LyondellBasell Industries N : Q4 2020 Supplemental Data and non-GAAP Reconciliations (PDF)

Table 1 - Reconciliation of Segment Information to Consolidated Financial Information

								2019															2020
Millions of dollars		Q1			Q2			Q3			Q4			Total			Q1			Q2			Q3			Q4			Total
Sales and other operating revenues:
Olefins & Polyolefins - Americas	$	2,111	$	2,114	$	2,137	$	2,073	$	8,435	$	1,792	$	1,433	$	1,840	$	2,210	$	7,275
Olefins & Polyolefins - EAI		2,535			2,505			2,309			2,155			9,504			2,224			1,702			1,982			2,459			8,367
Intermediates & Derivatives		1,894			2,062			2,046			1,832			7,834			1,770			1,157			1,538			1,804			6,269
Advanced Polymer Solutions		1,339			1,258			1,186			1,067			4,850			1,096			705			1,004			1,108			3,913
Refining		1,882			2,180			2,134			2,055			8,251			1,448			919			1,101			1,259			4,727
Technology		141			173			146			203			663			122			177			193			167			659
Other/Eliminations		(1,124)			(1,244)			(1,236)			(1,206)			(4,810)			(958)			(547)			(882)			(1,070)			(3,457)
Continuing Operations	$	8,778		$	9,048		$	8,722		$	8,179		$	34,727		$	7,494		$	5,546		$	6,776		$	7,937		$	27,753
Operating income (loss):
Olefins & Polyolefins - Americas	$	384	$	504	$	524	$	365	$	1,777	$	238	$	107	$	309	$	516	$	1,170
Olefins & Polyolefins - EAI		186			226			202			59			673			135			81			52			144			412
Intermediates & Derivatives		314			372			314			249			1,249			131			24			180			166			501
Advanced Polymer Solutions		119			91			67			13			290			70			(83)			116			123			226
Refining		(59)			(110)			(52)			(19)			(240)			(314)			116			(733)			(93)			(1,024)
Technology		73			96			73			132			374			47			104			101			35			287
Other		-			(2)			(4)			(1)			(7)			(3)			(10)			(2)			2			(13)
Continuing Operations	$	1,017		$	1,177		$	1,124		$	798		$	4,116		$	304		$	339		$	23		$	893		$	1,559
Depreciation and amortization:
Olefins & Polyolefins - Americas	$	115	$	117	$	118	$	120	$	470	$	124	$	133	$	134	$	134	$	525
Olefins & Polyolefins - EAI		53			52			51			52			208			53			53			55			53			214
Intermediates & Derivatives		72			74			75			74			295			70			74			79			82			305
Advanced Polymer Solutions		29			30			32			42			133			44			39			40			29			152
Refining		43			44			41			41			169			42			49			40			21			152
Technology		10			11			10			6			37			9			8			10			10			37
Continuing Operations	$	322		$	328		$	327		$	335		$	1,312		$	342		$	356		$	358		$	329		$	1,385
EBITDA:(a)
Olefins & Polyolefins - Americas	$	516	$	635	$	653	$	498	$	2,302	$	366	$	248	$	474	$	722	$	1,810
Olefins & Polyolefins - EAI		296			331			291			144			1,062			189			185			148			304			826
Intermediates & Derivatives		390			448			390			329			1,557			203			101			267			262			833
Advanced Polymer Solutions		148			120			102			54			424			113			(44)			157			152			378
Refining		(15)			(66)			(6)			22			(65)			(272)			165			(692)			(72)			(871)
Technology		83			107			83			138			411			56			112			111			45			324
Other		10			4			-			(13)			1			(9)			(7)			1			-			(15)
Continuing Operations	$	1,428		$	1,579		$	1,513		$	1,172		$	5,692		$	646		$	760		$	466		$	1,413		$	3,285
Capital, turnarounds and IT deferred spending:
Olefins & Polyolefins - Americas	$	276	$	257	$	295	$	271	$	1,099	$	204	$	190	$	130	$	19	$	543
Olefins & Polyolefins - EAI		64			39			45			65			213			42			34			38			52			166
Intermediates & Derivatives		179			238			317			330			1,064			353			305			103			119			880
Advanced Polymer Solutions		16			11			14			18			59			13			10			18			22			63
Refining		43			53			41			12			149			16			21			15			11			63
Technology		17			17			26			34			94			30			26			24			31			111
Other		4			7			4			1			16			2			2			97			20			121
Continuing Operations	$	599		$	622		$	742		$	731		$	2,694		$	660		$	588		$	425		$	274		$	1,947

(a) See Table 7 for the reconciliation of net income to EBITDA, including and excluding LCM and impairment.

Table 2 - Selected Segment Operating Information

				2019									2020
Olefins and Polyolefins - Americas	Q1		Q2		Q3		Q4		Total		Q1		Q2		Q3		Q4		Total
Volumes (kilotons)	1,096	1,110	944	1,143	4,293	1,014	872	1,116	1,190	4,192
Ethylene produced
Propylene produced	332	308	367	337	1,343	325	324	357	384	1,390
Polyethylene sold	637	634	673	644	2,588	689	665	672	698	2,724
Polypropylene sold	219	232	247	207	905	216	228	221	224	889
Benchmark Market Prices	54.90	59.80	56.40	56.98	57.02	45.97	27.80	41.83	42.56	39.54
West Texas Intermediate crude oil (USD per barrel)
Brent crude oil (USD per barrel)	63.90	68.32	62.00	62.51	64.18	50.95	33.27	43.37	45.26	43.21
Houston Ship Channel natural gas (USD per million BTUs)	2.86	2.46	2.26	2.24	2.46	1.82	1.64	1.97	2.53	1.99
U.S. weighted average cost of ethylene production (USD per metric ton)	362	262	209	260	273	198	265	292	278	258
U.S. ethylene (USD per metric ton)	614	535	584	632	591	525	507	619	665	579
U.S. polyethylene [high density] (USD per metric ton)	1,168	1,235	1,146	1,036	1,146	970	882	1,146	1,293	1,073
U.S. propylene (USD per metric ton)	838	823	845	775	820	683	577	768	908	734
U.S. polypropylene [homopolymer] (USD per metric ton)	1,323	1,308	1,308	1,224	1,291	1,014	930	1,143	1,400	1,122
Olefins and Polyolefins - Europe, Asia, International
Volumes (kilotons)	408	456	448	430	1,742	468	413	425	451	1,757
Ethylene produced
Propylene produced	239	274	271	249	1,033	272	243	251	253	1,019
Polyethylene sold	678	562	619	591	2,450	677	698	630	723	2,728
Polypropylene sold	752	729	718	722	2,921	729	742	769	890	3,130
Benchmark Market Prices (€ per metric ton)	466	493	433	576	492	352	236	396	384	342
Western Europe weighted average cost of ethylene production
Western Europe ethylene	995	1,065	993	973	1,007	953	673	778	782	797
Western Europe polyethylene [high density]	1,126	1,191	1,125	1,097	1,135	1,044	922	1,007	1,008	995
Western Europe propylene	933	983	893	852	915	838	617	723	725	726
Western Europe polypropylene [homopolymer]	1,222	1,268	1,185	1,136	1,203	1,084	975	1,018	1,010	1,022
Intermediates and Derivatives
Volumes Sold (kilotons)	363	343	353	336	1,395	366	281	340	345	1,332
Propylene oxide and derivatives
Intermediate Chemicals:	120	133	133	118	504	112	115	135	128	490
Ethylene oxide and derivatives
Styrene monomer	372	392	408	306	1,478	376	391	376	483	1,626
Acetyls	296	358	308	283	1,245	216	214	366	391	1,187
Oxyfuels and Related Products:	160	177	160	154	651	156	103	127	162	548
TBA intermediates
MTBE/ETBE	677	819	884	805	3,185	835	747	857	867	3,306
Benchmark Market Margins (USD per metric ton)	126	295	374	282	266	165	68	93	12	84
MTBE - Northwest Europe
Advanced Polymer Solutions
Volumes Sold (kilotons)	503	475	452	422	1,852	424	252	396	431	1,503
Compounding & Solutions
Advanced Polymers	104	105	106	91	406	105	103	105	104	417
Refining
Volumes (thousands of barrels per day)	259	261	264	267	263	226	237	216	214	223
Heavy crude oil processing rates
Benchmark Market Margins	8.40	12.74	12.75	9.87	10.94	7.43	4.42	5.71	5.39	5.74
Brent - 2-1-1
Brent - Maya differential	5.12	6.26	5.36	9.59	6.58	9.79	8.85	4.18	4.72	6.89

Source: LYB and third party consultants

Note: Benchmark market prices for U.S. and Western Europe polyethylene and polypropylene reflect discounted prices. Volumes presented represent third party sales of selected key products.

Table 3 - Unaudited Income Statement Information

								2019															2020
Millions of dollars		Q1			Q2			Q3			Q4			Total			Q1			Q2			Q3			Q4			Total
Sales and other operating revenues	$	8,778		$	9,048		$	8,722		$	8,179		$	34,727		$	7,494	$	5,546	$	6,776		$	7,937		$	27,753
Cost of sales		7,446			7,542			7,269			7,044			29,301			6,868			4,894			5,885			6,712			24,359
Impairment of long-lived assets		-			-			-			-			-			-			-			582			-			582
Selling, general and administrative expenses		287			302			303			307			1,199			295			288			259			298			1,140
Research and development expenses		28			27			26			30			111			27			25			27			34			113
Operating income		1,017			1,177			1,124			798			4,116			304			339			23			893			1,559
Income from equity investments		64			64			51			46			225			-			61			62			133			256
Interest expense, net		(86)			(76)			(81)			(85)			(328)			(86)			(121)			(119)			(188)			(514)
Other income, net(a)		25			10			11			(7)			39			-			4			23			58			85
Income from continuing operations before income taxes		1,020			1,175			1,105			752			4,052			218			283			(11)			896			1,386
Provision for (benefit from) income taxes(b)		203			169			136			140			648			75			(32)			(125)			39			(43)
Income from continuing operations		817			1,006			969			612			3,404			143			315			114			857			1,429
Loss (income) from discontinued operations, net of tax		-			(3)			(4)			-			(7)			1			(1)			-			(2)			(2)
Net income		817			1,003			965			612			3,397			144			314			114			855			1,427
Dividends on redeemable non-controlling interests		(2)			(1)			(2)			(2)			(7)			(2)			(1)			(2)			(2)			(7)
Net income attributable to Company shareholders	$	815		$	1,002		$	963		$	610		$	3,390		$	142		$	313		$	112		$	853		$	1,420

1. Includes a pre-tax gain of $5 million on the sale of our joint venture interest in Asia in the fourth quarter of 2019.
2. The third quarter of 2019 includes a non-cash benefit of $85 million from the previously unrecognized tax benefits and release of associated accrued interest.

Table 4 - Charges (Benefits) Included in Net Income

								2019															2020
Millions of Dollars (except share data)		Q1			Q2			Q3			Q4			Total			Q1			Q2			Q3			Q4			Total
Pre-tax charges (benefits):
LCM charges (benefits)	$	-	$	-	$	-	$	33	$	33	$	419	$	(96)	$	(160)	$	(147)	$	16
Impairment of long-lived assets		-			-			-			-			-			-			-			582			-			582
Restructuring charges - Refinery		-			-			-			-			-			-			-			8			-			8
Tax benefit from release of previously unrecognized tax		-			-			(85)			-			(85)			-			-			-			-			-
benefits and associated accrued interest
Acquisition-related costs - A. Schulman		16			19			43			38			116			14			16			7			-(a)			37
Total pre-tax charges (benefits)		16			19			(42)			71			64			433			(80)			437			(147)			643
Provision for (benefit from) income taxes related to these		(4)			(4)			(10)			(17)			(35)			(69)			3			(115)			28			(153)
items
After-tax effect of net charges (benefits)	$	12	$	15	$	(52)	$	54	$	29	$	364	$	(77)	$	322	$	(119)	$	490
Effect on diluted earnings per share:
LCM charges (benefits)	$	-	$	-	$	-	$	(0.07)	$	(0.07)	$	(1.05)	$	0.26	$	0.40	$	0.36	$	(0.03)
Impairment of long-lived assets		-			-			-			-			-			-			-			(1.34)			-			(1.34)
Restructuring charges - Refinery		-			-			-			-			-			-			-			(0.01)			-			(0.02)
Tax benefit from release of previously unrecognized tax		-			-			0.25			-			0.24			-			-			-			-			-
benefits and associated accrued interest
Acquisition-related costs - A. Schulman		(0.03)			(0.04)			(0.10)			(0.08)			(0.26)			(0.04)			(0.03)			(0.01)			-(a)			(0.08)
Total	$	(0.03)	$	(0.04)	$	0.15	$	(0.15)	$	(0.09)	$	(1.09)	$	0.23	$	(0.96)	$	0.36	$	(1.47)

(a) Integration activities related to our 2018 acquisition of A. Schulman Inc. were substantially completed during the third quarter of 2020.

Table 5 - Unaudited Cash Flow Information

					2019												2020
Millions of dollars		Q1		Q2		Q3		Q4		Total			Q1		Q2			Q3			Q4		Total
Net cash provided by operating activities	$	657		$ 1,186		$ 1,876		$ 1,242		$ 4,961	$	542	$ 1,292	$	827	$	743		$ 3,404
Net cash used in investing activities		(178)	(278)	(754)	(425)	(1,635)			(663)	(1,064)			(580)			(2,599)	(4,906)
Net cash (used in) provided by financing activities		(521)	39	(1,900)	(453)	(2,835)			884	684			(376)			1,079	2,271

Table 6 - Unaudited Balance Sheet Information

Millions of dollars	March 31,			June 30,		September 30,		December 31,		March 31,			June 30,		September 30,		December 31,
	2019			2019			2019			2019			2020			2020			2020			2020
Cash and cash equivalents	$	339	$	1,279	$	476			858			1,596	$	2,552	$	2,459	$	1,763
Restricted cash		19			29			36			30			37			26			25			2
Short-term investments		423			52			53			196			199			651			361			702
Accounts receivable, net		3,680			3,758			3,469			3,102			3,043			2,588			2,974			3,441
Inventories		4,496			4,685			4,446			4,588			3,973			3,768			4,005			4,344
Prepaid expenses and other current assets		1,329			1,285			1,150			736			844			892			935			1,382
Total current assets		10,286			11,088			9,630			9,510			9,692			10,477			10,759			11,634
Operating lease assets		1,534			1,560			1,510			1,468			1,453			1,425			1,386			1,492
Property, plant and equipment, net		12,797			13,285			13,669			14,130			14,387			14,526			14,133			14,386
Equity investments		2,114			2,088			2,095			2,106			2,036			2,082			2,594			4,729
Goodwill		1,803			1,848			1,848			1,891			1,800			1,830			1,880			1,953
Intangible assets, net		945			892			841			869			808			756			752			751
Other assets		410			410			521			461			924			445			445			458
Total assets	$	29,889		$	31,171		$	30,114		$	30,435		$	31,100		$	31,541		$	31,949		$	35,403
Current maturities of long-term debt	$	5	$	4	$	4	$	3	$	3	$	3	$	2	$	8
Short-term debt		2,377			2,812			2,438			445			1,493			659			616			663
Accounts payable, net		3,187			3,115			3,201			2,928			2,638			2,194			2,479			2,948
Accrued liabilities		1,443			1,607			1,745			1,822			1,387			1,579			1,685			1,883
Total current liabilities		7,012			7,538			7,388			5,198			5,521			4,435			4,782			5,502
Long-term debt		7,522			7,586			9,628			11,614			12,159			13,674			13,759			15,286
Operating lease liabilities		1,282			1,304			1,257			1,216			1,192			1,160			1,122			1,222
Other liabilities		1,830			1,876			1,801			2,213			2,808			2,968			3,038			2,957
Deferred income taxes		1,967			2,008			2,018			2,015			1,961			1,811			1,809			2,332
Redeemable non-controlling interests		116			116			116			116			116			116			116			116
Shareholders' equity		10,138			10,721			7,888			8,044			7,324			7,358			7,306			7,971
Non-controlling interests		22			22			18			19			19			19			17			17
Total liabilities, redeemable non-controlling	$	29,889	$	31,171	$	30,114	$	30,435	$	31,100	$	31,541	$	31,949	$	35,403
interests and equity

Table 7 - Reconciliation of Net Income To EBITDA, including and excluding LCM and Impairment

	Year Ended						Three Months Ended					Year Ended						Three Months Ended					Year Ended
Millions of dollars	December 31,		March 31,		June 30,		September 30,		December 31,		December 31,		March 31,		June 30,		September 30,		December 31,		December 31,
	2018			2019			2019			2019			2019			2019			2020			2020			2020			2020			2020
Net income	$	4,690	$	817	$	1,003	$	965	$	612	$	3,397	$	144	$	314	$	114	$	855	$	1,427
add: LCM charges (benefits), after-tax		-			-			-			-			25			25			351			(88)			(133)			(119)			11
add: Impairment of long-lived assets, after		-			-			-			-			-			-			-			-			446			-			446
tax
Net income excluding LCM and		4,690			817			1,003			965			637			3,422			495			226			427			736			1,884
impairment
less: LCM (charges) benefits, after-tax		-			-			-			-			(25)			(25)			(351)			88			133			119			(11)
less: Impairment of long-lived assets,		-			-			-			-			-			-			-			-			(446)			-			(446)
after-tax
Net income		4,690			817			1,003			965			612			3,397			144			314			114			855			1,427
Loss (income) from discontinued		8			-			3			4			-			7			(1)			1			-			2			2
operations, net of tax
Income from continuing operations		4,698			817			1,006			969			612			3,404			143			315			114			857			1,429
Provision for (benefit from) income		613			203			169			136			140			648			75			(32)			(125)			39			(43)
taxes(a)
Depreciation and amortization		1,241			322			328			327			335			1,312			342			356			358			329			1,385
Interest expense, net		315			86			76			81			85			328			86			121			119			188			514
add: LCM charges (benefits), pre-tax		-			-			-			-			33			33			419			(96)			(160)			(147)			16
EBITDA excluding LCM		6,867			1,428			1,579			1,513			1,205			5,725			1,065			664			306			1,266			3,301
add: Impairment of long-lived assets, pre-		-			-			-			-			-			-			-			-			582			-			582
tax
EBITDA excluding LCM and impairment		6,867			1,428			1,579			1,513			1,205			5,725			1,065			664			888			1,266			3,883
less: LCM (charges) benefits, pre-tax		-			-			-			-			(33)			(33)			(419)			96			160			147			(16)
less: Impairment of long-lived assets, pre-		-			-			-			-			-			-			-			-			(582)			-			(582)
tax
EBITDA	$	6,867	$	1,428	$	1,579	$	1,513	$	1,172	$	5,692	$	646	$	760	$	466	$	1,413	$	3,285

(a) The third quarter of 2019 includes a non-cash benefit of $85 million, from the release of unrecognized tax benefits and associated accrued interest.

Table 8 - Reconciliation of Diluted EPS to Diluted EPS Excluding LCM and Impairment

	Three Months			Year Ended						Three Months Ended						Year Ended
		Ended
	December 31,		December 31,		March 31,		June 30,		September 30,		December 31,		December 31,
		2019			2019			2020			2020			2020			2020			2020
Diluted earnings per share	$	1.83	$	9.58	$	0.42	$	0.94	$	0.33	$	2.55	$	4.24
Add:
LCM charges (benefits)		0.07			0.07			1.05			(0.26)			(0.40)			(0.36)			0.03
Impairment of long-lived assets		-			-			-			-			1.34			-			1.34
Diluted earnings per share excluding LCM and impairment	$	1.90	$	9.65	$	1.47	$	0.68	$	1.27	$	2.19	$	5.61

Table 9 - Reconciliation of EBITDA to EBITDA Excluding LCM and Impairment by Segment

					Three Months Ended						Year Ended						Three Months Ended						Year Ended
Millions of dollars	March 31,			June 30,		September 30,		December 31,		December 31,		March 31,			June 30,		September 30,		December 31,		December 31,
	2019			2019			2019			2019			2019			2020			2020			2020			2020			2020
EBITDA:
Olefins & Polyolefins - Americas	$	516	$	635	$	653	$	498	$	2,302	$	366	$	248	$	474	$	722	$	1,810
Olefins & Polyolefins - EAI		296			331			291			144			1,062			189			185			148			304			826
Intermediates & Derivatives		390			448			390			329			1,557			203			101			267			262			833
Advanced Polymer Solutions		148			120			102			54			424			113			(44)			157			152			378
Refining		(15)			(66)			(6)			22			(65)			(272)			165			(692)			(72)			(871)
Technology		83			107			83			138			411			56			112			111			45			324
Other		10			4			-			(13)			1			(9)			(7)			1			-			(15)
Continuing Operations	$	1,428	$	1,579	$	1,513	$	1,172	$	5,692	$	646	$	760	$	466	$	1,413	$	3,285
Add: LCM charges (benefits), pre-tax:
Olefins & Polyolefins - Americas	$	-	$	-	$	-	$	25	$	25	$	111	$	(38)	$	(70)	$	-	$	3
Olefins & Polyolefins - EAI		-			-			-			-			-			36			34			(17)			(53)			-
Intermediates & Derivatives		-			-			-			-			-			78			20			(22)			(66)			10
Advanced Polymer Solutions		-			-			-			8			8			2			67			(40)			(26)			3
Refining		-			-			-			-			-			192			(179)			(11)			(2)			-
Continuing Operations	$	-	$	-	$	-	$	33	$	33	$	419	$	(96)	$	(160)	$	(147)	$	16
EBITDA excluding LCM:
Olefins & Polyolefins - Americas	$	516	$	635	$	653	$	523	$	2,327	$	477	$	210	$	404	$	722	$	1,813
Olefins & Polyolefins - EAI		296			331			291			144			1,062			225			219			131			251			826
Intermediates & Derivatives		390			448			390			329			1,557			281			121			245			196			843
Advanced Polymer Solutions		148			120			102			62			432			115			23			117			126			381
Refining		(15)			(66)			(6)			22			(65)			(80)			(14)			(703)			(74)			(871)
Technology		83			107			83			138			411			56			112			111			45			324
Other		10			4			-			(13)			1			(9)			(7)			1			-			(15)
Continuing Operations	$	1,428		$	1,579		$	1,513		$	1,205		$	5,725		$	1,065		$	664		$	306		$	1,266		$	3,301
Add: Impairment of long-lived assets, pre-tax:
Refining	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	582	$	-	$	582
EBITDA excluding LCM and impairment:
Olefins & Polyolefins - Americas	$	516	$	635	$	653	$	523	$	2,327	$	477	$	210	$	404	$	722	$	1,813
Olefins & Polyolefins - EAI		296			331			291			144			1,062			225			219			131			251			826
Intermediates & Derivatives		390			448			390			329			1,557			281			121			245			196			843
Advanced Polymer Solutions		148			120			102			62			432			115			23			117			126			381
Refining		(15)			(66)			(6)			22			(65)			(80)			(14)			(121)			(74)			(289)
Technology		83			107			83			138			411			56			112			111			45			324
Other		10			4			-			(13)			1			(9)			(7)			1			-			(15)
Continuing Operations	$	1,428	$	1,579	$	1,513	$	1,205	$	5,725	$	1,065	$	664	$	888	$	1,266	$	3,883

Table 10 - Components of Cash and Liquid Investments and Total Liquidity

Millions of dollars		December 31,
	2020
Cash and cash equivalents and restricted cash	$	1,765
Short-term investments		702
Cash and liquid investments	$	2,467
Availability under Senior Revolving Credit Facility		2,020
Availability under U.S. Receivables Facility		757
Total liquidity	$	5,244

Table 11 - Cash Conversion

			For the Years Ended December 31,
Millions of dollars			2018			2019			2020
Net cash provided by operating activities		$	5,471		$	4,961		$	3,404
Divided by:
EBITDA excluding LCM and impairment(a)	$	6,867	$	5,725	$	3,883
Cash conversion(b)			80 %			87 %			88 %

1. EBITDA excluding LCM and impairment see Table 7 Reconciliation of Net Income to EBITDA, including and excluding LCM and impairment.
2. Cash conversion is the ratio of net cash provided by operating activities to EBITDA excluding LCM and impairment.