Fourth quarter 2016 EBITDA was $1.4 billion. The quarter included a $29 million non-cash, pre-tax charge for the impact of a lower of cost or market (LCM) inventory adjustment ($18 million after-tax). Excluding the LCM adjustment, earnings from continuing operations during the fourth quarter totaled $788 million, or $1.94 per share, and EBITDA was $1.4 billion. The fourth quarter also included a $58 million lump sum pension settlement and a $61 million non-cash, out-of-period cumulative correction. The correction, which was not material to any reporting period, relates to taxes on our cross-currency swaps for 2014, 2015 and through the third quarter of 2016. Together, the pension settlement and the non-cash, out-of-period correction adversely impacted fourth quarter earnings by $0.24 per share. Full year 2016 income from continuing operations was $3.8 billion, or $9.15 per share, and EBITDA was $6.6 billion. The full year included a non-cash, pre-tax LCM inventory adjustment of $29 million ($18 million after tax). Excluding the LCM adjustment, earnings from continuing operations for the full year totaled $3.9 billion, or $9.20 per share, and EBITDA was $6.6 billion. 2016 earnings were negatively impacted due to the $58 million pension settlement, a $74 million non-cash, out-of-period cumulative correction relating to 2014 and 2015 for taxes on our cross currency swaps and positively impacted by an after tax gain of $78 million on the sale of our Argentine wholly owned subsidiary, Petroken Petroquímica Ensenada S.A. (Petroken). Combined, the net effect of the pension settlement, non-cash, out-of-period tax correction and Petroken gain adversely impacted full year 2016 earnings by $0.07 per share.
"LyondellBasell posted good results for 2016 despite the impact of our heavy planned maintenance schedule and several Refining operational upsets. Our continued strong earnings and cash flow enabled us to return cash to shareholders by increasing our dividend per share by 9 percent and purchasing 8 percent of the outstanding shares. Our Olefins and Polyolefins - Europe, Asia and International and Technology segments posted their second consecutive year of record results, demonstrating continued global industry strength. Overall, the global olefins and polyolefins industry benefitted from continued favorable supply and demand balances while low crude oil and fuel prices adversely impacted refining and oxyfuel margins. During the fourth quarter, we completed the final step in our 2 billion pound North American ethylene expansion program, began site preparation for a 1.1 billion pound polyethylene plant, and advanced our new propylene oxide plant design. These projects coupled with the 2016 completion of seven major plant maintenance turnarounds, including four cracker turnarounds, position our company favorably for the coming years," said Bob Patel, LyondellBasell chief executive officer.