LyondellBasell Industries N.V. - LYB STOCK NEWS

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.

LyondellBasell recently announced an enhancement to its climate initiatives, increasing its 2030 greenhouse gas emissions reduction targets for scope 1 and 2 emissions and introducing a target for scope 3 emissions, based on a 2020 baseline. This strategic move underscores the company's commitment to sustainability and corporate responsibility, reflecting broader industry trends towards environmental stewardship. Tracey Campbell, Executive Vice President of Sustainability and Corporate Affairs, elaborated on these developments, emphasizing LyondellBasell's dedication to addressing climate change through impactful goals.

LyondellBasell (NYSE: LYB) will announce its fourth-quarter 2022 financial results on February 3, 2023, before the U.S. market opens. A teleconference discussing the results will take place at 11:00 a.m. ET. Investors can access the webcast through the company’s earnings page. A replay of the call will be available from 1:00 p.m. ET on the same day until March 3, 2023. LyondellBasell has been recognized as one of FORTUNE Magazine's "World's Most Admired Companies" for five consecutive years, underscoring its leadership and commitment to sustainable practices.

LyondellBasell is launching a new Circular and Low Carbon Solutions business unit, aimed at addressing plastic waste through innovative technologies. The company plans to build a commercial-scale advanced recycling plant in Wesseling, Germany, using its proprietary MoReTec technology to convert mixed plastic waste into feedstock for new plastic production. By 2030, LyondellBasell aims to produce two million metric tons of recycled polymers annually. Key initiatives include global recycling expansions, partnerships for waste sorting and mechanical recycling, and collaborations to recycle automotive plastics. These efforts position LyondellBasell as a leader in sustainable solutions.

LyondellBasell has appointed Trisha Conley as the new Executive Vice President of People and Culture, effective February 1, 2023. Conley will join the Executive Committee and lead initiatives to enhance employee experience and company culture. CEO Peter Vanacker emphasized the importance of a strong corporate culture for operational performance. Conley, who has over 25 years of experience in the oil and gas industry, previously served as Senior Vice President at Chevron Renewable Energy Group and VP of Human Resources at BP. LyondellBasell focuses on diversity, equity, and sustainability in its operations.

LyondellBasell (NYSE: LYB) announced an increase in its 2030 greenhouse gas (GHG) emissions reduction target for scope 1 and 2 from 30% to 42%, compared to a 2020 baseline. The company also set a scope 3 target of 30% reduction. Capital expenditures for these initiatives will be integrated into the long-range plan without altering the capital allocation strategy. Planned reductions, including the closure of the Houston refinery by December 2023, are expected to lower GHG emissions by over 3 million metric tons annually. The company aims to source 75% of its global electricity from low carbon power by 2030.

LyondellBasell (NYSE: LYB) announced that Michael McMurray, Executive Vice President and CFO, will participate in a fireside chat at the 2022 Citi Basic Materials Conference on November 29, 2022, at 11 a.m. ET. A live webcast will be available for access during the event, and a replay can be found on their website within 24 hours afterward. LyondellBasell is committed to advancing sustainable solutions in over 100 international markets, focusing on diversity, equity, and inclusion, as well as addressing plastic waste and climate challenges.