LyondellBasell Industries N.V. - LYB STOCK NEWS

LyondellBasell reported strong third-quarter 2021 results, netting $1.8 billion in income, or $5.25 per diluted share, supported by robust demand and tight market conditions. EBITDA reached $2.7 billion, with record cash from operating activities at $2.1 billion. The company reduced debt by $2.4 billion year-to-date and repurchased 1 million shares for $0.5 billion. LyondellBasell aims for a 30% CO2 reduction by 2030 and net-zero emissions by 2050. The outlook remains positive, although margins may moderate due to rising feedstock costs.

LyondellBasell (NYSE: LYB) will report its third-quarter 2021 financial results on October 29, 2021, before the U.S. market opens. A webcast and teleconference will follow at 11:00 a.m. EDT, hosted by David Kinney, Head of Investor Relations. Presentation slides will be accessible during and after the call. A replay will be available from 1:00 p.m. EDT on October 29 until November 30, 2021. LyondellBasell, a leader in plastics, chemicals, and refining, serves more than 100 countries and has been recognized on FORTUNE's list of the "World's Most Admired Companies" for four consecutive years.

LyondellBasell has set an ambitious target to achieve net zero emissions by 2050, with an interim goal of reducing scope 1 and scope 2 emissions by 30% by 2030. The company plans to source at least 50% of its electricity from renewable sources by 2030, aiming to eliminate around 2 million metric tons of CO2 emissions. Key strategies include advanced energy management, flare minimization, and a roadmap to phase out coal usage in Germany. These sustainability initiatives underscore LyondellBasell's commitment to combating climate change and aligning with the Paris Agreement.

LyondellBasell (NYSE: LYB) has secured ISCC PLUS certification for certain polyethylene and polypropylene grades produced at its U.S. sites, enhancing its Circulen product line. This recognition enables the company to trace recycled and renewable materials effectively and will allow them to offer mass balance certificates. Production of CirculenRevive products, made from plastic waste, will commence with plans to increase output in line with rising demand. The certification is a pivotal part of the company's commitment to advancing the circular economy and sustainable materials.

LyondellBasell (NYSE: LYB) announced on September 8, 2021, its consideration of strategic options for its Gulf Coast Refining Segment, potentially including a sale. CEO Bob Patel stated the Houston Refinery is an asset that may have greater value as part of a larger system. The refinery, capable of processing 268,000 barrels of crude oil per day, produces various fuels and chemicals and is located on the Houston Ship Channel. The company did not provide assurances about the process's outcome or timing, with Bank of America advising on this strategic review.

LyondellBasell (NYSE: LYB) announced the retirement of CEO Bhavesh V. Patel, effective December 31, 2021. Patel will remain with the company until then, ensuring a smooth transition. Under his leadership since 2015, the company expanded its global portfolio and increased cash flows. LyondellBasell aims to produce 2 million metric tons of recycled polymers by 2030. The Board has formed a sub-committee to search for Patel's successor, considering both internal and external candidates.

LyondellBasell (NYSE: LYB) announced a quarterly dividend of $1.13 per share, payable on September 7, 2021, to shareholders recorded by August 30, 2021. The ex-dividend date is set for August 27, 2021. LyondellBasell is a leading global producer of plastics, chemicals, and refining, recognized for its contributions to modern challenges such as food safety and water purity. In 2021, it earned a spot on FORTUNE Magazine's list of the “World’s Most Admired Companies” for the fourth consecutive year.

LyondellBasell reported a record net income of $2.1 billion or $6.13 per share for Q2 2021, driven by strong demand and tight market conditions. EBITDA reached $3.0 billion, marking a significant increase from previous quarters. The company generated $1.9 billion in cash from operations, allowing for a 7.6% increase in the quarterly dividend to $1.13 per share. LyondellBasell reduced net debt from $13.6 billion to $12.7 billion and plans to further decrease it by up to $4 billion by year-end. The outlook remains strong, with expectations for continued demand growth.