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 .
- Refining - Processes crude oil into refined products like gasoline and distillates, significantly contributing to the company's revenue.
- 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.
- 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.
- Intermediates and Derivatives (I&D) - Produces propylene oxide and derivatives, oxyfuels, and intermediate chemicals, with oxyfuels and related products contributing to consolidated revenues.
- Advanced Polymer Solutions (APS) - Focuses on compounding and solutions, including polypropylene compounds and engineered plastics.
- Technology - Develops and licenses chemical and polyolefin process technologies and manufactures polyolefin catalysts.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Agustin Izquierdo Executive | Executive Vice President and Chief Financial Officer | None | Agustin Izquierdo became CFO in March 2025, having joined LYB in 2022. He has a background in finance and strategy from BASF and Morgan Stanley. | |
Dale Friedrichs Executive | Executive Vice President, Operational Excellence and HSE | None | Dale Friedrichs has been with LYB for 28 years and is leading the Value Enhancement Program to improve operational excellence. | |
James Seward Executive | Executive Vice President and Chief Innovation Officer | None | James Seward has been with LYB for over 30 years, driving innovation and sustainability initiatives, including the MoReTec technology. | |
Jeffrey Kaplan Executive | Executive Vice President and General Counsel | None | Jeffrey Kaplan is the EVP and General Counsel, with his signature on filings as recent as August 2024. | |
Kim Foley Executive | Executive Vice President, Global Olefins & Polyolefins, Refining and Supply Chain | None | Kim Foley has been with LYB for over 35 years and became EVP in March 2024. She has led various business segments and played a key role in sustainability initiatives. | |
Michael McMurray Executive | Executive Vice President and Chief Financial Officer | None | Michael McMurray is retiring effective March 1, 2025, and will serve in an advisory role until March 2026. He has been instrumental in LYB's financial strategy and performance. | |
Peter Vanacker Executive | Chief Executive Officer | Supervisory Board Member at Symrise AG | Peter Vanacker has been CEO since May 2022, focusing on sustainability and circular economy initiatives. He previously held leadership roles at Neste Corporation and CABB Group GmbH. | View Report → |
Torkel Rhenman Executive | Executive Vice President of Advanced Polymer Solutions | None | Torkel Rhenman joined LYB in July 2019 and leads the APS segment, focusing on customer service and operational excellence. | |
Yvonne van der Laan Executive | Executive Vice President of Circular and Low Carbon Solutions | None | Yvonne van der Laan joined LYB in 2019 and leads the Circular and Low Carbon Solutions business, focusing on sustainability and recycling initiatives. | |
Anthony Chase Board | Non-Executive Director | Director at Cullen/Frost Bankers, Inc., Nabors Industries Ltd., and Par Pacific Holdings, Inc. | Anthony Chase has been a Non-Executive Director since 2021, with a background in entrepreneurship and law. He is involved in various non-profit boards and organizations. | |
Jacques Aigrain Board | Chair of the Board | Director at Clearwater Analytics Holdings Inc. and TradeWeb Markets Inc. | Jacques Aigrain has been a Non-Executive Director since 2011 and Chair since 2018. He has extensive experience in financial services and board governance. | |
Lincoln Benet Board | Non-Executive Director | Director at Warner Music Group Corp. | Lincoln Benet has been a Non-Executive Director since 2015, with a background in finance and strategic planning. He is the Chair of the Finance Committee. | |
Michael Hanley Board | Non-Executive Director | Chair of the Board at EQB Inc. | Michael Hanley has been a Non-Executive Director since 2018, with extensive experience in finance and capital markets. He is the Chair of the Audit Committee. |
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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?
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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?
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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?
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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?
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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?
Research analysts who have asked questions during LyondellBasell Industries earnings calls.
Frank Mitsch
Fermium Research
4 questions for LYB
Jeffrey Zekauskas
JPMorgan Chase & Co.
4 questions for LYB
Kevin McCarthy
Vertical Research Partners
4 questions for LYB
Patrick Cunningham
Citigroup
4 questions for LYB
Vincent Andrews
Morgan Stanley
4 questions for LYB
David Begleiter
Deutsche Bank
3 questions for LYB
Michael Sison
Wells Fargo
3 questions for LYB
Aleksey Yefremov
KeyBanc Capital Markets
2 questions for LYB
Christopher Perrella
UBS Group AG
2 questions for LYB
Hassan Ahmed
Alembic Global Advisors
2 questions for LYB
Steve Byrne
Bank of America
2 questions for LYB
John Ezekiel Roberts
Mizuho Securities
1 question for LYB
Josh Spector
UBS Group
1 question for LYB
Joshua Spector
UBS
1 question for LYB
Matthew Blair
Tudor, Pickering, Holt & Co.
1 question for LYB
Matthew Deyoe
Bank of America
1 question for LYB
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
APK AG | 2024 | In August 2024, LyondellBasell acquired full ownership of APK AG to expand its Circular and Low Carbon Solutions business, enhancing its recycling portfolio with solvent-based recycling technology that targets hard-to-recycle flexible plastic waste. |
National Petrochemical Industrial Company (NATPET) | 2024 | In 2024, LyondellBasell acquired a 35% interest in NATPET for approximately $500 million, leveraging its Spheripol PP technology to boost its global polypropylene business and exploring future capacity expansion via PDH and PP investments in line with Saudi Vision 2030. |
Mepol Group | 2023 | Completed in early July 2023, the acquisition of Mepol Group, a producer of recycled high-performing technical compounds in Italy and Poland, aligns with LyondellBasell’s sustainable solutions strategy by strengthening its expertise in circular recycling and compounding. |
Quality Circular Polymers (QCP) | 2023 | In April 2023, LyondellBasell acquired the remaining 50% interest in QCP, integrating mechanical recycling facilities in The Netherlands and Belgium with an annual capacity of 55,000 tons, to support its strategy for circular and renewable solutions. |
Recent press releases and 8-K filings for LYB.
- The filing amends the Receivables Purchase Agreement (RPA), updating key terms and conditions among LyondellBasell and several financial counterparties, effective as of May 29, 2025.
- It revises representations, warranties, and covenants, detailing procedures for handling pool receivables, Lock-Box Accounts, and notification obligations for termination events.
- The amendment reinforces requirements for timely financial reporting and adherence to corporate formalities to maintain compliance with GAAP and applicable laws.
- On May 23, 2025, shareholders approved a series of proposals at the annual meeting, including the election of 12 directors, director discharge, adoption of annual accounts, auditor appointments, and executive compensation resolutions.
- The company approved a new share repurchase program authorizing the buyback of up to 10% of its issued shares (34,042,250 shares) until November 23, 2026, to be executed based on market conditions.
- On May 15, 2025, LYB International Finance III, LLC, a wholly owned subsidiary of LyondellBasell Industries N.V., completed an underwritten public offering and sale of $500 million 6.150% Guaranteed Notes due 2035.
- The Notes were issued under a Base Indenture dated October 10, 2019 (supplemented in May 2023) and are fully and unconditionally guaranteed by LyondellBasell Industries N.V..
- Transaction Initiation: On May 6, 2025, the company entered into an underwriting agreement to offer $500 million aggregate principal of 6.15% Guaranteed Notes due 2035, fully guaranteed by LyondellBasell Industries N.V.
- Key Timelines & Documents: The notes are to be issued under a base indenture dated October 10, 2019, with supplemental changes, and the closing is expected on May 15, 2025, subject to customary conditions
- Underwriting & Legal Framework: The agreement, executed with representatives from BofA Securities, Inc. and Wells Fargo Securities, LLC, outlines all necessary conditions, representations, warranties, and indemnifications related to the public offering
- Q1 2025 performance: Reported EPS of $0.33 and alternatively diluted EPS of $0.54 with net income of $0.2B (or $177M ), with EBITDA ranging from nearly $600M to $0.7B (or $655M; $576M excluding identified items ).
- Implemented cost reduction initiatives by cutting fixed cost expenditures by approximately $300M and launching a $500M Cash Improvement Plan .
- Advanced strategic investments with the Flex 2 project at $800M CapEx complemented by additional capital spending of $483M .
- Delivered robust shareholder returns through dividends of $433M and repurchases (including $110M) , with total returns of $543M underscored by a strong liquidity profile .
- Recognized $67M in identified items impacting earnings by $0.21 per share .
- Progressed on new projects with ongoing work on the MoReTec 1 recycling facility and preliminary efforts for MoReTec 2 .
- Emphasized operational resilience with improved safety metrics (recordable incident rate of 0.12) and a flexible global supply network to manage trade disruptions amid weak demand in key markets such as China .
- EBITDA Growth Targets: The company aims to add $2 billion in normalized EBITDA by 2025 and $3 billion by 2027, with significant contributions from its Value Enhancement Program generating over $800 million in recurring annual EBITDA improvements.
- New Investment Initiatives: LyondellBasell discussed plans for a second flex unit in North America converting ethylene to propylene and a strategic feedstock allocation project in Saudi Arabia that leverages competitively priced ethane and butane for a cost-advantaged position.
- Portfolio Optimization: The company is actively optimizing its asset portfolio by divesting noncore ethylene oxide and derivatives and reassessing European assets to focus on more sustainable and profitable operations.
- Capital Discipline and Cash Flow Focus: Emphasis was placed on maintaining strong cash generation, disciplined capital allocation, and efficient working capital management, supporting continuous dividend increases and a robust balance sheet.
- Strategy focus: The presentation detailed how LyondellBasell is advancing its strategy by growing and upgrading its core business, developing a profitable Circular & Low Carbon Solutions segment, and reshaping its culture to drive continuous value creation.
- Financial guidance: The company outlined its incremental normalized EBITDA targets for 2025—ranging from $0.4B to $0.7B with potential unlocks of up to $0.9B—and highlighted recent successes including a mid-cycle EBITDA start-up providing approximately $450M and recurring annual benefits from its Value Enhancement Program.
- Strong cash and market outlook: Emphasis was placed on robust cash generation, with $3.8B cash from operating activities in 2024 and a strong net debt to EBITDA ratio of 1.8x, while also noting a stable near-term demand environment in North America despite varied global conditions.