let turn Please during me flow Thank and cash you, everyone. delivered Ken from morning to begin record operations and cash by LyondellBasell substantial Slide generation in highlighting cash free and XXXX. XXXX. X our good
diligently prices. team higher to of efficiently needs to for convert capital into free the cash capital investments, EBITDA After achieved Our flow despite XX% year yield market a to working capitalization. our accounting XX% operating sustaining cash for support relative increased our worked we
how review of and of we last deployed all X Slide this cash with continue year. Let’s details the
by the billion paying sheet commercial bolstered time, our guidance During returns XXXX, dividend by $X at billion our $XXX due XXXX, total XXXX annual repurchased $XXX and we year Net increased reduced interest $X million higher quarterly down dividends balance to increased we million, to to extinguishment short-term by long-term paid represents consecutive largely dividend than costs. paper. XXth growth. for same we of expense and provide of the X%. our a beginning of debt our debt At shareholders. in shares further May, of In our
need the available supports reduction. Our sheet, $X.X investments solid cash current portfolio for see $X.X we year balance and the investment-grade billion cash and our of with not and We debt additional short-term liquidity. billion do ended of and
on overview Slide of of our for an like provide segments XX. the to each Now I’d results
Ken As our billion the mentioned, fourth business portfolio of EBITDA during $X delivered quarter.
offset energy, feedstocks strong International, Asia, costs higher in products, for results and I&D O&P and demand segments. Our Europe, primarily APS our reflected our by for
Margins our begin quarter Americas billion, Let’s propylene decreased was segment third million the the lower declined XX results on prices. Olefin Olefins the approximately $XXX declines to XXXX quarter. Slide quarter driven and Polyolefins, XXXX on with $X.X lower pricing EBITDA due lower of discussions to third and performance individual for $XXX ethylene and Polyolefins. than million Olefins by compared margin Fourth segment. both
O&P production increased monomer. December. to on seasonal $X.X Margins both into consumer Although higher Based our industry we to ethylene however, due lower in planned increasing as and posted margins to we polyethylene. product American outpaced posted quarter. results primarily Polyethylene, led sales maintenance, remained Combined we both driven as XX%, record of expect year, remained facility operated than our quarter, third Polyolefins the strong the higher supply Hyperzone decrease inventory volumes for higher industry goods nondurable strong than ethylene spreads $XXX for billion polypropylene cracker robust prices in first million tight Americas and higher at to and and unchanged and and the continue over for were for increased North quarter. volumes crackers by EBITDA billion $X.X due record downtime polyolefin support full for packaging and approximately built volumes a from maintenance relatively to first the demand cost. polyethylene Olefins Demand increased demand XXXX.
escalated of Slide and to XX quarters polyethylene attention. seasonal last year review over tight typical first the of three the trends quarter captured prices contract in markets U.S. fourth market. in After declines market prices turn the Let’s XXXX, polyethylene during
quarter minimize As third the the line second due during their put, demand increase to the the typically a In rebound during slow trends. as common first grows again the pricing that customers during illustrated to second the downtime orders and these polyethylene a holiday in of usually the contrast, quarter, quarter. the by lower strive the demand participants market stabilizes green year-end are industry indicates in rises polymers demand fourth seasonal production. Orders inventories. first The as prices on line quarter, blue pricing follows season chart, and logically for fourth In quarter resume and occurrence. full sees Simply quarter.
demand holiday. taking are Xx with forecasting Lunar March, Year consultants European In about for XX% and maintenance XXXX, During downtime. export of ethylene the during February the ethylene cracker downtime XXXX. capacity industry industry capacity In demand pricing Ethylene often of U.S. often improves will U.S. constrain planned following Similarly, production. about New for of crackers maintenance XX% should normal, be higher support of polyethylene during provide maintenance the the will confluence summary, polyethylene robust XXXX. half be downstream trends, seasonal and of first quarter for consumer down first outages than
offset and maintenance. approximately million and and margins costs to $XXX $XXX volumes. Europe, at as $XXX planned operate typical our quarter. million decreased XXXX. by Combined than segment. as turn the the million, polyolefin cost million seasonal expect increased than feedstock year. a Olefins $XXX declined we EBITDA lower $XXX and XX% decreased prior also with Intermediate margin quarter Derivatives about by Polyolefins, million through and resulting in, derivatives in chemical monomer businesses. of third million to in and in in first first to the cost million, lower spreads turn outpacing declined EAI results volumes of out improvements income polyolefin muted our oxide charges maintenance. our by margins costs, with reduced fourth volumes more unchanged, remained of despite XXXX. feedstock propylene of in due energy take higher the price and $XX Olefins half joint and seasonal compared Please Declining results XX prices. drove EBITDA our we Fourth million respectively, to by oxide polyolefin propylene cost of acetyls the for relative about with decreased affected million Europe, polyolefin higher and third Oxyfuels higher resumption and & approximately Oxyfuels to In butane Lower due margins equity declines energy and margins quarter feedstock of the decline $XXX of performance inventory crackers increases higher was our International segment. review $XXX ethylene and valuation Higher please progress planned at higher and quarter. Fourth venture spreads and to to XX as and increased declined quarter million. polyolefin Olefins million to increased spreads Intermediates propylene driven $XX due Compressed markets, rate relatively by demand we million $XXX propylene approximately prices. a quarter Related results as derivatives Asia our margins higher due Products Combined Slide results improvements We million, compared to $XX a higher from income $XX Full intermediate the joint our about to lower EBITDA look Now production. year a driven ethylene Slide costs. increased margins Products $XX results prices. margins of chemicals and our Related venture equity & results reduced last
XXXX, improve & costs. billion, reduced butane than Oxyfuels resulting business our market declined propylene expect we EBITDA our For strong businesses, drove lower derivative oxide to to in of Related Volumes year, the a increases of with the and due Products full products. margin for $X.X feedstock of higher $XXX first in exports XXXX. demand tight most and quarter margins In million
strong propylene and the our for supported by during and increase quarter, continued to expected oxide are first demand products. acetyls volumes Our derivatives
for Now in, high $XX Solutions hindered declines chain move costs. during material of with the than Solutions were for period, raw million out increase in of third and EBITDA segment and the the year with costs segment businesses Polymer prior our margin over million continued Results on increased to costs. $XXX valuation polymer material about last and offset unchanged, Margins from quarter results decreased million, supply increased $XX inventory with segment forward higher chain EBITDA decreased raw Slide $XX incurred by review and construction driven market. the declines. higher results manufacturing by to $XX improvement spreads XXXX. with Results first the lower The million let’s in the Full & advanced charges volume polymer a Compared of results due Customer advanced constraints building supply automotive reduction Advanced demand was million margin $XX the businesses for our benefited million, our volumes, constraints quarter. XX. a Volumes businesses. with integration quarter. for Compounding higher relatively fourth
expect begin business. from Compounding volumes improve to our for ramp We up Solutions as & products production, to manufacturers automotive particularly
product turn approximately for day be due $XX.XX evaluation low LIFO $XX strategic million, at demand higher from in the mix Refining estimated to $XX improved barrels X-X-X were an drove XXXX. margins Crude point with Now improvement crack high throughput an capacity with million, in of with quarter and to $XXX day. charge the first XXX,XXX an million rates revenue of which a new nameplate better for to XXXX refinery crude $XXX per inventory $XX.XX reflecting in be increase per Fourth to crack let’s business to We crude improved results margins average million $XXX per nameplate a refinery licensing excluded for EBITDA third full improve Refining expected barrel. at per the capacity anticipated market licensing quarter first near-full driven our at a by options. noncash the at benefited historically to fuel, was Slide the Based discuss an our quarter barrels Please our XXXX. $XX.XX compared benchmark volumes XXX,XXX the operated in impairment due levels to quarter and slightly, the to about the per the we ongoing million review fourth XX quarter. Maya of a from XX of of segment. milestones, of levels Comparisons $XXX the lower, compared of and profitability reduced for of exclude margins Refining effects to and gasoline to X-X-X in of than the to and more demand. catalyst results about $XXX of operate year. drove quarter barrel XXXX. the Full response the the spreads benefited the XXXX. plan All-time first Technology on fourth during to in EBITDA as turn Results throughput Slide of to quarter segment segment. Results spread million quarter records higher XX% million barrel. expect third jet for timing the taken year will Results for LIFO million of $XX and XXXX volumes. of similar increased from for to XXXX of the average to Technology Maya breakeven quarter We are $XXX we improvement the of the quarter fourth or Approximately impairments XXXX. in changes year. EBITDA spread
address over let on Before Slide I for XX. modeling turn Ken, annual some of the questions your to call XXXX me
billion PO/TBA construction our We growth expenditures is growth investment $X.X associated toward the The of targeted to XXXX sustaining billion capital balance XXXX. maintenance. with planning the the are plant Houston. during invest Approximately with approximately supporting of $X.X in projects, in is profit-generating majority
major three turnarounds. We of for total fairly have schedule a with planned a maintenance cracker of XXXX typical
will second all lost maintenance a Based will during volumes the quarter. segment with I&D in turnarounds associated by EBITDA we XXXX estimate this impact production on expected of of couple our downtime million. that $XXX margins, We have also and approximately
for our is included cracker units La located The capital during The are the to impact EAI U.S. is million approximately EBITDA Porte, million, the expensed, The arising Germany XXXX. million, and are fourth turnarounds of at turnarounds and Plant to costs and occur third cracker and in expected expected is $XX first our expected quarter America’s costs While million. of EBITDA cracker and during respectively. the in maintenance million. Channelview, site oxide quarterly units O&P O&P expenditure first maintenance cracker scheduled approximately in propylene major facility turnaround routine quarterly $XX will EBITDA our are Wesseling, the capitalized it in the in production maintenance $XX butanediol two smaller our of through Texas maintenance by fourth approximately for forecast. Intermediates first Texas in and quarters quarters French $XX segment our impact European one $XXX quarters, $XX second to by by from impact second million, quarter Derivatives and at
approximately million and of cash turn We rate to approximately lower $XX billion. tax over regular With will than to We We after capitalized to approximately million. interest is call our to plan XXXX with our $X.X contributions be $XXX million forecasted effective XX% expect approximately be depreciation make XXXX pension approximately ETR. interest the our Ken? tax XXXX that, amortization and of for I’ll be back the expense rate net totaling Ken. pension netting million $XX expect to $XX book about year. be currently expense in
