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LyondellBasell Industries NV LYB
Q1 2013 Earnings Call Transcript

Transcript Call Date 04/26/2013

Operator: Hello, and welcome to the LyondellBasell Teleconference. At the request of LyondellBasell, this conference is being recorded for instant replay purposes. Following today's presentation, we will conduct a question-and-answer session.

I'd now like to turn the conference over to Mr. Doug Pike, Vice President, Investor Relations. Sir, you may begin.

Douglas J. Pike - VP, IR: Thank you, Corey. Welcome to LyondellBasell's first quarter 2013 teleconference. I am joined today by Jim Gallogly, our CEO; Karyn Ovelmen, our CFO; and Sergey Vasnetsov, our Senior Vice President of Strategic Planning and Transactions.

Before we begin the business discussion, I'd like to point out that a slide presentation accompanies today's call and is available on our website at www.lyondellbasell.com. I'd also like for you to note that statements made in this call relating to matters that are not historical facts are forward-looking statements, and these forward-looking statements are based upon assumptions of management, which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual results could differ materially from those forward-looking statements.

For more detailed information about the factors that could cause our actual results to differ materially, please refer to the cautionary statements in the presentation slides and our financial reports, which are available at lyondellbasell.com/investorrelations. Reconciliations of non-GAAP financial measures to GAAP financial measures, together with any other applicable disclosures, including the earnings release, are currently available on our website at, www.lyondellbasell.com.

Finally, I'd like to point out that a recording of this call will be available by telephone beginning at 2 pm Eastern Time today until 11 pm Eastern Time on May 26th, by calling 800-469-5439 in the United States and 203-369-3805 outside of the United States, and the passcode for both numbers is 3102.

During today's call, we'll focus on first quarter 2013 performance, the current environment and the near term outlook.

With that being said, I'd now like to turn the call over to Jim.

James L. Gallogly - CEO: Thank you for joining our earnings call. As Doug mentioned, a set of presentation slides accompanies this call and is available on our website.

Let's take a look at Slide 4 and review a few financial highlights. Overall the first quarter of 2013 was a good start to the year, as we generated nearly $1.6 billion of EBITDA. This led to income from continuing operations of $906 million and record diluted earnings per share of $1.56. The fundamentals have benefited us over the past several years, continue to drive our success. Carriers of strength were North American ethylene margins and production and continued steady performance from the Intermediates and Derivatives segment.

Along with strong earnings, we passed several important milestones during the quarter. Our credit rating was raised to investment grade. We received environmental permits and began construction of our methanol plant restart at Channelview and the ethylene expansion project at La Porte. We also completed a major turnaround at the Houston refinery.

Read our Earnings Call Transcript disclaimer.
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