Alexander Robinson

Alexander Robinson inquired about LyondellBasell's 2026 CapEx guidance of $1.2 billion, seeking clarification on whether the reduction is due to asset sales, changes in maintenance CapEx, or if the $800 million maintenance figure represents a new baseline.

Answer

CEO Peter Vanacker explained that the $1.2 billion CapEx for 2026, including $0.8 billion for maintenance, reflects past investments in growth and reliability, allowing for the postponement of some turnarounds. CFO Agustin Izquierdo added that 2026 is a light year for turnarounds, enabling the lower maintenance CapEx. Vanacker clarified that $800 million is not a new normal, as historical maintenance CapEx was $1.2 billion, expected to reduce to $1.1 billion after European asset sales.

Alexander Robinson inquired about LyondellBasell's 2026 CapEx guidance of $1.2 billion, contrasting it with historical levels around $2 billion, and asked if the reduction is due to asset sales, a change in maintenance CapEx, or if the $800 million maintenance figure represents a new baseline.

Answer

CEO Peter Vanacker explained that the $1.2 billion CapEx for 2026 includes $0.8 billion for maintenance and $0.4 billion for growth, noting that past investments in growth, reliability, and productivity allowed for postponing some turnarounds in 2026. CFO Agustin Izquierdo added that 2026 is a light year for turnarounds, with only two scheduled. Vanacker clarified that the $800 million maintenance CapEx is not a new normal, as the historical range was $1.2 billion, expected to reduce to around $1.1 billion after European asset sales.