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LyondellBasell had April 1-week outage at Houston refinery crude unit

Reuters - UK Focus

(Adds detail on crack spreads, RINs cost, share price, paragraphs 3-12)

NEW YORK (Frankfurt: HX6.F - news) , April 29 (Reuters) - LyondellBasell Industries (NYSE: LYB - news) had a one-week outage in April at one of its crude units at its refinery in Houston, Texas, Chief Executive James Gallogly said on Tuesday during a conference call.

The 268,000-bpd Houston refinery operated at 247,000 bpd in the first quarter, up 8,000 bpd from the prior quarter, the company said in its earnings release. Throughput was up 74,000 bpd from the year-ago period due to a major turnaround at the refinery.

LyondellBasell said the (Mexican) Maya crude 2-1-1 benchmark crack spread increased $3.94 per barrel from the fourth quarter to average $28.26 per barrel in the first quarter. The spread was up $5.56 a barrel from the first quarter in 2013.

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The 2-1-1 represents two barrels of crude oil feedstock to produce one barrel each of gasoline and distillate refined products.

A crack spread represents the theoretical refining margin. If a crack spread is a positive number then the price of the refined products is higher than that of crude oil, the raw material, and the spread is profitable.

Lyondell said the improved refinery crack spread was offset by lower gasoline and distillate yields due to a coker outage during the quarter and about $10 million more in natural gas costs.

On Dec. 23, the company said it extinguished a fire at a coker unit at the Houston refinery.

The cost of Renewable Identification Numbers (RINs), or ethanol blending credits, to meet U.S. renewable fuel standards increased by about $10 million from the fourth quarter, the company said on Tuesday in its earnings release.

The release did not specify the total amount RINs cost in the quarters.

In its earnings release for 2013 issued in late January, the company said the cost of RINs increased by $87 million in 2013 relative to 2012.

RINs are paper credits used to meet quotas for blending biofuel into gasoline and diesel.

LyondellBasell's share price gained 0.25 percent to $90.97 on Tuesday. (Reporting by Robert Gibbons, Editing by Franklin Paul and Richard Chang)