Third Quarter 2023 Summary
● Net profit: US$700 million; US$800 million (excluding confirmed items)
● Diluted earnings per share: US$2.29 per share; US$2.46 per share (excluding recognized items)
● Earnings before interest, taxes, depreciation and amortization (EBITDA) (excluding recognized items): $1.4 billion
● Strong oxyfuel margins enable Intermediates and Derivatives (I&D) business to post record quarterly EBITDA
● Cash flow from operating activities: $1.7 billion; achieved 102% cash conversion rate over the past 12 months
● Return $448 million to shareholders through dividends and stock repurchases
● Climate targets are on track: 78% of the target of at least half of purchased electricity coming from renewable energy by 2030
Recently, LyondellBasell (LYB) released its third quarter financial report for 2023, with a net profit of US$700 million, or US$2.29 per share; it confirmed a confirmed project of US$57 million (after tax), which was positive for the third quarter per share. The impact on earnings was $0.17. Third quarter EBITDA was $1.4 billion.
Thanks to excellent pure oxygen fuel margins, the I&D business achieved record EBITDA of $708 million in the third quarter. Profits in the global olefins and polyolefins business were impacted by rising feedstock costs, weaker polymer demand in the U.S. and Europe, and new industry capacity. North American polyethylene exports have increased as global trade volumes continue to return to pre-pandemic levels.
LYB generated $1.7 billion in cash from operating activities in the third quarter and achieved a cash conversion rate of 102% over the past 12 months. At the same time, LyondellBasell remains committed to a balanced and rigorous capital allocation framework and priorities. Cash generated from operating activities in the third quarter was used to repay maturing bonds, capital investments, and return $448 million to shareholders through dividends and stock repurchases. Cash and short-term investments increased $350 million in the quarter. As of the end of the third quarter, available liquidity was $7 billion.
LyondellBasell launched +LC (Low
Carbon low carbon) solution. Available on selected chemical products including propylene oxide, styrene and other products using recycled and renewable feedstocks. LyondellBasell’s +LC solutions address growing customer demand for sustainable materials. These materials have lower greenhouse gas emissions than fossil-based alternatives
(GHG) Trail. Additionally, with a new solar purchase agreement in Spain, LyondellBasell has achieved 78% of its target of having half of its energy procured from renewable sources by 2030.
LYB CEO: Peter Vanacker
“LYB has shown great resilience in challenging market conditions, delivering good results and excellent cash conversion, while remaining focused on executing our long-term strategy. We have successfully launched new propylene oxide and pure oxygen fuels plant, which is consistent with our strategy to grow and upgrade our core business. Our oxyfuel business achieved strong oxyfuel margins, helping the I&D business set a new quarterly performance record.”
Not long ago, LYB also released a series of articles related to “Creating solutions for everyday sustainable development”.
living), and reflects the company’s new strategy announced earlier in 2023.
About LyondellBasell
LyondellBasell (LYB) – a leading company in the global chemical industry, creates solutions for sustainable development every day. Through advanced technologies and focused investments, LyondellBasell is enabling a circular and low-carbon economy. In everything we do, LyondellBasell’s goal is to unlock value for customers, investors and society. As a global leader in polymer production and polyolefin technologies, LyondellBasell develops, produces and markets high-quality, innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare.
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