HOUSTON and LONDON, Oct. 27,
2023 /PRNewswire/ --
Third Quarter 2023 Highlights
- Net Income: $0.7 billion,
$0.8 billion excluding identified
items(a)
- Diluted earnings per share: $2.29
per share; $2.46 per share excluding
identified items
- EBITDA and EBITDA excluding identified items: $1.4 billion
- Record Intermediates & Derivatives quarterly EBITDA
supported by exceptional oxyfuels margins
- Cash provided by operating activities: $1.7 billion; achieved 102% cash
conversion(b) over trailing 12 months
- Returned $448 million to
shareholders through dividends and share repurchases
- Good progress on climate targets: achieved 78% of target to
procure at least half of our electricity from renewable sources by
2030
Comparisons with the prior quarter and third quarter 2022 are
available in the following table:
Table 1 - Earnings
Summary
|
Millions of U.S.
dollars (except share data)
|
Three Months
Ended
|
Nine Months
Ended
|
September
30,
2023
|
June 30,
2023
|
September
30,
2022
|
September
30,
2023
|
September
30,
2022
|
Sales and other
operating revenues
|
$10,625
|
$10,306
|
$12,250
|
$31,178
|
$40,245
|
Net income
|
747
|
715
|
572
|
1,936
|
3,536
|
Diluted earnings per
share
|
2.29
|
2.18
|
1.75
|
5.90
|
10.74
|
Weighted average
diluted share count
|
325
|
326
|
327
|
326
|
328
|
EBITDA(a)
|
1,356
|
1,383
|
1,108
|
3,870
|
5,509
|
|
Excluding
Identified Items(a)
|
Net income excluding
identified items
|
$804
|
$801
|
$642
|
$2,427
|
$3,675
|
Diluted earnings per
share excluding identified items
|
2.46
|
2.44
|
1.96
|
7.40
|
11.16
|
Impairments,
pre-tax
|
25
|
—
|
—
|
277
|
69
|
Refinery exit costs,
pre-tax
|
49
|
111
|
92
|
284
|
92
|
EBITDA excluding
identified items
|
1,410
|
1,450
|
1,192
|
4,312
|
5,662
|
(a) See
"Information Related to Financial Measures" for a discussion of the
company's use of non-GAAP financial measures and Tables 2-9 for
reconciliations or
calculations of these
financial measures. "Identified items" include adjustments
for lower of cost or market ("LCM"), impairments and refinery exit
costs.
|
(b) Cash
conversion is net cash provided by operating activities divided by
EBITDA excluding LCM and impairment.
|
LyondellBasell Industries (NYSE: LYB) today announced net income
for the third quarter 2023 of $0.7
billion, or $2.29 per diluted
share. During the quarter, the company recognized identified
items of $57 million, net of tax,
which impacted third quarter earnings by $0.17 per share. Third quarter 2023 EBITDA
was $1.4 billion.
Exceptional oxyfuels margins contributed to a record
Intermediates & Derivatives EBITDA of $708 million during the third quarter.
Global olefins and polyolefins margins were compressed by higher
feedstock costs, tepid polymer demand in both the U.S. and
Europe, and new industry
capacity. North American polyethylene export volumes
increased as global trade flows continued to normalize toward
pre-pandemic levels.
LyondellBasell generated $1.7
billion in cash from operating activities in the third
quarter and achieved 102% cash conversion over the past twelve
months. The company remains committed to its balanced and
disciplined capital allocation framework and priorities.
Third quarter cash from operating activities covered the
repayment of maturing bonds, capital investments and the return of
$448 million to shareholders through
dividends and share repurchases. Cash and short-term
investments increased by $350 million
during the quarter. Available liquidity was $7 billion at the end of the quarter.
In September, LyondellBasell launched +LC (Low Carbon)
solutions for select chemical products including propylene oxide,
styrene and other products sourced from recycled and
renewable-based feedstocks. The company is providing
+LC solutions to meet the growing customer demand for
sustainable materials that have a lower greenhouse gas (GHG)
footprint relative to fossil-based alternatives. In addition,
with a new solar power purchase agreement in Spain, the company has rapidly achieved 78% of
its goal to procure half of its electricity from renewable sources
by 2030.
"LyondellBasell is delivering resilient results and outstanding
cash conversion amid challenging market conditions while remaining
focused on the execution of our long-term strategy. The
successful startup of our new propylene oxide and oxyfuels asset is
aligned with our strategy to grow and upgrade our core
businesses. Our oxyfuels business captured exceptionally
strong oxyfuels margins that drove record quarterly results for our
Intermediates and Derivatives segment," said Peter Vanacker, LyondellBasell Chief Executive
Officer.
OUTLOOK
In the fourth quarter, the company expects
seasonally softer demand across most businesses. Higher
feedstock costs, new industry capacity and the slow pace of Chinese
demand growth continue to pressure global olefins and polyolefins
margins. Oxyfuels and refining margins are expected to
decrease following the conclusion of the summer driving
season. Nonetheless, oxyfuels margins are expected to remain
well above historical averages. During the fourth quarter,
LyondellBasell expects to operate its assets in line with market
demand with average operating rates of 85% for North American
olefins and polyolefins (O&P) assets, 75% for European O&P
assets and 70% for Intermediates & Derivatives
assets.
"Implementation of LyondellBasell's long-term strategy remains
our top priority. One year after launching our Value
Enhancement Program, we are highly confident we will exceed our
2023 recurring annual EBITDA exit run-rate target of $200 million(c). The three
pillars of our strategy reinforce each other. By stepping up
our performance and culture with a pivot toward value creation,
LyondellBasell will be able to grow and upgrade our core while
building a profitable Circular and Low Carbon Solutions
business. Looking ahead, we will continue to leverage our
unique advantages to position LyondellBasell for a sustainable
future," said Vanacker.
(c) Estimated
based on 2017-2019 mid-cycle margins and modest inflation relative
to a 2021 baseline.
|
CONFERENCE CALL
LyondellBasell will host a conference
call October 27 at 11 a.m. ET. Participants on the call will
include Chief Executive Officer Peter
Vanacker, Executive Vice President and Chief Financial
Officer Michael McMurray, Executive
Vice President of Global Olefins and Polyolefins Ken Lane, Executive Vice President of
Intermediates and Derivatives and Refining Kim Foley, Executive
Vice President of Advanced Polymer Solutions Torkel Rhenman and Head of Investor Relations
David Kinney. For event access, the toll-free dial-in number
is 1-877-407-8029, international dial-in number is 201-689-8029 or
click the CallMe link. The slides and webcast that accompany
the call will be available at
www.LyondellBasell.com/earnings. A replay of the call will be
available from 1:00 p.m. ET
October 27 until November 27. The replay toll-free
dial-in numbers are 1-877-660-6853 and 201-612-7415. The access ID
for each is 13739196.
ABOUT LYONDELLBASELL
We are LyondellBasell (NYSE: LYB)
– a leader in the global chemical industry creating solutions for
everyday sustainable living. Through advanced technology and
focused investments, we are enabling a circular and low carbon
economy. Across all we do, we aim to unlock value for our
customers, investors and society. As one of the world's
largest producers of polymers and a leader in polyolefin
technologies, we develop, manufacture and market high-quality and
innovative products for applications ranging from sustainable
transportation and food safety to clean water and quality
healthcare. For more information, please visit
www.LyondellBasell.com or follow @LyondellBasell on
LinkedIn.
FORWARD-LOOKING STATEMENTS
The statements in this
release relating to matters that are not historical facts are
forward-looking statements.
These forward-looking statements are based upon assumptions of
management of LyondellBasell which are believed to be reasonable at
the time made and are subject to significant risks and
uncertainties.
When used in this release, the words "estimate," "believe,"
"continue," "could," "intend," "may," "plan," "potential,"
"predict," "should," "will," "expect," and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. Actual
results could differ materially based on factors including, but not
limited to, market conditions, the business cyclicality of the
chemical, polymers and refining industries; the availability, cost
and price volatility of raw materials and utilities, particularly
the cost of oil, natural gas, and associated natural gas liquids;
our ability to successfully implement initiatives identified
pursuant to our Value Enhancement Program and generate anticipated
earnings; competitive product and pricing pressures; labor
conditions; our ability to attract and retain key personnel;
operating interruptions (including leaks, explosions, fires,
weather-related incidents, mechanical failure, unscheduled
downtime, supplier disruptions, labor shortages, strikes, work
stoppages or other labor difficulties, transportation
interruptions, spills and releases and other environmental risks);
the supply/demand balances for our and our joint ventures'
products, and the related effects of industry production capacities
and operating rates; our ability to manage costs; future financial
and operating results; benefits and synergies of any proposed
transactions and our ability to align our assets with our core;
legal and environmental proceedings; tax rulings, consequences or
proceedings; technological developments, and our ability to develop
new products and process technologies; our ability to meet our
sustainability goals, including the ability to operate safely,
increase production of recycled and renewable-based polymers to
meet our targets and forecasts, and reduce our emissions and
achieve net zero emissions by the time set in our goals; our
ability to procure energy from renewable sources; our ability to
build a profitable Circular & Low Carbon Solutions business;
the continued operation of and successful shut down and closure of
the Houston Refinery, including within the expected timeframe;
potential governmental regulatory actions; political unrest and
terrorist acts; risks and uncertainties posed by international
operations, including foreign currency fluctuations; and our
ability to comply with debt covenants and to repay our debt.
Additional factors that could cause results to differ materially
from those described in the forward-looking statements can be found
in the "Risk Factors" section of our Form 10-K for the year ended
December 31, 2022, which can be found
at www.LyondellBasell.com on the Investor Relations page and on the
Securities and Exchange Commission's website at www.sec.gov.
There is no assurance that any of the actions, events or results of
the forward-looking statements will occur, or if any of them do,
what impact they will have on our results of operations or
financial condition. Forward-looking statements speak only as
of the date they were made and are based on the estimates and
opinions of management of LyondellBasell at the time the statements
are made.
LyondellBasell does not assume any obligation to update
forward-looking statements should circumstances or management's
estimates or opinions change, except as required by law.
This release contains time sensitive information that is
accurate only as of the date hereof. Information contained in this
release is unaudited and is subject to change.
We undertake no obligation to update the information presented
herein except as required by law.
INFORMATION RELATED TO FINANCIAL MEASURES
This release
makes reference to certain non-GAAP financial measures as defined
in Regulation G of the U.S. Securities Exchange Act of 1934, as
amended.
We report our financial results in accordance with U.S.
generally accepted accounting principles, but believe that certain
non-GAAP financial measures, such as EBITDA, and EBITDA, net income
and diluted EPS exclusive of identified items provide useful
supplemental information to investors regarding the underlying
business trends and performance of the company's ongoing operations
and are useful for period-over-period comparisons of such
operations. Non-GAAP financial measures should be considered
as a supplement to, and not as a substitute for, or superior to,
the financial measures prepared in accordance with GAAP.
We calculate EBITDA as income from continuing operations plus
interest expense (net), provision for (benefit from) income taxes,
and depreciation and amortization. EBITDA should not be
considered an alternative to profit or operating profit for any
period as an indicator of our performance, or as an alternative to
operating cash flows as a measure of our liquidity. We also
present EBITDA, net income and diluted EPS exclusive of identified
items. Identified items include adjustments for "lower of
cost or market" ("LCM"), impairment and refinery exit costs.
Our inventories are stated at the lower of cost or market.
Cost is determined using the last-in, first-out ("LIFO") inventory
valuation methodology, which means that the most recently incurred
costs are charged to cost of sales and inventories are valued at
the earliest acquisition costs. Fluctuation in the prices of
crude oil, natural gas and correlated products from period to
period may result in the recognition of charges to adjust the value
of inventory to the lower of cost or market in periods of falling
prices and the reversal of those charges in subsequent interim
periods, within the same fiscal year as the charge, as market
prices recover. Property, plant and equipment are recorded at
historical costs. If it is determined that an asset or asset
group's undiscounted future cash flows will not be sufficient to
recover the carrying amount, an impairment charge is recognized to
write the asset down to its estimated fair value. Goodwill is
tested for impairment annually in the fourth quarter or whenever
events or changes in circumstances indicate that the fair value of
a reporting unit with goodwill is below its carrying amount.
If it is determined that the carrying value of the reporting
unit including goodwill exceeds its fair value, an impairment
charge is recognized. In April
2022 we announced our decision to cease operation of our
Houston Refinery. In connection with exiting the refinery
business, we began to incur costs primarily consisting of
accelerated lease amortization costs, personnel related costs,
accretion of asset retirement obligations and depreciation of asset
retirement costs.
Recurring annual EBITDA for the Value Enhancement Program is
estimated based on 2017-2019 mid-cycle margins and modest inflation
relative to a 2021 baseline.
Cash conversion is a measure commonly used by investors to
evaluate liquidity. For purposes of this presentation, cash
conversion means net cash provided by operating activities divided
by EBITDA excluding LCM and impairment. We believe cash
conversion is an important financial metric as it helps management
and other parties determine how efficiently the company is
converting earnings into cash.
These non-GAAP financial measures as presented herein, may not
be comparable to similarly titled measures reported by other
companies due to differences in the way the measures are
calculated. In addition, we include calculations for certain
other financial measures to facilitate understanding. This
release contains time sensitive information that is accurate only
as of the time hereof. Information contained in this release
is unaudited and subject to change.
LyondellBasell undertakes no obligation to update the
information presented herein except to the extent required by
law.
Additional operating and financial information may be found on
our website at www.LyondellBasell.com/investorrelations.
These measures as presented herein, may not be comparable to
similarly titled measures reported by other companies due to
differences in the way the measures are calculated.
Table 2 -
Reconciliations of Net Income to Net Income Excluding Identified
Items and to EBITDA Including and Excluding Identified Items
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
Millions of U.S.
dollars
|
September
30,
2023
|
|
June 30,
2023
|
|
September
30,
2022
|
|
September
30,
2023
|
|
September
30,
2022
|
Net
income
|
$
747
|
|
$
715
|
|
$
572
|
|
$
1,936
|
|
$
3,536
|
add: Identified
items
|
|
|
|
|
|
|
|
|
|
Impairments,
pre-tax(a)
|
25
|
|
—
|
|
—
|
|
277
|
|
69
|
Refinery exit costs,
pre-tax(b)
|
49
|
|
111
|
|
92
|
|
284
|
|
92
|
Benefit from income
taxes related to identified items
|
(17)
|
|
(25)
|
|
(22)
|
|
(70)
|
|
(22)
|
Net income excluding
identified items
|
$
804
|
|
$
801
|
|
$
642
|
|
$
2,427
|
|
$
3,675
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
747
|
|
$
715
|
|
$
572
|
|
$
1,936
|
|
$
3,536
|
Loss from discontinued
operations, net of tax
|
1
|
|
2
|
|
1
|
|
4
|
|
3
|
Income from
continuing operations
|
748
|
|
717
|
|
573
|
|
1,940
|
|
3,539
|
Provision for income
taxes
|
153
|
|
188
|
|
154
|
|
508
|
|
848
|
Depreciation and
amortization(c)
|
367
|
|
391
|
|
318
|
|
1,154
|
|
933
|
Interest expense,
net
|
88
|
|
87
|
|
63
|
|
268
|
|
189
|
add: Identified
items
|
|
|
|
|
|
|
|
|
|
Impairments(a)
|
25
|
|
—
|
|
—
|
|
277
|
|
69
|
Refinery exit
costs(d)
|
29
|
|
67
|
|
84
|
|
165
|
|
84
|
EBITDA excluding
identified items
|
1,410
|
|
1,450
|
|
1,192
|
|
4,312
|
|
5,662
|
less: Identified
items
|
|
|
|
|
|
|
|
|
|
Impairments(a)
|
(25)
|
|
—
|
|
—
|
|
(277)
|
|
(69)
|
Refinery exit
costs(d)
|
(29)
|
|
(67)
|
|
(84)
|
|
(165)
|
|
(84)
|
EBITDA
|
$
1,356
|
|
$
1,383
|
|
$
1,108
|
|
$
3,870
|
|
$
5,509
|
|
|
|
|
|
|
|
|
|
|
(a) Reflects a
non-cash goodwill impairment charge in our Advanced Polymer
Solutions segment, recognized in the first quarter of 2023, a
non-cash impairment
charge related to
capital project costs in our Olefins & Polyolefins - Americas
segment, recognized in the third quarter of 2023, and a non-cash
impairment charge
related to the sale of
our polypropylene manufacturing facility in Australia, recognized
in 2022.
|
(b) Refinery exit
costs include accelerated lease amortization costs, personnel
related costs, accretion of asset retirement obligations and
depreciation of asset
retirement costs. See
Table 9 for additional detail on refinery exit costs.
|
(c) Depreciation
and amortization includes depreciation of asset retirement costs in
connection with exiting the Refining business. See Table 9 for
additional
detail on refinery exit
costs.
|
(d) Refinery exit
costs include accelerated lease amortization costs, personnel
related costs and accretion of asset retirement obligations. See
Table 9 for
additional detail on
refinery exit costs.
|
Table 3 -
Reconciliation of Diluted EPS to Diluted EPS Excluding Identified
Items
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
2023
|
|
June 30,
2023
|
|
September
30,
2022
|
|
September
30,
2023
|
|
September
30,
2022
|
Diluted earnings per
share
|
$
2.29
|
|
$
2.18
|
|
$
1.75
|
|
$
5.90
|
|
$
10.74
|
|
|
|
|
|
|
|
|
|
|
Add: Identified
items:
|
|
|
|
|
|
|
|
|
|
Impairments
|
0.05
|
|
—
|
|
—
|
|
0.83
|
|
0.21
|
Refinery exit
costs
|
0.12
|
|
0.26
|
|
0.21
|
|
0.67
|
|
0.21
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share excluding identified items
|
$
2.46
|
|
$
2.44
|
|
$
1.96
|
|
$
7.40
|
|
$
11.16
|
|
|
|
|
|
|
|
|
|
|
Table 4 -
Reconciliation of Net Cash Provided by Operating Activities to
EBITDA Including and Excluding LCM and Impairment
|
|
Year
Ended
|
|
Nine Months
Ended
|
|
Last Twelve
Months
|
Millions of U.S.
dollars
|
December 31,
2022
|
|
September
30,
2022
|
|
September
30,
2023
|
|
September
30,
2023
|
Net cash provided by
operating activities
|
$
6,119
|
|
$
4,515
|
|
$
3,438
|
|
$
5,042
|
Adjustments:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
(1,267)
|
|
(933)
|
|
(1,154)
|
|
(1,488)
|
Impairments(a)
|
(69)
|
|
(69)
|
|
(277)
|
|
(277)
|
Amortization of
debt-related costs
|
(14)
|
|
(11)
|
|
(7)
|
|
(10)
|
Share-based
compensation
|
(70)
|
|
(54)
|
|
(71)
|
|
(87)
|
Equity loss, net of
distributions of earnings
|
(344)
|
|
(194)
|
|
(98)
|
|
(248)
|
Deferred income tax
provision
|
(369)
|
|
(83)
|
|
(48)
|
|
(334)
|
Changes in assets and
liabilities that used (provided) cash:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(1,005)
|
|
(134)
|
|
282
|
|
(589)
|
Inventories
|
91
|
|
601
|
|
196
|
|
(314)
|
Accounts
payable
|
464
|
|
(200)
|
|
(31)
|
|
633
|
Other, net
|
353
|
|
98
|
|
(294)
|
|
(39)
|
Net income
|
3,889
|
|
3,536
|
|
1,936
|
|
2,289
|
Loss from discontinued
operations, net of tax
|
5
|
|
3
|
|
4
|
|
6
|
Income from continuing
operations
|
3,894
|
|
3,539
|
|
1,940
|
|
2,295
|
Provision for income
taxes
|
882
|
|
848
|
|
508
|
|
542
|
Depreciation and
amortization
|
1,267
|
|
933
|
|
1,154
|
|
1,488
|
Interest expense,
net
|
258
|
|
189
|
|
268
|
|
337
|
add: LCM
charges
|
—
|
|
—
|
|
—
|
|
—
|
add:
Impairments(a)
|
69
|
|
69
|
|
277
|
|
277
|
EBITDA excluding LCM
and impairments
|
6,370
|
|
5,578
|
|
4,147
|
|
4,939
|
less: LCM
charges
|
—
|
|
—
|
|
—
|
|
—
|
less:
Impairments(a)
|
(69)
|
|
(69)
|
|
(277)
|
|
(277)
|
EBITDA
|
$
6,301
|
|
$
5,509
|
|
$
3,870
|
|
$
4,662
|
|
|
|
|
|
|
|
|
(a) Reflects a
non-cash impairment charge related to the sale of our polypropylene
manufacturing facility in Australia, recognized in 2022, a
non-cash
goodwill impairment
charge in our Advanced Polymer Solutions segment, recognized in the
first quarter of 2023, and a non-cash impairment charge
related to capital
project costs in our Olefins & Polyolefins - Americas segment,
recognized in the third quarter of 2023.
|
Note: Last twelve
months September 30, 2023 is calculated as year ended December 31,
2022, plus nine months ended September 30, 2023, minus
nine months ended
September 30, 2022.
|
Table 5 -
Calculation of Cash Conversion
|
|
Year
Ended
|
|
Nine Months
Ended
|
|
Last Twelve
Months
|
Millions of U.S.
dollars
|
December 31,
2022
|
|
September
30,
2022
|
|
September
30,
2023
|
|
September
30,
2023
|
Net cash provided by
operating activities
|
$
6,119
|
|
$
4,515
|
|
$
3,438
|
|
$
5,042
|
Divided by:
|
|
|
|
|
|
|
|
EBITDA excluding LCM
and impairment(a)
|
6,370
|
|
5,578
|
|
4,147
|
|
4,939
|
Cash
conversion
|
96 %
|
|
81 %
|
|
83 %
|
|
102 %
|
|
|
|
|
|
|
|
|
(a) See Table 4
for a reconciliation of net cash provided by operating activities
to EBITDA including and excluding LCM and impairment.
|
Note: Last twelve
months September 30, 2023 is calculated as year ended December 31,
2022, plus nine months ended September 30, 2023, minus
nine months ended
September 30, 2022.
|
Table 6 -
Calculation of Cash and Liquid Investments and Total
Liquidity
|
Millions of U.S.
dollars
|
June 30,
2023
|
September
30,
2023
|
Cash and cash
equivalents and restricted cash
|
$
2,494
|
$
2,844
|
Short-term
investments
|
—
|
—
|
Cash and liquid
investments
|
$
2,494
|
$
2,844
|
|
|
|
Availability under
Senior Revolving Credit Facility
|
|
3,250
|
Availability under U.S.
Receivables Facility
|
|
900
|
Total
liquidity
|
|
$
6,994
|
|
|
|
Table 7 -
Calculation of Dividends and Share Repurchases
|
|
Three Months
Ended
|
Millions of U.S.
dollars
|
September 30,
2023
|
Dividends - common
stock
|
$
407
|
Repurchase of Company
ordinary shares
|
41
|
Dividends and share
repurchases
|
$
448
|
|
|
Table 8 -
Reconciliation of Net Income to EBITDA for the
Value Enhancement Program
|
|
|
Millions of U.S.
dollars
|
2023(a)
|
Net income
|
$
150
|
Provision for income
taxes
|
35
|
Depreciation and
amortization
|
15
|
Interest expense,
net
|
—
|
EBITDA
|
$
200
|
|
|
(a) In 2022, we
launched the Value Enhancement Program. In 2023, as a result of the
program progressing ahead
of schedule, the
near-term target has increased to $200 million of recurring annual
EBITDA by the end of 2023.
|
Table 9 - Refinery
Exit Costs
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
Millions of U.S.
dollars
|
September
30,
2023
|
|
June 30,
2023
|
|
September
30,
2022
|
|
September
30,
2023
|
|
September
30,
2022
|
Refinery exit
costs:
|
|
|
|
|
|
|
|
|
|
Accelerated lease
amortization costs
|
$
11
|
|
$
38
|
|
$
36
|
|
$
100
|
|
$
36
|
Personnel
costs
|
16
|
|
27
|
|
48
|
|
59
|
|
48
|
Asset retirement
obligation accretion
|
2
|
|
2
|
|
—
|
|
6
|
|
—
|
Asset retirement cost
depreciation
|
20
|
|
44
|
|
8
|
|
119
|
|
8
|
Total refinery exits
costs
|
$
49
|
|
$
111
|
|
$
92
|
|
$
284
|
|
$
92
|
|
|
|
|
|
|
|
|
|
|
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SOURCE Lyondell Chemical Company