LyondellBasell Industries N.V. (NYSE:LYB) Q4 2014 Earnings Conference Call - Final Transcript

Feb 03, 2015 • 11:00 am ET

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LyondellBasell Industries N.V. (NYSE:LYB) Q4 2014 Earnings Conference Call - Final Transcript

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Presentation
Operator
operator

Hello, and welcome to the LyondellBasell's 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. (Operator Instructions) I'd now like to turn the conference over to Mr. Doug Pike, Vice President, Investor Relations. Sir, you may begin.

Executive
Doug Pike

Thanks, Sharon. Welcome to LyondellBasell's Fourth Quarter 2014 Teleconference. And I'm joined today by Bob Patel, our CEO; Karyn Ovelmen, our CFO; and Sergey Vasnetsov, our Senior Vice President of Strategic Planning and Transactions. Before we begin business discussion, I'd like to point out that a slide presentation accompanies today's call and is available on our website at www.lyb.com. (Forward-Looking Cautionary Statements)

A reconciliation to the non-GAAP financial measures to GAAP financial measures, together with any other applicable disclosures, including the earnings release, are currently available on our website www.lyb.com. But finally, I'd like to point out that a recording of this call will be available by telephone beginning at 3 PM Eastern Time today until 11 PM Eastern Time on March 3 by calling 866-407-9260 in the United States and 203-369-0614 outside the United States. And the pass code for both numbers is 4558.

During today's call, we'll focus on fourth quarter and full year of 2014 performance, the current environment and the near-term outlook. But before turning the call over to Bob, I'd like to call your attention to the non-cash Lower of Cost or Market inventory adjustment that we recognized during the fourth quarter. This charge is driven by the use of LIFO accounting, our 2010 fresh start accounting as we entered the public markets and the recent declines in pricing for many of our own aw materials and finished goods inventories. And Karyn will discuss that adjustments later in the call, but the comments made on this call will be in regard to our underlying business results, excluding the impact of this LCM inventory charge.

Executive
Doug Pike

charge. With that being said, I now like to turn the call over to Bob.

Executive
Bob Patel

Thanks, Doug. Good morning to all of you and thank you for joining our earnings call. I am pleased to be here today conducting my first earnings call as the CEO of LyondellBasell. I am surely honored with along our stakeholders and I am excited about what the future holds for our great company.

I joined LyondellBasell five years ago in order to be part of the team that would deliver one of this industry's great transformations under Jim Gallogly's leadership; we've put in place a strong work as basic philosophy and a solid foundation. I am grateful for his support and mentorship over the past five years. I'm also grateful for the hard work and support of all my colleagues at LyondellBasell. We are enormously proud of what we've accomplished together thus far.

We have an excellent safety record, world-class assets, outstanding operational efficiency, a strong balance sheet and exciting growth projects underway. It's my mission to build on this success and ensure LyondellBasell