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LyondellBasell posts higher quarterly, full-year profit on tax changes

LyondellBasell Industries NV reported fourth-quarter net income of $1.89 billion, or $4.79 per share, up from $763 million, or $1.87 per share, in the year-ago quarter.

The plastics and chemicals company posted EBITDA of $1.73 billion, compared to $1.41 billion in the fourth quarter of 2016. Sales and other operating revenues amounted to $9.14 billion, up from $7.75 billion a year ago.

For full year 2017, net income stood at $4.88 billion, or $12.23 per share, compared to $3.84 billion, or $9.13 per share, in 2016. EBITDA was at $7.13 billion compared to $6.60 billion in the previous year.

The company said that its results were positively affected by an after-tax gain of $103 million in September 2017 on the sale of its interest in the Geosel pipeline and storage system in France and the fourth quarter by a one-time, noncash benefit of $819 million from the reduction of net deferred tax liabilities. Full-year cash generation from operations amounted to $5.2 billion for a free cash flow yield of 8.4%.

It also reported robust volume growth with a 13% increase in global ethylene production and a 17% improvement in refining crude volumes year over year.