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    LyondellBasell Industries NV (LYB)

    CFO Change

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    LyondellBasell Industries N.V. is a global chemical company engaged in the production and marketing of chemicals, plastics, and refining products across the petrochemical value chain. The company operates through six segments, offering a diverse range of products including olefins, polyolefins, propylene oxide, and refined products . LyondellBasell's strategic operations and product lines enable it to maintain a strong presence in the global chemical industry .

    1. Refining - Processes crude oil into refined products like gasoline and distillates, significantly contributing to the company's revenue.
    2. Olefins and Polyolefins-Americas (O&P-Americas) - Produces and markets olefins, co-products, polyethylene, and polypropylene, with polyethylene and polypropylene being major contributors to consolidated revenues.
    3. Olefins and Polyolefins-Europe, Asia, International (O&P-EAI) - Engages in the production and marketing of olefins, co-products, polyethylene, and polypropylene across Europe, Asia, and international markets.
    4. Intermediates and Derivatives (I&D) - Produces propylene oxide and derivatives, oxyfuels, and intermediate chemicals, with oxyfuels and related products contributing to consolidated revenues.
    5. Advanced Polymer Solutions (APS) - Focuses on compounding and solutions, including polypropylene compounds and engineered plastics.
    6. Technology - Develops and licenses chemical and polyolefin process technologies and manufactures polyolefin catalysts.
    NamePositionStart DateShort Bio
    Peter VanackerChief Executive OfficerMay 2022Peter Vanacker has served as the CEO of LyondellBasell since May 2022. Previously, he was the President, CEO, and Chair of the Executive Committee of Neste Corporation from 2018 to 2022 .
    Tracey CampbellExecutive Vice President, Sustainability and Corporate AffairsOctober 2022Tracey Campbell has been serving in her current role since October 2022. She was previously the Vice President of Public Affairs from November 2020 to September 2022 .
    Trisha ConleyExecutive Vice President, People and CultureFebruary 2023Trisha Conley started as EVP, People and Culture in February 2023. Before joining LyondellBasell, she was the Senior Vice President, People Development at Renewable Energy Group from August 2020 to January 2023 .
    Kim FoleyExecutive Vice President, Intermediates and Derivatives and RefiningOctober 2022Kim Foley has been EVP, Intermediates and Derivatives and Refining since October 2022. She was previously the Senior Vice President of Health, Safety, Environment, Global Engineering, and Turnarounds .
    Dale FriedrichsExecutive Vice President, Operational Excellence and HSEOctober 2022Dale Friedrichs has been EVP, Operational Excellence and HSE since October 2022. He was previously the Interim EVP, People and Culture from October 2022 to February 2023 .
    Jeffrey KaplanExecutive Vice President and General CounselOctober 2022Jeffrey Kaplan has been serving as EVP and General Counsel since October 2022. He was previously the EVP, Legal & Public Affairs and Chief Legal Officer from March 2015 to September 2022 .
    Kenneth LaneExecutive Vice President, Olefins & PolyolefinsOctober 2022Kenneth Lane has served as EVP, Olefins & Polyolefins since October 2022. He was previously the EVP, Global Olefins and Polyolefins from July 2019 to September 2022 .
    Michael McMurrayExecutive Vice President and Chief Financial OfficerNovember 2019Michael McMurray has been EVP and CFO since November 2019. He will retire effective March 1, 2025, and continue in an advisory role until March 2026 .
    Torkel RhenmanExecutive Vice President, Advanced Polymer SolutionsOctober 2022Torkel Rhenman has been EVP, Advanced Polymer Solutions since October 2022. He was previously EVP, Intermediates & Derivatives, and Refining from August 2020 to September 2022 .
    James SewardExecutive Vice President and Chief Innovation OfficerOctober 2022James Seward serves as EVP and Chief Innovation Officer since October 2022. He was previously the Senior Vice President of Research & Development, Technology, and Sustainability from August 2020 to September 2022 .
    Yvonne van der LaanExecutive Vice President, Circular and Low Carbon SolutionsOctober 2022Yvonne van der Laan has been EVP, Circular and Low Carbon Solutions since October 2022. She was previously the Senior Director, Global Circularity from May 2022 to September 2022 .
    Agustin IzquierdoSenior Vice President, Olefins & Polyolefins Americas & Refining; EVP and CFO (effective March 1, 2025)November 2022 (SVP); March 1, 2025 (EVP and CFO)Agustin Izquierdo joined LYB in November 2022 as VP, Strategy & Finance, Intermediates & Derivatives. He was promoted to SVP in April 2024 and will become EVP and CFO on March 1, 2025 .
    1. You mentioned that shutting down the Houston refinery by no later than the end of the first quarter of 2025 will expand your average EBITDA margin by about 4 percentage points . How do you plan to offset the loss of revenue from the refinery operations and ensure sustainable profitability during this transition?

    2. With only 13% of your global capacity in the European assets under strategic review , what specific criteria are you using to decide whether to divest or rationalize these assets, and how will this reshape your presence in the European market?

    3. Despite the positive contributions from the new PO/TBA facility, you are idling PO11 due to current demand in the region . How do you plan to manage capacity utilization in the I&D segment if durable goods demand remains soft, and what are your strategies to maintain profitability?

    4. You have unlocked nearly one-third of your goal to add $3 billion in incremental normalized EBITDA by 2027 during 2023 . Can you provide more details on the specific initiatives and investments that will drive the remaining two-thirds, particularly in the face of challenging market conditions?

    5. The impact of Hurricane Beryl is estimated to reduce third-quarter EBITDA by approximately $65 million, with 75% in your O&P-Americas segment . Given the increasing risk of such weather events, what measures are you taking to mitigate future operational disruptions and financial impacts?

    Program DetailsProgram 1
    Approval DateMay 24, 2024
    End Date/DurationNovember 24, 2025
    Total additional amount34.0 million shares
    Remaining authorization32.8 million shares
    DetailsThe program allows repurchase through open market purchases, private transactions, or other structured transactions. Shares may be retired or used for corporate purposes, including employee benefit plans.
    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt Calculation
    2024$121Precious Metal Financings1.21.1% = (121 / 11,260) * 100
    2024$7Current Maturities of Long-Term DebtN/A0.1% = (7 / 11,260) * 100
    2025$486Guaranteed Notes1.254.3% = (486 / 11,260) * 100
    2026$553Guaranteed Notes0.8754.9% = (553 / 11,260) * 100
    2027$888Guaranteed Notes3.5 / 8.17.9% = (888 / 11,260) * 100
    2030$605Guaranteed Notes3.375 / 2.255.4% = (605 / 11,260) * 100
    2031$552Guaranteed Notes1.6254.9% = (552 / 11,260) * 100
    2033$495Guaranteed Notes5.6254.4% = (495 / 11,260) * 100
    2034$738Guaranteed Notes5.56.6% = (738 / 11,260) * 100
    2040$742Guaranteed Notes3.3756.6% = (742 / 11,260) * 100
    2043$726Guaranteed Notes5.256.4% = (726 / 11,260) * 100
    2044$982Guaranteed Notes4.8758.7% = (982 / 11,260) * 100
    2049$976Guaranteed Notes4.28.7% = (976 / 11,260) * 100
    2050$981Guaranteed Notes4.28.7% = (981 / 11,260) * 100
    2051$935Guaranteed Notes3.6258.3% = (935 / 11,260) * 100
    2055$975Senior Notes4.6258.7% = (975 / 11,260) * 100
    2060$486Guaranteed Notes3.84.3% = (486 / 11,260) * 100

    Competitors mentioned in the company's latest 10K filing.

    • Major integrated oil companies, refineries owned or controlled by foreign governments, and independent domestic refiners .
    • Multinational chemical and refining companies, as well as some regional marketers and producers .
    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2008 PresentCurrent auditor

    Recent developments and announcements about LYB.

    Corporate Leadership

      Leadership Change

      ·
      Nov 22, 2024, 9:52 PM

      Michael McMurray is retiring as CFO of LyondellBasell effective March 1, 2025. He will be succeeded by Agustin Izquierdo, currently the Senior Vice President, Olefins & Polyolefins Americas & Refining. McMurray will continue in an advisory role until his full retirement in March 2026. Izquierdo's extensive experience at BASF and Morgan Stanley positions him well for this role .

      CFO Change

      ·
      Nov 22, 2024, 9:52 PM

      Michael McMurray, the current Chief Financial Officer (CFO) of LyondellBasell Industries N.V., will retire effective March 1, 2025. Agustin Izquierdo has been appointed as his successor and will assume the role of Executive Vice President and CFO on the same date. McMurray will continue in an advisory role until his full retirement in March 2026 .