{"id":24370,"date":"2021-02-09T10:26:37","date_gmt":"2021-02-09T09:26:37","guid":{"rendered":"https:\/\/php8.plastv.de\/?p=24370"},"modified":"2021-02-08T14:28:24","modified_gmt":"2021-02-08T13:28:24","slug":"lyondellbasell-reports-2020-earnings","status":"publish","type":"post","link":"https:\/\/plas.tv\/?p=24370","title":{"rendered":"LyondellBasell Reports 2020 Earnings"},"content":{"rendered":"<p><strong>Full Year 2020 Highlights <\/strong><\/p>\n<p><strong>Resilient Earnings<\/strong><\/p>\n<ul type=\"disc\">\n<li>Net Income: <span class=\"xn-money\">$1.4 billion<\/span>, <span class=\"xn-money\">$1.9 billion<\/span> excluding LCM and Impairment<sup>1<\/sup><\/li>\n<li>Diluted earnings per share: <span class=\"xn-money\">$4.24<\/span> per share, <span class=\"xn-money\">$5.61<\/span> per share excluding LCM and Impairment<\/li>\n<li>EBITDA: <span class=\"xn-money\">$3.3 billion<\/span>, <span class=\"xn-money\">$3.9 billion<\/span> excluding LCM and Impairment<\/li>\n<\/ul>\n<p><strong>Advanced Growth Initiatives<\/strong><\/p>\n<ul type=\"disc\">\n<li>Expanded polyethylene capacity with new 500 kt per year <em>Hyperzone <\/em>plant in <span class=\"xn-location\">Texas<\/span><\/li>\n<li>New joint ventures in <span class=\"xn-location\">China<\/span> and <span class=\"xn-location\">Louisiana<\/span>; both accretive to earnings in the fourth quarter<\/li>\n<li>Expanded circular polymers joint venture capacity by 20 kt in <span class=\"xn-location\">Belgium<\/span><\/li>\n<\/ul>\n<p><strong>Strong Cash Conversion and Dividends<\/strong><\/p>\n<ul type=\"disc\">\n<li>88% conversion of EBITDA (excluding LCM and Impairment) to cash from operating activities<\/li>\n<li>Paid <span class=\"xn-money\">$4.20<\/span> per share in dividends; our tenth consecutive year of increasing total quarterly dividends<\/li>\n<\/ul>\n<p><strong>Fourth Quarter 2020 Highlights <\/strong><\/p>\n<ul type=\"disc\">\n<li>Net Income: <span class=\"xn-money\">$0.9 billion<\/span>, <span class=\"xn-money\">$0.7 billion<\/span> excluding LCM and Impairment<\/li>\n<li>Diluted earnings per share: <span class=\"xn-money\">$2.55<\/span> per share, <span class=\"xn-money\">$2.19<\/span> per share excluding LCM and Impairment<\/li>\n<li>Highest fourth quarter EBITDA since 2017: <span class=\"xn-money\">$1.4 billion<\/span>, <span class=\"xn-money\">$1.3 billion<\/span> excluding LCM and Impairment<\/li>\n<li>Refinanced <span class=\"xn-money\">$2.4 billion<\/span> of debt to extend maturities and capture attractive interest rates<\/li>\n<li>Liquidity of <span class=\"xn-money\">$5.2 billion<\/span> as of <span class=\"xn-chron\">December 31, 2020<\/span><\/li>\n<\/ul>\n<p>LyondellBasell Industries has announced net income for the fourth quarter 2020 of <span class=\"xn-money\">$0.9 billion<\/span>, or <span class=\"xn-money\">$2.55<\/span> per share.\u00a0 The quarter included a <span class=\"xn-money\">$147 million<\/span> non-cash, lower of cost or market (LCM) inventory valuation benefit that increased net income by <span class=\"xn-money\">$119 million<\/span> or <span class=\"xn-money\">$0.36<\/span> per share.\u00a0 Fourth quarter EBITDA was <span class=\"xn-money\">$1.4 billion<\/span>, or <span class=\"xn-money\">$1.3 billion<\/span> excluding LCM.<\/p>\n<p>Full year 2020 net income was <span class=\"xn-money\">$1.4 billion<\/span>, or <span class=\"xn-money\">$4.24<\/span> per share.\u00a0 The full year results included a <span class=\"xn-money\">$582 million<\/span> non-cash impairment charge related to the <span class=\"xn-location\">Houston<\/span> refinery and <span class=\"xn-money\">$16 million<\/span> of non-cash, LCM inventory valuation charges.\u00a0 LCM and Impairment charges reduced full year 2020 net income by <span class=\"xn-money\">$457 million<\/span>, or <span class=\"xn-money\">$1.37<\/span> per share.\u00a0 Full year 2020 EBITDA was <span class=\"xn-money\">$3.3 billion<\/span>, or <span class=\"xn-money\">$3.9 billion<\/span> excluding LCM and impairment.\u00a0 During 2020, costs for integration and restructuring impacted net income by <span class=\"xn-money\">$33 million<\/span> or <span class=\"xn-money\">$0.10<\/span> per share.<\/p>\n<p>&#8220;During 2020, LyondellBasell demonstrated financial and operational resilience against an extremely challenging backdrop of a global pandemic, the associated recession, volatile oil prices and significant capacity additions in our industry.\u00a0 We moved swiftly to create a safe work environment for our employees and continuously supply customers with essential products throughout the pandemic.\u00a0 Our strengths in operational excellence, cost management and capital discipline served us well as we quickly adapted to dynamic conditions by aggressively managing inventories, minimizing working capital and bolstering liquidity by rapidly accessing capital markets and efficiently generating cash.\u00a0 LyondellBasell honored commitments to investors by both maintaining an investment grade credit rating and continuing to fund dividends and capital investments with cash from operations.\u00a0 Taken together, these actions enabled us to successfully navigate a challenging year and remain focused on our strategy to build a stronger company for our stakeholders,&#8221; said <span class=\"xn-person\">Bob Patel<\/span>, LyondellBasell CEO.<\/p>\n<p>&#8220;During the fourth quarter, strong and persistent consumer-driven demand, industry supply constraints and continued recovery in durable goods markets reduced the impact of typical end-of-year slowdowns for our businesses.\u00a0 During this period, we operated well and met robust demand for polyolefins used in consumer packaging and healthcare applications.\u00a0 Margins improved for Olefins and Polyolefins, Propylene Oxide &amp; Derivatives and Intermediate Chemicals businesses driven by higher demand and tight markets.\u00a0 Rebounding automotive manufacturing drove increased volumes for our Advanced Polymer Solutions businesses.\u00a0 The Refining and Oxyfuels &amp; Related Products businesses continued to face headwinds from low global mobility resulting in stagnant demand for transportation fuels.&#8221;<\/p>\n<p>&#8220;LyondellBasell nimbly managed the challenges of 2020 and our team advanced on our goal to create a stronger company for the longer term.\u00a0 We expanded our participation in the rapidly growing Chinese market by forming a new integrated olefin and polyolefin joint venture with Bora.\u00a0 In December, we expanded our manufacturing footprint on the U.S. Gulf Coast through the formation of an integrated polyethylene joint venture in <span class=\"xn-location\">Louisiana<\/span> with Sasol. \u00a0Both joint ventures provided immediate benefits to our fourth quarter profitability without the project completion risks associated with the construction of greenfield projects.&#8221;<\/p>\n<p>&#8220;Our company remained focused on the substantive and ambitious goals outlined in our most recent Sustainability Report to develop circular and sustainable business models for our products.\u00a0 We took action to advance our goals of annually producing and marketing two million tons of recycled and renewable-based polymers, including the start-up of our <em>MoReTec<\/em> molecular recycling pilot plant in Ferrara, <span class=\"xn-location\">Italy<\/span> and the expansion of our mechanical recycling capacity in <span class=\"xn-location\">Europe<\/span> through our Quality Circular Polymers joint venture with SUEZ.\u00a0 We are dedicated to disciplined and sustainable growth that ensures our chemical and polymer products will continue to provide value for society,&#8221; Patel said.<\/p>\n<p><strong>OUTLOOK<\/strong><\/p>\n<p>&#8220;Improving trends seen in the closing weeks of December are continuing into the first quarter of 2021 and providing a bridge to the seasonal upticks typically seen in our businesses during the second and third quarters.\u00a0 Elevated export demand to <span class=\"xn-location\">China<\/span> and <span class=\"xn-location\">Latin America<\/span> combined with tight markets are supporting strong margins for our Olefins and Polyolefins businesses.\u00a0 Increased demand from automotive and construction markets has pushed the January order book for our Advanced Polymer Solutions segment to higher levels than the fourth quarter 2020 average.\u00a0 With wider deployment of coronavirus vaccines, we anticipate that increasing mobility and transportation fuel demand could provide significant upside for our oxyfuels and refining businesses during the latter half of this year.&#8221;<\/p>\n<p>&#8220;LyondellBasell&#8217;s measured approach to advancing value-driven growth is delivering results.\u00a0 The Advanced Polymer Solutions platform is serving broader markets and beginning to capture the benefits from more than <span class=\"xn-money\">$200 million<\/span> in synergies.\u00a0 Our next-generation Hyperzone high-density polyethylene technology expanded our U.S. capacity and is establishing new benchmarks for differentiated product performance.\u00a0 We formed two integrated cracker joint ventures that are quickly delivering accretive returns from high-quality assets benefiting from advantaged feedstocks and growing markets.\u00a0 In <span class=\"xn-chron\">January 2021<\/span>, we continued on this strategy to form a new joint venture to build our second world-scale propylene oxide and styrene monomer unit in <span class=\"xn-location\">China<\/span>.&#8221;<\/p>\n<p>&#8220;In the near term, the top priority for our balance sheet is debt reduction.\u00a0 In January, we repaid <span class=\"xn-money\">$500 million<\/span> of debt outstanding with more deleveraging planned for the remainder of 2021.\u00a0 We are well-poised to harvest profitability from our disciplined growth initiatives that should increase free cash flow and allow us to further strengthen our investment grade balance sheet,&#8221; said Patel.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LyondellBasell Industries has announced net income for the fourth quarter 2020 of $0.9 billion, or $2.55 per share.\u00a0 The quarter included a $147 million&#8230;<\/p>\n","protected":false},"author":2,"featured_media":7408,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,16],"tags":[],"series":[],"class_list":["post-24370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-plas-tv-meldungen-auf-der-startseite-unterhalb-slider","category-plast-tv-textmeldungen"],"_links":{"self":[{"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts\/24370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24370"}],"version-history":[{"count":1,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts\/24370\/revisions"}],"predecessor-version":[{"id":24371,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/posts\/24370\/revisions\/24371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=\/wp\/v2\/media\/7408"}],"wp:attachment":[{"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24370"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/plas.tv\/index.php?rest_route=%2Fwp%2Fv2%2Fseries&post=24370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}