-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, gNYI6u3kWMQD/+0JuBfoRFBBhRtJtBmnwDcJstuvJwSuQuHu/aTj1RNhLsRW77Bb l2gBRHkSG7nANg3aw34IvA== 0000899243-94-000381.txt : 19941221 0000899243-94-000381.hdr.sgml : 19941221 ACCESSION NUMBER: 0000899243-94-000381 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940630 FILED AS OF DATE: 19941220 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: LYONDELL PETROCHEMICAL CO CENTRAL INDEX KEY: 0000842635 STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911] IRS NUMBER: 954160558 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-53483 FILM NUMBER: 94565331 BUSINESS ADDRESS: STREET 1: 1221 MCKINNEY ST STREET 2: STE 1600 CITY: HOUSTON STATE: TX ZIP: 77010 BUSINESS PHONE: 7136527200 MAIL ADDRESS: STREET 1: 1221 MCKINNEY ST STREET 2: SUITE 1600 CITY: HOUSTON STATE: TX ZIP: 77010 11-K 1 FORM 11-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K (Mark One) [X] Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 (Fee Required) For the fiscal year ended June 30, 1994 OR [ ] Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934 (No Fee Required) For the transition period from Commission File Number 33-26866 LYONDELL PETROCHEMICAL COMPANY SAVINGS PLAN FOR NON-REPRESENTED EMPLOYEES (Title of the Plan) Lyondell Petrochemical Company 1221 McKinney Street Houston, Texas 77010 (Name and address of principal executive office of the issuer of the securities) FINANCIAL STATEMENTS OF THE LYONDELL PETROCHEMICAL COMPANY SAVINGS PLAN FOR NON-REPRESENTED EMPLOYEES INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
PAGE ---- Report of Independent Accountants 2 Financial Statements: Statement of Net Assets Available for Benefits as of June 30, 1994 and 1993 3 Statement of Changes in Net Assets Available for Benefits with Fund Information for the year ended June 30, 1994 4 Notes to Financial Statements 5 Supplemental Schedules: Item 27a - Schedule of Assets Held for Investment Purposes as of and for the year ended June 30, 1994 9 Item 27d - Schedule of Reportable Transactions for the year ended June 30, 1994 10
1 REPORT OF INDEPENDENT ACCOUNTANTS To the Administrative Committee of the Lyondell Petrochemical Company Savings Plan for Non-Represented Employees: We have audited the accompanying statements of net assets available for benefits of the Lyondell Petrochemical Company Savings Plan for Non-Represented Employees (the "Plan") as of June 30, 1994 and 1993, and the related statement of changes in net assets available for benefits for the year ended June 30, 1994. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As discussed in Note 1, effective August 23, 1993, certain Plan participants became participants of a new Plan with a new Plan sponsor. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of June 30, 1994 and 1993, and the changes in net assets available for benefits for the year ended June 30, 1994, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The Fund Information in the statement of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the changes in net assets available for benefits of each fund. The supplemental schedules and Fund Information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. COOPERS & LYBRAND L.L.P. Los Angeles, California December 9, 1994 2 LYONDELL PETROCHEMICAL COMPANY SAVINGS PLAN FOR NON-REPRESENTED EMPLOYEES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS AS OF JUNE 30, 1994 AND 1993
1994 1993 ---- ---- ASSETS Investments, at fair value: Lyondell Petrochemical Company common stock (1994 - 444,408 shares, cost $9,550,362; 1993 - 603,285 shares, cost $13,054,355) $10,943,547 $12,744,396 Atlantic Richfield Company common stock (1994 - 40,686 shares, cost $3,137,920; 1993 - 96,337 shares, cost $7,055,191) 4,160,144 11,199,176 ARCO Chemical Company common stock (1994 - 179 shares, cost $5,943; 1993 - 169 shares, cost $5,495) 8,122 6,887 Money Market Fund 6,600,689 15,104,782 Equity Fund (1994 - 36,666 units, cost $1,205,913; 1993 - 59,586 units, cost $1,806,970) 1,660,167 2,688,744 Bond Fund (1994 - 35,932 units, cost $495,820; 1993 - 64,180 units, cost $856,925) 526,723 961,737 United States Government Series "E" Bonds 469 1,800 ----------- ----------- Total investments 23,899,861 42,707,522 Participant loans receivable 1,963,579 3,413,445 Restoration payment receivable (Note 5) 387,510 -- Other assets 29,178 204,212 ----------- ----------- Total assets $26,280,128 $46,325,179 LIABILITIES Amounts payable for securities purchased and other accrued liabilities $ 5,995 $ 89,203 ----------- ----------- Net assets available for benefits $26,274,133 $46,235,976 =========== ===========
The accompanying notes are an integral part of these financial statements. 3 LYONDELL PETROCHEMICAL COMPANY SAVINGS PLAN FOR NON-REPRESENTED EMPLOYEES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION FOR THE YEAR ENDED JUNE 30, 1994
ARCO Chemical Money Lyondell ARCO Common Market Plan Total Common Stock Common Stock Stock Fund ------------ ------------ ------------ ------- ------------ Contributions: Company $ 1,009,809 $ 1,009,809 Participant 1,219,342 568,404 $ 438,934 ------------ ------------ ------------ ------- ------------ Total 2,229,151 1,578,213 438,934 ------------ ------------ ------------ ------- ------------ Benefits paid to participants (3,373,271) (149,253) $ (379,506) (2,844,119) ------------ ------------ ------------ ------- ------------ Investment income: Cash dividends on Atlantic Richfield Company common stock 301,982 301,982 Cash dividends on Lyondell Petrochemical Co. common stock 421,918 421,918 Earnings on other investments 494,114 $ 433 353,710 Net appreciation (depreciation) in the fair value of investments 7,000 937,543 (619,043) 787 (385,124) ------------ ------------ ------------ ------- ------------ Net investment income (loss) 1,225,014 1,359,461 (317,061) 1,220 (31,414) ------------ ------------ ------------ ------- ------------ Restoration payment (Note 5) 387,510 387,510 Amounts transferred from (to): LYONDELL-CITGO Savings Plan (Non-Represented) (20,535,907) (4,176,550) (5,507,211) (7,642,690) ARCO Savings Plan III (4,367) (1,968) (905) ARCO Savings Plan II 110,027 (18,027) (78,767) 23,262 Net transfers between options -- (392,725) (756,487) 15 1,461,013 ------------ ------------ ------------ ------- ------------ Net increase (decrease) (19,961,843) (1,800,849) (7,039,032) 1,235 (8,208,409) Net assets available for benefits: Beginning of year 46,235,976 12,744,396 11,199,176 6,887 15,219,791 ------------ ------------ ------------ ------- ------------ End of year $ 26,274,133 $ 10,943,547 $ 4,160,144 $ 8,122 $ 7,011,382 ============ ============ ============ ======= ============
Equity Bond Participant U.S. Series Fund Fund Loans "E" Bond ----------- --------- ----------- ---------- Contributions: Company Participant $ 169,501 $ 42,503 ----------- --------- ----------- ------- Total 169,501 42,503 ----------- ---------- ----------- ------- Benefits paid to participants $ (393) ----------- ---------- ----------- ------- Investment income: Cash dividends on Atlantic Richfield Company common stock Cash dividends on Lyondell Petrochemical Co. common stock Earnings on other investments $ 139,971 Net appreciation (depreciation) in the fair value of investments 4,046 68,791 ----------- ---------- ----------- ------- Net investment income (loss) 4,046 68,791 139,971 ----------- ---------- ----------- ------- Restoration payment (Note 5) Amounts transferred from (to): LYONDELL-CITGO Savings Plan (Non-Represented) (1,415,724) (406,001) (1,386,793) (938) ARCO Savings Plan III (1,494) ARCO Savings Plan II 193,024 (9,465) Net transfers between options 22,070 (140,307) (193,579) ----------- ---------- ----------- ------- Net increase (decrease) (1,028,577) (435,014) (1,449,866) (1,331) Net assets available for benefits: Beginning of year 2,688,744 961,737 3,413,445 1,800 ----------- ---------- ----------- ------- End of year $ 1,660,167 $ 526,723 $ 1,963,579 $ 469 =========== ========== =========== =======
The accompanying notes are an integral part of these financial statements. 4 LYONDELL PETROCHEMICAL COMPANY SAVINGS PLAN FOR NON-REPRESENTED EMPLOYEES NOTES TO FINANCIAL STATEMENTS Note 1 - Description of Plan: The Lyondell Petrochemical Company Savings Plan for Non-Represented Employees (the "Plan") is a defined contribution plan for non-represented employees and deferred vested retirees of Lyondell Petrochemical Company (the "Company" or "Lyondell"). All contributions are held in trust. Participant's contributions are invested by the Trustee in accordance with the option or options elected by each participant. That portion of a participant's account derived from the participant's own contributions and earnings thereon may be invested in any of the following alternatives or any combination thereof: common stock of the Company, units of the Equity Fund, units of the Bond Fund or units of the Money Market Fund. When investing in common stock of the Company, the participant may designate that the common stock be held either in the ESOP fund (that part of the Plan intended to qualify as an employee stock ownership plan under Section 4975(e)(7) of the Internal Revenue Code) or in the non-ESOP fund. Dividends on common stock held in the non-ESOP fund are reinvested in the common stock of the Company and held in the participant's plan account. Dividends on common stock held in the ESOP fund are reinvested in the Money Market Fund and held in the participant's plan account. On July 1, 1993, the Company and CITGO Petroleum Corporation ("CITGO") announced the commencement of operations of LYONDELL-CITGO Refining Company Ltd. ("LCR"). LCR adopted the LYONDELL-CITGO Refining Company Ltd. Savings Plan for Non-Represented Employees (the "LCR Plan") which is substantially similar to the Plan. All participants of the Plan who became employees of LCR as of July 1, 1993 continued to participate in the Plan until August 23, 1993. On August 23, 1993, participants of the Plan who became employees of LCR had the assets attributable to their participation in the Plan transferred to the LCR Plan. Participants of the LCR Plan may not direct participant or LCR employer contributions into new purchases of Company, Atlantic Richfield Company ("ARCO") or ARCO Chemical Company ("ARCO Chemical") common stock. Employees of ARCO or ARCO Chemical who become employees of the Company had their assets attributable to their participation in the ARCO Savings Plan II or ARCO Chemical Company Savings Plan (which assets included ARCO common stock and ARCO Chemical common stock) transferred to the Plan. ARCO common stock and ARCO Chemical common stock may be held or sold within the Plan; however, no new purchases of ARCO or ARCO Chemical common stock may be made except upon reinvestment of dividends from the respective common stock. Under plan provisions, participants, upon reaching retirement age of 65, are distributed their account balances within sixty days of the participant's retirement, or, if the participant so elects, in the calendar year following such retirement. If a participant terminates employment, for any reason, prior to retirement age, the participant's account balance will be distributed upon attainment of age 65 or anytime the participant makes application to receive the funds prior to age 65. A participant may elect within sixty days of termination to receive an immediate distribution or defer receipt until the following calendar year. 5 LYONDELL PETROCHEMICAL COMPANY SAVINGS PLAN FOR NON-REPRESENTED EMPLOYEES NOTES TO FINANCIAL STATEMENTS Note 1 - Description of Plan (Continued): Participants are allowed to contribute from 1% to 10% of their base pay to the Plan through payroll deductions. The Company makes matching contributions to the participant's account at the rate of 200% of the participant's contribution, up to 2% of the participant's base salary. All Company contributions are made in the form of common stock of the Company or cash to be used to purchase common stock of the Company. All contributions and earnings are fully vested and nonforfeitable. All contributions and earnings are allocated to individual participant accounts on an equity basis. Participants should refer to the Plan document for a complete description of the Plan's provisions. Although it has not expressed any intent to do so, the Company has the right to discontinue its contributions at any time or terminate the Plan subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). In the event of Plan termination, all participants will be fully vested in their accounts and all assets of the Plan will continue to be held for distribution to participants as provided in the Plan. Note 2 - Summary of Significant Accounting Policies: Basis of Accounting The financial statements of the Plan are prepared under the accrual method of accounting. Investments Investments in common stock of the Company, ARCO and ARCO Chemical are valued at fair value based on quoted market prices in an active market as of the last business day of the Plan's fiscal year. All other investment options are valued at net asset value as of the last business day of the Plan's fiscal year. Net asset value is the fair value of all securities plus accruals for dividend income, interest income, and investment management expenses. The value per unit is determined by dividing the net asset value by number of units outstanding. Short-term and certain other investments are valued at cost which approximates fair value. Purchases and sales of securities are accounted for on a trade date basis (the date the order to buy or sell is executed). Gains or losses on the sale or distribution of securities is computed on a first-in-first-out basis. Dividend income is accrued on the ex-dividend date and interest income is accrued as earned. The Plan presents in the statement of changes in net assets available for benefits the net appreciation or depreciation in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation or depreciation on those investments. Plan Expenses All costs of administering the Plan are paid by the Company. 6 LYONDELL PETROCHEMICAL COMPANY SAVINGS PLAN FOR NON-REPRESENTED EMPLOYEES NOTES TO FINANCIAL STATEMENTS Note 2 - Summary of Significant Accounting Policies (Continued): Participant Loans Participant loans are interest-bearing loans taken by participants against their respective account balances. The interest rate currently charged for loans is a fixed rate equal to the average prime rate reported in The Wall Street Journal as of the last business day of the month preceding the date the loan application is received by the Lyondell Petrochemical Company Savings Plan for Non-Represented Employees Administrative Committee. Interest rates range from 6 percent to 10 percent. A loan may be taken by participants for a period from one to five years. Repaid principal and interest are credited to the participant's Money Market Fund account. The loans are collateralized by the balance in the participant's account. Payment of Benefits Benefits are recorded when paid. Note 3 - Tax Status: The Plan is a qualified plan under Section 401(a) of the Internal Revenue Code of 1986, as amended (the "Code") and is a qualified employee stock ownership plan under Section 4975(e)(7) of the Code. The Plan has received a favorable determination letter from the Internal Revenue Service (the "Service"). Accordingly, no provision is made for federal income taxes. Subsequent Plan amendments are not included in the Service's ruling. The Company believes that the Plan, as presently amended, will continue to qualify under applicable provisions of the Code. Note 4 - Reconciliation of Financial Statements to Form 5500: The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500.
June 30 ---------------------- 1994 1993 -------- ------ Net assets available for benefits per the financial statements $26,274,133 $46,235,976 Amounts allocated to withdrawing participants (65,805) (263,327) ----------- ----------- Net assets available for benefits per the Form 5500 $26,208,328 $45,972,649 =========== ===========
7 LYONDELL PETROCHEMICAL COMPANY SAVINGS PLAN FOR NON-REPRESENTED EMPLOYEES NOTES TO FINANCIAL STATEMENTS Note 4 - Reconciliation of Financial Statements to Form 5500 (Continued): The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500.
Year Ended June 30, 1994 ------------- Benefits paid to participants per the financial statements $3,373,271 Add: Amounts allocated to withdrawing participants at June 30, 1994 65,805 Less: Amounts allocated to withdrawing participants at June 30, 1993 (263,327) ---------- Benefits paid to participants per the Form 5500 $3,175,749 ==========
Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to June 30 but not yet paid as of that date. Note 5 - Subsequent Event: On December 1, 1994, after receiving a favorable ruling from the Internal Revenue Service, ARCO made a restoration payment to the Plan which constituted a reimbursement of principal with respect to certain losses incurred by the Plan on April 30, 1994, and interest accrued thereon to the date of the restoration payment. 8 LYONDELL PETROCHEMICAL COMPANY SAVINGS PLAN FOR NON-REPRESENTED EMPLOYEES SUPPLEMENTAL SCHEDULES EIN: 95-4160558, P/N 003 Item 27a - Schedule of Assets Held for Investment Purposes as of June 30, 1994
- -------------------------------------------------------------------------------------------------------------- (a) (b) Identity of issue, (c) Description of investment (d) Cost (e) Current borrower, lessor, or similar including maturity date, rate value party of interest, collateral, par or maturity value - -------------------------------------------------------------------------------------------------------------- Atlantic Richfield Company Par value $2.50 $3,137,920 $4,160,144 common stock - -------------------------------------------------------------------------------------------------------------- ARCO Chemical Company Par value $1.00 $5,943 $8,122 common stock - -------------------------------------------------------------------------------------------------------------- Lyondell Petrochemical Par value $1.00 $9,550,362 $10,943,547 Company common stock - -------------------------------------------------------------------------------------------------------------- Money Market Fund Cash and cash equivalents $6,600,689 $6,600,689 with variable rates - -------------------------------------------------------------------------------------------------------------- Equity Fund Par value $15.33 $1,205,913 $1,660,167 - -------------------------------------------------------------------------------------------------------------- Bond Fund Par value $10.00 $495,820 $526,723 - -------------------------------------------------------------------------------------------------------------- United States Gov't Series Par value $18.75 $469 $469 "E" Bonds - -------------------------------------------------------------------------------------------------------------- Participant Loans Various rates of interest -- $1,963,579 ranging from 6% to 10%; maturing between 1 and 5 years - --------------------------------------------------------------------------------------------------------------
Item 27a - Schedule of Assets Held for Investment Purposes Which Were Both Acquired and Disposed of Within the Plan Year For The Year Ended June 30, 1994
- -------------------------------------------------------------------------------------------------------------- (a) Identity of issue, (b) Description of investment (c) Cost of (d) Proceeds of borrower, lessor, or similar including maturity date, rate acquisitions dispositions party of interest, collateral, par or maturity value - -------------------------------------------------------------------------------------------------------------- Atlantic Richfield Company Par value $2.50 $13,357 $13,026 common stock - -------------------------------------------------------------------------------------------------------------- Lyondell Petrochemical Par value $1.00 $280,793 $312,509 Company common stock - -------------------------------------------------------------------------------------------------------------- Equity Fund Par value $15.33 $306,985 $311,405 - -------------------------------------------------------------------------------------------------------------- Bond Fund Par value $10.00 $9,683 $9,418 - --------------------------------------------------------------------------------------------------------------
9 LYONDELL PETROCHEMICAL COMPANY SAVINGS PLAN FOR NON-REPRESENTED EMPLOYEES SUPPLEMENTAL SCHEDULES (Continued) EIN: 95-4160558, P/N 003 Item 27d - Schedule of Reportable Transactions for the year ended June 30, 1994
- -------------------------------------------------------------------------------------------------------------- (a) Identity of party (b) Description of (c) Purchase (d) Selling (e) Lease involved asset (include interest price price rental rate and maturity in case of a loan) - -------------------------------------------------------------------------------------------------------------- Atlantic Richfield Par value $2.50 $236,751 N/A Company common stock - -------------------------------------------------------------------------------------------------------------- Atlantic Richfield Par value $2.50 $1,070,762 N/A Company common stock - -------------------------------------------------------------------------------------------------------------- Lyondell Petrochemical Par value $1.00 $2,790,911 N/A Company common stock - -------------------------------------------------------------------------------------------------------------- Lyondell Petrochemical Par value $1.00 $1,332,758 N/A Company common stock - -------------------------------------------------------------------------------------------------------------- ARCO Chemical Par value $1.00 $448 N/A Company common stock - -------------------------------------------------------------------------------------------------------------- Money Market Fund Cash and cash $5,208,006 N/A equivalents with variable rates - -------------------------------------------------------------------------------------------------------------- Money Market Fund Cash and cash $6,091,766 N/A equivalents with variable rates - -------------------------------------------------------------------------------------------------------------- Equity Fund Par value $15.33 $777,987 N/A - -------------------------------------------------------------------------------------------------------------- Equity Fund Par value $15.33 $659,175 N/A - -------------------------------------------------------------------------------------------------------------- Bond Fund Par value $10.00 $143,725 N/A - -------------------------------------------------------------------------------------------------------------- Bond Fund Par value $10.00 $168,770 N/A - --------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------- (a) Identity of party (f) Expense (g) Cost of (h) Current (i) Net gain involved incurred asset value of or (loss) with asset on transaction transaction date - -------------------------------------------------------------------------------------------------------------- Atlantic Richfield N/A $236,751 -- Company common stock - -------------------------------------------------------------------------------------------------------------- Atlantic Richfield N/A $740,645 $1,070,762 $330,117 Company common stock - -------------------------------------------------------------------------------------------------------------- Lyondell Petrochemical N/A $2,790,911 -- Company common stock - -------------------------------------------------------------------------------------------------------------- Lyondell Petrochemical N/A $1,385,823 $1,332,758 ($53,065) Company common stock - -------------------------------------------------------------------------------------------------------------- ARCO Chemical N/A $448 -- Company common stock - -------------------------------------------------------------------------------------------------------------- Money Market Fund N/A $5,208,006 -- - -------------------------------------------------------------------------------------------------------------- Money Market Fund N/A $6,091,766 $6,091,766 -- - -------------------------------------------------------------------------------------------------------------- Equity Fund N/A $777,987 -- - -------------------------------------------------------------------------------------------------------------- Equity Fund N/A $560,369 $659,175 $98,806 - -------------------------------------------------------------------------------------------------------------- Bond Fund N/A $143,725 -- - -------------------------------------------------------------------------------------------------------------- Bond Fund N/A $142,723 $168,770 $26,047 - --------------------------------------------------------------------------------------------------------------
10 LYONDELL PETROCHEMICAL COMPANY SAVINGS PLAN FOR NON-REPRESENTED EMPLOYEES SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. LYONDELL PETROCHEMICAL COMPANY SAVINGS PLAN FOR NON-REPRESENTED EMPLOYEES By: RICHARD W. PARK ----------------------------------- (Signature) Richard W. Park Member, Savings Plan Administrative Committee Date: December 14, 1994 11 EXHIBIT INDEX
Sequentially Exhibit Numbered Page No. Exhibit Where Located ------- ------- ------------- 24 Consent of Coopers & Lybrand L.L.P. 13
12 EX-24 2 C&L CONSENT Exhibit 24 CONSENT OF INDEPENDENT ACCOUNTANTS We consent to the incorporation by reference in the following registration statement of the Lyondell Petrochemical Company Savings Plan for Non- Represented Employees, Post-Effective Amendment No. 3 to Registration Statement on Form S-8 (No. 33-26866) of our report dated December 9, 1994, on our audits of the statement of net assets available for benefits of the Lyondell Petrochemical Company Savings Plan for Non-Represented Employees as of June 30, 1994 and 1993, the related statement of changes in net assets available for benefits for the year ended June 30, 1994 and the supplemental schedules as of and for the year ended June 30, 1994, which report is included in this Annual Report on Form 11-K. COOPERS & LYBRAND L.L.P. Los Angeles, California December 14, 1994 13 -----END PRIVACY-ENHANCED MESSAGE-----