LyondellBasell Q3 Report 2022
Third Quarter 2022 Highlights
- Net Income: $572 million, $642 million excluding identified items(a)
- Diluted earnings per share: $1.75 per share, $1.96 per share excluding identified items
- EBITDA: $1.1 billion, $1.2 billion excluding identified items
- Achieved 19% return on invested capital over trailing 12 months
- Delivered $1.4 billion in cash from operating activities
- Returned more than $550 million to shareholders in the form of dividends and share repurchases
- Established new organizational structure to capture value and accelerate sustainable growth
- Launched value enhancement program targeting $750 million in recurring annual EBITDA improvement
During the third quarter, higher energy costs, new supply and weaker markets pressured global petrochemical
margins. Global demand for LyondellBasell’s products utilized in consumer packaging remained stable, but demand
from durable goods markets softened. In Europe, olefins, polyolefins and intermediate chemicals markets encountered
significantly higher energy costs and weak demand. In response to these challenging conditions, the company
postponed the restart of its ethylene cracker in France until the first quarter 2023 and reduced operating rates across
its global asset base to match lower demand. In China, markets remained weak due to zero-COVID measures and
tepid growth. In North America, new supply and inventory destocking led to declines in polyolefins prices. The impacts
of higher energy, raw material, labor and transportation costs were also visible in Advanced Polymers Solutions results.
LyondellBasell’s oxyfuels and refining businesses continued to earn margins above historical averages.
