LyondellBasell Q1 Report 2023

First Quarter 2023 Highlights

• Higher polyethylene margins with improving U.S. sales prices

• Moderately higher olefins margins due to lower feedstock and
  energy costs
• Lower polypropylene margins impacted by increased supply and
  weak demand for durable goods
• NEAR-TERM OUTLOOK: Delays in new industry polyethylene capacity supporting margins
• Higher margins for polypropylene compounds
  capturing raw material price increases

• Higher volumes from slightly better demand and utilization following significant destocking in 4Q22

• Net Income: $474 million, $822 million excluding identified items(a)

• Diluted earnings per share: $1.44 per share; $2.50 per share excluding identified items, an improvement of more than 90% relative to the fourth quarter 2022

• EBITDA: $1.1 billion, $1.5 billion excluding identified items

• Launched new strategy targeting net income(b) of $6.3 billion and $10 billion of normalized EBITDA(a)(b) by 2027

• Successfully started up the world’s largest propylene oxide plant

• Achieved 70% of target to procure at least half of global electricity from renewable sources by 2030