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HOUSTON and LONDON , Jan. 28, 2022 /PRNewswire/ — Full Year 2021 Highlights Earnings Robust demand and tight markets led to record margins Net Income: $5.6 billion, $6.1 billion excluding LCM and impairment(a) Diluted earnings per share: $16.75 per share, $18.19 per share excluding LCM and impairment EBITDA: $8.7 billion, $9.3 billion excluding LCM and impairment, an annual record Record cash from operating activities of $7.6 billion with record $5.7 billion free cash flow Disciplined Capital Allocation Strengthened our balance sheet with long-term debt reduction of $4 billion Returned approximately $2 billion to shareholders: Paid $4.44 per share in dividends, our eleventh consecutive year of annual dividend growth Repurchased 5.2 million shares totaling $0.5 billion Circularity and Climate Commitments Launched our Circulen portfolio of polymers that provide circular and sustainable solutions Accelerated our climate goals: 30% CO2 reduction by 2030 and net zero by 2050 (scope 1 and 2) Fourth Quarter 2021 Highlights Net Income: $0.7 billion, $1.2 billion excluding LCM and impairment Diluted earnings per share: $2.18 per share, $3.63 per share excluding LCM and impairment EBITDA: $1.4 billion, $2 billion excluding LCM and impairment Strong cash flow supported long-term debt reduction of $1.7 billion Returned $0.8 billion to shareholders through dividends and the repurchase of 4.2 million shares Comparisons with the prior quarter, fourth quarter 2020 and year ended 2020 are available in the following table: Table 1 – Earnings Summary Millions of U.S. dollars (except share data) Three Months Ended Year Ended December 31, 2021 September 30,2021 December 31,2020 December 31, 2021 December 31, 2020 Sales and other operating revenues $12,830 $12,700 $7,937 $46,173 $27,753 Net income 726 1,762 855 5,617 1,427 Diluted earnings per share 2.18 5.25 2.55 16.75 4.24 Weighted average diluted share count 332 334 334 334 334 EBITDA (a) 1,395 2,691 1,413 8,689 3,285 Excluding LCM and Impairment (a) Net income $1,207 $1,762 $736 $6,098 $1,884 Diluted earnings per share 3.63 5.25 2.19 18.19 5.61 LCM (benefits) charges, pre-tax — — (147) — 16 Impairment, pre-tax 624 — — 624 582 EBITDA 2,019 2,691 1,266 9,313 3,883 (a) See “Information Related to Financial Measures” for a discussion of the Company’s use of EBITDA and EBITDA excluding LCM and Impairment and Table 2 for reconciliations of net income to those measures. LCM stands for “lower of cost or market.
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