LyondellBasell Industries today announced results for the first quarter 2025.  The company reported net income for the first quarter 2025 of $177 million, or $0.54 per diluted share. During the quarter, the company recognized identified items of $67 million, net of tax. These items, which impacted first quarter earnings by $0.21 per share, relate to costs incurred from the closure of the Dutch PO joint venture offset by income from discontinued refinery operations. First quarter 2025 EBITDA was $655 million, or $576 million excluding identified items.

“The LYB team continued to execute well during the first quarter. With planned maintenance at our largest ethylene crackers successfully completed in Europe and the U.S., our assets are well-positioned to serve improving seasonal demand while adapting to dynamic trade flows through a flexible and global manufacturing network. And as we did during the last two years, we continue to take sensible measures to strengthen our near-term cash generation while remaining committed to delivering on our three-pillar strategy through this prolonged industry downturn. Our financial and operational discipline enables us to effectively navigate macroeconomic challenges, achieve sustainable growth and provide a strong and reliable dividend throughout the cycle,” said Peter Vanacker, LyondellBasell chief executive officer.

During the first quarter, the company continued to take a balanced approach to capital allocation with $483 million invested in capital expenditures and $543 million returned to shareholders through dividends and share repurchases. First quarter uses of cash included increased receivables and inventories associated with higher volumes following maintenance downtime, the delayed payment of prior year cash taxes and share repurchases. At the end of the quarter, the company held $1.9 billion in cash and cash equivalents and maintained $6.5 billion in available liquidity.

LYB continued to navigate dynamic market conditions during the first quarter while advancing on its three-pillar strategy. The company is enhancing its market position by securing an award for a cost-advantaged feedstock allocation in the Middle East and reaching final investment decision to profitably expand its U.S. propylene capacity. To address ongoing macroeconomic volatility, LyondellBasell is announcing a $500 million Cash Improvement Plan focused on strengthening financial results.

OUTLOOK

In the second quarter, the company expects seasonal demand improvements across most businesses. U.S. natural gas and ethane feedstock costs have moderated and operations in Europe and Asia are benefiting from lower crude oil costs. Oxyfuels margins should improve with higher gasoline crack spreads during the summer driving season. In Europe, the rapid pace of capacity rationalization continues and is expected to improve regional supply and demand balances over the coming years. Additionally, more constructive approaches to European economic and regulatory policies are providing measured optimism. Despite economic uncertainty, global packaging demand should remain resilient in serving consumer needs for packaged food, healthcare and other essential everyday products.

To align with global demand and the company's planned maintenance, LYB expects second quarter operating rates of 85% for North American olefins and polyolefins (O&P) assets, 75% for European O&P assets and 85% for Intermediates & Derivatives (I&D) assets.