Lyondellbasell Industries N V - LYB STOCK NEWS

LyondellBasell has entered into a long-term contract with Nexus Circular to supply approximately 24,000 tons of recycled feedstock annually. This material will be produced at Nexus’ upcoming recycling facility and is aimed at reducing landfill waste. The recycled feedstock will be used at LyondellBasell's Channelview, Texas plant to create new plastics under the CirculenRevive brand. This partnership supports LyondellBasell's sustainability goals, particularly its 2030 recycling commitments, and enhances efforts toward a circular economy.

LyondellBasell has signed a long-term contract with Nexus Circular for approximately 24,000 tons of recycled feedstock annually. This feedstock will be produced at Nexus's new advanced recycling facility, expected to start construction in 2023. The recycled material will be utilized at LyondellBasell's Channelview, Texas facility to create new plastics under the CirculenRevive brand. The partnership supports LyondellBasell's 2030 circularity goals and aims to meet growing customer demands for sustainable solutions.

LyondellBasell outlined its ambitious climate goals, focusing on reducing Scope 3 emissions, which constitute approximately 75% of emissions in the chemical industry. The company aims to cut Scope 1 and Scope 2 emissions by 42% and Scope 3 emissions by 30% by 2030, using 2020 as a baseline. Key initiatives include closing a Houston refinery by 2023, expected to decrease emissions by 40 million metric tons annually, and entering Power Purchase Agreements (PPAs) for renewable energy, thereby reducing Scope 2 emissions by nearly 1 million metric tons. LyondellBasell is also committed to aligning its targets with the Science-Based Targets Initiative.

LyondellBasell has secured four new renewable electricity power purchase agreements (PPAs), including two in Europe and two in the United States, totaling approximately 560 MW of renewable energy capacity. This brings the company's total to eight PPAs, achieving over 50% of its 2030 target to source at least 50% of its electricity from renewable sources. The contracts are anticipated to produce more than 2.6 million MWh of renewable electricity annually, cutting down about 1 million metric tons of carbon emissions. The Tarragona Solar Project is expected to commence operations in Q3 2023, alongside a Nordic project set to start in Q1 2026.

LyondellBasell (NYSE: LYB) and KIRKBI A/S have announced a significant investment in APK, a firm specializing in innovative recycling technology for low-density polyethylene (LDPE). The investment, totaling approximately 130 million Euros, aims to enhance the recycling of multi-layer flexible packaging, a major component of plastic waste. The Newcycling® process, developed by APK, efficiently separates different polymers to produce high-purity recycled materials. The partnership aligns with LyondellBasell's commitment to advancing a circular economy and increasing demand for sustainable packaging solutions.

LyondellBasell Industries reported a net income of $353 million for Q4 2022, translating to $1.07 per share. For the full year, net income reached $3.9 billion, or $11.81 per share. EBITDA for Q4 was $792 million and $6.3 billion for the year. The company increased its greenhouse gas emission reduction targets for 2030 and is advancing plans for plastic waste recycling facilities. Despite challenges, LyondellBasell delivered $6.1 billion in cash from operations and returned $3.7 billion to shareholders through dividends and repurchases. The outlook for 2023 suggests continued market challenges, with utilization expected at 80%.

LyondellBasell has signed four new power purchase agreements (PPAs) for renewable electricity, totaling approximately 560 MW in capacity. This includes two agreements in Europe and two in the United States, bringing the total number of signed PPAs to eight. These initiatives will generate over 2.6 million MWh of renewable energy annually, aiming to cut nearly 1 million metric tons of carbon emissions. The agreements are critical to meet the company's sustainability objectives, including a 42% reduction in scope 1 and 2 emissions by 2030. The Tarragona Solar Project will also contribute to local emissions reductions in Spain.

LyondellBasell has appointed Trisha Conley as its new Executive Vice President of People and Culture, effective February 1, 2023. Conley will be part of the Executive Committee and is tasked with enhancing employee experience and organizational performance as part of the company's cultural transformation. With over 25 years in the oil, gas, and renewable sectors, she previously held leadership roles at Chevron Renewable Energy Group and BP. LyondellBasell emphasizes its commitment to diversity and sustainability, striving to be a leader in the global chemical industry.