LyondellBasell Reports Record 2013 Earnings
LyondellBasell Industries announced earnings from continuing operations for the fourth quarter 2013 of USD 1,177 million, or USD 2.11 per share. Fourth-quarter 2013 EBITDA was USD 1,543 million. Full year 2013 income from continuing operations was USD 3,860 million, or USD 6.76 per share.
In 2013, LyondellBasell reported record results, led by improvements in global olefins and polyolefins. Fourth quarter 2013 EBITDA was relatively unchanged compared to the third quarter of 2013 despite the impact of normal seasonal slowdowns. Income from continuing operations increased relative to the third quarter due to a lower effective tax rate related to the release of reserves against certain European net operating losses (NOLs).
"We achieved record earnings in 2013, capped by the best fourth-quarter results in our history," said CEO Jim Gallogly. "We believe olefins in North America will continue to benefit from strong margins created by cost-advantaged NGLs. We will commence an olefins turnaround at La Porte late in the first quarter which will extend into the second quarter. European olefins and polyolefins demand should improve from a seasonally-low fourth quarter," Gallogly said.
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