327a84892658392422758250a7677b7f98b24b24d8d1f7117642ed6396b376a3

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 **[0001489393-24-000012_lyb-20231231.htm:6]** **[0001489393-24-000012_lyb-20231231.htm:132]** **[0001489393-24-000046_lyb-20240930.htm:18]** **[0001489393-24-000020_lyb-20240331.htm:17]**. LyondellBasell's strategic operations and product lines enable it to maintain a strong presence in the global chemical industry **[0001489393-24-000012_lyb-20231231.htm:5]** **[0001489393-24-000012_lyb-20231231.htm:6]** **[0001489393-24-000012_lyb-20231231.htm:132]**.

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.

3022022a86f78c912f990e7afc439386fb9b1c4b61d1ed532049b560b68f5af3

c6abb5e74c721c076003c993280a654169099774250b451553d44f7f2c8ef5ce

| Metric / Quarter                       | Q4 2022     | Q1 2023     | Q2 2023     | Q3 2023     | Q4 2023 | Q1 2024     | Q2 2024     | Q3 2024     |
|----------------------------------------|-------------|-------------|-------------|-------------|---------|-------------|-------------|-------------|
| Heavy Crude Oil Processing Rates (bpd) | **229,000** **[LYB_3226758_5]** **[0001489393-23-000002_a2022q4exhibit992.htm:4]** | **226,000** **[0001489393-23-000025_lyb-20230331.htm:27]** | **245,000** **[0001489393-23-000037_lyb-20230630.htm:33]** | **248,000** **[0001489393-23-000043_lyb-20230930.htm:35]** | **230,000** **[0001489393-24-000005_a2023q4exhibit992.htm:4]** | **212,000** **[0001489393-24-000020_lyb-20240331.htm:28]** | **250,000** **[0001489393-24-000037_lyb-20240630.htm:32]** | **240,000** **[0001489393-24-000046_lyb-20240930.htm:31]** |
| Brent - 2-1-1 Market Margins           | N/A **[0001489393-23-000006_lyb-20221231.htm:54]**     | **$29.44** **[0001489393-24-000020_lyb-20240331.htm:28]** | **$25.11** **[0001489393-23-000037_lyb-20230630.htm:33]** | **$32.19** **[0001489393-23-000043_lyb-20230930.htm:35]** | N/A **[0001489393-24-000012_lyb-20231231.htm:55]** | **$21.41** **[0001489393-24-000020_lyb-20240331.htm:28]** | **$17.59** **[0001489393-24-000037_lyb-20240630.htm:32]** | **$14.27** **[0001489393-24-000046_lyb-20240930.htm:31]** |
| Brent - Maya Differential              | N/A **[0001489393-23-000006_lyb-20221231.htm:54]**     | **$19.39** **[0001489393-23-000025_lyb-20230331.htm:27]** | **$14.34** **[0001489393-23-000037_lyb-20230630.htm:33]** | **$8.53** **[0001489393-23-000043_lyb-20230930.htm:35]** | N/A **[0001489393-24-000012_lyb-20231231.htm:55]** | **$12.29** **[0001489393-24-000020_lyb-20240331.htm:28]** | **$11.54** **[0001489393-24-000037_lyb-20240630.htm:32]** | **$11.37** **[0001489393-24-000046_lyb-20240930.htm:31]** |
| Total Maya 2-1-1 Market Margins        | **$48** **[0001489393-23-000002_a2022q4exhibit992.htm:4]** | **$48.83** **[0001489393-23-000025_lyb-20230331.htm:27]** | **$39.45** **[0001489393-23-000037_lyb-20230630.htm:33]** | **$40.72** **[0001489393-23-000043_lyb-20230930.htm:35]** | **$27** **[0001489393-24-000005_a2023q4exhibit992.htm:4]** | **$33.70** **[0001489393-24-000020_lyb-20240331.htm:28]** | **$29.13** **[0001489393-24-000037_lyb-20240630.htm:32]** | **$25.64** **[0001489393-24-000046_lyb-20240930.htm:31]** |

5cb7c46540c5d36faf9714fa23ebdc7965cbed7699b4a9206e27d4e3f9be825b

Heavy Crude Oil Processing Rates (bpd)

Brent - 2-1-1 Market Margins

Brent - Maya Differential

8112bb652fe430f9c5095b22dacfa5c4977fa9b5606557b06d90f61b7eacbd6a

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

2ffd3058605c34b6077a68ad8990b6acf68270a2d33365d761b4ed94a97664c2

| Segment/Quarter | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2023 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2022 |
|-----------------|---------|---------|---------|---------|---------|---------|---------|---------|
| O&P-Americas ($ million) | **2,871**  **[0001489393-24-000020_lyb-20240331.htm:17]**  | **2,926**  **[0001489393-24-000037_lyb-20240630.htm:27]**  | **2,982**  **[0001489393-24-000046_lyb-20240930.htm:18]**  | **2,881**  **[0001489393-23-000043_lyb-20230930.htm:21]**  | **2,808**  **[0001489393-23-000025_lyb-20230331.htm:23]**  | **2,727**  **[0001489393-23-000037_lyb-20230630.htm:28]**  | **2,881**  **[0001489393-23-000043_lyb-20230930.htm:21]**  | N/A |
| O&P-EAI ($ million) | **2,745**  **[0001489393-24-000020_lyb-20240331.htm:17]**  | **2,842**  **[0001489393-24-000037_lyb-20240630.htm:27]**  | **2,809**  **[0001489393-24-000046_lyb-20240930.htm:18]**  | **2,446**  **[0001489393-23-000043_lyb-20230930.htm:32]**  | **2,892**  **[0001489393-23-000025_lyb-20230331.htm:24]**  | N/A | **2,446**  **[0001489393-23-000043_lyb-20230930.htm:32]**  | N/A |
| I&D ($ million) | **2,586**  **[0001489393-24-000020_lyb-20240331.htm:17]**  | **2,795**  **[0001489393-24-000037_lyb-20240630.htm:27]**  | **2,686**  **[0001489393-24-000046_lyb-20240930.htm:18]**  | **3,081**  **[0001489393-23-000043_lyb-20230930.htm:33]**  | **2,682**  **[0001489393-23-000025_lyb-20230331.htm:25]**  | **2,662**  **[0001489393-23-000037_lyb-20230630.htm:31]**  | **3,081**  **[0001489393-23-000043_lyb-20230930.htm:33]**  | N/A |
| APS ($ million) | **965**  **[0001489393-24-000020_lyb-20240331.htm:17]**  | **948**  **[0001489393-24-000037_lyb-20240630.htm:27]**  | **896**  **[0001489393-24-000046_lyb-20240930.htm:18]**  | **899**  **[0001489393-23-000043_lyb-20230930.htm:34]**  | **997**  **[0001489393-23-000025_lyb-20230331.htm:26]**  | **960**  **[0001489393-23-000037_lyb-20230630.htm:32]**  | **899**  **[0001489393-23-000043_lyb-20230930.htm:34]**  | N/A |
| Refining ($ million) | **2,090**  **[0001489393-24-000020_lyb-20240331.htm:17]**  | **2,345**  **[0001489393-24-000037_lyb-20240630.htm:27]**  | **2,054**  **[0001489393-24-000046_lyb-20240930.htm:18]**  | **2,665**  **[0001489393-23-000043_lyb-20230930.htm:35]**  | **2,190**  **[0001489393-23-000025_lyb-20230331.htm:27]**  | N/A | **2,665**  **[0001489393-23-000043_lyb-20230930.htm:35]**  | N/A |
| Technology ($ million) | **192**  **[0001489393-24-000020_lyb-20240331.htm:17]**  | **159**  **[0001489393-24-000037_lyb-20240630.htm:27]**  | **146**  **[0001489393-24-000046_lyb-20240930.htm:18]**  | **218**  **[0001489393-23-000043_lyb-20230930.htm:36]**  | **139**  **[0001489393-23-000025_lyb-20230331.htm:28]**  | N/A | **218**  **[0001489393-23-000043_lyb-20230930.htm:36]**  | N/A |

059ba7a100fbadc6941fac4aa29ecb49cb8f5034346ebf0b94ed73847a2d4b2f

| Geographical Segment | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2023 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2022 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| United States ($M)   | N/A     | **5,029**  **[0001489393-24-000037_lyb-20240630.htm:6]**  | **4,926**  **[0001489393-24-000046_lyb-20240930.htm:6]**  | N/A     | **4,852**  **[0001489393-23-000025_lyb-20230331.htm:5]**  | **5,032**  **[0001489393-23-000037_lyb-20230630.htm:6]**  | N/A     | N/A     |
| Germany ($M)         | N/A     | **663**  **[0001489393-24-000037_lyb-20240630.htm:6]**    | **609**  **[0001489393-24-000046_lyb-20240930.htm:6]**    | N/A     | **786**  **[0001489393-23-000025_lyb-20230331.htm:5]**    | **619**  **[0001489393-23-000037_lyb-20230630.htm:6]**    | N/A     | N/A     |
| China ($M)           | N/A     | **535**  **[0001489393-24-000037_lyb-20240630.htm:6]**    | **567**  **[0001489393-24-000046_lyb-20240930.htm:6]**    | N/A     | **514**  **[0001489393-23-000025_lyb-20230331.htm:5]**    | **533**  **[0001489393-23-000037_lyb-20230630.htm:6]**    | N/A     | N/A     |
| Mexico ($M)          | N/A     | **460**  **[0001489393-24-000037_lyb-20240630.htm:6]**    | **481**  **[0001489393-24-000046_lyb-20240930.htm:6]**    | N/A     | **430**  **[0001489393-23-000025_lyb-20230331.htm:5]**    | **389**  **[0001489393-23-000037_lyb-20230630.htm:6]**    | N/A     | N/A     |
| Italy ($M)           | N/A     | **393**  **[0001489393-24-000037_lyb-20240630.htm:6]**    | **342**  **[0001489393-24-000046_lyb-20240930.htm:6]**    | N/A     | **376**  **[0001489393-23-000025_lyb-20230331.htm:5]**    | **346**  **[0001489393-23-000037_lyb-20230630.htm:6]**    | N/A     | N/A     |
| Japan ($M)           | N/A     | **360**  **[0001489393-24-000037_lyb-20240630.htm:6]**    | **378**  **[0001489393-24-000046_lyb-20240930.htm:6]**    | N/A     | **365**  **[0001489393-23-000025_lyb-20230331.htm:5]**    | **426**  **[0001489393-23-000037_lyb-20230630.htm:6]**    | N/A     | N/A     |
| France ($M)          | N/A     | **301**  **[0001489393-24-000037_lyb-20240630.htm:6]**    | **284**  **[0001489393-24-000046_lyb-20240930.htm:6]**    | N/A     | **294**  **[0001489393-23-000025_lyb-20230331.htm:5]**    | **272**  **[0001489393-23-000037_lyb-20230630.htm:6]**    | N/A     | N/A     |
| Poland ($M)          | N/A     | **247**  **[0001489393-24-000037_lyb-20240630.htm:6]**    | **231**  **[0001489393-24-000046_lyb-20240930.htm:6]**    | N/A     | **239**  **[0001489393-23-000025_lyb-20230331.htm:5]**    | **223**  **[0001489393-23-000037_lyb-20230630.htm:6]**    | N/A     | N/A     |
| The Netherlands ($M) | N/A     | **214**  **[0001489393-24-000037_lyb-20240630.htm:6]**    | **188**  **[0001489393-24-000046_lyb-20240930.htm:6]**    | N/A     | **233**  **[0001489393-23-000025_lyb-20230331.htm:5]**    | **240**  **[0001489393-23-000037_lyb-20230630.htm:6]**    | N/A     | N/A     |
| Other ($M)           | N/A     | **2,356**  **[0001489393-24-000037_lyb-20240630.htm:6]**  | **2,316**  **[0001489393-24-000046_lyb-20240930.htm:6]**  | N/A     | **2,158**  **[0001489393-23-000025_lyb-20230331.htm:5]**  | **2,226**  **[0001489393-23-000037_lyb-20230630.htm:6]**  | N/A     | N/A     |

277d18064a361d6244457c07bad483d9b0a73066a0167957a28b34093f61f16e

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**  **[LYB_3396198_1]** . 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  **[LYB_3396198_1]** , 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  **[LYB_3396198_7]** . 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**  **[LYB_3396198_10]** . 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  **[LYB_3396198_5]** . Given the increasing risk of such weather events, what measures are you taking to mitigate future operational disruptions and financial impacts?

d09b08f8ecfcd74ca7cae4c63dfcea08c1e91e3a066aac5e25133b562e2473a9

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: N/A (The documents do not provide specific guidance from the Q3 2024 earnings call)

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q3 2024
- **Guidance**:
  1. **EBITDA Impact from Hurricane Beryl**: Expected impact of approximately **$65 million**, with about **75%** in the O&P-Americas segment  **[LYB_3396198_5]** .
  2. **Operating Rates**: 
     - **85%** for North American olefins and polyolefin assets  **[LYB_3396198_5]** .
     - **80%** for European olefins and polyolefin assets  **[LYB_3396198_5]** .
     - **75%** for intermediates and derivative assets  **[LYB_3396198_5]** .
  3. **Cash Flow and Capital Return**: Target of returning **70%** of free cash flow to investors, with modest share buybacks planned  **[LYB_3396198_13]** .
  4. **Value Enhancement Program (VEP)**: Contribution of approximately **$400 million** to EBITDA in 2024  **[LYB_3396198_4]** .
  5. **Maintenance**: Planned maintenance at Bayport PO/TBA assets  **[LYB_3396198_8]** .
  6. **Technology Segment**: Results expected to be similar to Q1, with increased revenue from licensing milestones and high catalyst volumes  **[LYB_3396198_10]** .
  7. **Refining Segment**: Operating at approximately **90%** of capacity  **[LYB_3396198_7]** .
  8. **Polyolefins Demand**: Anticipated seasonal demand strength with low feedstock and energy costs  **[LYB_3396198_6]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: Q2 2024
- **Guidance**:
  1. **Operating Rates**: 
     - **85%** for global olefins and polyolefins assets  **[LYB_3381146_4]** .
     - **80%** for intermediates and derivative assets  **[LYB_3381146_4]** .
  2. **Planned Maintenance Impact**: Estimated EBITDA impact of **$30 million**  **[LYB_3381146_4]** .
  3. **Ethylene Oxide Derivatives Business Sale**: Expected book gain of **$275 million**  **[LYB_3381146_7]** .
  4. **Refinery Operations**: Operating at approximately **95%** of capacity  **[LYB_3381146_6]** .
  5. **Technology Segment**: Results expected to be similar or slightly better than Q4 2023  **[LYB_3381146_9]** .
  6. **Market Outlook**: Anticipated seasonal improvements and stable to lower interest rates  **[LYB_3381146_9]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Effective Tax Rate**: Approximately **20%**  **[LYB_3371758_5]** .
  2. **Capital Expenditures (CapEx)**: Approximately **$2.1 billion**, with **$800 million** for growth projects and **$1.3 billion** for sustaining investments  **[LYB_3371758_4]** .
  3. **Capacity Utilization**:
     - **80%** for Olefins and Polyolefins Americas  **[LYB_3371758_6]** .
     - **75%** for European assets  **[LYB_3371758_6]** .
     - **75%** for Intermediates and Derivatives  **[LYB_3371758_8]** .
     - **80%** for Refining  **[LYB_3371758_8]** .
  4. **Value Enhancement Program (VEP)**: Exit run rate of **$600 million** in 2024, targeting up to **$1 billion** by 2025  **[LYB_3371758_15]** .
  5. **Dividend and Shareholder Returns**: Commitment to returning **70%** of free cash flow to shareholders  **[LYB_3371758_4]** .

d83ddc25850163a1d50d7f95b70a13e383098a4485171c3adb6cef11183da6b1

- Major integrated oil companies, refineries owned or controlled by foreign governments, and independent domestic refiners  **[0001489393-24-000012_lyb-20231231.htm:15]** .
- Multinational chemical and refining companies, as well as some regional marketers and producers  **[0001489393-24-000012_lyb-20231231.htm:13]** .

be6717535d1d6cc11016163df8ee3f99867e541daa60bf6495f05aa8b2e4117d

299b6abc00a144430ad81ca90bd7bd7758f79d2ca3b22aff4c72b3a4d569e114

63fa694f9b277ecf2acabc0686a10ea3609e9333a7cd0f616bf87f7ce3cb7fd2

| Name               | Position                                                                 | Start Date         | Short Bio                                                                                                                                                                                                 |
|--------------------|--------------------------------------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Peter Vanacker     | Chief Executive Officer                                                  | May 2022           | Peter 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  **[0001308179-24-000364_llyb2024_pre14a.htm:30]** **[0001308179-24-000473_llyb2024_def14a.htm:29]** **[0001489393-24-000012_lyb-20231231.htm:23]** **[0001308179-23-000608_llyb2023_def14a.htm:14]** .                                          |
| Tracey Campbell    | Executive Vice President, Sustainability and Corporate Affairs           | October 2022       | Tracey 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  **[0001489393-24-000012_lyb-20231231.htm:23]** .                                                                       |
| Trisha Conley      | Executive Vice President, People and Culture                             | February 2023      | Trisha 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  **[0001489393-24-000012_lyb-20231231.htm:23]** **[0001489393-23-000006_lyb-20221231.htm:23]** .                      |
| Kim Foley          | Executive Vice President, Intermediates and Derivatives and Refining     | October 2022       | Kim 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  **[0001489393-24-000012_lyb-20231231.htm:23]** .                                     |
| Dale Friedrichs    | Executive Vice President, Operational Excellence and HSE                 | October 2022       | Dale 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  **[0001489393-24-000012_lyb-20231231.htm:23]** .                                                                  |
| Jeffrey Kaplan     | Executive Vice President and General Counsel                             | October 2022       | Jeffrey 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  **[0001489393-24-000012_lyb-20231231.htm:23]** **[0001489393-23-000006_lyb-20221231.htm:23]** .                                               |
| Kenneth Lane       | Executive Vice President, Olefins & Polyolefins                          | October 2022       | Kenneth 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  **[0001489393-24-000012_lyb-20231231.htm:23]** **[0001489393-23-000006_lyb-20221231.htm:23]** .                                                                     |
| Michael McMurray   | Executive Vice President and Chief Financial Officer                     | November 2019      | Michael 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  **[0001104659-24-122110_tm2428655d1_8k.htm:1]** **[0001104659-24-122110_tm2428655d1_ex99-1.htm:0]** .                                                                                     |
| Torkel Rhenman     | Executive Vice President, Advanced Polymer Solutions                     | October 2022       | Torkel Rhenman has been EVP, Advanced Polymer Solutions since October 2022. He was previously EVP, Intermediates & Derivatives, and Refining from August 2020 to September 2022  **[0001489393-24-000012_lyb-20231231.htm:23]** .                                                            |
| James Seward       | Executive Vice President and Chief Innovation Officer                    | October 2022       | James 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  **[0001489393-24-000012_lyb-20231231.htm:23]** .                       |
| Yvonne van der Laan| Executive Vice President, Circular and Low Carbon Solutions              | October 2022       | Yvonne 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  **[0001489393-24-000012_lyb-20231231.htm:24]** **[0001489393-23-000006_lyb-20221231.htm:24]** .                                                      |
| Agustin Izquierdo  | Senior 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  **[0001104659-24-122110_tm2428655d1_8k.htm:1]** . |

1ac8c2a4e998884e620d796737dd13813a6f24a8db1bc46bfaff7ddd42fa9ffd

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | May 24, 2024  **[0001489393-24-000046_lyb-20240930.htm:37]** **[0001489393-24-000046_lyb-20240930.htm:44]** **[0001489393-24-000046_lyb-20240930.htm:15]**  |
| End Date/Duration        | November 24, 2025  **[0001489393-24-000046_lyb-20240930.htm:37]** **[0001489393-24-000046_lyb-20240930.htm:44]**  |
| Total additional amount  | 34.0 million shares  **[0001489393-24-000046_lyb-20240930.htm:37]** **[0001489393-24-000046_lyb-20240930.htm:44]** **[0001489393-24-000046_lyb-20240930.htm:15]**  |
| Remaining authorization  | 32.8 million shares  **[0001489393-24-000046_lyb-20240930.htm:37]** **[0001489393-24-000046_lyb-20240930.htm:44]**  |
| Details                  | The 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.  **[0001489393-24-000046_lyb-20240930.htm:15]** **[0001489393-24-000037_lyb-20240630.htm:37]**  |

0aa60eec3458b7d755bb47f61edd682fa685bc5b423c3da987910a7bbb3c993b

**Quarterly guidance for Q4 2024:**
- **Technology Segment**: modest improvements in licensing revenue  **[LYB_3405477_8]**  (no prior guidance)  
- **O&P – Americas operating rate**: 85%  **[LYB_3405477_4]**  (no change from 85%  **[LYB_3396198_5]** )  
- **O&P – Europe, Asia & International operating rate**: 60%  **[LYB_3405477_5]**  (lowered from 80%  **[LYB_3396198_5]** )  
- **Intermediates & Derivatives operating rate**: 75%  **[LYB_3405477_6]**  (no change from 75%  **[LYB_3396198_5]** )  
- **Refining operating rate**: 90%  **[LYB_3405477_5]**  (no change from 90%  **[LYB_3396198_7]** )

569d8bc1a481aef04dcbd6950dd5dbc875f7396b4503ccf96a97529cef9da6fc

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP    | 2008  **[0001489393-24-000012_lyb-20231231.htm:75]**    | Present  | Current auditor   |

8015a40ccdaa3645908f25929e8dd2634c8a480f454e7bf24f79648242e2336f

5d4814097b3335414125a23c15fcc03ba19079bc1bd1d72ead5e575d3ee09d27

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $10,322 million (-3% YoY)  **[0001489393-23-000043_lyb-20230930.htm:21]** **[0001489393-24-000046_lyb-20240930.htm:18]** **[0001489393-24-000046_lyb-20240930.htm:6]**   
- Net Income: $573 million (**-23%** YoY)  **[0001489393-23-000043_lyb-20230930.htm:1]** **[0001489393-23-000043_lyb-20230930.htm:26]** **[0001489393-23-000043_lyb-20230930.htm:30]** **[0001489393-24-000046_lyb-20240930.htm:22]** **[0001489393-24-000046_lyb-20240930.htm:1]**   
- O&P–EAI: $2,809 million (+15% YoY)  **[0001489393-23-000043_lyb-20230930.htm:21]** **[0001489393-24-000046_lyb-20240930.htm:18]** **[0001489393-24-000046_lyb-20240930.htm:6]**   
- I&D: $2,686 million (-13% YoY)  **[0001489393-23-000043_lyb-20230930.htm:21]** **[0001489393-24-000046_lyb-20240930.htm:18]** **[0001489393-24-000046_lyb-20240930.htm:6]**   
- Refining: $2,054 million (**-23%** YoY)  **[0001489393-23-000043_lyb-20230930.htm:21]** **[0001489393-24-000046_lyb-20240930.htm:18]** **[0001489393-24-000046_lyb-20240930.htm:6]**   
- Technology: $146 million (**-33%** YoY)  **[0001489393-23-000043_lyb-20230930.htm:21]** **[0001489393-24-000046_lyb-20240930.htm:18]** **[0001489393-24-000046_lyb-20240930.htm:6]**   
- United States: $4,926 million (-7% YoY)  **[0001489393-23-000043_lyb-20230930.htm:7]** **[0001489393-24-000046_lyb-20240930.htm:6]**   
- China: $567 million (+8% YoY)  **[0001489393-23-000043_lyb-20230930.htm:7]** **[0001489393-24-000046_lyb-20240930.htm:6]**   
- Mexico: $481 million (+10% YoY)  **[0001489393-23-000043_lyb-20230930.htm:7]** **[0001489393-24-000046_lyb-20240930.htm:6]**   
- The Netherlands: $188 million (**+22%** YoY)  **[0001489393-23-000043_lyb-20230930.htm:7]** **[0001489393-24-000046_lyb-20240930.htm:6]**   

19d9f5022767157b4c95ad5289201a7bd0f4d9c61d6abaa0bf0f032450e235fc

79324b457076cdd46b9ee5cb9077690009fc60a2571eb9cecf2cc3b981a840b2

1. **European Restructuring Plans**  
   **Q:** What's the outlook and plan for European restructuring?  
   **A:** Management initiated an early assessment of their European assets due to announced shutdowns of **2–2.5 million tons** of ethylene capacity in Europe.  **[LYB_3405477_15]**  They're considering options like selling entire packages or individual sites and expect significant clarity by **2025**.  **[LYB_3405477_15]**  The aim is to increase their portfolio of cost-advantaged operations from **60%** to **70%** after exiting refining and certain European operations.  **[LYB_3405477_15]** 

2. **Normalized EBITDA Expectations**  
   **Q:** Has the normalized EBITDA for U.S. and European O&P changed?  
   **A:** The North American O&P normalized EBITDA remains largely unchanged.  **[LYB_3405477_12]**  However, Europe's earnings power is now **lower** due to higher energy costs and regulatory challenges.  **[LYB_3405477_12]**  The company is repositioning with investments in the Middle East and transforming European operations to focus on renewable and circular solutions.  **[LYB_3405477_12]** 

3. **Polyethylene Pricing Outlook**  
   **Q:** Do you expect polyethylene prices to decline in Q4?  
   **A:** They have **two price increases** in the market of **$0.03 per pound** for October and November.  **[LYB_3405477_11]**  While it's premature to predict outcomes, domestic U.S. demand is **up 6% year-to-date** and exports are **up 11%**.  **[LYB_3405477_11]**  Management remains hopeful that part of the price increases will be realized.  **[LYB_3405477_11]** 

4. **Impact of Refining Exit and MoReTec-2 Timing**  
   **Q:** Will exiting refining affect other segments, and when is MoReTec-2 FID expected?  
   **A:** Exiting refining will have **no material** earnings impact on other segments.  **[LYB_3405477_17]**  The final investment decision for MoReTec-2 is expected in **2026**, with initial steps beginning in the first quarter of next year.  **[LYB_3405477_17]**  The investment strategy has shifted to a modular concept, requiring a higher upfront commitment.  **[LYB_3405477_17]** 

5. **2025 O&P-Americas EBITDA Growth**  
   **Q:** What needs to improve for O&P-Americas EBITDA growth in 2025?  
   **A:** Continued **demand increase** in polyethylene is crucial.  **[LYB_3405477_16]**  As inflation and interest rates decrease, they anticipate improved consumer confidence boosting construction demand, benefiting PE, PP, and propylene oxide businesses.  **[LYB_3405477_16]**  Exiting the refining business, which accounts for **70%** of the EBITDA delta versus last year, will also affect results.  **[LYB_3405477_16]** 

6. **U.S. Cracker Feedstock Mix**  
   **Q:** How will the cracker feedstock mix change over time?  
   **A:** They plan to integrate renewable and circular feedstocks using MoReTec technology, especially at the Channelview site.  **[LYB_3405477_14]**  This involves small investments adding to existing infrastructure, maintaining flexible feedstock optimization without significantly altering the current mix.  **[LYB_3405477_14]** 

7. **October Polyethylene Orders Strength**  
   **Q:** What's causing strong October polyethylene orders?  
   **A:** October's strong orders result from an overhang of slower September orders and stabilized crude prices supporting both domestic and export demand.  **[LYB_3405477_10]**  Customers remain active despite seasonal slowdown expectations, leading to the strongest order book of the year.  **[LYB_3405477_10]** 

8. **Propylene Oxide (PO) and Derivatives Outlook**  
   **Q:** What's affecting PO and derivatives performance?  
   **A:** Sales are **up 4%** globally year-over-year through Q3, mainly from Europe and the U.S..  **[LYB_3405477_11]**  Higher U.S. propylene prices limit exports to Asia, impacting operating rates.  **[LYB_3405477_11]**  Q4 operating rates are projected at **75%**, affected by the Bayport turnaround.  **[LYB_3405477_11]** 

9. **APK Acquisition and Technology Integration**  
   **Q:** What's the status of the APK acquisition and its technology?  
   **A:** They now have full ownership of APK, whose advanced solution-based recycling technology focuses on laminated films.  **[LYB_3405477_13]**  Integration and scaling up are underway, aiming to make it an integral part of their offerings by **2030**.  **[LYB_3405477_13]** 

65308a11273052c359fdd2a9d7ca93a1010c8357474bf4a64708663175982411

Heavy crude oil processing rates (thousands of barrels per day)

Brent 2-1-1 (dollars per barrel)

Brent - Maya differential (dollars per barrel)

Total Maya 2-1-1 (dollars per barrel)

Percentage of raw materials used that was ethane for North American crackers (percent)

0750acc625317a4324b3abc116a11d9eb336076afc478bca3c68f33733d1871d

a694739712dbf42e8bc620a78c9eec34ed2862a80b0a55ab3a6580d5a8dbfa19

- **Overcapacity in China's polyethylene production is pressuring global margins, with LYB executives acknowledging that "everybody is bleeding" and "margins are not where they need to be".**  **[LYB_3381146_15]**
- **Recent profitability in Europe is partly due to temporary logistics disruptions in the Red Sea, which may not continue, and restocking has not yet begun, indicating potential future demand weakness.**  **[LYB_3381146_12]**
- **Certain markets, especially in durable goods, are "not at the top level yet", suggesting continued weak demand in key segments, and reliance on seasonal factors like the driving season for improvement.**  **[LYB_3381146_19]**

b04811ce0185719063fd8f38c501c9ba1b2efb549f0747992016f6fb30db9990

1. **2024 Earnings Outlook**  
   **Q:** Will earnings be up, flat, or down in 2024?  
   **A:** We expect earnings to be better than last year, mainly improving in the second half as interest rates decline and demand for durable goods increases, with recoveries in Europe and China. **[LYB_3371758_16]**

2. **O&P EAI Profitability and Strategy**  
   **Q:** How will you address O&P EAI's underperformance?  
   **A:** We are examining every option, including shutting down capacity like our Brindisi plant. We reduced capacity utilization to **65%** in Q4 to optimize cash flow, freeing up about **\$700 million** in working capital. We continue to focus on maximizing cash flow and evaluating our entire portfolio. **[LYB_3371758_18]**

3. **Value Enhancement Program Impact**  
   **Q:** What's the impact of the Value Enhancement Program?  
   **A:** We realized approximately **\$300 million** in P&L benefit in 2023 and are guiding to an exit run rate of **\$600 million** in 2024, with confidence in reaching up to **\$1 billion** by 2025. **[LYB_3371758_15]**

4. **NATPET JV Investment Returns**  
   **Q:** Is the NATPET JV deal at 10x EBITDA reasonable, and what's its growth potential?  
   **A:** The multiple is closer to **9x**, not 10x. Beyond mid-cycle EBITDA of **\$150 million**, we expect additional value from sales outside Saudi Arabia, low-cost feedstock, and license income. With potential expansion, IRR could exceed **12%**. **[LYB_3371758_12]**

5. **NATPET JV Expansion Plans**  
   **Q:** Can you explain the NATPET JV expansion and capital allocation?  
   **A:** We're planning to scale capacity from **400 KT** to **1 million tonnes**. Our **35%** ownership will apply to the expanded capacity. The expansion will be financed by the joint venture, and we don't expect to inject additional cash. **[LYB_3371758_19]**

6. **China Operations Update**  
   **Q:** What's the status of your China operations?  
   **A:** Our polyolefins JV operates at technical minimums due to challenging margins, which are slightly negative. Demand is modestly improving, and we expect better margins in the second half. Our propylene oxide JVs ran above **95%** operating rates, with high costs but strong potential as China phases out chlorine-based technologies by 2025. **[LYB_3371758_17]**

7. **PO/TBA Plant Contribution**  
   **Q:** How did the new PO/TBA plant perform in 2023?  
   **A:** We exceeded our target by running the plant at over **60%** capacity, surpassing the minimum of **50%**. We plan to ramp up to **70%** or more in 2024, reaching full benefits in 2025. **[LYB_3371758_14]**

8. **Circular Solutions CapEx**  
   **Q:** How much of growth CapEx is for circular solutions?  
   **A:** Approximately **15% to 20%** of our CapEx over 2023–2025 is allocated to circular and low-carbon solutions, consistent with our guidance. **[LYB_3371758_13]**

9. **Tax Rate and Regional Earnings Mix**  
   **Q:** Why is the 2024 tax rate increasing to 20%?  
   **A:** The effective tax rate rises by about **1%** due to decreased U.S. tax depreciation and gains from the sale of our EO&D business, not significant changes in regional earnings mix. **[LYB_3371758_17]**

10. **Dividend Payout vs. CapEx**  
    **Q:** Why base payout targets on free cash flow, not operating cash flow?  
    **A:** It's typical to use free cash flow for payout targets. We've guided sustainable CapEx of **\$1.2 to \$1.3 billion** annually, with growth CapEx of **\$2 to \$3 billion**, aiding cash flow calculations. **[LYB_3371758_20]**

30bec9d0c2fc9e51ab0be46516599c185054208f3cc91ef7e6b16baa14f8b21d

- **LYB's Intermediates and Derivatives segment is expected to remain steady**, with the new PO/TBA facility operating **better than planned rates**, positioning the company well for potential upside when durable goods demand recovers.  **[LYB_3396198_18]**
- **LYB continues to generate strong free cash flow**, with a total capital return yield of **6%** in Q2, and remains committed to returning **70%** of free cash flow to shareholders through increased dividends and share buybacks.  **[LYB_3396198_13]**
- **LYB anticipates improved earnings in the second half of the year**, supported by expected polyethylene price increases due to strong market momentum, **cheap ethane prices**, and the absorption of new capacity through demand growth and **record exports**.  **[LYB_3396198_15]**

231a1944c472e87bc797c191d4f21b7f2f64eea1d234f429f4220890c7b483d2

1. **PE Pricing Outlook**  
   **Q:** What's the outlook for PE pricing and demand?  
   **A:** Peter stated that domestic demand in the U.S. improved by **5%** versus Q4 last year, marking the strongest quarter since Q3 2022.  **[LYB_3381146_14]**  Export sales continue to grow, breaking records for the fourth consecutive quarter due to the cost advantage from the oil and gas differential.  **[LYB_3381146_14]**  Capacity utilization moved up to around **90%** in PE in the United States.  **[LYB_3381146_14]**  Price increases are out in the market for April and May, with a strong case for them to stick.  **[LYB_3381146_15]** 

2. **China Overcapacity Impact**  
   **Q:** Is China's overcapacity suppressing PE prices globally?  
   **A:** Peter acknowledged that margins in China are not where they need to be due to overcapacity, and "everyone is bleeding".  **[LYB_3381146_15]**  Despite this, U.S. exports are breaking records as material finds their way into other markets where older, less flexible facilities struggle to compete.  **[LYB_3381146_15]**  There is a strong case for U.S. price increases to stick despite China's situation.  **[LYB_3381146_15]** 

3. **CLCS EBITDA Goals**  
   **Q:** Are you confident in achieving CLCS EBITDA targets?  
   **A:** Peter expressed confidence in achieving the **$0.5 billion** EBITDA target by 2027 and the overall goals set a year ago.  **[LYB_3381146_18]**  The Circulen family volumes have doubled, and margins are strong.  **[LYB_3381146_18]**  The first MoReTec investment in Cologne is on track, with work underway and a positive timeline to start up by the end of **2025**.  **[LYB_3381146_18]**  The final investment decision on MoReTec in Houston is expected next year.  **[LYB_3381146_18]** 

4. **Cost Control and SG&A**  
   **Q:** How are investments affecting SG&A and cost savings?  
   **A:** Peter mentioned that while making good progress on the Value Enhancement Plan (VEP), a substantial part of the **$300 million** bottom-line value created last year has been reinvested in building up the Circular and Low-Carbon Solutions business, leading to higher SG&A.  **[LYB_3381146_16]**  Michael added that they continue to manage costs well, with SG&A as a percent of sales at **3.8%** despite headwinds, and are making targeted investments while being disciplined.  **[LYB_3381146_16]** 

5. **Sasol JV Consolidation**  
   **Q:** Any updates on consolidating the Sasol JV?  
   **A:** Peter stated they are pleased with the joint venture with Sasol and continue to look at opportunities to grow and upgrade the core but will be extremely disciplined in M&A activities.  **[LYB_3381146_17]**  Michael added it is not appropriate to comment on specific transactions.  **[LYB_3381146_17]** 

6. **Europe Rationalization**  
   **Q:** Any further rationalization actions in Europe?  
   **A:** Peter noted they are continuously evaluating their positions in Europe.  **[LYB_3381146_13]**  They previously rationalized their polypropylene facility in Brindisi, Italy, and are considering strategic evaluations of their assets.  **[LYB_3381146_13]**  Positive dynamics around regulation support demand for recycled products, and their Cologne assets are strategic in this regard.  **[LYB_3381146_13]** 

7. **Downstream Renewable Demand**  
   **Q:** How is demand from PE customers for renewables?  
   **A:** Peter mentioned they continue to see very good traction in the market for renewable polyethylene.  **[LYB_3381146_11]**  They doubled the volumes of the Circulen family last year.  **[LYB_3381146_11]**  They are not contracting on a cost-plus basis; the market is setting its own price points, which align with or exceed their expectations.  **[LYB_3381146_11]** 

8. **Cash Flow and Working Capital**  
   **Q:** Is the working capital build complete?  
   **A:** Michael indicated that working capital should be relatively stable in the second quarter, and any consumption in the second half is not expected to be material.  **[LYB_3381146_19]** 

9. **O&P EAI Price Trends**  
   **Q:** How do you expect O&P EAI prices to trend?  
   **A:** Peter stated that the situation in Europe is changing, with customers buying more locally due to supply chain threats.  **[LYB_3381146_12]**  They expect further advancement in profitability in the region in the second quarter.  **[LYB_3381146_12]**  Consolidation announcements in Europe could remove approximately **1.5 million tons** of ethylene capacity.  **[LYB_3381146_12]** 

762b53daa56f945d752f76ed70c655c82b60e99f7407e9d69911a5a32661c636

- The **Olefins and Polyolefins Europe, Asia, and International (O&P EAI)** segment has had **EBITDA below breakeven in 4 out of the last 6 quarters**, indicating sustained underperformance and structural challenges in profitability. Management noted capacity utilization rates reduced to **65%**, significantly below guidance of **75%**, due to weak demand.  **[LYB_3371758_18]**
- **Near-term demand remains weak**, with management expecting only modest improvements not until the second half of 2024. The first half is anticipated to be challenging with **weaker demand**, highlighting ongoing headwinds and uncertainty in market recovery.  **[LYB_3371758_16]**
- Analysts expressed concerns about **increasing capital expenditures** potentially impacting shareholder returns, questioning the balance between growth investments and cash returns to investors. Management acknowledged **annual growth CapEx ranging between $2 billion and $3 billion**, which could pressure free cash flows.  **[LYB_3371758_20]**

fb5553ec82c0698df80d4c00b4b87105e4061870df28d5536671188af51552ff

- LYB's current cost-advantaged operations represent only **60%** of production volume, meaning **40%** of production is in higher-cost regions, which could impact profitability.  **[LYB_3396198_20]**
- The company relies on favorable co-product values, especially in **butadiene**, to optimize its European crackers, suggesting possible challenges with core ethylene margins.  **[LYB_3396198_20]**
- LYB's plan to increase cost-advantaged production to **70%** after implementing a European strategic assessment indicates potential issues with the remaining **30%** of production, highlighting uncertainties in European operations.  **[LYB_3396198_20]**

21a52f055c9f6534384690ce5e5735b88a1652deafce0e15144b9c2404886a31

1. **Cash Flow and Capital Return**  
   **Q:** What's the outlook for buybacks and cash uses?  
   **A:** LyondellBasell generated **$4.4 billion** in free cash flow over the last 12 months, converting **95%** of EBITDA to cash, surpassing their **80%** target.  **[LYB_3396198_13]**  In Q2, they increased dividends and resumed some buybacks.  **[LYB_3396198_13]**  For the second half, buybacks will continue modestly as they remain cautious.  **[LYB_3396198_13]**  Long-term, they are committed to returning **70%** of free cash flow to investors.  **[LYB_3396198_13]** 

2. **European Asset Review**  
   **Q:** What's the plan for European assets—sell, upgrade, or rationalize?  
   **A:** LyondellBasell is evaluating all options for their European assets, including potential divestitures or rationalizations.  **[LYB_3396198_16]**  They have announced this publicly, allowing discussions with potential buyers.  **[LYB_3396198_16]**  The review includes both their POSM units (a **50-50 joint venture** with Covestro) and cracker/PE/PP sites.  **[LYB_3396198_16]**  They are progressing well, staying diligent and laser-focused, without delaying necessary actions.  **[LYB_3396198_16]** 

3. **Polyethylene Price Outlook**  
   **Q:** What PE price increases are expected in the second half?  
   **A:** They expect ethane to remain cheap, and there are two **$0.05 per pound** North American polyethylene price increases in the market.  **[LYB_3396198_15]**  Practically all increased capacity has been absorbed through demand growth and record exports.  **[LYB_3396198_15]**  With no inventory buildup and the hurricane season just beginning, they anticipate good momentum to support PE price increases.  **[LYB_3396198_15]** 

4. **PO/TBA Plant and Market**  
   **Q:** How is the new PO/TBA plant performing and PO demand outlook?  
   **A:** The new PO/TBA plant in Channelview operated at close to **90%** capacity during Q2, a significant success for such a major investment ramping up quickly.  **[LYB_3396198_12]**  Overall PO demand remains modest, with no noticeable rebound from durables, and they don't expect a rebound in the second half.  **[LYB_3396198_12]**  China's ban on chlorohydrin-based PO technology by end of **2025** may offset new capacity additions.  **[LYB_3396198_12]** 

5. **I&D Business Profitability**  
   **Q:** Is the recent EBITDA bump in I&D sustainable?  
   **A:** Despite challenges in durable demand, the I&D segment remains steady.  **[LYB_3396198_18]**  The new PO/TBA plant is running better than planned rates, close to benchmark.  **[LYB_3396198_18]**  With interest rates potentially coming down, they see potential upside not currently built into forecasts.  **[LYB_3396198_18]** 

6. **Demand Momentum and Maintenance**  
   **Q:** What's affecting second half momentum compared to Q2?  
   **A:** They continue to see momentum building, with US domestic PE demand in Q2 up **4%** vs Q1—the strongest quarter in **two years**.  **[LYB_3396198_17]**  Exports were up around **8–9%** vs May and June, reaching record levels.  **[LYB_3396198_17]**  While awaiting inflation and interest rates to decline, they see improvements in areas like rigid packaging.  **[LYB_3396198_17]**  Capacity utilization is affected mainly by scheduled turnarounds, not demand concerns.  **[LYB_3396198_17]** 

7. **Refinery Closure and Circular Products**  
   **Q:** Are refinery plans contingent on DOE funding, and what's in the $1B EBITDA target?  
   **A:** LyondellBasell plans to shut down the refinery by the end of Q1 **2025**.  **[LYB_3396198_11]**  They are progressing with projects like MoReTec investments and renewable hydrocarbons, leveraging existing equipment to produce feedstock for their crackers.  **[LYB_3396198_11]**  Some hydrogen projects are challenged without subsidies, but overall, they are making good progress.  **[LYB_3396198_11]** 

8. **Polypropylene Dynamics**  
   **Q:** How are you viewing global PP supply and feedstock costs?  
   **A:** US domestic PP demand was up **5%** vs Q1, the strongest quarter since Q3 **2021**.  **[LYB_3396198_19]**  PP is a more regional market than PE, with exports only **8–10%** vs **40–50%** for PE.  **[LYB_3396198_19]**  The regional dynamic is influenced by propylene feedstock costs and supply reliability, particularly with on-purpose PDH units.  **[LYB_3396198_19]**  Significant growth in China has made PP markets more regional.  **[LYB_3396198_19]** 

9. **Circular Plastics and 2030 Targets**  
   **Q:** Do issues with circular plastics initiatives raise concerns for 2030 targets?  
   **A:** LyondellBasell's MoReTec technology is different, being a catalytic process leveraging their expertise in catalysis.  **[LYB_3396198_14]**  They have a unit operational in Ferrara and are progressing well with investments in Wesseling.  **[LYB_3396198_14]**  They are confident in their technology and experience.  **[LYB_3396198_14]** 

10. **Feedstock Optimization**  
    **Q:** Did attractive naphtha co-product values influence feedstock choices?  
    **A:** Yes, they ran at **60%** naphtha in EAI due to very good co-product values, especially in butadiene.  **[LYB_3396198_20]**  This was considered the best optimization for their European crackers at the time.  **[LYB_3396198_20]**  They continually optimize their feedstock slate week-to-week to produce the best value.  **[LYB_3396198_20]** 

08e8002f1539c2dc3e40152e32a0a9651bfcda558bfbc77ca24e5c3d762641f7

| Year  | Amount Due (in millions) | Debt Type              | Interest Rate (%) | % of Total Debt Calculation                                                                 |
|-------|---------------------------|------------------------|-------------------|-------------------------------------------------------------------------------------------|
| 2024  | $121                     | Precious Metal Financings | 1.2             | 1.1% = (121 / 11,260) * 100 **[0001489393-24-000046_lyb-20240930.htm:36]** **[0001489393-24-000046_lyb-20240930.htm:9]**                                              |
| 2024  | $7                       | Current Maturities of Long-Term Debt | N/A           | 0.1% = (7 / 11,260) * 100 **[0001489393-24-000046_lyb-20240930.htm:36]** **[0001489393-24-000046_lyb-20240930.htm:7]**                                                |
| 2025  | $486                     | Guaranteed Notes       | 1.25             | 4.3% = (486 / 11,260) * 100 **[0001489393-24-000046_lyb-20240930.htm:36]** **[0001489393-24-000046_lyb-20240930.htm:7]**                                              |
| 2026  | $553                     | Guaranteed Notes       | 0.875            | 4.9% = (553 / 11,260) * 100 **[0001489393-24-000046_lyb-20240930.htm:36]** **[0001489393-24-000046_lyb-20240930.htm:7]**                                              |
| 2027  | $888                     | Guaranteed Notes       | 3.5 / 8.1        | 7.9% = (888 / 11,260) * 100 **[0001489393-24-000046_lyb-20240930.htm:36]** **[0001489393-24-000046_lyb-20240930.htm:7]**                                              |
| 2030  | $605                     | Guaranteed Notes       | 3.375 / 2.25     | 5.4% = (605 / 11,260) * 100 **[0001489393-24-000046_lyb-20240930.htm:36]** **[0001489393-24-000046_lyb-20240930.htm:7]**                                              |
| 2031  | $552                     | Guaranteed Notes       | 1.625            | 4.9% = (552 / 11,260) * 100 **[0001489393-24-000046_lyb-20240930.htm:36]** **[0001489393-24-000046_lyb-20240930.htm:7]**                                              |
| 2033  | $495                     | Guaranteed Notes       | 5.625            | 4.4% = (495 / 11,260) * 100 **[0001489393-24-000046_lyb-20240930.htm:36]** **[0001489393-24-000046_lyb-20240930.htm:7]**                                              |
| 2034  | $738                     | Guaranteed Notes       | 5.5              | 6.6% = (738 / 11,260) * 100 **[0001489393-24-000046_lyb-20240930.htm:36]** **[0001489393-24-000046_lyb-20240930.htm:7]**                                              |
| 2040  | $742                     | Guaranteed Notes       | 3.375            | 6.6% = (742 / 11,260) * 100 **[0001489393-24-000046_lyb-20240930.htm:36]** **[0001489393-24-000046_lyb-20240930.htm:7]**                                              |
| 2043  | $726                     | Guaranteed Notes       | 5.25             | 6.4% = (726 / 11,260) * 100 **[0001489393-24-000046_lyb-20240930.htm:36]** **[0001489393-24-000046_lyb-20240930.htm:7]**                                              |
| 2044  | $982                     | Guaranteed Notes       | 4.875            | 8.7% = (982 / 11,260) * 100 **[0001489393-24-000046_lyb-20240930.htm:36]** **[0001489393-24-000046_lyb-20240930.htm:7]**                                              |
| 2049  | $976                     | Guaranteed Notes       | 4.2              | 8.7% = (976 / 11,260) * 100 **[0001489393-24-000046_lyb-20240930.htm:36]** **[0001489393-24-000046_lyb-20240930.htm:7]**                                              |
| 2050  | $981                     | Guaranteed Notes       | 4.2              | 8.7% = (981 / 11,260) * 100 **[0001489393-24-000046_lyb-20240930.htm:36]** **[0001489393-24-000046_lyb-20240930.htm:7]**                                              |
| 2051  | $935                     | Guaranteed Notes       | 3.625            | 8.3% = (935 / 11,260) * 100 **[0001489393-24-000046_lyb-20240930.htm:36]** **[0001489393-24-000046_lyb-20240930.htm:7]**                                              |
| 2055  | $975                     | Senior Notes           | 4.625            | 8.7% = (975 / 11,260) * 100 **[0001489393-24-000046_lyb-20240930.htm:36]** **[0001489393-24-000046_lyb-20240930.htm:7]**                                              |
| 2060  | $486                     | Guaranteed Notes       | 3.8              | 4.3% = (486 / 11,260) * 100 **[0001489393-24-000046_lyb-20240930.htm:36]** **[0001489393-24-000046_lyb-20240930.htm:7]**                                              |

303a4996ae985e4b55902a3a77de5801b2f0877a83db13037d44f6336dbedbaf

- **Expectation of improved earnings in 2024**, particularly in the second half, as the company anticipates better demand due to lower interest rates and increased durable goods consumption.  **[LYB_3371758_16]**
- **Strong performance and ramp-up of the new PO/TBA plant**, exceeding targets by running at over 60% capacity in 2023 and aiming for over 70% in 2024, contributing an estimated **$450 million** at mid-cycle margins when fully operational.  **[LYB_3371758_14]**
- **Active management of assets and cash**, including optimizing working capital by freeing up **$700 million** in Q4 2023, shutting down underperforming facilities, and committing to return **70% of free cash flow** to shareholders over the long term.  **[LYB_3371758_20]** **[LYB_3371758_18]**

d429c30c3160ab12289ae65544c4dc460942d60f70a5106caa723c67901eb92f

- **Exceptional Q3 performance due to skyrocketing oxyfuels margins**, enabled by LyondellBasell's new PO/TBA facilities, demonstrating the company's agility and capacity to maximize value from strategic investments.  **[LYB_3362527_16]**
- **Strong cash flow performance and disciplined capital allocation**, with commitments to shareholders including a **70% payout target for free cash flow**, highlighting the company's focus on delivering shareholder value.  **[LYB_3362527_10]**
- **Demand in the polypropylene segment is showing growth quarter-over-quarter**, particularly in the **automotive sector**, indicating positive trends and potential for future growth in the company's portfolio.  **[LYB_3362527_14]**

9dcbb320ebfe1a0e5c9675b26fa8ce8f5a734c798479ee84796c96b1614fd220

LyondellBasell Industries NV (LYB)

Financials