Sales and other operating revenues

$9,145

$8,185

$12,117

$17,330

$23,252

  

Net income(a)

1,329

1,164

1,176

2,493

2,120

  

Income from continuing operations(b)

1,326

1,167

1,173

2,493

2,116

  

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

            
 

Net income(c)

2.82

2.41

2.23

5.22

3.94

  
 

Income from continuing operations(b)

2.81

2.42

2.22

5.22

3.93

  

Diluted share count (millions)

472

481

527

477

537

  

EBITDA(d)

2,186

1,952

1,941

4,138

3,609

  
               

Excluding LCM Impact:

            

LCM charges (benefits), pre-tax

(9)

92

- -

83

- -

  

Income from continuing operations(b)

1,320

1,225

1,173

2,545

2,116

  

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

            
 

Income from continuing operations(b)

2.79

2.54

2.22

5.33

3.93

  

EBITDA(d)

2,177

2,044

1,941

4,221

3,609

  

(a) 

Includes net loss attributable to non-controlling interests and income (loss) from discontinued operations, net of tax. See Table 10.

(b) 

Please see Table 11 for charges and benefits to income from continuing operations.

(c) 

Includes diluted earnings per share attributable to discontinued operations.

(d) 

See the end of this release for an explanation of the Company's use of EBITDA and Table 8 for reconciliations of EBITDA to net income and income from continuing operations.
 

_______________________________

1

LCM stands for "lower of cost or market." An explanation of LCM and why we have excluded it from our financial information in this press release can be found at the end of this press release under "Information Related to Financial Measures."  

The second quarter included a $9 million non-cash, pre-tax credit for the impact of a lower of cost or market (LCM) inventory adjustment ($6 million after tax), which for certain segments represented a reversal of some or all of the LCM adjustment charged in the first quarter of 2015.  Excluding the LCM adjustment, earnings from continuing operations during the first quarter totaled $1.3 billion, or $2.79 per share, and EBITDA was $2.2 billion. 

"Continued high operating reliability allowed us to take advantage of a favorable second quarter environment.  We again delivered strong results across all segments, achieving record quarterly diluted earnings per share and EBITDA.  Earnings per share during the last 12 months exceeded $10 per share.  Abundant natural gas and NGL supply coupled with strong pricing during the quarter continued to benefit our margins in the Olefins and Polyolefins and Intermediates and Derivatives segments.  Planned and unplanned industry downtime created favorable global conditions, demonstrating that the industry is operating with a fundamentally tight supply and demand balance," said Bob Patel, LyondellBasell Chief Executive Officer.    

OUTLOOK
"The outlook for the third quarter remains positive for our portfolio.  Natural gas and NGL remain well supplied and favorably priced.  Significant global olefin and polyolefin supply shortages are starting to rebalance as supply returns to the market, but balances have remained favorable through July.  Late in the third quarter, we will begin planned outages at two of our Intermediate and Derivatives production sites and at one European olefins plant," Patel said.