LyondellBasell reports fourth quarter net loss of $218 million
10 Feb 2012
Dutch Petrochemicals giant LyondellBasell Industries has reported a net loss of $218 million, or $0.38 per share, for the fourth quarter of 2011, on the back of lower refining margins and charges related to the suspension of operations at its Berre refinery in France.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the October-December quarter of 2011 stood at $536 million.
For the full year 2011, the company said its net income stood at $2,140 million, or $3.74 per share.
LyondellBasell reported improved results across the majority of its portfolio, most notably in North American olefins and at the Houston refinery, both of which benefited from advantaged feedstocks for the year.
The fourth-quarter and full-year results include the $431 million impact of interest expense related to the company's refinancings and $136 million of charges associated with the suspension of operations at the Berre refinery, LyondellBasell said.
Fourth-quarter EBITDA of $536 million was negatively impacted by significantly weaker refining margins, with Maya 2-1-1 spreads declining $11 per barrel from third quarter of 2011, the company said.
