LyondellBasell announces financial results for Q4 2014
The company’s net income retreated to $791 million in the last quarter of 2014 compared with $1.175 billion reported in the same quarter of 2013 while sales and other operating revenues declined to $10.290 billion year over year from $11.138 billion in the final quarter of the preceding year.
In addition, the company’s net income from continuing operations declined to $796 million from $1.177 billion reported in the October- December period of 2013 while earnings before interest, taxes, depreciation and amortization (EBITDA) also declined to $1.406 billion from $1.543 billion a year earlier.
In 2014, LyondellBasell’s full year income from continuing operations was reported at $4.2 billion, or $8.00 per share, while EBITDA stood at $7.1 billion.
However, the company posted a record high EBITDA for its olefins and polyolefins segment in the Americas, which rose by $391 million compared with the last quarter of 2014 to $1.274 billion. The significant increase in EBITDA in this segment was attributed to improved margins and higher volume from the company’s La Porte facility. Through this expansion project, the company increased its ethylene capacity by 362,800 tons/year at its 800,000 tons/year cracker.
Meanwhile, the company’s EBITDA from its olefins and polyolefins segment in Europe, Asia and international also rose by $233 million to $348 million thanks to higher margins coming from lower naphtha feedstock costs and higher ethylene production from cost-effective feedstocks.
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