Urethane Blog
LyondellBasell Q1 PO Results
April 25, 2016
LyondellBasell Reports First-Quarter 2016 Earnings
Intermediates & Derivatives (I&D) – The primary products of this segment include propylene oxide (PO) and its co-products (styrene monomer, tertiary butyl alcohol (TBA), isobutylene and tertiary butyl hydroperoxide), and derivatives (propylene glycol, propylene glycol ethers and butanediol); acetyls (including methanol), ethylene oxide and its derivatives, and oxyfuels.
Table 4 – I&D Financial Overview |
||||
Three Months Ended |
||||
March 31, |
December 31, |
March 31, |
||
Millions of U.S. dollars |
2016 |
2015 |
2015 |
|
Operating income |
$255 |
$145 |
$271 |
|
EBITDA |
326 |
212 |
337 |
|
LCM, pre-tax |
28 |
74 |
44 |
|
EBITDA excluding LCM |
354 |
286 |
381 |
Three months ended March 31, 2016 versus three months ended December 31, 2015 – EBITDA increased $68 million versus the fourth quarter 2015, excluding a favorable $46 million quarter to quarter variance as a result of LCM adjustments related to inventory. Results for PO and PO derivatives were relatively unchanged. Intermediate chemicals results improved by approximately $80 million, primarily due to increased volumes for acetyls, isobutylene derivatives and ethylene oxide and derivatives due to the absence of fourth quarter maintenance and approximately 2 cents per pound margin improvement for styrene. Oxyfuels results were relatively unchanged. Equity income from joint ventures decreased by $4 million.
Three months ended March 31, 2016 versus three months ended March 31, 2015 – EBITDA decreased $27 million versus the first quarter 2015, excluding a favorable $16 million quarter to quarter variance as a result of LCM inventory adjustments. Results for PO and PO derivatives decreased by approximately $10 million due to product mix and a weaker aircraft deicer season. Intermediate chemicals results were relatively unchanged with higher methanol volumes and styrene margin improvements of approximately 2 cents per pound offset by approximately 30 cents per gallon lower methanol margins. Oxyfuels decreased approximately $20 million primarily as a result of compression from the unseasonably high margins seen during the first quarter of 2015. Equity income from joint ventures decreased by $5 million.
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