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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 ____________________________________________
FORM 8-K
____________________________________________ 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 2, 2024
____________________________________________ 
LYONDELLBASELL INDUSTRIES N.V.
(Exact name of registrant as specified in its charter) 
 ____________________________________________ 
Netherlands001-3472698-0646235
(State or other jurisdiction
of incorporation)		(Commission
file number)		(I.R.S. Employer
Identification No.)
1221 McKinney St.,
4th Floor, One Vine Street
Suite 300LondonDelftseplein 27E
Houston, Texas
W1J0AH3013AARotterdam
USA77010United KingdomNetherlands
(Address of principal executive offices) (Zip code)
(713)309-7200+44 (0)207220 2600+31 (0)102755 500
(Registrant’s telephone numbers, including area codes) 
(Former name or former address, if changed since last report)
_____________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange On Which Registered
Ordinary Shares, €0.04 Par ValueLYBNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 2.02.    Results of Operations and Financial Conditions.
On August 2, 2024, LyondellBasell Industries N.V. announced earnings results for the quarter ended June 30, 2024 and provided a supplemental discussion of segment results. Copies of our earnings release and segment results are attached as Exhibit 99.1 and 99.2, respectively, and are incorporated into this Item 2.02 by reference.
The information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 furnished herewith, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and will not be incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.


Item 9.01.     Financial Statements and Exhibits.
(d) Exhibits
Exhibit NumberDescription
99.1
99.2
104The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
  LYONDELLBASELL INDUSTRIES N.V.
Date: August 2, 2024 
By:/s/ Jeffrey A. Kaplan
  Jeffrey A. Kaplan
  Executive Vice President
and General Counsel







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NEWS RELEASE

FOR IMMEDIATE RELEASE
HOUSTON and LONDON, August 2, 2024

LyondellBasell Reports Second Quarter 2024 Earnings


Second Quarter 2024 Highlights
•Net income: $924 million, $734 million excluding identified items(a)
•Diluted earnings per share: $2.82 per share; $2.24 per share excluding identified items
•EBITDA: $1.6 billion, $1.4 billion excluding identified items
•Cash from operating activities: $1.3 billion
•Increased quarterly dividend by 7% to $1.34 per share
•Returned $513 million to shareholders through dividends and share repurchases
•Taking additional actions to grow and upgrade our core businesses
◦Completed divestment of Ethylene Oxide and Derivatives (EO&D) business
◦Completed acquisition of 35% share in NATPET integrated polypropylene joint venture in Saudi Arabia
◦Announced strategic review of European assets

Comparisons with the prior quarter and second quarter 2023 are available in the following table:
Table 1 - Earnings Summary
Millions of U.S. dollars (except share data)Three Months EndedSix Months Ended
June 30,
2024		March 31,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Sales and other operating revenues$10,558$9,925$10,306$20,483$20,553
Net income9244737151,3971,189
Diluted earnings per share2.821.442.184.253.62
Weighted average diluted share count326326326326327
EBITDA(a)
1,6441,0471,3832,6912,514
Excluding Identified Items(a)
Net income excluding identified items$734$501$801$1,235$1,623
Diluted earnings per share excluding identified items2.241.532.443.764.94
Gain on sale of business, pre-tax(293)——(293)—
Impairments, pre-tax————252
Refinery exit costs, pre-tax423611178235
EBITDA excluding identified items1,3731,0631,4502,4362,902
(a) See “Information Related to Financial Measures” for a discussion of the company’s use of non-GAAP financial measures and Tables 2-6 for reconciliations or calculations of these financial measures. “Identified items” include adjustments for lower of cost or market (“LCM”), gain on sale of business, impairments and refinery exit costs.




LyondellBasell Industries (NYSE: LYB) (the "company") today announced net income for the second quarter 2024 of $924 million, or $2.82 per diluted share. During the quarter, the company recognized identified items of $190 million, net of tax. These items, which benefited second quarter earnings by $0.58 per share, were related to the gain on the sale of the EO&D business, partially offset by costs incurred from plans to exit the refining business. Second quarter 2024 EBITDA was $1.6 billion, or $1.4 billion excluding identified items.

Second quarter volumes benefited from increased production and improving seasonal demand. In North America, olefins and polyolefins volumes increased while favorable ethane and natural gas costs continued to provide support for integrated margins. In Europe, integrated polyethylene margins expanded with increased utilization of advantaged LPG feedstocks. The company's Intermediates and Derivatives segment delivered record quarterly oxyfuels volumes driven by production from LYB's newest PO/TBA asset. Intermediate chemical margins and volumes improved, largely due to higher production from LYB's acetyls assets. Refining margins fell sequentially due to lower crack spreads.
In the second quarter, the company's strong cash conversion(b) resulted in $1.3 billion in cash from operating activities. LYB remains committed to its balanced and disciplined capital allocation strategy. The company invested $484 million in capital expenditures and returned $513 million to shareholders through dividends and share repurchases. LYB maintained a robust investment-grade balance sheet with $2.9 billion in cash and short-term investments and $7.0 billion in available liquidity.
LYB continues to take actions to grow and upgrade its core businesses. In the second quarter, the company divested the EO&D business for $700 million, while investing approximately $500 million to acquire a 35% stake in the feedstock-advantaged NATPET joint venture in Saudi Arabia. NATPET is continuing to progress toward a final investment decision to more than double the polymer capacity of the joint venture. Additionally, LYB announced a strategic review of some of its European assets to position the company for a more sustainable and circular future by strengthening profitability and competitive advantage in the region.
“Increased production from LYB's assets, higher integrated margins and rising seasonal demand drove sequential improvements in second quarter profitability. Underlying business results increased by nearly 30 percent over the first quarter. We continue to make significant strides on our ambitions to grow and upgrade our core businesses as part of our three-pillar strategy to unlock value. In the second quarter, we completed the divestiture of a non-core asset, increased our cost-advantaged footprint in the Middle East and announced our work underway to reposition our European businesses for future success,” said Peter Vanacker, LyondellBasell chief executive officer.


OUTLOOK
In the third quarter, the company expects margins to continue to benefit from low costs for natural gas and natural gas liquids utilized in LYB's North American and Middle East production relative to higher oil-based costs in most other regions. With the summer driving season underway, oxyfuels margins are expected to remain above historical levels with high octane premiums. During the third quarter, LYB expects to operate its assets in line with market demand with average operating rates of 85% for North American olefins and polyolefins (O&P) assets, 80% for European O&P assets and 75% for Intermediates & Derivatives assets.

“We are confident that our actions to grow and upgrade our core businesses will deliver lasting benefits for LYB. June year-to-date market demand for polyethylene and polypropylene produced in North America is up by more than 10%

(b) Cash conversion is net cash provided by operating activities divided by EBITDA excluding LCM, gain on sale of business and impairment.



and 5%, respectively. A decade of North American polyolefin capacity additions have been absorbed due to growing market demand and we expect minimal capacity to be added in the region over the next several years. The LYB team continues to be laser-focused on operating safely and delivering results. We are reshaping our portfolio to serve our customer's needs for more sustainable products while continuing to deliver leading returns for our shareholders,” said Vanacker.

CONFERENCE CALL
LYB will host a conference call August 2 at 11 a.m. ET. Participants on the call will include Chief Executive Officer Peter Vanacker, Executive Vice President and Chief Financial Officer Michael McMurray, Executive Vice President of Global Olefins and Polyolefins and Refining Kim Foley, Executive Vice President of Intermediates and Derivatives Aaron Ledet, Executive Vice President of Advanced Polymer Solutions Torkel Rhenman and Head of Investor Relations David Kinney. For event access, the toll-free dial-in number is 1-877-407-8029, international dial-in number is 201-689-8029 or click the CallMe link. The slides and webcast that accompany the call will be available at www.LyondellBasell.com/earnings. A replay of the call will be available from 1:00 p.m. ET August 2 until September 2, 2024. The replay toll-free dial-in numbers are 1-877-660-6853 and 201-612-7415. The access ID for each is 13743073.

ABOUT LYONDELLBASELL
We are LyondellBasell (NYSE: LYB) – a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world's largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit www.LyondellBasell.com or follow @LyondellBasell on LinkedIn.

FORWARD-LOOKING STATEMENTS
The statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. When used in this release, the words “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Actual results could differ materially based on factors including, but not limited to, market conditions, the business cyclicality of the chemical, polymers and refining industries; the availability, cost and price volatility of raw materials and utilities, particularly the cost of oil, natural gas, and associated natural gas liquids; our ability to successfully implement initiatives identified pursuant to our Value Enhancement Program and generate anticipated earnings; competitive product and pricing pressures; labor conditions; our ability to attract and retain key personnel; operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, supplier disruptions, labor shortages, strikes, work stoppages or other labor difficulties, transportation interruptions, spills and releases and other environmental risks); the supply/demand balances for our and our joint ventures’ products, and the related effects of industry production capacities and operating rates; our ability to manage costs; future financial and operating results; our ability to align our assets and grow and upgrade our core, including the results of our strategic review of certain European assets; legal and environmental proceedings; tax rulings, consequences or proceedings; technological developments, and our ability to develop new products and process technologies; our ability to meet our sustainability goals, including the ability to operate safely, increase


production of recycled and renewable-based polymers to meet our targets and forecasts, and reduce our emissions and achieve net zero emissions by the time set in our goals; our ability to procure energy from renewable sources; our ability to build a profitable Circular & Low Carbon Solutions business; the continued operation of and successful shut down and closure of the Houston Refinery, including within the expected timeframe; potential governmental regulatory actions; political unrest and terrorist acts; risks and uncertainties posed by international operations, including foreign currency fluctuations; and our ability to comply with debt covenants and to repay our debt. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2023, which can be found at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission’s website at www.sec.gov. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change, except as required by law.

This release contains time sensitive information that is accurate only as of the date hereof. Information contained in this release is unaudited and is subject to change.

We undertake no obligation to update the information presented herein except as required by law.

INFORMATION RELATED TO FINANCIAL MEASURES
This release makes reference to certain non-GAAP financial measures as defined in Regulation G of the U.S. Securities Exchange Act of 1934, as amended.

We report our financial results in accordance with U.S. generally accepted accounting principles, but believe that certain non-GAAP financial measures, such as EBITDA, and EBITDA, net income and diluted EPS exclusive of identified items provide useful supplemental information to investors regarding the underlying business trends and performance of the company's ongoing operations and are useful for period-over-period comparisons of such operations. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP.

We calculate EBITDA as income from continuing operations plus interest expense (net), provision for (benefit from) income taxes, and depreciation and amortization. EBITDA should not be considered an alternative to profit or operating profit for any period as an indicator of our performance, or as an alternative to operating cash flows as a measure of our liquidity. We also present EBITDA, net income and diluted EPS exclusive of identified items. Identified items include adjustments for “lower of cost or market" (“LCM”), gain on sale of business, impairments and refinery exit costs. Our inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out (“LIFO”) inventory valuation methodology, which means that the most recently incurred costs are charged to cost of sales and inventories are valued at the earliest acquisition costs. Fluctuation in the prices of crude oil, natural gas and correlated products from period to period may result in the recognition of charges to adjust the value of inventory to the lower of cost or market in periods of falling prices and the reversal of those charges in subsequent interim periods, within the same fiscal year as the charge, as market prices recover. A gain or loss on sale of a business is calculated as the consideration received from the sale less its carrying value. Property, plant and equipment are recorded at historical costs. If it is determined that an asset or asset group’s undiscounted future cash flows will not be sufficient to


recover the carrying amount, an impairment charge is recognized to write the asset down to its estimated fair value. Goodwill is tested for impairment annually in the fourth quarter or whenever events or changes in circumstances indicate that the fair value of a reporting unit with goodwill is below its carrying amount. If it is determined that the carrying value of the reporting unit including goodwill exceeds its fair value, an impairment charge is recognized. We assess our equity investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. If the decline in value is considered to be other than temporary the investment is written down to its estimated fair value. In April 2022 we announced our decision to cease operation of our Houston Refinery. In connection with exiting the refinery business, we began to incur costs primarily consisting of accelerated lease amortization costs, personnel related costs, accretion of asset retirement obligations and depreciation of asset retirement costs.

Cash conversion is a measure commonly used by investors to evaluate liquidity. Cash conversion means net cash provided by operating activities divided by EBITDA excluding LCM, gain on sale of business and impairment. We believe cash conversion is an important financial metric as it helps management and other parties determine how efficiently the company is converting earnings into cash.

These non-GAAP financial measures as presented herein, may not be comparable to similarly titled measures reported by other companies due to differences in the way the measures are calculated. In addition, we include calculations for certain other financial measures to facilitate understanding. This release contains time sensitive information that is accurate only as of the time hereof. Information contained in this release is unaudited and subject to change.

LyondellBasell undertakes no obligation to update the information presented herein except to the extent required by law.

Additional operating and financial information may be found on our website at www.LyondellBasell.com/investorrelations.

###

Source: LyondellBasell Industries

Media Contact: Monica Silva +1 713-309-7575
Investor Contact: David Kinney +1 713-309-7141



Table 2 - Reconciliations of Net Income to Net Income Excluding Identified Items and to EBITDA Including and Excluding Identified Items
Three Months EndedSix Months Ended
Millions of U.S. dollarsJune 30,
2024		March 31,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Net income $924 $473 $715 $1,397 $1,189 
Identified items
less: Gain on sale of business, pre-tax(a)
(293)— — (293)— 
add: Impairments, pre-tax(b)
— — — — 252 
add: Refinery exit costs, pre-tax(c)
42 36 111 78 235 
add: Provision for (benefit from) income taxes related to identified items61 (8)(25)53 (53)
Net income excluding identified items$734 $501 $801 $1,235 $1,623 
Net income$924 $473 $715 $1,397 $1,189 
Loss from discontinued operations, net of tax1 1 2 2 3 
Income from continuing operations925 474 717 1,399 1,192 
Provision for income taxes249 122 188 371 355 
Depreciation and amortization(d)
387 365 391 752 787 
Interest expense, net83 86 87 169 180 
EBITDA1,644 1,047 1,383 2,691 2,514 
Identified items
less: Gain on sale of business(a)
(293)— — (293)— 
add: Impairments(b)
— — — — 252 
add: Refinery exit costs(e)
22 16 67 38 136 
EBITDA excluding identified items$1,373 $1,063 $1,450 $2,436 $2,902 
(a) In the second quarter of 2024, we sold our U.S. Gulf Coast-based EO&D business, which resulted in recognition of a gain included in our I&D segment.
(b) The six months ended June 30, 2023 reflects a non-cash goodwill impairment charge in our Advanced Polymer Solutions segment.
(c) Refinery exit costs include accelerated lease amortization costs, personnel related costs, accretion of asset retirement obligations and depreciation of asset retirement costs. See Table 6 for additional detail on refinery exit costs.
(d) Depreciation and amortization includes depreciation of asset retirement costs in connection with exiting the Refining business. See Table 6 for additional detail on refinery exit costs.
(e) Refinery exit costs include accelerated lease amortization costs, personnel related costs and accretion of asset retirement obligations. See Table 6 for additional detail on refinery exit costs.


Table 3 - Reconciliation of Diluted EPS to Diluted EPS Excluding Identified Items
Three Months EndedSix Months Ended
June 30,
2024		March 31,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Diluted earnings per share $2.82 $1.44 $2.18 $4.25 $3.62 
Identified items
less: Gain on sale of business(0.68)— — (0.68)— 
add: Impairments— — — — 0.77 
add: Refinery exit costs0.10 0.09 0.26 0.19 0.55 
Diluted earnings per share excluding identified items $2.24 $1.53 $2.44 $3.76 $4.94 


Table 4 - Calculation of Cash and Liquid Investments and Total Liquidity
Millions of U.S. dollarsJune 30,
2024
Cash and cash equivalents and restricted cash$2,864 
Short-term investments— 
Cash and liquid investments$2,864 
add:
Availability under Senior Revolving Credit Facility3,250 
Availability under U.S. Receivables Facility900 
Total liquidity$7,014 
Table 5 - Calculation of Dividends and Share Repurchases
Three Months Ended
Millions of U.S. dollarsJune 30, 2024
Dividends - common stock$438 
Repurchase of Company ordinary shares75 
Dividends and share repurchases$513 
Table 6 - Refinery Exit Costs
Three Months EndedSix Months Ended
Millions of U.S. dollarsJune 30, 2024March 31, 2024June 30, 2023June 30, 2024June 30, 2023
Refinery exit costs:
Accelerated lease amortization costs$10 $8 $38 $18 $89 
Personnel costs10 6 27 16 43 
Asset retirement obligation accretion2 2 2 4 4 
Asset retirement cost depreciation20 20 44 40 99 
Total refinery exits costs$42 $36 $111 $78 $235 


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LYONDELLBASELL BUSINESS RESULTS DISCUSSION BY REPORTING SEGMENT
LyondellBasell manages operations through six operating segments: 1) Olefins and Polyolefins-Americas; 2) Olefins and Polyolefins-Europe, Asia and International; 3) Intermediates and Derivatives; 4) Advanced Polymer Solutions; 5) Refining; and 6) Technology.

This information should be read in conjunction with our Earnings Release for the period ended June 30, 2024, including the forward-looking statements and information related to financial measures.

Olefins & Polyolefins-Americas (O&P-Americas) - Our O&P-Americas segment produces and markets olefins & co-products, polyethylene and polypropylene.

Table 1 - O&P-Americas Financial Overview
Millions of U.S. dollars Three Months EndedSix Months Ended
June 30,
2024		March 31,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Operating income$519$356$524$875$895
EBITDA670 521 679 1,191 1,220 

Three months ended June 30, 2024 versus three months ended March 31, 2024 - EBITDA increased $149 million versus the first quarter 2024. Compared to the prior period, olefins results increased approximately $120 million largely due to increased production following asset downtime in the first quarter 2024 coupled with higher margins due to favorable ethylene pricing. The company's ethylene crackers operated at about 95% of capacity with the raw materials being 75% ethane and 25% other natural gas liquids. Combined polyolefins results increased approximately $45 million driven by higher margins for polyolefins due to increased polyethylene pricing despite higher ethylene costs and increased polypropylene spreads driven by lower propylene costs. Equity income fell by approximately $10 million.

Three months ended June 30, 2024 versus three months ended June 30, 2023 - EBITDA decreased $9 million versus the second quarter 2023. Olefins results increased approximately $110 million driven by higher margins due to higher sales prices driven by industry outages and favorable pricing on co-products. Combined polyolefin results decreased approximately $65 million due to lower margins driven by higher monomer costs. Equity income decreased by approximately $15 million due to higher raw material costs.

1

Olefins & Polyolefins-Europe, Asia, International (O&P-EAI) - Our O&P-EAI segment produces and markets olefins & co-products, polyethylene and polypropylene.

Table 2 - O&P-EAI Financial Overview
Millions of U.S. dollars Three Months EndedSix Months Ended
June 30,
2024		March 31,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Operating income (loss)$30$(11)$54$19$75
EBITDA70148484161

Three months ended June 30, 2024 versus three months ended March 31, 2024 - EBITDA increased $56 million versus the first quarter 2024. Compared to the prior period, olefins results increased approximately $40 million primarily due to higher margins driven by higher ethylene sales price coupled with increased utilization of advantaged LPG feedstocks in Europe. The company's ethylene crackers operated at approximately 90% of capacity with about 40% of the raw materials derived from non-naphtha feedstocks. Combined polyolefins results increased approximately $10 million compared to the prior period due to higher margins driven by polypropylene pricing with increased product sales price coupled with lower monomer costs. Equity income increased by approximately $15 million driven by improved margins.

Three months ended June 30, 2024 versus three months ended June 30, 2023 - EBITDA decreased $14 million versus the second quarter 2023. Compared to the prior period, olefins results decreased approximately $15 million driven by lower margins due to higher feedstock costs. Combined polyolefins results increased approximately $20 million due to higher product pricing in low density polyethylene and polypropylene. Joint venture equity income remained flat as improving margins in Asia were offset by lower margins across other regions.

Intermediates & Derivatives (I&D) - Our I&D segment produces and markets Propylene Oxide & Derivatives, Oxyfuels & Related Products and Intermediate Chemicals, such as styrene monomer, acetyls and ethylene glycol.

Table 3 - I&D Financial Overview
Millions of U.S. dollars Three Months EndedSix Months Ended
June 30,
2024		March 31,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Operating income$392$212$361$604$681
EBITDA7943124721,106898
Identified items: Gain on sale of business(293)——(293)—
EBITDA excluding identified items501312472813898

Three months ended June 30, 2024 versus three months ended March 31, 2024 - EBITDA increased $482 million compared to the first quarter 2024 or $189 million excluding a gain on the sale of our Ethylene Oxide and Derivatives business of $293 million in the second quarter of 2024. Compared to the prior period, Propylene Oxide & Derivatives results increased approximately $5 million due to higher volumes as demand modestly improved. Intermediate Chemicals results increased approximately $50 million due to higher volumes following asset downtime in the first quarter and increased acetyls margins driven by lower natural gas costs coupled with higher product pricing. Oxyfuels & Related Products results increased approximately $90 million largely driven by higher volumes following asset downtime in the first quarter and record oxyfuels volumes in the second quarter.
2


Three months ended June 30, 2024 versus three months ended June 30, 2023 - EBITDA increased $322 million versus the second quarter 2023 or $29 million excluding a gain on the sale of our Ethylene Oxide and Derivatives business of $293 million in the second quarter of 2024. Compared to the prior period, Propylene Oxide & Derivatives results increased approximately $15 million due to higher volumes as demand improved partially offset by lower derivatives margins as product pricing declined. Intermediate Chemicals results increased approximately $15 million driven by increased styrene margins partially offset by lower acetyls product pricing. Oxyfuels & Related Products results decreased approximately $20 million due to lower margins as gasoline crack spreads declined relative to the prior year.

Advanced Polymer Solutions (APS) - Our Advanced Polymer Solutions segment produces and markets Compounding & Solutions, such as polypropylene compounds, engineered plastics, masterbatches, engineered composites, colors and powders.

Table 4 - Advanced Polymer Solutions Financial Overview
Millions of U.S. dollars Three Months EndedSix Months Ended
June 30,
2024		March 31,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Operating income (loss)$15$13$9$28$(238)
EBITDA40353475(192)
Identified items: Goodwill impairment————252
EBITDA excluding identified items4035347560

Three months ended June 30, 2024 versus three months ended March 31, 2024 - Compared to the first quarter 2024, EBITDA increased $5 million driven by higher margins as prices modestly improved.

Three months ended June 30, 2024 versus three months ended June 30, 2023 - Compared to the second quarter 2023, EBITDA increased $6 million, driven by higher volumes.
3

Refining - Our Refining segment produces and markets gasoline and distillates, including diesel fuel, heating oil and jet fuel.

Table 5 - Refining Financial Overview
Millions of U.S. dollars Three Months EndedSix Months Ended
June 30,
2024		March 31,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Operating (loss) income$(57)$24$(3)$(33)$183
EBITDA(7)554748293
Identified items: Refinery exit costs22166738136
EBITDA excluding identified items157111486429

Three months ended June 30, 2024 versus three months ended March 31, 2024 - Relative to the first quarter 2024, EBITDA decreased $62 million, or $56 million excluding second quarter 2024 exit costs of $22 million and first quarter 2024 exit costs of $16 million. Compared to the prior period, volumes were higher following asset downtime in the first quarter 2024. Margins declined in the second quarter 2024 as the Maya 2-1-1 industry crack spread decreased by $5 per barrel to $29 per barrel coupled with gasoline pricing increases, offset by mark-to-market benefit from our commodity hedges. The Houston Refinery operated at an average crude throughput of 250,000 barrels per day which corresponds to a utilization rate of 93%.

Three months ended June 30, 2024 versus three months ended June 30, 2023 - Relative to the second quarter 2023, EBITDA decreased $54 million, or $99 million excluding second quarter 2024 exit costs of $22 million and second quarter 2023 exit costs of $67 million. Compared to the prior period, margins decreased with the Maya 2-1-1 industry crack spread decreasing approximately $10 per barrel driven by a lower Maya differential as heavy crude tightened from prior year. Crude throughput increased by approximately 5,000 barrels per day due to improvements in operations.

Technology - Our Technology segment develops and licenses chemical and polyolefin process technologies and manufactures and sells polyolefin catalysts.

Table 6 - Technology Financial Overview
Millions of U.S. dollars Three Months EndedSix Months Ended
June 30,
2024		March 31,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Operating income$72$109$70$181$131
EBITDA8411879202152

Three months ended June 30, 2024 versus three months ended March 31, 2024 - EBITDA decreased $34 million compared to the prior period with licensing revenues normalizing following a strong prior quarter.

Three months ended June 30, 2024 versus three months ended June 30, 2023 - EBITDA increased $5 million relative to the second quarter 2023. Compared to the prior period, licensing revenue has increased due to contracts meeting significant milestones.
4

Capital Spending and Cash Balances
Capital expenditures, including sustaining maintenance and profit-generating growth projects, were $484 million during the second quarter 2024. At the end of the quarter, cash and liquid investment balances were $2.9 billion, which includes cash and cash equivalents, restricted cash and short-term investments. There were 325 million common shares outstanding as of June 30, 2024. The company paid dividends of $438 million and repurchased approximately 0.8 million shares during the second quarter 2024.

Table 7 - Reconciliation of EBITDA to EBITDA Excluding Identified Items by Segment
Three Months EndedSix Months Ended
Millions of U.S. dollarsJune 30,
2024		March 31,
2024		June 30,
2023		June 30,
2024		June 30,
2023
EBITDA:
Olefins & Polyolefins - Americas$670 $521 $679 $1,191 $1,220 
Olefins & Polyolefins - EAI70 14 84 84 161 
Intermediates & Derivatives794 312 472 1,106 898 
Advanced Polymer Solutions40 35 34 75 (192)
Refining(7)55 47 48 293 
Technology84 118 79 202 152 
Other(7)(8)(12)(15)(18)
EBITDA$1,644 $1,047 $1,383 $2,691 $2,514 
Identified items:
less: Gain on sale of business:
Intermediates & Derivatives$(293)$— $— $(293)$— 
add: Impairments:
Advanced Polymer Solutions— — — — 252 
add: Refinery exit costs:
Refining22 16 67 38 136 
Total Identified items: $(271)$16 $67 $(255)$388 
EBITDA excluding identified items:
Olefins & Polyolefins - Americas$670 $521 $679 $1,191 $1,220 
Olefins & Polyolefins - EAI70 14 84 84 161 
Intermediates & Derivatives501 312 472 813 898 
Advanced Polymer Solutions40 35 34 75 60 
Refining15 71 114 86 429 
Technology84 118 79 202 152 
Other(7)(8)(12)(15)(18)
EBITDA excluding Identified items$1,373 $1,063 $1,450 $2,436 $2,902 
5
v3.24.2.u1
Document and Entity Information Document
Aug. 02, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Aug. 02, 2024
Entity Registrant Name LYONDELLBASELL INDUSTRIES N.V.
Entity Incorporation, State or Country Code P7
Entity File Number 001-34726
Entity Tax Identification Number 98-0646235
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Ordinary Shares, €0.04 Par Value
Trading Symbol LYB
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001489393
Amendment Flag false
Entity Addresses [Line Items]  
Entity Address, Address Line One 1221 McKinney St.
Entity Address, Address Line Two Suite 300
Entity Address, City or Town Houston
Entity Address, State or Province TX
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Entity Address, Postal Zip Code 77010
City Area Code (713)
Local Phone Number 309-7200
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Entity Address, City or Town London
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Entity Address, Postal Zip Code W1J0AH
Country Region +44 (0)
City Area Code 207
Local Phone Number 220 2600
Netherlands  
Entity Addresses [Line Items]  
Entity Address, Address Line One Delftseplein 27E
Entity Address, City or Town Rotterdam
Entity Address, Country NL
Entity Address, Postal Zip Code 3013AA
Country Region +31 (0)
City Area Code 10
Local Phone Number 2755 500
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