Table 1 - Reconciliation of Segment Information to Consolidated Financial Information
2019 | 2020 | |||||||||||||||||
Millions of dollars | Q1 | Q2 | Q3 | Q4 | Total | Q1 | ||||||||||||
Sales and other operating revenues: | ||||||||||||||||||
Olefins & Polyolefins - Americas | $ | 2,111 | $ | 2,114 | $ | 2,137 | $ | 2,073 | $ | 8,435 | $ | 1,792 | ||||||
Olefins & Polyolefins - EAI | 2,535 | 2,505 | 2,309 | 2,155 | 9,504 | 2,224 | ||||||||||||
Intermediates & Derivatives | 1,894 | 2,062 | 2,046 | 1,832 | 7,834 | 1,770 | ||||||||||||
Advanced Polymer Solutions | 1,339 | 1,258 | 1,186 | 1,067 | 4,850 | 1,096 | ||||||||||||
Refining | 1,882 | 2,180 | 2,134 | 2,055 | 8,251 | 1,448 | ||||||||||||
Technology | 141 | 173 | 146 | 203 | 663 | 122 | ||||||||||||
Other/Eliminations | (1,124) | (1,244) | (1,236) | (1,206) | (4,810) | (958) | ||||||||||||
Continuing operations | $ | 8,778 | $ | 9,048 | $ | 8,722 | $ | 8,179 | $ | 34,727 | $ | 7,494 | ||||||
Operating income (loss): | ||||||||||||||||||
Olefins & Polyolefins - Americas | $ | 384 | $ | 504 | $ | 524 | $ | 365 | $ | 1,777 | $ | 238 | ||||||
Olefins & Polyolefins - EAI | 186 | 226 | 202 | 59 | 673 | 135 | ||||||||||||
Intermediates & Derivatives | 314 | 372 | 314 | 249 | 1,249 | 131 | ||||||||||||
Advanced Polymer Solutions | 119 | 91 | 67 | 13 | 290 | 70 | ||||||||||||
Refining | (59) | (110) | (52) | (19) | (240) | (314) | ||||||||||||
Technology | 73 | 96 | 73 | 132 | 374 | 47 | ||||||||||||
Other | - | (2) | (4) | (1) | (7) | (3) | ||||||||||||
Continuing operations | $ | 1,017 | $ | 1,177 | $ | 1,124 | $ | 798 | $ | 4,116 | $ | 304 | ||||||
Depreciation and amortization: | ||||||||||||||||||
Olefins & Polyolefins - Americas | $ | 115 | $ | 117 | $ | 118 | $ | 120 | $ | 470 | $ | 124 | ||||||
Olefins & Polyolefins - EAI | 53 | 52 | 51 | 52 | 208 | 53 | ||||||||||||
Intermediates & Derivatives | 72 | 74 | 75 | 74 | 295 | 70 | ||||||||||||
Advanced Polymer Solutions | 29 | 30 | 32 | 42 | 133 | 44 | ||||||||||||
Refining | 43 | 44 | 41 | 41 | 169 | 42 | ||||||||||||
Technology | 10 | 11 | 10 | 6 | 37 | 9 | ||||||||||||
Continuing operations | $ | 322 | $ | 328 | $ | 327 | $ | 335 | $ | 1,312 | $ | 342 | ||||||
EBITDA:(a) | ||||||||||||||||||
Olefins & Polyolefins - Americas | $ | 516 | $ | 635 | $ | 653 | $ | 498 | $ | 2,302 | $ | 366 | ||||||
Olefins & Polyolefins - EAI | 296 | 331 | 291 | 144 | 1,062 | 189 | ||||||||||||
Intermediates & Derivatives | 390 | 448 | 390 | 329 | 1,557 | 203 | ||||||||||||
Advanced Polymer Solutions | 148 | 120 | 102 | 54 | 424 | 113 | ||||||||||||
Refining | (15) | (66) | (6) | 22 | (65) | (272) | ||||||||||||
Technology | 83 | 107 | 83 | 138 | 411 | 56 | ||||||||||||
Other | 10 | 4 | - | (13) | 1 | (9) | ||||||||||||
Continuing operations | $ | 1,428 | $ | 1,579 | $ | 1,513 | $ | 1,172 | $ | 5,692 | $ | 646 | ||||||
Capital, turnarounds and IT deferred spending: | ||||||||||||||||||
Olefins & Polyolefins - Americas | $ | 276 | $ | 257 | $ | 295 | $ | 271 | $ | 1,099 | $ | 204 | ||||||
Olefins & Polyolefins - EAI | 64 | 39 | 45 | 65 | 213 | 42 | ||||||||||||
Intermediates & Derivatives | 179 | 238 | 317 | 330 | 1,064 | 353 | ||||||||||||
Advanced Polymer Solutions | 16 | 11 | 14 | 18 | 59 | 13 | ||||||||||||
Refining | 43 | 53 | 41 | 12 | 149 | 16 | ||||||||||||
Technology | 17 | 17 | 26 | 34 | 94 | 30 | ||||||||||||
Other | 4 | 7 | 4 | 1 | 16 | 2 | ||||||||||||
Continuing operations | $ | 599 | $ | 622 | $ | 742 | $ | 731 | $ | 2,694 | $ | 660 | ||||||
(a) See Table 7 for the reconciliation of net income to EBITDA, including and excluding LCM.
Table 2 - Selected Segment Operating Information
2019 | 2020 | ||||||||||
Q1 | Q2 | Q3 | Q4 | Total | Q1 | ||||||
Olefins and Polyolefins - Americas | |||||||||||
Volumes (kilotons) | |||||||||||
Ethylene produced | 1,096 | 1,110 | 944 | 1,143 | 4,293 | 1,014 | |||||
Propylene produced | 332 | 308 | 367 | 336 | 1,343 | 325 | |||||
Polyethylene sold | 637 | 634 | 673 | 644 | 2,588 | 689 | |||||
Polypropylene sold | 219 | 232 | 247 | 207 | 905 | 216 | |||||
Benchmark Market Prices | |||||||||||
West Texas Intermediate crude oil (USD per barrel) | 54.90 | 59.80 | 56.40 | 56.98 | 57.02 | 45.97 | |||||
Light Louisiana Sweet ("LLS") crude oil (USD per barrel) | 62.38 | 66.94 | 60.64 | 60.78 | 62.68 | 48.17 | |||||
Houston Ship Channel natural gas (USD per million BTUs) | 2.86 | 2.46 | 2.26 | 2.24 | 2.46 | 1.82 | |||||
U.S. weighted average cost of ethylene production (USD per metric ton) | 362 | 262 | 209 | 260 | 273 | 198 | |||||
U.S. ethylene (USD per metric ton) | 614 | 535 | 584 | 632 | 591 | 525 | |||||
U.S. polyethylene [high density] (USD per metric ton) | 1,168 | 1,235 | 1,146 | 1,036 | 1,146 | 970 | |||||
U.S. propylene (USD per metric ton) | 838 | 823 | 845 | 775 | 820 | 683 | |||||
U.S. polypropylene [homopolymer] (USD per metric ton) | 1,323 | 1,308 | 1,308 | 1,224 | 1,291 | 1,014 | |||||
Olefins and Polyolefins - Europe, Asia, International | |||||||||||
Volumes (kilotons) | |||||||||||
Ethylene produced | 408 | 456 | 448 | 430 | 1,742 | 468 | |||||
Propylene produced | 239 | 274 | 271 | 249 | 1,033 | 272 | |||||
Polyethylene sold | 678 | 562 | 619 | 591 | 2,450 | 677 | |||||
Polypropylene sold | 752 | 729 | 718 | 722 | 2,921 | 729 | |||||
Benchmark Market Prices (€ per metric ton) | |||||||||||
Western Europe weighted average cost of ethylene production | 466 | 493 | 433 | 576 | 492 | 352 | |||||
Western Europe ethylene | 995 | 1,065 | 993 | 973 | 1,007 | 953 | |||||
Western Europe polyethylene [high density] | 1,126 | 1,191 | 1,125 | 1,097 | 1,135 | 1,044 | |||||
Western Europe propylene | 933 | 983 | 893 | 852 | 915 | 838 | |||||
Western Europe polypropylene [homopolymer] | 1,222 | 1,268 | 1,185 | 1,136 | 1,203 | 1,084 | |||||
Intermediates and Derivatives | |||||||||||
Volumes Sold (kilotons) | |||||||||||
Propylene oxide and derivatives | 363 | 343 | 353 | 336 | 1,395 | 366 | |||||
Intermediate Chemicals: | |||||||||||
Ethylene oxide and derivatives | 120 | 133 | 133 | 118 | 504 | 112 | |||||
Styrene monomer | 372 | 392 | 408 | 306 | 1,478 | 376 | |||||
Acetyls | 296 | 358 | 308 | 283 | 1,245 | 216 | |||||
Oxyfuels and Related Products: | |||||||||||
TBA intermediates | 160 | 177 | 160 | 154 | 651 | 156 | |||||
MTBE/ETBE | 677 | 819 | 884 | 805 | 3,185 | 835 | |||||
Benchmark Market Margins (USD per metric ton) | |||||||||||
MTBE - Northwest Europe | 126 | 295 | 374 | 282 | 266 | 165 | |||||
Advanced Polymer Solutions | |||||||||||
Volumes Sold (kilotons) | |||||||||||
Compounding & Solutions | 503 | 475 | 452 | 422 | 1,852 | 424 | |||||
Advanced Polymers | 104 | 105 | 106 | 91 | 406 | 105 | |||||
Refining | |||||||||||
Volumes (thousands of barrels per day) | |||||||||||
Heavy crude oil processing rates | 259 | 261 | 264 | 267 | 263 | 226 | |||||
Benchmark Market Margins | |||||||||||
Light crude oil - 2-1-1 | 9.92 | 14.12 | 14.11 | 11.59 | 12.44 | 10.09 | |||||
Light crude oil - Maya differential | 3.63 | 4.87 | 4.02 | 7.85 | 5.14 | 7.12 | |||||
Source: LYB and third party consultants |
Note: Benchmark market prices for U.S. and Western Europe polyethylene and polypropylene reflect discounted prices. Volumes presented represent third party sales of selected key products.
Table 3 - Unaudited Income Statement Information
2019 | 2020 | ||||||||||||||||
Millions of dollars | Q1 | Q2 | Q3 | Q4 | Total | Q1 | |||||||||||
Sales and other operating revenues | $ | 8,778 | $ | 9,048 | $ | 8,722 | $ | 8,179 | $ | 34,727 | $ | 7,494 | |||||
Cost of sales(a) | 7,446 | 7,542 | 7,269 | 7,044 | 29,301 | 6,868 | |||||||||||
Selling, general and administrative expenses(b) | 287 | 302 | 303 | 307 | 1,199 | 295 | |||||||||||
Research and development expenses | 28 | 27 | 26 | 30 | 111 | 27 | |||||||||||
Operating income | 1,017 | 1,177 | 1,124 | 798 | 4,116 | 304 | |||||||||||
Income from equity investments | 64 | 64 | 51 | 46 | 225 | - | |||||||||||
Interest expense, net | (86) | (76) | (81) | (85) | (328) | (86) | |||||||||||
Other income, net | 25 | 10 | 11 | (7) | 39 | - | |||||||||||
Income from continuing operations before income taxes | 1,020 | 1,175 | 1,105 | 752 | 4,052 | 218 | |||||||||||
Provision for income taxes(c) | 203 | 169 | 136 | 140 | 648 | 75 | |||||||||||
Income from continuing operations(d) | 817 | 1,006 | 969 | 612 | 3,404 | 143 | |||||||||||
Loss (income) from discontinued operations, net of tax | - | (3) | (4) | - | (7) | 1 | |||||||||||
Net income(d) | 817 | 1,003 | 965 | 612 | 3,397 | 144 | |||||||||||
Dividends on redeemable non-controlling interests | (2) | (1) | (2) | (2) | (7) | (2) | |||||||||||
Net income attributable to Company shareholders(d) | $ | 815 | $ | 1,002 | $ | 963 | $ | 610 | $ | 3,390 | $ | 142 | |||||
- The third quarter of 2019, fourth quarter of 2019 and first quarter of 2020 includepre-tax charges of $3 million, $20 million and $3 million, respectively, for integration costs associated with our acquisition of A. Schulman.
- The first quarter of 2019, second quarter of 2019, third quarter of 2019, fourth quarter of 2019 and first quarter of 2020 includepre-tax charges of $16 million, $19 million, $40 million, $18 million and $11 million, respectively, for integration costs associated with our 2018 acquisition of A. Schulman.
- The third quarter of 2019 includes anon-cash benefit of $85 million from the previously unrecognized tax benefits and release of associated accrued interest.
- The first quarter of 2019, second quarter of 2019, third quarter of 2019, fourth quarter of 2019 and first quarter of 2020 includeafter-tax charges of $12 million, $15 million, $33 million, $29 million and $13 million, respectively, for integration costs associated with our 2018 acquisition of A. Schulman.
Table 4 - Charges (Benefits) Included in Net Income
2019 | 2020 | ||||||||||||||
Millions of dollars (except share data) | Q1 | Q2 | Q3 | Q4 | Q1 | ||||||||||
Pretax charges (benefits): | |||||||||||||||
LCM charges | $ | - | $ | - | $ | - | $ | 33 | $ | 419 | |||||
Tax benefit from release of previously unrecognized tax | - | - | (85) | - | - | ||||||||||
benefits and associated accrued interest | |||||||||||||||
Acquisition-related costs - A. Schulman | 16 | 19 | 43 | 38 | 14 | ||||||||||
Total pretax charges (benefits) | 16 | 19 | (42) | 71 | 433 | ||||||||||
Benefit from income taxes related to these items | (4) | (4) | (10) | (17) | (69) | ||||||||||
After-tax effect of net charges (benefits) | $ | 12 | $ | 15 | $ | (52) | $ | 54 | $ | 364 | |||||
Effect on diluted earnings per share: | |||||||||||||||
LCM charges | $ | - | $ | - | $ | - | $ | (0.07) | $ | (1.05) | |||||
Tax benefit from release of previously unrecognized tax | - | - | 0.25 | - | - | ||||||||||
benefits and associated accrued interest | |||||||||||||||
Acquisition-related costs - A. Schulman | (0.03) | (0.04) | (0.10) | (0.08) | (0.04) | ||||||||||
Total | $ | (0.03) | $ | (0.04) | $ | 0.15 | $ | (0.15) | $ | (1.09) | |||||
Table 5 - Unaudited Cash Flow Information
2019 | 2020 | |||||||||||||||||
Millions of dollars | Q1 | Q2 | Q3 | Q4 | Total | Q1 | ||||||||||||
Net cash provided by operating activities | $ | 657 | $ | 1,186 | $ | 1,876 | $ | 1,242 | $ | 4,961 | $ | 542 | ||||||
Net cash used in investing activities | (178) | (278) | (754) | (425) | (1,635) | (663) | ||||||||||||
Net cash (used in) provided by financing activities | (521) | 39 | (1,900) | (453) | (2,835) | 884 | ||||||||||||
Table 6 - Unaudited Balance Sheet Information
Millions of dollars | March 31, | June 30, | September 30, | December 31, | March 31, | ||||||||||
2019 | 2019 | 2019 | 2019 | 2020 | |||||||||||
Cash and cash equivalents | $ | 339 | $ | 1,279 | $ | 476 | $ | 858 | $ | 1,596 | |||||
Restricted cash | 19 | 29 | 36 | 30 | 37 | ||||||||||
Short-term investments | 423 | 52 | 53 | 196 | 199 | ||||||||||
Accounts receivable, net | 3,680 | 3,758 | 3,469 | 3,102 | 3,043 | ||||||||||
Inventories | 4,496 | 4,685 | 4,446 | 4,588 | 3,973 | ||||||||||
Prepaid expenses and other current assets | 1,329 | 1,285 | 1,150 | 736 | 844 | ||||||||||
Total current assets | 10,286 | 11,088 | 9,630 | 9,510 | 9,692 | ||||||||||
Operating lease assets | 1,534 | 1,560 | 1,510 | 1,468 | 1,453 | ||||||||||
Property, plant and equipment, net | 12,797 | 13,285 | 13,669 | 14,130 | 14,387 | ||||||||||
Investments and long-term receivables: | |||||||||||||||
Investment in PO joint ventures | 464 | 489 | 486 | 504 | 497 | ||||||||||
Equity investments | 1,650 | 1,599 | 1,609 | 1,602 | 1,539 | ||||||||||
Other investments and long-term receivables | 23 | 24 | 24 | 22 | 22 | ||||||||||
Goodwill | 1,803 | 1,848 | 1,848 | 1,891 | 1,800 | ||||||||||
Intangible assets, net | 945 | 892 | 841 | 869 | 808 | ||||||||||
Other assets | 387 | 386 | 497 | 439 | 902 | ||||||||||
Total assets | $ | 29,889 | $ | 31,171 | $ | 30,114 | $ | 30,435 | $ | 31,100 | |||||
Current maturities of long-term debt | $ | 5 | $ | 4 | $ | 4 | $ | 3 | $ | 3 | |||||
Short-term debt | 2,377 | 2,812 | 2,438 | 445 | 1,493 | ||||||||||
Accounts payable | 3,187 | 3,115 | 3,201 | 2,928 | 2,638 | ||||||||||
Accrued liabilities | 1,443 | 1,607 | 1,745 | 1,822 | 1,387 | ||||||||||
Total current liabilities | 7,012 | 7,538 | 7,388 | 5,198 | 5,521 | ||||||||||
Long-term debt | 7,522 | 7,586 | 9,628 | 11,614 | 12,159 | ||||||||||
Operating lease liabilities | 1,282 | 1,304 | 1,257 | 1,216 | 1,192 | ||||||||||
Other liabilities | 1,830 | 1,876 | 1,801 | 2,213 | 2,808 | ||||||||||
Deferred income taxes | 1,967 | 2,008 | 2,018 | 2,015 | 1,961 | ||||||||||
Commitments and contingencies | |||||||||||||||
Redeemable non-controlling interests | 116 | 116 | 116 | 116 | 116 | ||||||||||
Shareholders' equity | 10,138 | 10,721 | 7,888 | 8,044 | 7,324 | ||||||||||
Non-controlling interests | 22 | 22 | 18 | 19 | 19 | ||||||||||
Total liabilities, redeemable non-controlling interests and equity | $ | 29,889 | $ | 31,171 | $ | 30,114 | $ | 30,435 | $ | 31,100 | |||||
Non-GAAP Reconciliations
Table 7 - Reconciliation of Net Income to EBITDA, including and excluding LCM
Three Months Ended | Year Ended | Three Months Ended | Last Twelve | |||||||||||||||||||||
Months | ||||||||||||||||||||||||
Millions of dollars | March 31, | June 30, | September 30, | December 31, | December 31, | March 31, | March 31, | March 31, | ||||||||||||||||
2019 | 2019 | 2019 | 2019 | 2019 | 2019 | 2020 | 2020 | |||||||||||||||||
Net income(a) | $ | 817 | $ | 1,003 | $ | 965 | $ | 612 | $ | 3,397 | $ | 817 | $ | 144 | $ | 2,724 | ||||||||
add: LCM charges, after-tax | - | - | - | 25 | 25 | - | 351 | 376 | ||||||||||||||||
Net income excluding LCM adjustments | 817 | 1,003 | 965 | 637 | 3,422 | 817 | 495 | 3,100 | ||||||||||||||||
less: LCM charges, after-tax | - | - | - | (25) | (25) | - | (351) | (376) | ||||||||||||||||
Net income(a) | 817 | 1,003 | 965 | 612 | 3,397 | 817 | 144 | 2,724 | ||||||||||||||||
Loss (income) from discontinued operations, net of tax | - | 3 | 4 | - | 7 | - | (1) | 6 | ||||||||||||||||
Income from continuing operations(a) | 817 | 1,006 | 969 | 612 | 3,404 | 817 | 143 | 2,730 | ||||||||||||||||
Provision for income taxes | 203 | 169 | 136 | 140 | 648 | 203 | 75 | 520 | ||||||||||||||||
Depreciation and amortization | 322 | 328 | 327 | 335 | 1,312 | 322 | 342 | 1,332 | ||||||||||||||||
Interest expense, net | 86 | 76 | 81 | 85 | 328 | 86 | 86 | 328 | ||||||||||||||||
add: LCM charges, pre-tax | - | - | - | 33 | 33 | - | 419 | 452 | ||||||||||||||||
EBITDA excluding LCM adjustments | 1,428 | 1,579 | 1,513 | 1,205 | 5,725 | 1,428 | 1,065 | 5,362 | ||||||||||||||||
less: LCM charges, pre-tax | - | - | - | (33) | (33) | - | (419) | (452) | ||||||||||||||||
EBITDA(b) | $ | 1,428 | $ | 1,579 | $ | 1,513 | $ | 1,172 | $ | 5,692 | $ | 1,428 | $ | 646 | $ | 4,910 | ||||||||
Note: Last twelve months March 31, 2020 is calculated as year ended December 31, 2019 plus three months ended March 31, 2020, minus three months ended March 31, 2019.
- The first quarter of 2019, second quarter of 2019, third quarter of 2019, fourth quarter of 2019, and first quarter of 2020 includeafter-tax charges of $12 million, $15 million, $33 million, $29 million and $13 million, respectively, for integration costs associated with our 2018 acquisition of A. Schulman.
- EBITDA for the first quarter of 2019, second quarter of 2019, third quarter of 2019, fourth quarter of 2019 and first quarter of 2020 includepre-tax charges of $16 million, $19 million, $43 million, $38 million and $14 million, respectively, for integration costs associated with our 2018 acquisition of A. Schulman.
Table 8 - Reconciliation of EBITDA to EBITDA Excluding LCM Adjustments by Segment
Three Months Ended | Year Ended | Three Months | |||||||||||||||
Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | December 31, | March 31, | ||||||||||||
2019 | 2019 | 2019 | 2019 | 2019 | 2020 | ||||||||||||
EBITDA: | |||||||||||||||||
Olefins & Polyolefins - Americas | $ | 516 | $ | 635 | $ | 653 | $ | 498 | $ | 2,302 | $ | 366 | |||||
Olefins & Polyolefins - EAI | 296 | 331 | 291 | 144 | 1,062 | 189 | |||||||||||
Intermediates & Derivatives | 390 | 448 | 390 | 329 | 1,557 | 203 | |||||||||||
Advanced Polymer Solutions | 148 | 120 | 102 | 54 | 424 | 113 | |||||||||||
Refining | (15) | (66) | (6) | 22 | (65) | (272) | |||||||||||
Technology | 83 | 107 | 83 | 138 | 411 | 56 | |||||||||||
Other | 10 | 4 | - | (13) | 1 | (9) | |||||||||||
Continuing Operations | $ | 1,428 | $ | 1,579 | $ | 1,513 | $ | 1,172 | $ | 5,692 | $ | 646 | |||||
Add: LCM Charges, pre-tax: | |||||||||||||||||
Olefins & Polyolefins - Americas | $ | - | $ | - | $ | - | $ | 25 | $ | 25 | $ | 111 | |||||
Olefins & Polyolefins - EAI | - | - | - | - | - | 36 | |||||||||||
Intermediates & Derivatives | - | - | - | - | - | 78 | |||||||||||
Advanced Polymer Solutions | - | - | - | 8 | 8 | 2 | |||||||||||
Refining | - | - | - | - | - | 192 | |||||||||||
Technology | - | - | - | - | - | - | |||||||||||
Other | - | - | - | - | - | - | |||||||||||
Continuing Operations | $ | - | $ | - | $ | - | $ | 33 | $ | 33 | $ | 419 | |||||
EBITDA excluding LCM adjustments: | |||||||||||||||||
Olefins & Polyolefins - Americas | $ | 516 | $ | 635 | $ | 653 | $ | 523 | $ | 2,327 | $ | 477 | |||||
Olefins & Polyolefins - EAI | 296 | 331 | 291 | 144 | 1,062 | 225 | |||||||||||
Intermediates & Derivatives | 390 | 448 | 390 | 329 | 1,557 | 281 | |||||||||||
Advanced Polymer Solutions | 148 | 120 | 102 | 62 | 432 | 115 | |||||||||||
Refining | (15) | (66) | (6) | 22 | (65) | (80) | |||||||||||
Technology | 83 | 107 | 83 | 138 | 411 | 56 | |||||||||||
Other | 10 | 4 | - | (13) | 1 | (9) | |||||||||||
Continuing Operations | $ | 1,428 | $ | 1,579 | $ | 1,513 | $ | 1,205 | $ | 5,725 | $ | 1,065 | |||||
Table 9 - Reconciliation of Ratio of Total Debt to Last Twelve Months (LTM) EBITDA Excluding LCM
Millions of Dollars | March 31, | |
2020 | ||
Current maturities of long-term debt | $ | 3 |
Short-term debt | 1,493 | |
Long-term debt | 12,159 | |
Total debt | $ | 13,655 |
Divided by: | ||
Q1 2020 LTM EBITDA excluding LCM (a) | $ | 5,362 |
Ratio of total debt to Q1 2020 LTM EBITDA excluding LCM | 2.5 | |
(a) LTM EBITDA excluding LCM see Table 7 Reconciliation of Net Income to EBITDA, including and excluding LCM
Table 10 - Reconciliation of Diluted EPS to Diluted EPS Excluding LCM
Three Months Ended | ||||||||||
March 31, | December 31, | March 31, | ||||||||
2019 | 2019 | 2020 | ||||||||
Diluted earnings per share | $ | 2.19 | $ | 1.83 | $ | 0.42 | ||||
Add: | ||||||||||
LCM charges | - | 0.07 | 1.05 | |||||||
Diluted earnings per share excluding LCM | $ | 2.19 | $ | 1.90 | $ | 1.47 | ||||
Table 11 - Components of Cash and Liquid Investments and Total Liquidity
Millions of dollars | March 31, | ||
2020 | |||
Cash and cash equivalents and restricted cash | $ | 1,633 | |
Short-term investments | 199 | ||
Cash and liquid investments | 1,832 | ||
Availability under Senior Revolving Credit Facility | 1,206 | ||
Availability under U.S. Receivables Facility | 151 | ||
Total liquidity | $ | 3,189 | |
Table 12 - Reconciliation of Free Operating Cash Flow to Net Cash Provided by Operating Activities and Ratio of LTM Cash Provided by Operating Activities to LTM EBITDA Ex LCM
Years Ended December 31, | Three Months Ended | Last Twelve | |||||||||||||||||||||
Months | |||||||||||||||||||||||
Millions of dollars | 2015 | 2016 | 2017 | 2018 | 2019 | March 31, | March 31, | March 31, | |||||||||||||||
2019 | 2020 | 2020 | |||||||||||||||||||||
Free operating cash flow | $ | 5,027 | $ | 4,497 | $ | 4,187 | $ | 4,419 | $ | 3,937 | $ | 426 | $ | 292 | $ | 3,803 | |||||||
Add: | |||||||||||||||||||||||
Sustaining (maintenance and HSE) capital expenditures | 815 | 1,109 | 1,019 | 1,052 | 1,024 | 231 | 250 | 1,043 | |||||||||||||||
Net cash provided by operating activities | $ | 5,842 | $ | 5,606 | $ | 5,206 | $ | 5,471 | $ | 4,961 | $ | 657 | $ | 542 | $ | 4,846 | |||||||
Divided by: | |||||||||||||||||||||||
Q1 2020 LTM EBITDA excluding LCM (a) | $ | 5,362 | |||||||||||||||||||||
Ratio of Q1 2020 LTM cash provided by operating activities | 90 % | ||||||||||||||||||||||
to Q1 2020 LTM EBITDA excluding LCM | |||||||||||||||||||||||
(a) LTM EBITDA excluding LCM see Table 7 Reconciliation of Net Income to EBITDA, including and excluding LCM
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LyondellBasell Industries NV published this content on 01 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 May 2020 22:38:09 UTC