ROTTERDAM, NETHERLANDS (Feb. 13, 1:30 p.m. ET) — LyondellBasell Industries has revealed a net loss of $218 million for the fourth quarter 2011. The results, however, include the impacts of the suspension of operations at the company's Berre refinery in France.
For 2011, LyondellBasell reported improved results across the majority of its portfolio, most notably in North American olefins and at the Houston refinery. However, the fourth quarter was hit by lower industry margins, particularly in refining, a year-end slowdown, charges related to the Berre operation and the cost of refinancing activities.
“The fourth quarter was a period of global economic slowdown and our results were impacted by broader trends,” said Jim Gallogly, LyondellBasell CEO. “Customers responded to this slowdown by destocking inventory and delaying orders, which negatively impacted volumes in Europe and Asia and margins globally.”
Refining margins were particularly soft, he explained.
“Despite a weak fourth quarter, 2011 was a strong year for LyondellBasell. Exclusive of a number of costs incurred to improve the company, including costs related to restructuring and refinancing our capital structure, full-year adjusted EBITDA was slightly over $5.4 billion and adjusted net income was over $2.7 billion.”