LyondellBasell Industries (NYSE: LYB) reported Q1 EPS of $1.72, $0.01 worse than the analyst estimate of $1.73. Revenue for the quarter came in at $11.14 billion versus the consensus estimate of $11.17 billion.

"The first quarter results were good despite headwinds from maintenance, weather-related raw material cost volatility, and shipping delays. Exclusive of these pressures, the underlying business fundamentals remained strong and relatively unchanged," said Jim Gallogly, LyondellBasell Chief Executive Officer.

"In the U.S., our key raw materials continue to be in abundant supply with ethane tracking natural gas prices. Although natural gas prices increased in the face of record winter temperatures, current pricing and the outlook have moderated reflecting the strength of U.S. shale developments," Gallogly said.

"The theme for our 2013 annual report was – 'Taking the Early Advantage.' We are putting these words into action. Our growth program is generating immediate results as our methanol plant restart contributed to first quarter earnings and cash flow. During late March, we completed a 200 million pound per year polyethylene expansion at Matagorda and began the final steps of our La Porte ethylene expansion. Additionally in mid-April, we received the final environmental permits for our Corpus Christi ethylene expansion," Gallogly said.

OUTLOOK

"The industry trends that developed over the past few years are expected to continue in the near term. Likewise, conditions in our businesses are generally expected to be consistent with recent quarters and seasonal trends," Gallogly said. "During the second quarter, we expect significant planned downtime at our La Porte facility while we perform normal turnaround maintenance and additional steps to complete an 800 million pounds per year ethylene expansion. Inventory build-up in preparation for this downtime should enable us to meet customer demands while helping mitigate the financial impact on the second quarter. As we enter the summer driving season, our refining benchmark crack spread is expected to remain relatively unchanged from the first quarter," Gallogly said.

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