(STL.News) LyondellBasell Industries (NYSE: LYB) today announced net income for the fourth quarter 2020 of $0.9 billion, or $2.55 per share. The quarter included a $147 million non-cash, lower of cost or market (LCM) inventory valuation benefit that increased net income by $119 million or $0.36 per share. Fourth quarter EBITDA was $1.4 billion, or $1.3 billion excluding LCM.
Full year 2020 net income was $1.4 billion, or $4.24 per share. The full year results included a $582 million non-cash impairment charge related to the Houston refinery and $16 million of non-cash, LCM inventory valuation charges. LCM and Impairment charges reduced full year 2020 net income by $457 million, or $1.37 per share. Full year 2020 EBITDA was $3.3 billion, or $3.9 billion excluding LCM and impairment. During 2020, costs for integration and restructuring impacted net income by $33 million or $0.10 per share.
“During 2020, LyondellBasell demonstrated financial and operational resilience against an extremely challenging backdrop of a global pandemic, the associated recession, volatile oil prices and significant capacity additions in our industry. We moved swiftly to create a safe work environment for our employees and continuously supply customers with essential products throughout the pandemic.