Houston-based chemical giant LyondellBasell Industries has announced its full 2014 yearly financial results, reporting sales of $45.6 billion for 2014 up from $44.06 billion in 2013.
The company announced its earnings before interest, taxes, depreciation and amortization (EBITDA) grew from $6.3 billion in 2013 to $7.1 billion in 2014.
In its olefins and polyolefins for Europe, Asia and international segment, the primary products of which include ethylene and its co-products (propylene and butadiene), polyethylene, polypropylene and global PP compounds, LyondellBasell saw operating income rise from $377 million in 2013 to $884 million in 2014.
In 2014 LyondellBasell completed an 800-million-pound ethylene expansion in LaPorte, Texas, as part of a series of planned expansions that it says it expects to increase its U.S. ethylene capacity approximately 25 percent by 2017. It also completed a 200-million-pound PE expansion at its Matagorda, Texas, site.
"During 2014, LyondellBasell generated record earnings and cash flow, advanced our growth program, and continued returning cash to shareholders at an industry-leading rate. Every segment posted strong results for the year,” said CEO Bob Patel.
“While we anticipate that margins will ease from the records of 2014 as crude oil prices decline, our positions remain advantaged, our growth program is generating incremental earnings, and our share count is greatly reduced through our repurchase program,” he said in a news release. “During 2015 we plan to advance approximately one billion pounds of ethylene expansion projects, improve operations at our methanol facility, and receive additional volumes of Canadian crude oil at our refinery.”