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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): February 2, 2024
____________________________________________ 
LYONDELLBASELL INDUSTRIES N.V.
(Exact Name of Registrant as Specified in Charter) 
 ____________________________________________ 
Netherlands001-3472698-0646235
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
1221 McKinney St.,
4th Floor, One Vine Street
Suite 300LondonDelftseplein 27E
Houston, Texas
W1J0AH3013AARotterdam
USA77010United KingdomNetherlands
(Addresses 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 February 2, 2024, LyondellBasell Industries N.V. announced earnings results for the quarter ended December 31, 2023 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: February 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, February 2, 2024
LyondellBasell Reports 2023 Earnings
Fourth Quarter 2023 Highlights
•Net Income: $185 million, $411 million excluding identified items(a)
•Diluted earnings per share: $0.56 per share, $1.26 per share excluding identified items
•EBITDA: $639 million, $910 million excluding identified items
•Generated $1.5 billion of cash from operating activities resulting in 171% cash conversion(b)
•Returned $406 million in dividends to shareholders
•Took final investment decision to build first commercial-scale catalytic advanced recycling plant utilizing LYB's proprietary MoReTec technology
•Announced divestiture of Ethylene Oxide and Derivatives business for $700 million

Subsequent Event
•Entered agreement to acquire 35% of NATPET, a Saudi Arabian PDH/PP joint venture, for $500 million

Full Year 2023 Highlights
Delivered resilient results amid bottoming markets
•Net Income: $2.1 billion, $2.8 billion excluding identified items
•Diluted earnings per share: $6.46 per share, $8.65 per share excluding identified items
•EBITDA: $4.5 billion, $5.2 billion excluding identified items
•Generated $4.9 billion in cash from operating activities
•Achieved 98% cash conversion(b)
Launched new strategy
•Three-pillar strategy to create a more profitable and sustainable growth engine for LYB
•Significant progress on the strategy in 2023
• Successful start-up of world's largest propylene oxide plant
• Active management of portfolio through divestiture, capacity rationalization and investments
• Unlocked more than $300 million net income(c) and $400 million in recurring annual EBITDA(c) through our Value Enhancement Program
• Built foundation for a profitable Circular and Low-Carbon Solutions business
Continued commitment to disciplined capital allocation
•Increased quarterly dividend by 5%, 13th consecutive year of annual dividend growth
•Returned $1.8 billion to shareholders in dividends and share repurchases
•Issued inaugural green bond for $500 million
(a) See “Information Related to Financial Measures” for a discussion of the Company’s use of non-GAAP financial measures and Tables 2-9 for reconciliations or calculations of these financial measures. “Identified items” include inventory adjustments for lower of cost or market (“LCM”), impairments and refinery exit costs.
(b) Cash conversion means net cash provided by operating activities divided by EBITDA excluding LCM and impairment.
(c) Year-end run rate based on 2017-2019 mid-cycle margins and modest inflation relative to 2021 baseline.

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Comparisons with the prior quarter, fourth quarter 2022 and year ended 2022 are available in the following table:
Table 1 - Earnings Summary
Millions of U.S. dollars (except share data)Three Months EndedYear Ended
December 31, 2023September 30, 2023December 31, 2022December 31, 2023December 31, 2022
Sales and other operating revenues$9,929$10,625$10,206$41,107$50,451
Net income1857473532,1213,889
Diluted earnings per share0.562.291.076.4611.81
Weighted average diluted share count326325327326328
EBITDA(a)
6391,3567924,5096,301

Excluding Identified Items(a)
Net income excluding identified items$411$804$427$2,838$4,102
Diluted earnings per share excluding identified items1.262.461.298.6512.46
Impairments, pre-tax24125—51869
Refinery exit costs, pre-tax504995334187
EBITDA excluding identified items9101,4108655,2226,527
(a) See “Information Related to Financial Measures” for a discussion of the Company’s use of non-GAAP financial measures and Tables 2-9 for reconciliations or calculations of these financial measures. “Identified items” include adjustments for lower of cost or market (“LCM”), impairments and refinery exit costs.

LyondellBasell Industries (NYSE: LYB) today announced net income for the fourth quarter 2023 of $185 million, or $0.56 per share. During the quarter, the company recognized identified items of $226 million, net of tax. These items, which impacted earnings by $0.70 per share included non-cash asset impairments and costs incurred from plans to exit the refining business. Fourth quarter 2023 EBITDA was $639 million, or $910 million excluding identified items. In addition to the identified items, non-cash LIFO inventory valuation charges impacted pre-tax quarterly results by approximately $55 million.

Full year 2023 net income was $2.1 billion, or $6.46 per share. During the year, the company recognized identified items of $717 million, net of tax. These items, which impacted full year earnings by $2.19 per share included non-cash asset impairments and costs incurred from plans to exit the refining business. Full year 2023 EBITDA was $4.5 billion, or $5.2 billion excluding identified items.

“During the fourth quarter, LyondellBasell's businesses delivered exceptional cash conversion amid challenging market conditions while we rapidly moved forward with our strategy. We have a clear and focused roadmap to deliver a more profitable and sustainable growth engine for LYB. In the fourth quarter, we announced the divestiture of our Ethylene Oxide and Derivatives business and our decision to build the first catalytic advanced recycling plant using LYB's proprietary MoReTec technology. And just two weeks ago, we announced a new propylene and polypropylene joint venture in Saudi Arabia. These actions demonstrate our laser-sharp focus on execution,” said Peter Vanacker, LYB Chief Executive Officer.

Significantly lower fourth quarter gasoline crack spreads impacted refining and oxyfuels margins as well as the value of co-product fuels in the Olefins & Polyolefins Americas segment. In the North American polyethylene market, steady domestic demand and increased exports were supported by lower ethane raw material costs. Seasonally slow demand resulted in low operating rates for most businesses.


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Throughout the year, petrochemical markets faced headwinds from soft global demand, capacity additions and economic uncertainty. Markets were broadly pressured by weak demand for durable goods, which impacted margins in the Olefins & Polyolefins, Intermediates & Derivatives and Advanced Polymer Solutions segments. In contrast, oxyfuels margins benefited from tight supply and strong summertime gasoline crack spreads, leading to record annual oxyfuels earnings for LYB.

LYB generated $4.9 billion in cash from operating activities during 2023. The company remained committed to a disciplined approach to capital allocation. In 2023, approximately $1.5 billion was reinvested in the business through capital expenditures while $1.8 billion was returned to shareholders through quarterly dividends and share repurchases. The company maintains a robust investment-grade balance sheet, with $7.6 billion of available liquidity at year-end.

LyondellBasell's strategy is focused on generating value-added growth to deliver $3 billion of incremental Normalized EBITDA by 2027(d). The company is accelerating value creation through decisive portfolio management, growth of manufacturing hubs to meet rapidly growing demand for recycled and renewable solutions and initiatives that are instilling an ownership culture. The LYB Value Enhancement Program underpins this culture shift, delivering a 2023 year-end run rate of more than $300 million of net income and $400 million of recurring annual EBITDA.

“In the ten months since we launched LyondellBasell’s strategy, the passion, commitment and alignment of our global team is increasingly visible in our actions, culture and results. The successful startup of our new propylene oxide and oxyfuels plant is one example of our commitment to grow and upgrade our core businesses. We built strong foundations for our Circular and Low Carbon Solutions business by forming partnerships to source and sort plastic waste while moving forward on our first tranche of advanced recycling capacity. And our cultural transformation is well underway. Employee enthusiasm for the Value Enhancement Program allowed us to far exceed the original 2023 targets for the program. Outstanding cash conversion bolstered our investment-grade balance sheet and provided strong returns for LYB shareholders," said Vanacker.
    
OUTLOOK
In the first quarter of 2024, seasonally slow demand and economic uncertainty are expected to provide continued headwinds for most businesses. Relatively low ethane raw material costs are continuing to benefit North American Olefins & Polyolefins margins while regional demand is showing modest improvement. The company expects oxyfuels and refining margins to be within typical winter seasonal ranges. In China, January demand was subdued as buyers managed inventories around Lunar New Year holidays and growth remained uncertain. Spring and summer seasonal demand improvements are expected across global markets. LYB is aligning first quarter operating rates with global demand and expects to operate Olefins & Polyolefins Americas assets at approximately 80%, and both Olefins & Polyolefins EAI assets and Intermediates & Derivatives assets at approximately 75%.





(d) 2027 incremental Normalized EBITDA reflects expected improvement over a 2022 year-end asset portfolio with 2013-2022 historical average margins and operating rates and the benefits associated with our strategic initiatives. Please see “Information Related to Financial Measures” for additional information on Normalized EBITDA.
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CONFERENCE CALL
LyondellBasell will host a conference call February 2 at 11 a.m. EST. 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 Ken Lane, Executive Vice President of Intermediates and Derivatives and Refining Kim Foley, 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. EST February 2 until March 2. The replay toll-free dial-in numbers are 1-877-660-6853 and 201-612-7415. The access ID for each is 13742056.

ABOUT LYONDELLBASELL
We are LyondellBasell – 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 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; benefits and synergies of any proposed transactions; receipt of required regulatory approvals and the satisfaction of closing conditions for our proposed transactions; final investment decision and the construction and operation of any proposed facilities described; our ability to align our assets and expand our core; 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
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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, 2022, 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”), 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. 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
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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.

Recurring annual EBITDA for the Value Enhancement Program is the year-end EBITDA run rate estimated based on 2017-2019 mid-cycle margins and modest inflation relative to a 2021 baseline.

Normalized EBITDA assumes 2013-2022 historical average margins and operating rates and reflects the benefits associated with the following strategic initiatives: Grow & Upgrade the Core, Building a Profitable CLCS Business and Step Up Performance & Culture. Incremental Normalized EBITDA cannot be reconciled to net income due to the inherent difficulty in quantifying certain amounts that are necessary for such reconciliation at the strategic initiative level, including adjustments that could be made for interest expense (net), provision for (benefit from) income taxes and depreciation & amortization, the amounts of which, based on historical experience, could be significant.

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 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. These 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.

###
Source: LyondellBasell Industries

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

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Table 2 - Reconciliations of Net Income to Net Income Excluding Identified Items and to EBITDA Including and Excluding Identified Items
Three Months EndedYear Ended
Millions of U.S. dollarsDecember 31, 2023September 30,
2023		December 31, 2022December 31, 2023December 31, 2022
Net income $185 $747 $353 $2,121 $3,889 
add: Identified items
Impairments, pre-tax(a)
241 25 — 518 69 
Refinery exit costs, pre-tax(b)
50 49 95 334 187 
Benefit from income taxes related to identified items(65)(17)(21)(135)(43)
Net income excluding identified items$411 $804 $427 $2,838 $4,102 
Net income$185 $747 $353 $2,121 $3,889 
Loss from discontinued operations, net of tax1 1 2 5 5 
Income from continuing operations186 748 355 2,126 3,894 
(Benefit from) provision for income taxes(7)153 34 501 882 
Depreciation and amortization(c)
380 367 334 1,534 1,267 
Interest expense, net80 88 69 348 258 
add: Identified items
Impairments(a)
241 25 — 518 69 
Refinery exit costs(d)
30 29 73 195 157 
EBITDA excluding identified items910 1,410 865 5,222 6,527 
less: Identified items
Impairments(a)
(241)(25)— (518)(69)
Refinery exit costs(d)
(30)(29)(73)(195)(157)
EBITDA$639 $1,356 $792 $4,509 $6,301 
(a) The year ended December 31, 2023 reflects non-cash impairment charges of $518 million, which includes $192 million related to Dutch PO/SM joint venture assets in our Intermediates & Derivatives segment, recognized in the fourth quarter of 2023, and a non-cash goodwill impairment charge of $252 million in our Advanced Polymer Solutions segment, recognized in the first quarter of 2023. The year ended December 31, 2022 reflects a non-cash impairment charge of $69 million related to the sale of our polypropylene manufacturing facility in Australia.
(b) Refinery exit costs include accelerated lease amortization costs, personnel related costs, accretion of asset retirement obligations and depreciation of asset retirement costs. See Table 9 for additional detail on refinery exit costs.
(c) Depreciation and amortization includes depreciation of asset retirement costs in connection with exiting the Refining business. See Table 9 for additional detail on refinery exit costs.
(d) Refinery exit costs include accelerated lease amortization costs, personnel related costs and accretion of asset retirement obligations. See Table 9 for additional detail on refinery exit costs.

Table 3 - Reconciliation of Diluted EPS to Diluted EPS Excluding Identified Items
Three Months EndedYear Ended
December 31, 2023September 30,
2023		December 31, 2022December 31, 2023December 31, 2022
Diluted earnings per share $0.56 $2.29 $1.07 $6.46 $11.81 
add: Identified items
Impairments0.59 0.05 — 1.41 0.21 
Refinery exit costs0.11 0.12 0.22 0.78 0.44 
Diluted earnings per share excluding identified items$1.26 $2.46 $1.29 $8.65 $12.46 
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Table 4 - Reconciliation of Net Cash Provided by Operating Activities to EBITDA Including and Excluding LCM and Impairments
Three Months EndedYear Ended
Millions of U.S. dollarsDecember 31, 2023December 31, 2023
Net cash provided by operating activities$1,504 $4,942 
Adjustments:
Depreciation and amortization(380)(1,534)
Impairments(a)
(241)(518)
Amortization of debt-related costs(2)(9)
Share-based compensation(20)(91)
Equity loss, net of distributions of earnings(91)(189)
Deferred income tax benefit (provision)5 (43)
Changes in assets and liabilities that used (provided) cash:
Accounts receivable(392)(110)
Inventories(214)(18)
Accounts payable(110)(141)
Other, net126 (168)
Net income185 2,121 
Loss from discontinued operations, net of tax1 5 
Income from continuing operations186 2,126 
(Benefit from) provision for income taxes(7)501 
Depreciation and amortization380 1,534 
Interest expense, net80 348 
add: LCM charges— — 
add: Impairments(a)
241 518 
EBITDA excluding LCM and impairments880 5,027 
less: LCM charges— — 
less: Impairments(a)
(241)(518)
EBITDA$639 $4,509 
(a) Reflects non-cash impairment charges of $518 million, which includes $192 million related to Dutch PO/SM joint venture assets in our Intermediates & Derivatives segment, recognized in the fourth quarter of 2023, and a non-cash goodwill impairment charge of $252 million in our Advanced Polymer Solutions segment, recognized in the first quarter of 2023.

Table 5 - Calculation of Cash Conversion
Three Months EndedYear Ended
Millions of U.S. dollarsDecember 31, 2023December 31, 2023
Net cash provided by operating activities$1,504$4,942
Divided by:
EBITDA excluding LCM and impairment(a)
8805,027
Cash conversion171 %98 %
(a) See Table 4 for a reconciliation of net cash provided by operating activities to EBITDA including and excluding LCM and impairments.

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Table 6 - Calculation of Cash and Liquid Investments and Total Liquidity
Millions of U.S. dollarsDecember 31, 2023
Cash and cash equivalents and restricted cash$3,405 
Short-term investments— 
Cash and liquid investments$3,405 
Availability under Senior Revolving Credit Facility3,250 
Availability under U.S. Receivables Facility900 
Total liquidity$7,555 

Table 7 - Calculation of Dividends and Share Repurchases
Three Months EndedYear Ended
Millions of U.S. dollarsDecember 31, 2023December 31, 2023
Dividends - common stock$406 $1,610 
Repurchase of Company ordinary shares— 211 
Dividends and share repurchases$406 $1,821 

Table 8 - Reconciliation of Net Income to recurring annual EBITDA for the Value Enhancement Program
Millions of U.S. dollars2023
Net income$300 
Provision for income taxes75 
Depreciation and amortization25 
Interest expense, net— 
EBITDA$400 
Note: In 2022, we launched the Value Enhancement Program. In 2023, the program delivered a 2023 a year-end run rate of approximately $300 million of net income and $400 million of recurring annual EBITDA.


Table 9 - Refinery Exit Costs
Three Months EndedYear Ended
Millions of U.S. dollarsDecember 31, 2023September 30,
2023		December 31, 2022December 31, 2023December 31, 2022
Refinery exit costs:
Accelerated lease amortization costs$10 $11 $55 $110 $91 
Personnel costs17 16 16 76 64 
Asset retirement obligation accretion3 2 2 9 2 
Asset retirement cost depreciation20 20 22 139 30 
Total refinery exits costs$50 $49 $95 $334 $187 
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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 December 31, 2023, including the forward-looking statements and information related to financial measures. Effective January 1, 2023, our Catalloy and polybutene-1 businesses, previously reported in our Advanced Polymer Solutions segment, are now reported in our Olefins and Polyolefins-Americas and Olefins and Polyolefins-Europe, Asia and International segments
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 EndedYear Ended
December 31, 2023September 30, 2023December 31, 2022December 31, 2023December 31, 2022
Operating income$444$326$217$1,665$2,206
EBITDA6044793842,3032,865
Identified items: Impairment—25—25—
EBITDA excluding identified items6045043842,3282,865

Three months ended December 31, 2023 versus three months ended September 30, 2023 - EBITDA increased $125 million versus the third quarter 2023 or $100 million, excluding an impairment of $25 million in the third quarter of 2023. Fourth quarter 2023 results benefited approximately $75 million due to last-in, first out (LIFO) inventory valuation changes relative to the third quarter 2023. Compared to the prior period, olefins results improved by approximately $80 million largely due to higher volumes following the completion of planned maintenance during the third quarter. Olefin margins were relatively flat, with lower ethane costs mostly offset by lower values for co-product fuels. The company's ethylene crackers operated at 90% of capacity with the raw materials being approximately 75% ethane and 25% other natural gas liquids. Polyolefins results declined approximately $25 million largely due to compression in polypropylene spreads as polymer price increases lagged higher monomer costs.

Three months ended December 31, 2023 versus three months ended December 31, 2022 - EBITDA increased $220 million versus the fourth quarter 2022. Fourth quarter 2023 results increased approximately $90 million due to LIFO inventory valuation changes relative to the prior period. Olefins results increased approximately $210 million driven by higher margins and volumes. Ethylene margins increased driven by lower ethane and energy costs. Ethylene volumes improved due to higher utilization. Combined polyolefin results decreased approximately $55 million due to lower polyolefins spreads partially offset by higher volumes with strong export demand.

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Full year ended December 31, 2023 versus full year ended December 31, 2022 - EBITDA decreased $562 million versus 2022 or $537 million excluding an impairment of $25 million in the third quarter of 2023. Compared to the prior period, olefins results increased approximately $195 million due to improved margins and volumes. Ethylene margins increased driven by lower ethane and energy costs during 2023. Ethylene volumes increased due higher utilization. Combined polyolefins results decreased approximately $840 million due to lower polyolefins margins driven by softer demand and new industry capacity, partially offset by higher polyethylene export volumes.

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 EndedYear Ended
December 31, 2023September 30, 2023December 31, 2022December 31, 2023December 31, 2022
Operating (loss) income($140)($95)($156)($160)$75
EBITDA(125)(45)(148)(9)178
Identified items: Impairment38——3869
EBITDA excluding identified items(87)(45)(148)29247

Three months ended December 31, 2023 versus three months ended September 30, 2023 - EBITDA decreased $80 million versus the third quarter 2023 or $42 million excluding an impairment of $38 million in the fourth quarter 2023. Compared to the prior period, olefins results decreased approximately $25 million due to lower ethylene volumes driven by weak demand. To match lower demand and manage working capital, the company's ethylene crackers operated at 70%. Approximately 35% of the raw materials were derived from non-naphtha feedstocks. Combined polyolefins results increased about $15 million driven by modestly higher polymer spreads over monomer. Joint venture equity income decreased approximately $30 million compared to prior period.

Three months ended December 31, 2023 versus three months ended December 31, 2022 - EBITDA increased $23 million versus the fourth quarter 2022 or $61 million excluding an impairment of $38 million in the fourth quarter 2023. Fourth quarter 2023 results increased approximately $55 million due to LIFO inventory valuation changes relative to the prior period. Compared to the prior period, olefins results increased about $60 million due to higher margins driven by lower feedstock and energy costs and increased utilization. Combined polyolefins results decreased approximately $40 million due to margin decline driven by weak demand. Polyolefins volumes increased on higher utilization. Joint venture equity income decreased approximately $5 million compared to prior period.







2

Full year ended December 31, 2023 versus full year ended December 31, 2022 - Compared to 2022, EBITDA decreased $187 million, or $218 million excluding impairments of $38 million in 2023 and $69 million related to the exit of our Australia polypropylene business in 2022. Full year 2023 results increased approximately $55 million due to LIFO inventory valuation changes. Compared to the prior period, olefins results increased approximately $155 million driven by higher volumes and margins. Ethylene volumes increased after planned and unplanned downtime in full year 2022. Ethylene margins increased due to lower feedstock and energy costs. Combined polyolefins results decreased approximately $435 million driven by lower margins. Polyolefins margins declined driven by lower pricing due to weak demand. Joint venture equity income increased approximately $10 million compared to prior period.
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, ethylene oxide and ethylene glycol.

Table 3 - I&D Financial Overview
Millions of U.S. dollars Three Months EndedYear Ended
December 31, 2023September 30, 2023December 31, 2022December 31, 2023December 31, 2022
Operating (loss) income($30)$611$211$1,262$1,604
EBITDA737082911,6791,872
Identified items: Impairment192——192—
EBITDA excluding identified items2657082911,8711,872

Three months ended December 31, 2023 versus three months ended September 30, 2023 - EBITDA decreased $635 million versus the third quarter 2023, or $443 million excluding an impairment of $192 million in the fourth quarter 2023 for our Dutch PO/SM joint venture. Fourth quarter 2023 results decreased approximately $95 million due to LIFO inventory valuation charges relative to the third quarter 2023. Compared to the prior period, Propylene Oxide & Derivatives results decreased approximately $30 million driven by lower volumes and margins due to soft demand. Intermediate Chemicals results decreased about $5 million due to lower styrene margins driven by higher feedstock costs. Oxyfuels & Related Products results decreased approximately $315 million with lower oxyfuels margins due to increased supply after industry downtime during third quarter 2023.

Three months ended December 31, 2023 versus three months ended December 31, 2022 - EBITDA decreased $218 million versus the fourth quarter 2022, or $26 million excluding an impairment of $192 million in the fourth quarter 2023 for our Dutch PO/SM joint venture. Fourth quarter 2023 results decreased approximately $70 million due to LIFO inventory valuation changes relative to the prior period. Compared to the prior period, Propylene Oxide & Derivatives results decreased approximately $50 million due to lower demand for durable goods pressuring margins, partially offset by increased propylene oxide exports to Asia. Intermediate Chemicals results decreased about $25 million due to lower styrene and acetyls margins. Oxyfuels & Related Products results increased approximately $100 million driven by higher volumes due to increased capacity.





3

Full year ended December 31, 2023 versus full year ended December 31, 2022 - EBITDA decreased $193 million versus 2022, or $1 million excluding an impairment of $192 million in the fourth quarter 2023 for our Dutch PO/SM joint venture. 2023 results decreased approximately $70 million due to LIFO inventory valuation changes relative to the prior period. Compared to the prior period, Propylene Oxide & Derivatives results decreased approximately $390 million driven by lower margins due to lower demand for durable goods. Intermediate Chemicals results decreased about $175 million driven by lower styrene and acetyls margins. Oxyfuels & Related Products increased approximately $570 million driven by significantly higher margins due to increased gasoline crack spreads and higher volumes due to increased capacity.
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 EndedYear Ended
December 31, 2023September 30, 2023December 31, 2022December 31, 2023December 31, 2022
Operating (loss) income($17)($6)($50)($261)$16
EBITDA1218(26)(162)115
Identified items: Goodwill impairment———252—
EBITDA excluding identified items1218(26)90115

Three months ended December 31, 2023 versus three months ended September 30, 2023 - EBITDA decreased $6 million versus the third quarter 2023, due to lower volumes driven by reduced demand and decreased margins due to higher raw material cost and product mix. Fourth quarter 2023 results benefited from approximately $10 million of LIFO inventory valuation changes relative to the third quarter 2023.

Three months ended December 31, 2023 versus three months ended December 31, 2022 - EBITDA increased $38 million versus the fourth quarter 2022 due to higher margins driven by lower raw material and energy costs and improved product mix. Fourth quarter 2023 results increased approximately $30 million due to LIFO inventory valuation changes relative to the prior period.

Full year ended December 31, 2023 versus full year ended December 31, 2022 - EBITDA decreased $277 million versus 2022, or $25 million excluding a non-cash goodwill impairment of $252 million in 2023. 2023 results increased approximately $30 million due to LIFO inventory valuation changes relative to the prior period. Compared to the prior period, volumes decreased due to reduced demand.










4

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 EndedYear Ended
December 31, 2023September 30, 2023December 31, 2022December 31, 2023December 31, 2022
Operating (loss) income$(13)$51$221$221$889
EBITDA1076249379921
Identified items: Refinery exit costs302973195157
Identified items: Impairment11——11—
EBITDA excluding identified items511053225851,078

Three months ended December 31, 2023 versus three months ended September 30, 2023 - Relative to the third quarter 2023, EBITDA decreased $66 million, or $54 million excluding exit costs of $30 million and impairment of $11 million in the fourth quarter and exit costs of $29 million in the third quarter. Fourth quarter 2023 results decreased approximately $40 million due to LIFO inventory valuation. Compared to the prior period, margins declined as the Maya 2-1-1 industry benchmark decreased to $27 per barrel due to lower gasoline crack spreads driven by seasonal changes and lower demand. The decline in refining margins was partially offset by hedging impact. The Houston Refinery operated at an average crude throughput of 230,000 barrels per day of about 85% utilization rate during the fourth quarter 2023 due to planned and unplanned downtime.

Three months ended December 31, 2023 versus three months ended December 31, 2022 - Compared to the fourth quarter 2022, EBITDA decreased $239 million, or $271 million excluding exit costs of $30 million and impairment of $11 million in the fourth quarter 2023 and exit costs of $73 million in the fourth quarter 2022. Fourth quarter 2023 results decreased approximately $80 million due to LIFO inventory valuation changes relative to the prior period. Compared to the prior period, margins declined as the Maya 2-1-1 industry benchmark decreased about $21 per barrel driven by lower heavy crude differential and and distillate crack spreads. The decline in refining margins was partially offset by hedging impact. Crude throughput was approximately flat compared to prior period.

Full year ended December 31, 2023 versus full year ended December 31, 2022 - Relative to 2022, EBITDA decreased $542 million, or $493 million excluding exit costs of $195 million and an impairment of $11 million in 2023 and exit costs of $157 million in 2022 for the Houston Refinery. Compared to the prior period, margins decreased driven by a decrease in the Maya 2-1-1 industry benchmark of about $6 per barrel to $39 per barrel primarily due to lower demand for diesel and other distillates. Crude throughput was approximately flat compared to prior period.

5

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 EndedYear Ended
December 31, 2023September 30, 2023December 31, 2022December 31, 2023December 31, 2022
Operating income$69$134$50$334$331
EBITDA7714659375366

Three months ended December 31, 2023 versus three months ended September 30, 2023 - EBITDA decreased $69 million compared to the third quarter 2023. Compared to the prior period, licensing revenue decreased as fewer number of contracts reached revenue milestones and catalyst margins decreased due to product mix.

Three months ended December 31, 2023 versus three months ended December 31, 2022 - EBITDA increased $18 million versus the fourth quarter 2022. Fourth quarter 2023 results increased approximately $20 million due to LIFO inventory valuation changes relative to the fourth quarter 2022. Compared to the prior period, licensing revenue decreased as a lower number of contracts attained revenue milestones and catalyst volumes increased due to improved demand.

Full year ended December 31, 2023 versus full year ended December 31, 2022 - EBITDA increased $9 million versus 2022. 2023 results increased approximately $20 million due to LIFO inventory valuation changes relative to 2022. Compared to the prior period, higher catalyst margins and licensing revenue were partially offset by lower catalyst volumes due to softer demand.

Capital Spending and Cash Balances
Capital expenditures, including sustaining maintenance and profit-generating growth projects, were $484 million during the fourth quarter 2023 and $1.5 billion for the full year 2023. Our cash and liquid investment balance was $3.4 billion, which includes cash and cash equivalents, restricted cash and short-term investments. There were 324 million common shares outstanding as of December 31, 2023. The company paid dividends of $1.6 billion during 2023.
6

Table 7 - Reconciliation of EBITDA to EBITDA Excluding Identified Items by Segment
Three Months EndedYear Ended
Millions of U.S. dollarsDecember 31, 2023September 30, 2023December 31, 2022December 31, 2023December 31, 2022
EBITDA:
Olefins & Polyolefins - Americas$604 $479 $384 $2,303 $2,865 
Olefins & Polyolefins - EAI(125)(45)(148)(9)178 
Intermediates & Derivatives73 708 291 1,679 1,872 
Advanced Polymer Solutions12 18 (26)(162)115 
Refining10 76 249 379 921 
Technology77 146 59 375 366 
Other(12)(26)(17)(56)(16)
EBITDA$639 $1,356 $792 $4,509 $6,301 
Add: Identified items:
Impairments:
Olefins & Polyolefins - Americas$— $25 $— $25 $— 
Olefins & Polyolefins - EAI38 — — 38 69 
Intermediates & Derivatives192 — — 192 — 
Advanced Polymer Solutions— — — 252 — 
Refining11 — — 11 — 
Refinery exit costs:
Refining30 29 73 195 157 
Total Identified items:$271 $54 $73 $713 $226 
EBITDA excluding Identified items:
Olefins & Polyolefins - Americas$604 $504 $384 $2,328 $2,865 
Olefins & Polyolefins - EAI(87)(45)(148)29 247 
Intermediates & Derivatives265 708 291 1,871 1,872 
Advanced Polymer Solutions12 18 (26)90 115 
Refining51 105 322 585 1,078 
Technology77 146 59 375 366 
Other(12)(26)(17)(56)(16)
EBITDA excluding Identified items$910 $1,410 $865 $5,222 $6,527 
Note: Effective January 1, 2023, our Catalloy and polybutene-1 businesses were moved from the Advanced Polymer Solutions segment and reintegrated into the Olefins and Polyolefins-Americas and Olefins and Polyolefins-Europe, Asia, International segments. The segment information presented above gives effect to this change for all periods presented.

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v3.24.0.1
Document and Entity Information Document
Feb. 02, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 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
Entity Address, Country US
Entity Address, Postal Zip Code 77010
City Area Code (713)
Local Phone Number 309-7200
United Kingdom [Member]  
Entity Addresses [Line Items]  
Entity Address, Address Line One 4th Floor, One Vine Street
Entity Address, City or Town London
Entity Address, Country GB
Entity Address, Postal Zip Code W1J0AH
Country Region +44 (0)
City Area Code 207
Local Phone Number 220 2600
Netherlands [Member]  
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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