OREANDA-NEWS. LyondellBasell Industries (NYSE: LYB) today announced earnings from continuing operations for the first quarter 2015 of \$1.17 billion, or \$2.42 diluted earnings per share.  First quarter 2015 EBITDA was approximately \$1.95 billion.   

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

Table 1 - Earnings Summary 





Three Months Ended


March 31,

December 31,

March 31,

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

2015

2014

2014

Sales and other operating revenues 

\$8,185

\$10,290

\$11,135

Net income(a)

1,164

791

944

Income from continuing operations(b)

1,167

796

943

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




Net income(c)

2.41

1.54

1.72

Income from continuing operations(b)

2.42

1.57

1.72

Diluted share count (millions)  

481

499

548

EBITDA(d)

1,952

1,406

1,668






Excluding LCM Impact: 



LCM, pre-tax 

92

715

- -

Income from continuing operations(b)

1,225

1,251

943

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




Income from continuing operations(b)

2.54

2.48

1.72

EBITDA(d)

2,044

2,121

1,668






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

(b)  See Table 11 for charges and benefits to income from continuing operations.

(c)  Includes diluted earnings (loss) 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 first quarter included a \$92 million non-cash, pre-tax charge for the impact of a lower of cost or market (LCM) inventory adjustment (\$58 million after tax).  This charge is somewhat unique to our 2010 company formation when all assets and liabilities were measured at fair value, our use of LIFO accounting, and the recent declines in pricing for many of our raw material and finished goods inventories.  Excluding the LCM adjustment, earnings from continuing operations during the first quarter totaled \$1.2 billion, or \$2.54 per share, and EBITDA was \$2.0 billion. 

"The first quarter of 2015 continued at a pace that made 2014 a record year.  Excluding the LCM inventory impacts, first quarter diluted earnings per share of \$2.54 was a new quarterly high for LyondellBasell, and EBITDA exceeded \$2.0 billion for the third consecutive quarter.  We have generated EBITDA of \$8.2 billion over the past twelve months excluding the impacts of the LCM.  Quarterly EBITDA has been very steady during this period.  During the first quarter, we achieved these strong results in a market in which crude oil price declines pressured product prices.  However, the abundance of low cost natural gas-based raw materials, supply and demand tightness in several products, and our flexible portfolio provided balance to offset the impact of lower prices.  Our business portfolio proves to be resilient in a volatile market environment, delivering strong results," said Bob Patel, LyondellBasell Chief Executive Officer.