LyondellBasell Reports Third Quarter 2024 Earnings
LyondellBasell (LYB) reported third quarter 2024 net income of $573 million, or $1.75 per diluted share ($1.88 excluding identified items). EBITDA reached $1.2 billion with cash from operations of $670 million. The company returned $479 million to shareholders through dividends and share repurchases.
North American operations benefited from increased integrated polyethylene margins due to favorable ethane costs and higher polyethylene prices. Market demand for polyethylene and polypropylene grew by 7% and 4% respectively. The company began construction of MoReTec-1, its advanced recycling facility in Germany, and exceeded its 2030 renewable electricity target.
LyondellBasell (LYB) ha riportato un reddito netto di 573 milioni di dollari per il terzo trimestre del 2024, ovvero 1,75 dollari per azione diluita (1,88 dollari escludendo elementi identificati). L'EBITDA ha raggiunto 1,2 miliardi di dollari con un flusso di cassa dalle operazioni di 670 milioni di dollari. L'azienda ha restituito 479 milioni di dollari agli azionisti attraverso dividendi e riacquisti di azioni.
Le operazioni in Nord America hanno beneficiato di margini di polietilene integrati aumentati grazie a costi favorevoli dell'etano e a prezzi più elevati del polietilene. La domanda di mercato per polietilene e polipropilene è cresciuta rispettivamente del 7% e del 4%. L'azienda ha avviato la costruzione di MoReTec-1, il suo impianto di riciclo avanzato in Germania, e ha superato il suo obiettivo di elettricità rinnovabile per il 2030.
LyondellBasell (LYB) reportó un ingreso neto de 573 millones de dólares en el tercer trimestre de 2024, o 1,75 dólares por acción diluida (1,88 dólares excluyendo elementos identificados). El EBITDA alcanzó 1,2 mil millones de dólares con un flujo de caja de operaciones de 670 millones de dólares. La empresa devolvió 479 millones de dólares a los accionistas a través de dividendos y recompra de acciones.
Las operaciones en América del Norte se beneficiaron de márgenes de polietileno integrados aumentados gracias a costos de etano favorables y precios más altos del polietileno. La demanda del mercado para polietileno y polipropileno creció un 7% y un 4% respectivamente. La empresa comenzó la construcción de MoReTec-1, su instalación de reciclaje avanzado en Alemania, y superó su objetivo de electricidad renovable para 2030.
리온델바젤 (LYB)는 2024년 3분기에 5억 7천3백만 달러의 순이익을 보고했으며, 이는 희석 주당 1.75달러에 해당합니다 (식별된 항목을 제외하면 1.88달러). EBITDA는 12억 달러에 도달했으며 운영 현금 흐름은 6억 7천만 달러였습니다. 이 회사는 배당금과 자사주 매입을 통해 주주에게 4억 7천9백만 달러를 환원했습니다.
북미의 운영은 에탄 비용이 유리하고 폴리에틸렌 가격이 상승함에 따라 증가된 통합 폴리에틸렌 마진의 혜택을 보았습니다. 폴리에틸렌과 폴리프로필렌에 대한 시장 수요는 각각 7%와 4% 증가했습니다. 이 회사는 독일에 있는 고급 재활용 시설 MoReTec-1의 건설을 시작했으며, 2030년까지 재생 전기 목표를 초과 달성했습니다.
LyondellBasell (LYB) a enregistré un revenu net de 573 millions de dollars pour le troisième trimestre 2024, soit 1,75 dollar par action diluée (1,88 dollar en excluant les éléments identifiés). L'EBITDA a atteint 1,2 milliard de dollars avec un flux de trésorerie provenant des opérations de 670 millions de dollars. L'entreprise a restitué 479 millions de dollars aux actionnaires par le biais de dividendes et de rachats d'actions.
Les opérations en Amérique du Nord ont bénéficié d'une augmentation des marges de polyéthylène intégrées grâce à des coûts d'éthane favorables et à des prix plus élevés du polyéthylène. La demande du marché pour le polyéthylène et le polypropylène a augmenté respectivement de 7 % et 4 %. L'entreprise a commencé la construction de MoReTec-1, son installation de recyclage avancé en Allemagne, et a dépassé son objectif d'électricité renouvelable pour 2030.
LyondellBasell (LYB) berichtete im dritten Quartal 2024 über einen Nettogewinn von 573 Millionen Dollar, was 1,75 Dollar pro verwässerter Aktie entspricht (1,88 Dollar ohne identifizierte Posten). EBITDA erreichte 1,2 Milliarden Dollar mit einem operativen Cashflow von 670 Millionen Dollar. Das Unternehmen gab 479 Millionen Dollar an die Aktionäre durch Dividenden und Aktienrückkäufe zurück.
Die nordamerikanischen Betriebe profitierten von höheren integrierten Polyethylen-Margen, die auf günstige Ethan-Kosten und höhere Polyethylen-Preise zurückzuführen sind. Die Marktnachfrage nach Polyethylen und Polypropylen wuchs um 7% bzw. 4%. Das Unternehmen begann mit dem Bau von MoReTec-1, seiner fortschrittlichen Recyclinganlage in Deutschland, und übertraf sein Ziel für erneuerbare Elektrizität bis 2030.
- Generated $670 million in cash from operating activities
- North American polyethylene and polypropylene demand increased by 7% and 4% respectively
- Maintained strong liquidity position with $2.6 billion in cash and $7.3 billion in available liquidity
- Achieved 80% cash conversion over past twelve months
- Net income decreased from $924 million in Q2 2024 to $573 million in Q3 2024
- Sales declined to $10,322 million from $10,558 million in previous quarter
- Oxyfuels and refining margins declined due to lower crude oil prices
- Expects softer demand and lower operating rates in Q4 2024
Insights
LyondellBasell delivered a mixed Q3 2024 performance with
- Strong North American operations benefiting from favorable ethane costs and higher polyethylene prices
- Robust cash generation of
$670 million from operations with80% cash conversion - Healthy shareholder returns of
$479 million through dividends and buybacks - Solid balance sheet with
$2.6 billion in cash and$7.3 billion in available liquidity
However, the outlook signals challenges with expected Q4 seasonality, higher feedstock costs and lower operating rates. The strategic investment in MoReTec-1 and sustainability initiatives position the company well for long-term growth, despite near-term headwinds.
The groundbreaking of the MoReTec-1 facility represents a significant technological advancement in plastic recycling. This proprietary catalytic recycling technology promises high plastic-to-plastic yields, positioning LyondellBasell as a leader in circular economy solutions. The electrified facility design using renewable power demonstrates a dual commitment to both recycling and emissions reduction. The company's early achievement of its 2030 renewable electricity target (
Third Quarter 2024 Highlights
- Net income:
$573 million ,$617 million excluding identified items(a) - Diluted earnings per share:
$1.75 per share;$1.88 per share excluding identified items - EBITDA:
$1.2 billion - Cash from operating activities:
$670 million - Returned
$479 million to shareholders through dividends and share repurchases - Creating long-term value through progress toward LYB's sustainability targets:
- Started construction of MoReTec-1 catalytic advanced recycling facility in Germany
- Exceeded 2030 renewable electricity target
HOUSTON and LONDON, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Comparisons with the prior quarter and third quarter 2023 are available in the following table:
Table 1 - Earnings Summary
| Millions of U.S. dollars (except share data) | Three Months Ended | Nine Months Ended | |||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||
| Sales and other operating revenues | $ | 10,322 | $ | 10,558 | $ | 10,625 | $ | 30,805 | $ | 31,178 | |||
| Net income | 573 | 924 | 747 | 1,970 | 1,936 | ||||||||
| Diluted earnings per share | 1.75 | 2.82 | 2.29 | 6.00 | 5.90 | ||||||||
| Weighted average diluted share count | 326 | 326 | 325 | 326 | 326 | ||||||||
| EBITDA(a) | 1,174 | 1,644 | 1,356 | 3,865 | 3,870 | ||||||||
Excluding Identified Items(a)
| Net income excluding identified items | $ | 617 | $ | 734 | $ | 804 | $ | 1,852 | $ | 2,427 | |||
| Diluted earnings per share excluding identified items | 1.88 | 2.24 | 2.46 | 5.64 | 7.40 | ||||||||
| Gain on sale of business, pre-tax | — | (293 | ) | — | (293 | ) | — | ||||||
| Impairments, pre-tax | — | — | 25 | — | 277 | ||||||||
| Refinery exit costs, pre-tax | 57 | 42 | 49 | 135 | 284 | ||||||||
| EBITDA excluding identified items | 1,211 | 1,373 | 1,410 | 3,647 | 4,312 |
(a) See “Information Related to Financial Measures” for a discussion of the company’s use of non-GAAP financial measures and Tables 2-8 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 in excess of
LyondellBasell Industries (NYSE: LYB) (the "company") today announced net income for the third quarter 2024 of
In North America, integrated polyethylene margins increased, driven by favorable ethane and natural gas costs coupled with higher polyethylene prices. September year-to-date market demand across the North American polyethylene and polypropylene industry is up by more than
LyondellBasell generated
LYB continues to make progress toward building a profitable Circular and Low Carbon Solutions business which is one of the three pillars of its long-term strategy. In the third quarter, the company began construction on the first commercial-scale plant to utilize its proprietary and differentiated advanced catalytic recycling technology, MoReTec-1, in Wesseling, Germany. The facility is expected to begin operations in 2026 and designed to achieve high plastic-to-plastic yields, supporting the company's goal of producing and marketing at least 2 million metric tons of recycled and renewable polymers annually by 2030(c). Additionally, electrification of the MoReTec-1 unit enables it to operate using renewable electricity to reduce greenhouse gas (GHG) emissions. In September, LYB exceeded its goal to procure half of the company's electricity from renewable sources by 2030 with the addition of a new power purchase agreement in the Netherlands.
“This quarter we broke ground on our new MoReTec-1 facility in Germany, marking a significant milestone in our journey toward a more sustainable future. Our investment demonstrates the significant work underway at LYB to lead our industry's transition toward a circular economy. We are building a competitive advantage for delivering sustainable, low-carbon solutions to meet increasing demand while strengthening our position in the global market,” said Peter Vanacker, LyondellBasell chief executive officer.
OUTLOOK
In the fourth quarter, the company expects year-end seasonality to result in softer demand across most businesses. Sequentially higher natural gas and ethane feedstock costs are expected to moderate North American integrated polyolefins margins during the fourth quarter. Oxyfuels and refining margins are expected to continue to decline with low gasoline crack spreads and the conclusion of the summer driving season.
To align with global demand and the company's planned maintenance, LYB expects fourth quarter operating rates of
“Despite challenging global macroeconomic conditions, our strong North American operations allowed us to capitalize on favorable ethylene margins in the region. The company's focus on operational and commercial excellence allows us to capture opportunities and meet customer needs while making progress on our long-term strategy to drive sustainable value,” said Vanacker.
(b) Cash conversion is net cash provided by operating activities divided by EBITDA excluding LCM, gain on sale of business and impairment in excess of
(c) Production and marketing includes (i) joint venture production marketed by LYB plus our pro rata share of the remaining production produced and marketed by the joint venture and (ii) production via third-party tolling arrangements.
CONFERENCE CALL
LYB will host a conference call November 1 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 November 1 until December 1, 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 in excess of
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 in excess of
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
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 Ended | Nine Months Ended | |||||||||||||||||||
| Millions of U.S. dollars | September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||||
| Net income | $ | 573 | $ | 924 | $ | 747 | $ | 1,970 | $ | 1,936 | ||||||||||
| Identified items | ||||||||||||||||||||
| less: Gain on sale of business, pre-tax(a) | — | (293 | ) | — | (293 | ) | — | |||||||||||||
| add: Impairments, pre-tax(b) | — | — | 25 | — | 277 | |||||||||||||||
| add: Refinery exit costs, pre-tax(c) | 57 | 42 | 49 | 135 | 284 | |||||||||||||||
| add: Provision for (benefit from) income taxes related to identified items | (13 | ) | 61 | (17 | ) | 40 | (70 | ) | ||||||||||||
| Net income excluding identified items | $ | 617 | $ | 734 | $ | 804 | $ | 1,852 | $ | 2,427 | ||||||||||
| Net income | $ | 573 | $ | 924 | $ | 747 | $ | 1,970 | $ | 1,936 | ||||||||||
| Loss from discontinued operations, net of tax | 4 | 1 | 1 | 6 | 4 | |||||||||||||||
| Income from continuing operations | 577 | 925 | 748 | 1,976 | 1,940 | |||||||||||||||
| Provision for income taxes | 134 | 249 | 153 | 505 | 508 | |||||||||||||||
| Depreciation and amortization(d) | 381 | 387 | 367 | 1,133 | 1,154 | |||||||||||||||
| Interest expense, net | 82 | 83 | 88 | 251 | 268 | |||||||||||||||
| EBITDA | 1,174 | 1,644 | 1,356 | 3,865 | 3,870 | |||||||||||||||
| Identified items | ||||||||||||||||||||
| less: Gain on sale of business(a) | — | (293 | ) | — | (293 | ) | — | |||||||||||||
| add: Impairments(b) | — | — | 25 | — | 277 | |||||||||||||||
| add: Refinery exit costs(e) | 37 | 22 | 29 | 75 | 165 | |||||||||||||||
| EBITDA excluding identified items | $ | 1,211 | $ | 1,373 | $ | 1,410 | $ | 3,647 | $ | 4,312 | ||||||||||
(a) In the second quarter of 2024, we sold our U.S. Gulf Coast-based Ethylene Oxide and Derivatives ("EO&D") business, which resulted in recognition of a gain included in our I&D segment.
(b) Reflects a non-cash goodwill impairment charge in our Advanced Polymer Solutions segment, recognized in the first quarter of 2023, and a non-cash impairment charge related to capital project costs in our Olefins & Polyolefins - Americas segment, recognized in the third quarter of 2023.
(c) Refinery exit costs include accelerated lease amortization costs, personnel related costs, accretion of asset retirement obligations, depreciation of asset retirement costs and other charges. See Table 8 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 8 for additional detail on refinery exit costs.
(e) Refinery exit costs include accelerated lease amortization costs, personnel related costs, accretion of asset retirement obligations and other charges. See Table 8 for additional detail on refinery exit costs.
| Table 3 - Reconciliation of Diluted EPS to Diluted EPS Excluding Identified Items | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||
| Diluted earnings per share | $ | 1.75 | $ | 2.82 | $ | 2.29 | $ | 6.00 | $ | 5.90 | |||||||
| Identified items | |||||||||||||||||
| less: Gain on sale of business | — | (0.68 | ) | — | (0.68 | ) | — | ||||||||||
| add: Impairments | — | — | 0.05 | — | 0.83 | ||||||||||||
| add: Refinery exit costs | 0.13 | 0.10 | 0.12 | 0.32 | 0.67 | ||||||||||||
| Diluted earnings per share excluding identified items | $ | 1.88 | $ | 2.24 | $ | 2.46 | $ | 5.64 | $ | 7.40 | |||||||
| Table 4 - Reconciliation of Net Cash Provided by Operating Activities to EBITDA Including and Excluding LCM, Gain on Sale of Business and Impairments | ||||||||||||||||
| Year Ended | Nine Months Ended | Last Twelve Months | ||||||||||||||
| Millions of U.S. dollars | December 31, 2023 | September 30, 2023 | September 30, 2024 | September 30, 2024 | ||||||||||||
| Net cash provided by operating activities | $ | 4,942 | $ | 3,438 | $ | 1,904 | $ | 3,408 | ||||||||
| Adjustments: | ||||||||||||||||
| Depreciation and amortization | (1,534 | ) | (1,154 | ) | (1,133 | ) | (1,513 | ) | ||||||||
| Impairments(a) | (518 | ) | (277 | ) | (5 | ) | (246 | ) | ||||||||
| Amortization of debt-related costs | (9 | ) | (7 | ) | (9 | ) | (11 | ) | ||||||||
| Share-based compensation | (91 | ) | (71 | ) | (71 | ) | (91 | ) | ||||||||
| Equity loss, net of distributions of earnings | (189 | ) | (98 | ) | (162 | ) | (253 | ) | ||||||||
| Deferred income tax (provision) benefit | (43 | ) | (48 | ) | 79 | 84 | ||||||||||
| Gain on sale of business(b) | — | — | 293 | 293 | ||||||||||||
| Changes in assets and liabilities that (provided) used cash: | ||||||||||||||||
| Accounts receivable | (110 | ) | 282 | 413 | 21 | |||||||||||
| Inventories | (18 | ) | 196 | 433 | 219 | |||||||||||
| Accounts payable | (141 | ) | (31 | ) | 217 | 107 | ||||||||||
| Other, net | (168 | ) | (294 | ) | 11 | 137 | ||||||||||
| Net income | 2,121 | 1,936 | 1,970 | 2,155 | ||||||||||||
| Loss from discontinued operations, net of tax | 5 | 4 | 6 | 7 | ||||||||||||
| Income from continuing operations | 2,126 | 1,940 | 1,976 | 2,162 | ||||||||||||
| Provision for income taxes | 501 | 508 | 505 | 498 | ||||||||||||
| Depreciation and amortization | 1,534 | 1,154 | 1,133 | 1,513 | ||||||||||||
| Interest expense, net | 348 | 268 | 251 | 331 | ||||||||||||
| EBITDA | 4,509 | 3,870 | 3,865 | 4,504 | ||||||||||||
| add: LCM charges | — | — | — | — | ||||||||||||
| less: Gain on sale of business(b) | — | — | (293 | ) | (293 | ) | ||||||||||
| add: Impairments(a) | 518 | 277 | — | 241 | ||||||||||||
| EBITDA excluding LCM, gain on sale of business and impairments | $ | 5,027 | $ | 4,147 | $ | 3,572 | $ | 4,452 | ||||||||
(a) The year ended December 31, 2023 reflects non-cash impairment charges of
(b) 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.
Note: Last twelve months September 30, 2024 is calculated as year ended December 31, 2023, plus nine months ended September 30, 2024, minus nine months ended September 30, 2023.
| Table 5 - Calculation of Cash Conversion | |||||||||||||
| Year Ended | Nine Months Ended | Last Twelve Months | |||||||||||
| Millions of U.S. dollars | December 31, 2023 | September 30, 2023 | September 30, 2024 | September 30, 2024 | |||||||||
| Net cash provided by operating activities | $ | 4,942 | $ | 3,438 | $ | 1,904 | $ | 3,408 | |||||
| divided by: | |||||||||||||
| EBITDA excluding LCM, gain on sale of business and impairment(a) | $ | 5,027 | $ | 4,147 | $ | 3,572 | $ | 4,452 | |||||
| Cash conversion | 77 | % | |||||||||||
(a) See Table 4 for a reconciliation of net cash provided by operating activities to EBITDA including and excluding LCM, gain on sale of business and impairments in excess of
Note: Last twelve months September 30, 2024 is calculated as year ended December 31, 2023, plus nine months ended September 30, 2024, minus nine months ended September 30, 2023.
| Table 6 - Calculation of Cash and Liquid Investments and Total Liquidity | |||
| Millions of U.S. dollars | September 30, 2024 | ||
| Cash and cash equivalents and restricted cash | $ | 2,635 | |
| Short-term investments | — | ||
| Cash and liquid investments | 2,635 | ||
| add: | |||
| Availability under Senior Revolving Credit Facility | 3,750 | ||
| Availability under U.S. Receivables Facility | 900 | ||
| Total liquidity | $ | 7,285 | |
| Table 7 - Calculation of Dividends and Share Repurchases | |||
| Three Months Ended | |||
| Millions of U.S. dollars | September 30, 2024 | ||
| Dividends - common stock | $ | 437 | |
| Repurchase of Company ordinary shares | 42 | ||
| Dividends and share repurchases | $ | 479 | |
| Table 8 - Refinery Exit Costs | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| Millions of U.S. dollars | September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||
| Refinery exit costs: | |||||||||||||||
| Accelerated lease amortization costs | $ | 10 | $ | 10 | $ | 11 | $ | 28 | $ | 100 | |||||
| Personnel costs | 7 | 10 | 16 | 23 | 59 | ||||||||||
| Asset retirement obligation accretion | 2 | 2 | 2 | 6 | 6 | ||||||||||
| Asset retirement cost depreciation | 20 | 20 | 20 | 60 | 119 | ||||||||||
| Other charges | 18 | — | — | 18 | — | ||||||||||
| Total refinery exits costs | $ | 57 | $ | 42 | $ | 49 | $ | 135 | $ | 284 | |||||
FAQ
What was LyondellBasell's (LYB) earnings per share in Q3 2024?
How much cash did LYB return to shareholders in Q3 2024?
What are LYB's operating rate expectations for Q4 2024?
When will LYB's MoReTec-1 recycling facility in Germany begin operations?
