LyondellBasell News: Reports 2020 Earnings

LyondellBasell News: Reports 2020 Earnings

(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. 

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