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HOUSTON and LONDON, July 30, 2021 /PRNewswire/ — Second Quarter 2021 Highlights Record quarterly earnings driven by strong demand and tight market conditions Net Income: $2.1 billion Diluted earnings per share: $6.13 per share EBITDA: $3.0 billion; Record quarterly EBITDA for the company and for each of the O&P segments Cash from operating activities: $1.9 billion Strong cash flow supported debt repayment of $1.3 billion in the second quarter with $1.8 billion year-to-date Increased quarterly dividend by 7.6 percent to $1.13 per share reflecting confidence in dividend sustainability through cycles Comparisons with the prior quarter and second quarter 2020 are available in the following table: Table 1 – Earnings Summary Millions of U.S. dollars (except share data) Three Months Ended Six Months Ended June 30, 2021 March 31, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Sales and other operating revenues $11,561 $9,082 $5,546 $20,643 $13,040 Net income 2,059 1,070 314 3,129 458 Diluted earnings per share 6.13 3.18 0.94 9.32 $1.36 Weighted average diluted share count 335 334 334 335 334 EBITDA (a) 3,018 1,585 760 4,603 1,406 Excluding LCM1 Diluted earnings per share $6.13 $3.18 $0.68 $9.32 $2.15 LCM (benefits) charges, pre-tax — — (96) — 323 EBITDA 3,018 1,585 664 4,603 1,729 (a) See an explanation of the Company’s use of EBITDA and reconciliation of net income to EBITDA at the end of this release. 1 LCM stands for “lower of cost or market.
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