LyondellBasell PO Segment Results

Table 4 – I&D Financial Overview

Three months ended December 31, 2018 versus three months ended September 30, 2018 – EBITDA decreased $125 million versus the third quarter 2018.  Compared with the prior period, Propylene Oxide & Derivatives results decreased approximately $10 million.  Volumes declined primarily due to planned maintenance partially offset by improved margins.  Intermediate Chemicals results decreased approximately $65 million.  Margins declined for most products, primarily acetyls and styrene.  Oxyfuels & Related Products results decreased approximately $40 million. Margin declined primarily due to stronger ethanol pricing relative to crude oil and volume declined due to planned maintenance.

Three months ended December 31, 2018 versus three months ended December 31, 2017 – EBITDA decreased $31 million versus the fourth quarter 2017.  Compared with the prior period, Propylene Oxide & Derivatives results decreased approximately $50 million with volumes declining due to 2018 planned maintenance.  Intermediate Chemicals results increased approximately $35 million.  Margins improved for most products and volume increased for acetyls and styrene.  Oxyfuels & Related Products decreased by approximately $30 million with declines in both margins and volumes.

Full year ended December 31, 2018 versus full year ended December 31, 2017 – EBITDA increased $521 million versus 2017, setting an annual record for 2018.  Compared with the prior period, Propylene Oxide & Derivatives results increased approximately $65 million with improved margins due to strong demand, tight market conditions and improved contracting strategies.  Intermediate Chemicals results increased approximately $345 million driven by margin improvements in all products and improved contracting strategies.  Tight industry conditions drove an increase of over 12% in acetyls prices and a styrene margin increase of 3 cents per pound.  Oxyfuels & Related Products increased by approximately $100 million.  Margins improved with crude oil pricing outpacing butane and volume increased with no planned maintenance in 2018.

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