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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 .
- 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.
| 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?
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.
- 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.