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目录
美国
证券交易委员会
华盛顿特区20549
表 10-Q
☒根据1934年证券交易法第13或15(d)节的季度报告
截至季度结束日期的财务报告2024年9月30日
或者
☐根据1934年证券交易法第13或15(d)节的转型报告书
过渡期从                    为                
委托文件号码：001-34726
每段时期EBITDA涵盖的范围
(根据其章程规定的注册人准确名称)
荷兰 98-0646235
（国家或其他管辖区的
公司成立或组织）		（IRS雇主
唯一识别号码）
麦金尼街 1221 号藤街一号四楼
300 套房伦敦代尔夫特广场 27E
休斯顿，德州W1J0AH3013AA鹿特丹
美国77010英国荷兰
(主要执行办事处地址) (邮政编码)
(713)309-7200+44 (0)207220 2600+31 (0)102755 500
（注册人的电话号码，包括区号）
______________________________________________________________________________________________________________________________
（前名称、地址及财政年度，如果自上次报告以来有更改）
在法案第12(b)条的规定下注册的证券：
每种类别的证券交易代码注册在每个交易所的名称：
普通股，€0.04的面值LYB请使用moomoo账号登录查看New York Stock Exchange
用勾号标识: (1) 在过去的12个月内，提交了《证券交易法》第13条或第15(d)条所要求提交的所有报告。(或对于注册者要求提交这些报告的更短期间)(2) 在过去的90天内一直遵守报告要求。  是  x    否  ¨
用勾号标识: 在过去的12个月内(或对于注册人要求提交这些文件的更短期间)，是否已按照规则405 of Regulation S-t(本章节的§232.405)的规定提交了每个交互式数据文件。  是  x    否  ¨
请在交易所法规则120.2规定的“大型加速申报人”、“加速申报人”、“小型报告公司”和“新兴成长公司”的定义中选中相应选项。
大型加速报告人x加速文件申报人
☐
非加速文件提交人
☐
更小的报告公司
☐
成长型公司
☐
如果是新兴成长型公司，请在这里打勾，说明注册人已选择不使用根据《证券交易法》第13(a)条规定提供的任何新的或修订的财务会计准则的延期过渡期。☐
请用复选标记表示注册公司是否为空壳公司（如《交易所法》第120亿.2条所定义）。 是 ☐ 否x
截至2024年5月17日，申报人共有 324,756,819 2024年10月30日普通股，面值€0.04，流通股为除15,665,679股库存股外。

目录
每段时期EBITDA涵盖的范围
目录
 
 


目录
第一部分 财务信息
第1项. 合并基本报表（未经审计）

利安德巴塞尔工业股份有限公司
综合利润表
 三个月之内结束
2020年9月30日		九个月结束
2020年9月30日
百万美元，每股收益除外2024202320242023
销售额和其他营业收入：
交易$10,160 $10,477 $30,315 $30,702 
关联方162 148 490 476 
10,322 10,625 30,805 31,178 
经营成本和费用：
销售成本9,080 9,177 26,991 26,909 
减值5 25 5 277 
销售，总务及管理费用404 378 1,237 1,158 
研发费用31 31 96 96 
9,520 9,611 28,329 28,440 
营业利润802 1,014 2,476 2,738 
利息支出(118)(125)(365)(356)
利息收入36 37 114 88 
业务售出收益— — 293 — 
其他收入（费用）净额11 (31)29 (33)
持续经营业务在股权投资和所得税前的利润731 895 2,547 2,437 
(亏损) 股权投资收益(20)6 (66)11 
未来营业收入净额711 901 2,481 2,448 
所得税费用134 153 505 508 
持续经营业务收入577 748 1,976 1,940 
已中止的经营亏损，税后(4)(1)(6)(4)
净收入573 747 1,970 1,936 
可赎回非控股权益的股息(2)(2)(5)(5)
归属于公司股东的净利润$571 $745 $1,965 $1,931 
每股收益:
归属于公司股东的净利润（损失）
基本
持续经营业务$1.77 $2.29 $6.04 $5.93 
已停业的业务(0.01)— (0.02)(0.01)
$1.76 $2.29 $6.02 $5.92 
稀释
持续经营业务$1.76 $2.29 $6.02 $5.91 
已停业的业务(0.01)— (0.02)(0.01)
$1.75 $2.29 $6.00 $5.90 
详见合并财务报表附注。

1
目录
LYONDELLBASELL INDUSTRIES N.V.
综合收益综合表

 
三个月之内结束
2020年9月30日		九个月结束
2020年9月30日
数百万美元2024202320242023
净收入$573 $747 $1,970 $1,936 
其他全面收益（损失），税后 -
金融衍生品12 17 62 24 
定义利益养老金和其他雇后福利计划3 2 10 6 
外币翻译134 (86)30 (58)
其他综合收益（损失），净所得税后149 (67)102 (28)
综合收益722 680 2,072 1,908 
可赎回非控股权益的分红派息(2)(2)(5)(5)
归属于公司股东的综合收益$720 $678 $2,067 $1,903 
详见合并财务报表附注。

2
目录
每段时期EBITDA涵盖的范围
基本报表
 
数百万美元九月三十日
2024		十二月 31,
2023
资产
流动资产：
现金和现金等价物$2,621 $3,390 
受限制的现金14 15 
应收账款：
贸易，净额3,682 3,356 
关联方264 151 
库存5,261 4,765 
预付费用和其他流动资产900 1,475 
流动资产总额12,742 13,152 
经营租赁资产1,442 1,529 
财产、厂房和设备25,793 24,906 
减去：累计折旧(9,928)(9,359)
财产、厂房和设备，净额15,865 15,547 
股票投资4,272 3,907 
善意1,633 1,647 
无形资产，净额599 641 
其他资产710 577 
总资产$37,263 $37,000 
详见合并财务报表附注。





3
目录
每段时期EBITDA涵盖的范围
CONSOLIDATED BALANCE SHEETS
 
Millions of dollars, except shares and par value dataSeptember 30,
2024		December 31,
2023
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
Current liabilities:
Current maturities of long-term debt$7 $782 
Short-term debt121 117 
Accounts payable:
Trade3,063 3,354 
Related parties563 461 
Accrued and other current liabilities2,239 2,436 
Total current liabilities5,993 7,150 
Long-term debt11,132 10,333 
Operating lease liabilities1,360 1,409 
Other liabilities2,083 2,164 
Deferred income taxes2,853 2,886 
Commitments and contingencies
Redeemable non-controlling interests114 114 
Shareholders’ equity:
Ordinary shares, €0.04 par value, 1,275 million shares authorized, 324,750,428 and 324,483,402 shares outstanding, respectively
19 19 
Additional paid-in capital6,139 6,145 
Retained earnings10,366 9,692 
Accumulated other comprehensive loss(1,374)(1,476)
Treasury stock, at cost, 15,672,070 and 15,939,096 ordinary shares, respectively
(1,434)(1,450)
Total Company share of shareholders’ equity13,716 12,930 
Non-controlling interests12 14 
Total equity13,728 12,944 
Total liabilities, redeemable non-controlling interests and equity$37,263 $37,000 
See Notes to the Consolidated Financial Statements.




4
Table of Contents
LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
Millions of dollars20242023
Cash flows from operating activities:
Net income$1,970 $1,936 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,133 1,154 
Impairments5 277 
Amortization of debt-related costs9 7 
Share-based compensation71 71 
Equity investments—
Equity loss (income)66 (11)
Distributions of earnings, net of tax96 109 
Deferred income tax (benefit) provision (79)48 
Gain on sale of business(293)— 
Changes in assets and liabilities that provided (used) cash:
Accounts receivable(413)(282)
Inventories(433)(196)
Accounts payable(217)31 
Other, net(11)294 
Net cash provided by operating activities1,904 3,438 
Cash flows from investing activities:
Expenditures for property, plant and equipment(1,335)(1,047)
Acquisition of equity method investments(539)(5)
Proceeds from sale of business 700 — 
Proceeds from settlement of net investment hedges463 612 
Payments for settlement of net investment hedges(445)(550)
Other, net(150)(181)
Net cash used in investing activities$(1,306)$(1,171)
    
See Notes to the Consolidated Financial Statements.


5
Table of Contents
LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
Millions of dollars20242023
Cash flows from financing activities:
Repurchases of Company ordinary shares$(117)$(211)
Dividends paid - common stock(1,283)(1,204)
Issuance of long-term debt744 500 
Payments of debt issuance costs(10)(5)
Repayment of long-term debt(775)(425)
Net repayments of commercial paper— (200)
Proceeds from settlement of cash flow hedges882 — 
Payments for settlement of cash flow hedges(835)— 
Other, net17 — 
Net cash used in financing activities(1,377)(1,545)
Effect of exchange rate changes on cash9 (34)
(Decrease) increase in cash and cash equivalents and restricted cash(770)688 
Cash and cash equivalents and restricted cash at beginning of period3,405 2,156 
Cash and cash equivalents and restricted cash at end of period$2,635 $2,844 
See Notes to the Consolidated Financial Statements.

6
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LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Ordinary SharesAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Company
Share of
Shareholders’
Equity		Non-
Controlling
Interests
Millions of dollarsIssuedTreasury
Balance, June 30, 2024$19 $(1,402)$6,122 $10,233 $(1,523)$13,449 $14 
Net income — — — 573 — 573 — 
Other comprehensive income— — — — 149 149 — 
Share-based compensation— 10 17 (1)— 26 — 
Dividends - common stock ($1.34 per share)
— — — (437)— (437)— 
Dividends - redeemable non-controlling interests ($15.00 per share)
— — — (2)— (2)— 
Repurchases of Company ordinary shares— (42)— — — (42)— 
Distributions to non-controlling interests— — — — — — (2)
Balance, September 30, 2024$19 $(1,434)$6,139 $10,366 $(1,374)$13,716 $12 
Ordinary SharesAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Company
Share of
Shareholders’
Equity		Non-
Controlling
Interests
Millions of dollarsIssuedTreasury
Balance, June 30, 2023$19 $(1,446)$6,111 $9,580 $(1,333)$12,931 $14 
Net income— — — 747 — 747 — 
Other comprehensive loss— — — — (67)(67)— 
Share-based compensation— 23 19 (1)— 41 — 
Dividends - common stock ($1.25 per share)
— — — (407)— (407)— 
Dividends - redeemable non-controlling interests ($15.00 per share)
— — — (2)— (2)— 
Repurchases of Company ordinary shares— (38)— — — (38)— 
Balance, September 30, 2023$19 $(1,461)$6,130 $9,917 $(1,400)$13,205 $14 


7
Table of Contents
Ordinary SharesAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Company
Share of
Shareholders’
Equity		Non-
Controlling
Interests
Millions of dollarsIssuedTreasury
Balance, December 31, 2023$19 $(1,450)$6,145 $9,692 $(1,476)$12,930 $14 
Net income — — — 1,970 — 1,970 — 
Other comprehensive income— — — — 102 102 — 
Share-based compensation— 133 (6)(8)— 119 — 
Dividends - common stock ($3.93 per share)
— — — (1,283)— (1,283)— 
Dividends - redeemable non-controlling interests ($45.00 per share)
— — — (5)— (5)— 
Repurchases of Company ordinary shares— (117)— — — (117)— 
Distributions to non-controlling interests— — — — — — (2)
Balance, September 30, 2024$19 $(1,434)$6,139 $10,366 $(1,374)$13,716 $12 
Ordinary SharesAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Company
Share of
Shareholders’
Equity		Non-
Controlling
Interests
Millions of dollarsIssuedTreasury
Balance, December 31, 2022$19 $(1,346)$6,119 $9,195 $(1,372)$12,615 $14 
Net income— — — 1,936 — 1,936 — 
Other comprehensive loss— — — — (28)(28)— 
Share-based compensation— 96 11 (5)— 102 — 
Dividends - common stock ($3.69 per share)
— — — (1,204)— (1,204)— 
Dividends - redeemable non-controlling interests ($45.00 per share)
— — — (5)— (5)— 
Repurchases of Company ordinary shares— (211)— — — (211)— 
Balance, September 30, 2023$19 $(1,461)$6,130 $9,917 $(1,400)$13,205 $14 
See Notes to the Consolidated Financial Statements.

8
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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

TABLE OF CONTENTS
Page
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3.
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5.
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12.

9
Table of Contents

LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1.    Basis of Presentation
LyondellBasell Industries N.V. is a limited liability company (Naamloze Vennootschap) incorporated under Dutch law by deed of incorporation dated October 15, 2009. Unless otherwise indicated, the “Company,” “we,” “us,” “our” or similar words are used to refer to LyondellBasell Industries N.V. together with its consolidated subsidiaries (“LyondellBasell N.V.”). LyondellBasell N.V. is a worldwide manufacturer of chemicals and polymers, a refiner of crude oil, a producer of gasoline blending components and a developer and licensor of technologies for the production of polymers.
The accompanying unaudited Consolidated Financial Statements have been prepared from the books and records of LyondellBasell N.V. in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair statement have been included. These statements contain some amounts that are based upon management estimates and judgments. Future actual results could differ from such current estimates. The results for interim periods are not necessarily indicative of results for the entire year.
2.    Accounting and Reporting Changes
Recently Adopted Guidance
There were no new Accounting Standard Updates (“ASU”) adopted in the nine months ended September 30, 2024 that had a material impact on the Consolidated Financial Statements.
Accounting Guidance Issued But Not Adopted as of September 30, 2024
Segment Disclosures—In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance improves the disclosures about a public entity’s reportable segments and addresses requests from investors for additional detailed information about a reportable segment’s expenses. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of the ASU will not have a material impact on the Consolidated Financial Statements.
Income Tax Disclosures—In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 74): Improvements to Income Tax Disclosures. The guidance requires companies to disclose certain specific categories in the rate reconciliation and provide additional information for reconciling items that meet the quantitative threshold of 5% of the expected tax using the applicable statutory income tax rate. There is also a required disclosure to provide the net income taxes paid or received disaggregated by federal, state, and foreign taxes with jurisdictions to be separately disclosed if the jurisdiction is 5% or more of the total net income taxes paid or received. The guidance is effective for annual periods beginning after December 15, 2024. Earlier adoption is permitted. We are currently assessing the impact of adopting the new guidance on the Consolidated Financial Statements.

10
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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

3.    Revenues
Contract Balances—Contract liabilities were $158 million and $175 million at September 30, 2024 and December 31, 2023, respectively. Revenue recognized in each reporting period that was included in the contract liability balance at the beginning of the period was immaterial.
Disaggregation of Revenues—The following table presents our revenues disaggregated by key products:
Three Months Ended
September 30,		Nine Months Ended
September 30,
Millions of dollars2024202320242023
Sales and other operating revenues:
Olefins and co-products
$1,042 $868 $2,950 $2,658 
Polyethylene1,948 1,814 5,788 5,750 
Polypropylene1,707 1,347 4,782 4,326 
Propylene oxide and derivatives571 558 1,803 1,737 
Oxyfuels and related products1,373 1,734 3,914 4,269 
Intermediate chemicals664 675 2,120 2,187 
Compounding and solutions892 897 2,795 2,848 
Refined products1,965 2,510 6,120 6,860 
Other160 222 533 543 
Total$10,322 $10,625 $30,805 $31,178 
The following table presents our revenues disaggregated by geography, based upon the location of the customer:
Three Months Ended
September 30,		Nine Months Ended
September 30,
Millions of dollars2024202320242023
Sales and other operating revenues:
United States$4,926 $5,301 $14,743 $15,185 
Germany609 601 1,932 2,006 
China567 526 1,708 1,573 
Mexico481 439 1,377 1,258 
Italy342 353 1,136 1,075 
Japan378 391 972 1,182 
France284 272 842 838 
Poland231 231 720 693 
The Netherlands188 154 587 627 
Other2,316 2,357 6,788 6,741 
Total$10,322 $10,625 $30,805 $31,178 

11
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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

4.    Accounts Receivable
Accounts receivable are reflected in the Consolidated Balance Sheets, net of allowance for credit losses of $4 million and $6 million as of September 30, 2024 and December 31, 2023, respectively.

5.    Inventories
Inventories consisted of the following components:
Millions of dollarsSeptember 30,
2024		December 31,
2023
Finished goods$3,382 $3,134 
Work-in-process211 182 
Raw materials and supplies1,668 1,449 
Total inventories$5,261 $4,765 

12
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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

6.    Debt
Long-term loans, notes and other debt, net of unamortized discount, debt issuance cost and cumulative fair value hedging adjustments, consisted of the following:
Millions of dollarsSeptember 30,
2024		December 31,
2023
Senior Notes due 2024, $1,000 million, 5.75%
$— $775 
Senior Notes due 2055, $1,000 million, 4.625% ($15 million of discount; $10 million of debt issuance cost)
975 975 
Guaranteed Notes due 2027, $300 million, 8.1%
300 300 
Issued by LYB International Finance B.V.:
Guaranteed Notes due 2043, $750 million, 5.25% ($18 million of discount; $6 million of debt issuance cost)
726 726 
Guaranteed Notes due 2044, $1,000 million, 4.875% ($10 million of discount; $8 million of debt issuance cost)
982 982 
Issued by LYB International Finance II B.V.:
Guaranteed Notes due 2026, €500 million, 0.875% ($1 million of discount; $1 million of debt issuance cost)
553 542 
Guaranteed Notes due 2027, $1,000 million, 3.5% ($2 million of discount; $1 million of debt issuance cost)
588 585 
Guaranteed Notes due 2031, €500 million, 1.625% ($4 million of discount; $2 million of debt issuance cost)
552 542 
Issued by LYB International Finance III LLC:
Guaranteed Notes due 2025, $500 million, 1.25% ($1 million of debt issuance cost)
486 481 
Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of debt issuance cost)
127 124 
Guaranteed Notes due 2030, $500 million, 2.25% ($2 million of discount; $3 million of debt issuance cost)
478 474 
Guaranteed Notes due 2033, $500 million, 5.625% ($5 million of debt issuance cost)
495 495 
Guaranteed Notes due 2034, $750 million, 5.5% ($5 million of discount, $7 million of debt issuance cost)
738 — 
Guaranteed Notes due 2040, $750 million, 3.375% ($1 million of discount; $7 million of debt issuance cost)
742 742 
Guaranteed Notes due 2049, $1,000 million, 4.2% ($14 million of discount; $10 million of debt issuance cost)
976 976 
Guaranteed Notes due 2050, $1,000 million, 4.2% ($6 million of discount; $10 million of debt issuance cost)
981 975 
Guaranteed Notes due 2051, $1,000 million, 3.625% ($2 million of discount; $10 million of debt issuance cost)
935 916 
Guaranteed Notes due 2060, $500 million, 3.8% ($4 million of discount; $5 million of debt issuance cost)
486 483 
Other19 22 
Total11,139 11,115 
Less current maturities(7)(782)
Long-term debt$11,132 $10,333 

13
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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

Fair value hedging adjustments associated with the fair value hedge accounting of our fixed-for-floating interest rate swaps for the applicable periods are as follows: 
Gains (Losses)Cumulative Fair Value
Hedging Adjustments Included
in Carrying Amount of Debt
Three Months Ended
September 30,		Nine Months Ended
September 30,		September 30,December 31,
Millions of dollars202420232024202320242023
Guaranteed Notes due 2025, 1.25%
$(3)$— $(4)$(1)$5 $9 
Guaranteed Notes due 2026, 0.875%
(3)(1)(3)(2)5 8 
Guaranteed Notes due 2027, 3.5%
(6)4 (2)7 — 2 
Guaranteed Notes due 2030, 3.375%
(6)3 (3)3 14 17 
Guaranteed Notes due 2030, 2.25%
(6)4 (3)3 17 20 
Guaranteed Notes due 2031, 1.625%
(3)2 (1)1 2 3 
Guaranteed Notes due 2050, 4.2%
(3)(1)(6)(2)3 9 
Guaranteed Notes due 2051, 3.625%
(29)12 (19)14 53 72 
Guaranteed Notes due 2060, 3.8%
(5)3 (2)4 5 7 
Total$(64)$26 $(43)$27 $104 $147 
Fair value adjustments are recognized in Interest expense in the Consolidated Statements of Income.
Long-Term Debt
Senior Revolving Credit Facility—In July 2024, we amended our credit agreement to increase our senior unsecured revolving credit facility (the “Senior Revolving Credit Facility”) from $3,250 million to $3,750 million and extend the maturity to July 2029. Our Senior Revolving Credit Facility may be used for dollar and euro denominated borrowings. The facility also supports our commercial paper program, has a $200 million sub-limit for dollar and euro denominated letters of credit and a $1,000 million uncommitted accordion feature. Borrowings under the facility bear interest at either a base rate, secured overnight financing rate (“SOFR”) or EURIBOR rate, plus an applicable margin. Additional fees are incurred for the average daily unused commitments. At September 30, 2024, we had no borrowings or letters of credit outstanding and $3,750 million of unused availability under this facility.
Guaranteed Notes due 2034—In February 2024, LYB International Finance III, LLC (“LYB Finance III”), a wholly owned finance subsidiary of LyondellBasell Industries N.V., issued $750 million of 5.5% guaranteed notes due 2034 (the “2034 Notes”) at a discounted price of 99.2%. Net proceeds after deducting original issuance discounts, underwriting fees and offering expenses totaled $737 million. We used the net proceeds from the sale of the 2034 Notes to repay our 5.75% senior notes due 2024 as discussed further below.
These unsecured notes, which are fully and unconditionally guaranteed by LyondellBasell Industries N.V., rank equally in right of payment to all of LYB Finance III’s and LyondellBasell Industries N.V.’s existing and future senior unsecured indebtedness and will rank senior in right of payment to any future subordinated indebtedness that LYB Finance III or LyondellBasell Industries N.V. incurs. There are no significant restrictions that would impede LyondellBasell Industries N.V., as guarantor, from obtaining funds by dividend or loan from its subsidiaries.

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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

The indenture governing these notes contains limited covenants, including those restricting our ability, and the ability of our subsidiaries, to incur indebtedness secured by significant property or by capital stock of subsidiaries that own significant property, enter into certain sale and lease-back transactions with respect to any significant property or enter into consolidations, mergers or sales of all or substantially all of our assets.
The 2034 Notes may be redeemed at any time in whole, or from time to time in part, prior to the scheduled maturity date, at a redemption price equal to the greater of (i) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the treasury rate plus the applicable basis points) less interest accrued on the notes to be redeemed, and (ii) 100% of the principal amount of the notes redeemed; plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. The 2034 Notes may also be redeemed at any time, on or after the date that is three months prior to the scheduled maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. The notes are also redeemable upon certain tax events.
Senior Notes due 2024—In March 2024, we repaid the $775 million remaining outstanding principal of our 5.75% senior notes due 2024.
Short-Term Debt
U.S. Receivables Facility—Our U.S. Receivables Facility has a purchase limit of $900 million in addition to a $300 million uncommitted accordion feature. In May 2024, we extended the term of the facility to June 2025. This facility provides liquidity through the sale or contribution of trade receivables by certain of our U.S. subsidiaries to a wholly owned, bankruptcy-remote subsidiary on an ongoing basis and without recourse. We pay variable interest rates on our secured borrowings. Additional fees are incurred for the average daily unused commitments. This facility also provides for the issuance of letters of credit up to $200 million. At September 30, 2024, we had no borrowings or letters of credit outstanding and $900 million unused availability under this facility.
Commercial Paper Program—We have a commercial paper program under which we may issue up to $2,500 million of privately placed, unsecured, short-term promissory notes (“commercial paper”). At September 30, 2024, we had no borrowings of outstanding commercial paper.
Precious Metal Financings—At September 30, 2024 and December 31, 2023, we had $121 million and $117 million, respectively, of Short-term debt related to our precious metal financings.
Weighted Average Interest Rate—At September 30, 2024 and December 31, 2023, our weighted average interest rates on outstanding Short-term debt were 1.2% and 1.9%, respectively.
Additional Information
Debt Compliance—As of September 30, 2024, we are in compliance with our debt covenants.


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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

7.    Financial Instruments and Fair Value Measurements
We are exposed to market risks, such as changes in commodity pricing, interest rates and currency exchange rates. To manage the volatility related to these exposures, we selectively enter into derivative contracts pursuant to our risk management policies.
Financial Instruments Measured at Fair Value on a Recurring Basis—The following table summarizes financial instruments outstanding for the periods presented that are measured at fair value on a recurring basis:
Fair Value
Millions of dollarsSeptember 30, 2024December 31, 2023Balance Sheet Classification
Assets–
Derivatives designated as hedges:
Commodities$— $1 Prepaid expenses and other current assets
Foreign currency40 44 Prepaid expenses and other current assets
Foreign currency20 45 Other assets
Interest rates27 38 Prepaid expenses and other current assets
Derivatives not designated as hedges:
Commodities52 98 Prepaid expenses and other current assets
Commodities3 — Other assets
Foreign currency2 3 Prepaid expenses and other current assets
Total$144 $229 
Liabilities–
Derivatives designated as hedges:
Commodities$52 $109 Accrued and other current liabilities
Commodities22 33 Other liabilities
Foreign currency24 40 Accrued and other current liabilities
Foreign currency38 32 Other liabilities
Interest rates33 31 Accrued and other current liabilities
Interest rates120 172 Other liabilities
Derivatives not designated as hedges:
Commodities27 52 Accrued and other current liabilities
Foreign currency10 10 Accrued and other current liabilities
Total$326 $479 
The financial instruments in the table above are classified as Level 2. We present the gross assets and liabilities of our derivative financial instruments on the Consolidated Balance Sheets.

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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

Financial Instruments Not Measured at Fair Value on a Recurring Basis—The following table presents the carrying value and estimated fair value of our short-term precious metal financings and long-term debt:
September 30, 2024December 31, 2023
Millions of dollarsCarrying
 Value		Fair
 Value		Carrying
 Value		Fair
Value
Precious metal financings$121 $130 $117 $114 
Long-term debt11,120 10,197 10,316 9,225 
Total$11,241 $10,327 $10,433 $9,339 
The financial instruments in the table above are classified as Level 2. Our other financial instruments classified within Current assets and Current liabilities have a short maturity and their carrying value approximates fair value.
Derivative Instruments:
Commodity Prices—The following table presents the notional amounts of our outstanding commodity derivative instruments:
Notional AmountUnit of MeasureMaturity Date
Millions of unitsSeptember 30, 2024December 31, 2023
Derivatives designated as hedges:
Natural gas70 72 MMBtu
2024 to 2027
Ethane16 18 Bbls
2024 to 2026
Power1 1 MWhs
2024 to 2027
Refined products— 1 Bbls2024
Derivatives not designated as hedges:
Crude oil3 12 Bbls2024
Ethane1 — Bbls2024
Refined products11 16 Bbls2024 to 2026
Precious metals— 1 Troy Ounces2024 to 2025
Renewable Identification Numbers15 59 RINs2024
Interest Rates—The following table presents the notional amounts of our outstanding interest rate derivative instruments:
Notional Amount
Millions of dollarsSeptember 30, 2024December 31, 2023Maturity Date
Cash flow hedges$— $200 
 2024
Fair value hedges2,174 2,171 
2025 to 2031

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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

Foreign Currency Rates—The following table presents the notional amounts of our outstanding foreign currency derivative instruments:
Notional Amount
Millions of dollarsSeptember 30, 2024December 31, 2023Maturity Date
Net investment hedges$3,274 $3,289 
2024 to 2030
Cash flow hedges300 1,150 2027
Not designated998 555 
2024 to 2025
Impact on Earnings and Other Comprehensive Income—The following tables summarize the pre-tax effect of derivative instruments recorded in Accumulated other comprehensive income (“AOCI”), the gains (losses) reclassified from AOCI to earnings and additional gains (losses) recognized directly in earnings:
Effects of Financial Instruments
Three Months Ended September 30,
Balance SheetIncome Statement
Gain (Loss)
Recognized in
AOCI		Gain (Loss) Reclassified
to Income
from AOCI		Additional Gain
(Loss) Recognized
in Income		Income Statement
Millions of dollars202420232024202320242023Classification
Derivatives designated as hedges:
Commodities$— $— $2 $— $— $— Sales and other operating revenues
Commodities(22)(24)34 6 — — Cost of sales
Foreign currency(143)83 13 (27)15 18 Interest expense
Interest rates— 39 1 1 45 (47)Interest expense
Derivatives not designated as hedges:
Commodities— — — — 53 10 Sales and other operating revenues
Commodities— — — — (41)(34)Cost of sales
Foreign currency— — — — (39)5 Other income (expense), net
Total$(165)$98 $50 $(20)$33 $(48)

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

Effects of Financial Instruments
Nine Months Ended September 30,
Balance SheetIncome Statement
Gain (Loss)
Recognized in
AOCI		Gain (Loss) Reclassified
to Income
from AOCI		Additional Gain
(Loss) Recognized
in Income		Income Statement
Millions of dollars202420232024202320242023Classification
Derivatives designated as hedges:
Commodities$(3)$— $4 $— $— $— Sales and other operating revenues
Commodities(39)(32)107 25 — — Cost of sales
Foreign currency(23)20 (14)(13)50 56 Interest expense
Interest rates11 37 3 4 (16)(77)Interest expense
Derivatives not designated as hedges:
Commodities— — — — (16)(24)Sales and other operating revenues
Commodities— — — — 36 (7)Cost of sales
Foreign currency— — — — (15)(19)Other income (expense), net
Total$(54)$25 $100 $16 $39 $(71)
As of September 30, 2024, on a pre-tax basis, $4 million is scheduled to be reclassified from AOCI as an increase to Interest expense over the next twelve months.
Other Financial Instruments:
Cash and Cash Equivalents—At September 30, 2024 and December 31, 2023, we had marketable securities classified as Cash and cash equivalents of $1,710 million and $2,432 million, respectively.
8.    Income Taxes
For interim tax reporting, we estimate an annual effective tax rate which is applied to the year-to-date ordinary income. Tax effects of significant, unusual, or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur. Our effective income tax rate fluctuates based on, among other factors, changes in pre-tax income in countries with varying statutory tax rates, changes in valuation allowances, changes in foreign exchange gains or losses, the amount of exempt income, changes in unrecognized tax benefits associated with uncertain tax positions and changes in tax laws.
Our exempt income primarily includes interest income, export incentives, and equity earnings of joint ventures. Interest income earned by certain of our subsidiaries through intercompany financings is taxed at rates substantially lower than the U.S. statutory rate. Export incentives relate to tax benefits derived from elections and structures available for U.S. exports. Equity earnings attributable to the earnings of our joint ventures, when paid through dividends to certain European subsidiaries, are exempt from all or portions of normal statutory income tax rates. We currently anticipate the favorable treatment for interest income, dividends, and export incentives to continue in the near term; however, this treatment is based on current law. The United Kingdom, as well as certain other jurisdictions in which we operate, enacted legislation implementing the Organization for Economic Cooperation and Development’s Pillar Two Model Rules effective as of January 1, 2024. We do not expect the impact to the Consolidated Financial Statements to be material based on the legislation enacted at this stage.

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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

Our effective income tax rate for the third quarter of 2024 was 18.8% compared to 17.0% for the third quarter of 2023. The higher effective income tax rate for the third quarter of 2024 was primarily due to fluctuations in foreign exchange gains or losses of 5.1%, partially offset by an increase in exempt income and changes in return to accrual adjustments that decreased the effective tax rate by 1.6% and 1.5%, respectively.
Our effective income tax rate for the first nine months of 2024 was 20.4% compared to 20.8% for the first nine months of 2023. The lower effective income tax rate for the first nine months of 2024 was primarily due to the first quarter 2023 goodwill impairment, for which there was no tax benefit and an audit settlement during the second quarter 2023 of 1.7% and 1.6%, respectively. These decreases were partially offset by a 2.3% increase in our effective income tax rate due to a decrease in exempt income.
9.    Commitments and Contingencies
Commitments—We have various purchase commitments for materials, supplies and services incidental to the ordinary conduct of business, generally for quantities required for our businesses and at prevailing market prices. These commitments are designed to ensure sources of supply and are not expected to be in excess of normal requirements. Additionally, we have capital expenditure commitments, which we incur in our normal course of business.
Financial Assurance Instruments—We have obtained letters of credit, performance and surety bonds and have issued financial and performance guarantees to support trade payables, potential liabilities and other obligations. Considering the frequency of claims made against the financial instruments we use to support our obligations, and the magnitude of those financial instruments in light of our current financial position, management does not expect that any claims against or draws on these instruments would have a material adverse effect on the Consolidated Financial Statements. We have not experienced any unmanageable difficulties in obtaining the required financial assurance instruments for our current operations.
Environmental Remediation—Accrued liabilities for future environmental remediation costs at current and former plant sites and other remediation sites totaled $143 million and $124 million as of September 30, 2024 and December 31, 2023, respectively. At September 30, 2024, the accrued liabilities for individual sites range from less than $1 million to $41 million. The remediation expenditures are expected to occur over a number of years and are not concentrated in any single year. In our opinion, it is reasonably possible that losses in excess of the liabilities recorded may have been incurred. However, we cannot estimate any amount or range of such possible additional losses. New information about sites, new technology or future developments, such as involvement in investigations by regulatory agencies, could require us to reassess our potential exposure related to environmental matters.
Indemnification—We are parties to various indemnification arrangements, including arrangements entered into in connection with acquisitions, divestitures and the formation and dissolution of joint ventures. Pursuant to these arrangements, we provide indemnification to and/or receive indemnification from other parties in connection with liabilities that may arise in connection with the transactions and in connection with activities prior to completion of the transactions. These indemnification arrangements typically include provisions pertaining to third-party claims relating to environmental and tax matters and various types of litigation. As of September 30, 2024, we had not accrued any significant amounts for our indemnification obligations, and we are not aware of other circumstances that would likely lead to significant future indemnification obligations. We cannot determine with certainty the potential amount of future payments under the indemnification arrangements until events arise that would trigger a liability under the arrangements.
As part of our technology licensing contracts, we give indemnifications to our licensees for liabilities arising from possible patent infringement claims with respect to certain proprietary licensed technologies. Such indemnifications have a stated maximum amount and generally cover a period of 5 to 10 years.
Legal Proceedings—We are subject to various lawsuits and claims, including but not limited to, matters involving contract disputes, environmental damages, personal injury and property damage. We vigorously defend ourselves and prosecute these matters as appropriate.

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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor legal proceedings in which we are a party. Our process facilitates the early evaluation and quantification of potential exposures in individual cases. This process also enables us to track those cases that have been scheduled for trial, mediation or other resolution. We regularly assess the adequacy of legal accruals based on our professional judgment, experience and the information available regarding our cases.
Based on consideration of all relevant facts and circumstances, we do not believe the ultimate outcome of any currently pending lawsuit or claim against us will have a material adverse effect upon our operations, financial condition or Consolidated Financial Statements.
10.    Shareholders’ Equity and Redeemable Non-controlling Interests
Shareholders’ Equity
Dividend Distributions—The following table summarizes the quarterly dividends paid in the period presented:
Millions of dollars, except per share amountsDividend Per
Ordinary Share		Aggregate
Dividends Paid		Date of Record
March 2024$1.25 $408 March 4, 2024
June 20241.34 438 June 3, 2024
September 20241.34 437 August 26, 2024
$3.93 $1,283 
Share Repurchase Authorization—In May 2024, our shareholders approved a proposal to authorize us to repurchase up to 34.0 million ordinary shares, through November 24, 2025 (“2024 Share Repurchase Authorization”), which superseded any prior repurchase authorizations. The timing and amount of these repurchases, which are determined based on our evaluation of market conditions and other factors, may be executed from time to time through open market or privately negotiated transactions. The repurchased shares, which are recorded at cost, are classified as Treasury stock and may be retired or used for general corporate purposes, including for various employee benefit and compensation plans.
The following table summarizes our share repurchase activity for the periods presented:
Millions of dollars, except shares and per share amountsShares
Repurchased		Average
Purchase
Price		Total Purchase Price, Including
Commissions and Fees
For the nine months ended September 30, 2024:
2024 Share Repurchase Authorization1,222,170 $95.91 $117 
For the nine months ended September 30, 2023:
2022 Share Repurchase Authorization1,365,898 $88.98 $122 
2023 Share Repurchase Authorization983,309 90.99 89 
2,349,207 $89.82 $211 
Total cash paid for share repurchases for the nine months ended September 30, 2024 and 2023 was $117 million and $211 million, respectively. Cash payments made during the reporting period may differ from the total purchase price, including commissions and fees, due to the timing of payments.

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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

Ordinary Shares—The changes in the outstanding amounts of ordinary shares are as follows:
 Nine Months Ended
September 30,
 20242023
Ordinary shares outstanding:
Beginning balance324,483,402 325,723,567 
Share-based compensation1,230,284 746,727 
Employee stock purchase plan258,912 238,209 
Purchase of ordinary shares(1,222,170)(2,349,207)
Ending balance324,750,428 324,359,296 
Treasury Shares—The changes in the amounts of treasury shares held by the Company are as follows:
Nine Months Ended
September 30,
 20242023
Ordinary shares held as treasury shares:
Beginning balance15,939,096 14,698,931 
Share-based compensation(1,230,284)(746,727)
Employee stock purchase plan(258,912)(238,209)
Purchase of ordinary shares1,222,170 2,349,207 
Ending balance15,672,070 16,063,202 
Accumulated Other Comprehensive Loss—The components of, and after-tax changes in, Accumulated other comprehensive loss as of and for the nine months ended September 30, 2024 and 2023 are presented in the following tables:
Millions of dollarsFinancial
Derivatives		Defined Benefit
Pension and Other
Postretirement
Benefit Plans		Foreign
Currency
Translation
Adjustments		Total
Balance – December 31, 2023$(226)$(279)$(971)$(1,476)
Other comprehensive (loss) income before reclassifications(17)— 20 3 
Tax benefit before reclassifications4 — 10 14 
Amounts reclassified from accumulated other comprehensive loss100 13 — 113 
Tax expense(25)(3)— (28)
Net other comprehensive income62 10 30 102 
Balance – September 30, 2024$(164)$(269)$(941)$(1,374)

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

Millions of dollarsFinancial
Derivatives		Defined Benefit
Pension and Other
Postretirement
Benefit Plans		Foreign
Currency
Translation
Adjustments		Total
Balance – December 31, 2022$(146)$(182)$(1,044)$(1,372)
Other comprehensive income (loss) before reclassifications13 — (54)(41)
Tax expense before reclassifications(2)— (4)(6)
Amounts reclassified from accumulated other comprehensive loss16 8 — 24 
Tax expense(3)(2)— (5)
Net other comprehensive income (loss)24 6 (58)(28)
Balance – September 30, 2023$(122)$(176)$(1,102)$(1,400)
The amounts reclassified out of each component of Accumulated other comprehensive loss are as follows: 
 Three Months Ended
September 30,		Nine Months Ended
September 30,		Affected Line Item on
the Consolidated
Statements of Income
Millions of dollars2024202320242023
Reclassification adjustments for:
Financial derivatives:
Commodities$2 $— $4 $— Sales and other operating revenues
Commodities34 6 107 25 Cost of sales
Foreign currency13 (27)(14)(13)Interest expense
Interest rates1 1 3 4 Interest expense
Income tax (expense) benefit(13)6 (25)(3)Provision for income taxes
Financial derivatives, net of tax37 (14)75 13 
Amortization of defined pension items:
Actuarial loss4 3 2 6 Other income (expense), net
Prior service cost1 — 11 2 Other income (expense), net
Income tax expense(2)(1)(3)(2)Provision for income taxes
Defined pension items, net of tax3 2 10 6 
Total reclassifications, before tax55 (17)113 24 
Income tax (expense) benefit(15)5 (28)(5)Provision for income taxes
Total reclassifications, after tax$40 $(12)$85 $19 Amount included in net income

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

Redeemable Non-controlling Interests
Our redeemable non-controlling interests relate to shares of cumulative perpetual special stock (“redeemable non-controlling interest stock”) issued by a consolidated subsidiary. As of September 30, 2024 and December 31, 2023, we had 113,053 and 113,075 shares of redeemable non-controlling interest stock outstanding, respectively. These shares may be redeemed at any time at the discretion of the holders.
In February, May and August 2024, we paid cash dividends of $15.00 per share to our redeemable non-controlling interest shareholders of record as of January 15, 2024, April 15, 2024 and July 15, 2024. These dividends totaled $5 million for each of the nine months ended September 30, 2024 and 2023.
11.    Per Share Data
Basic earnings per share is based upon the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share includes the effect of certain stock options and other equity-based compensation awards. Our unvested restricted stock units contain non-forfeitable rights to dividend equivalents and are considered participating securities. We compute basic and diluted earnings per share under the two-class method.
Earnings per share data is as follows:
 Three Months Ended September 30,
20242023
Millions of dollarsContinuing
Operations		Discontinued
Operations		Continuing
Operations		Discontinued
Operations
Net income (loss)$577 $(4)$748 $(1)
Dividends on redeemable non-controlling interests(2)— (2)— 
Net income attributable to participating securities(1)— (2)— 
Net income (loss) attributable to ordinary shareholders – basic and diluted$574 $(4)$744 $(1)
Millions of shares, except per share amounts
Basic weighted average common stock outstanding325 325 324 324 
Effect of dilutive securities1 1 1 1 
Potential dilutive shares326 326 325 325 
Earnings per share:
Basic$1.77 $(0.01)$2.29 $— 
Diluted$1.76 $(0.01)$2.29 $— 

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

Nine Months Ended September 30,
20242023
Millions of dollarsContinuing
Operations		Discontinued
Operations		Continuing
Operations		Discontinued
Operations
Net income (loss)$1,976 $(6)$1,940 $(4)
Dividends on redeemable non-controlling interests(5)— (5)— 
Net income attributable to participating securities(7)— (7)— 
Net income (loss) attributable to ordinary shareholders – basic and diluted$1,964 $(6)$1,928 $(4)
Millions of shares, except per share amounts
Basic weighted average common stock outstanding325 325 325 325 
Effect of dilutive securities1 1 1 1 
Potential dilutive shares326 326 326 326 
Earnings per share:
Basic$6.04 $(0.02)$5.93 $(0.01)
Diluted$6.02 $(0.02)$5.91 $(0.01)
12.    Segment and Related Information
Our operations are managed by senior executives who report to our Chief Executive Officer, the chief operating decision maker. Discrete financial information is available for each of the segments, and our Chief Executive Officer uses the operating results of each of the operating segments for performance evaluation and resource allocation.
The activities of each of our segments from which they earn revenues and incur expenses are described below: 
•Olefins and Polyolefins-Americas (“O&P-Americas”). Our O&P-Americas segment produces and markets olefins and co-products, polyethylene and polypropylene.
•Olefins and Polyolefins-Europe, Asia, International (“O&P-EAI”). Our O&P-EAI segment produces and markets olefins and co-products, polyethylene and polypropylene.
•Intermediates and Derivatives (“I&D”). Our I&D segment produces and markets propylene oxide and its derivatives; oxyfuels and related products; and intermediate chemicals such as styrene monomer and acetyls.
•Advanced Polymer Solutions (“APS”). Our APS segment produces and markets compounding and solutions, such as polypropylene compounds, engineered plastics, masterbatches, engineered composites, colors and powders.
•Refining. Our Refining segment refines heavy, high-sulfur crude oils and other crude oils of varied types and sources available on the U.S. Gulf Coast into refined products, including gasoline and distillates.
•Technology. Our Technology segment develops and licenses chemical and polyolefin process technologies and manufactures and sells polyolefin catalysts.

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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

Our chief operating decision maker uses EBITDA as the primary measure for reviewing profitability of our segments, and therefore, we have presented EBITDA for all segments. We define EBITDA as earnings from continuing operations before interest, income taxes, and depreciation and amortization.
“Other” includes intersegment eliminations and items that are not directly related or allocated to business operations, such as foreign exchange gains or losses and components of pension and other postretirement benefit costs other than service costs. Sales between segments are made at prices approximating prevailing market prices.
Summarized financial information concerning reportable segments is shown in the following tables for the periods presented:
 Three Months Ended September 30, 2024
Millions of dollars O&P–
Americas		O&P–
EAI		I&DAPSRefiningTechnologyOtherTotal
Sales and other operating revenues:
Customers$2,065 $2,643 $2,633 $892 $1,965 $124 $— $10,322 
Intersegment917 166 53 4 89 22 (1,251)— 
2,982 2,809 2,686 896 2,054 146 (1,251)10,322 
Income (loss) from equity investments4 (17)(7)— — — — (20)
EBITDA758 81 317 19 (60)69 (10)1,174 
Impairments— 3 2 — — — — 5 
Capital expenditures119 139 62 22 — 26 — 368 
 Three Months Ended September 30, 2023
Millions of dollarsO&P–
Americas		O&P–
EAI		I&DAPSRefiningTechnologyOtherTotal
Sales and other operating revenues:
Customers$1,717 $2,324 $2,985 $897 $2,510 $192 $— $10,625 
Intersegment1,164 122 96 2 155 26 (1,565)— 
2,881 2,446 3,081 899 2,665 218 (1,565)10,625 
Income (loss) from equity investments6 (3)3 — — — — 6 
EBITDA479 (45)708 18 76 146 (26)1,356 
Impairments25 — — — — — — 25 
Capital expenditures156 67 120 18 10 18 5 394 

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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

Nine Months Ended September 30, 2024
Millions of dollarsO&P-
Americas		O&P-
EAI		I&DAPSRefiningTechnologyOtherTotal
Sales and other operating revenues:
Customers$5,686 $7,864 $7,911 $2,795 $6,120 $429 $— $30,805 
Intersegment3,093 532 156 14 369 68 (4,232)— 
8,779 8,396 8,067 2,809 6,489 497 (4,232)30,805 
Income (loss) from equity investments12 (65)(13)— — — — (66)
EBITDA1,949 165 1,423 94 (12)271 (25)3,865 
Impairments— 3 2 — — — — 5 
Gain on sale of business— — 293 — — — — 293 
Capital expenditures474 333 354 70 31 70 3 1,335 
Nine Months Ended September 30, 2023
Millions of dollarsO&P–
Americas		O&P–
EAI		I&DAPSRefiningTechnologyOtherTotal
Sales and other operating revenues:
Customers$5,200 $7,569 $8,255 $2,848 $6,860 $446 $— $31,178 
Intersegment3,216 498 170 8 454 65 (4,411)— 
8,416 8,067 8,425 2,856 7,314 511 (4,411)31,178 
Income (loss) from equity investments41 (21)(8)(1)— — — 11 
EBITDA1,699 116 1,606 (174)369 298 (44)3,870 
Impairments25 — — 252 — — — 277 
Capital expenditures340 186 403 49 12 50 7 1,047 
Disposition of Ethylene Oxide & Derivatives (“EO&D”) Business—In May 2024, we sold our U.S. Gulf Coast-based EO&D business along with the production facilities located in Bayport, TX. The EO&D business was included in our I&D segment. In connection with the sale, we received cash proceeds of $700 million and recognized a pre-tax gain of $293 million, subject to customary post-closing adjustments.
Acquisition of Joint Venture—In May 2024, we acquired a 35% interest in Saudi Arabia-based National Petrochemical Industrial Company (“NATPET”) from Alujain Corporation for approximately $500 million. The joint venture is enabled by our Spheripol polypropylene (“PP”) technology and positions us to expand our core PP business by gaining access to advantaged feedstocks. The joint venture has the capacity to produce 0.4 million tons of PP per year. We will market the majority of the off-take through our global sales team. The joint venture is included in our O&P-EAI segment and accounted for using the equity method of accounting.

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LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

Houston Refinery Operations—We estimate that the total amount of costs we will incur for the planned exit from the refinery business will range from $610 million to $980 million, varying largely due to our estimate of asset retirement obligations.
Costs incurred for the planned exit from the refinery business are as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
Cumulative
September 30,
Millions of dollars 20242023202420232024
Accelerated lease amortization costs$10 $11 $28 $100 $229 
Personnel costs7 16 23 59 163 
Asset retirement obligation accretion2 2 6 6 17 
Asset retirement cost depreciation20 20 60 119 229 
Other charges18 — 18 — 18 
Refinery exit costs$57 $49 $135 $284 $656 
In subsequent periods, we expect to incur additional costs primarily consisting of accelerated amortization of operating lease assets of $10 million to $30 million, personnel costs of $10 million to $40 million and other charges of $20 million to $40 million.
In connection with the planned exit from the refinery business, we recorded liabilities for asset retirement obligations of $264 million as of September 30, 2024. We estimate that the Houston refinery’s asset retirement obligations are in the range of $160 million to $450 million.
Segment Structure Changes and Related Goodwill Impairment—Effective January 1, 2023, our Catalloy and polybutene-1 businesses were moved from our APS segment and reintegrated into our O&P-Americas and O&P-EAI segments. As a result of the reallocation of goodwill and the change in both fair value and carrying value among reporting units, we recognized a non-cash goodwill impairment charge of $252 million in the first quarter of 2023 in our APS segment.
A reconciliation of EBITDA to Income from continuing operations before income taxes is shown in the following table for each of the periods presented:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
Millions of dollars2024202320242023
EBITDA:
Total segment EBITDA$1,184 $1,382 $3,890 $3,914 
Other EBITDA(10)(26)(25)(44)
Less:
Depreciation and amortization expense(381)(367)(1,133)(1,154)
Interest expense(118)(125)(365)(356)
Add:
Interest income36 37 114 88 
Income from continuing operations before income taxes$711 $901 $2,481 $2,448 

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
GENERAL
This discussion should be read in conjunction with the information contained in the Consolidated Financial Statements, and the accompanying notes elsewhere in this report. Unless otherwise indicated, the “Company,” “we,” “us,” “our” or similar words are used to refer to LyondellBasell Industries N.V. together with its consolidated subsidiaries (“LyondellBasell N.V.”).
OVERVIEW

Results for the third quarter of 2024 declined compared to the second quarter of 2024. In our Olefins and Polyolefins-Americas (“O&P-Americas”) segment, integrated polyethylene margins increased, driven by favorable ethane and natural gas costs coupled with higher polyethylene prices. Our third quarter volumes benefited from high cracker operating rates that captured improved margins on ethylene sales. In our Olefins and Polyolefins-Europe, Asia, International (“O&P-EAI”) segment, integrated polyethylene margins expanded due to lower feedstock costs and stable polyolefins prices. Margins for our Intermediates and Derivatives (“I&D”) and Refining segments fell due to lower crude oil prices and gasoline crack spreads.
Results for the first nine months of 2024 remained relatively flat compared to the first nine months of 2023. Our Refining segment results decreased as a result of decreases in the Maya 2-1-1 industry crack spread. Our I&D segment results decreased due to lower gasoline crack spreads which impacted our oxyfuels business partially offset by the gain on the sale of the Ethylene Oxide & Derivatives (“EO&D”) business. These decreases were offset by improvement in our Advanced Polymer Solutions (“APS”) segment results driven primarily by the absence of a non-cash goodwill impairment recognized in the first quarter of 2023. Additionally, improvements in our O&P-Americas and O&P-EAI segments were driven by higher olefins margins driven by higher ethylene prices coupled with lower costs.
During the second quarter of 2024, we announced a strategic review of some of our European assets to position the company for a more sustainable and circular future by strengthening profitability and competitive advantage in the region.
We remain committed to our balanced and disciplined capital allocation strategy. During the first nine months of 2024 we generated $1,904 million in cash from operating activities, invested $1,335 million in capital expenditures and returned $1,400 million to shareholders through dividend payments and share repurchases.


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Results of operations for the periods discussed are presented in the table below:
Three Months EndedNine Months Ended
 September 30,June 30,September 30,September 30,
Millions of dollars2024202420242023
Sales and other operating revenues$10,322 $10,558 $30,805 $31,178 
Cost of sales9,080 9,148 26,991 26,909 
Impairments5 — 5 277 
Selling, general and administrative expenses404 407 1,237 1,158 
Research and development expenses31 33 96 96 
Operating income802 970 2,476 2,738 
Interest expense(118)(120)(365)(356)
Interest income36 37 114 88 
Gain on sale of business— 293 293 — 
Other income (expense), net11 13 29 (33)
(Loss) income from equity investments(20)(19)(66)11 
Income from continuing operations before income taxes711 1,174 2,481 2,448 
Provision for income taxes134 249 505 508 
Income from continuing operations577 925 1,976 1,940 
Loss from discontinued operations, net of tax(4)(1)(6)(4)
Net income573 924 1,970 1,936 
Other comprehensive income (loss), net of tax –
Financial derivatives12 49 62 24 
Defined benefit pension and other postretirement benefit plans3 4 10 6 
Foreign currency translations134 (44)30 (58)
Total other comprehensive income (loss), net of tax149 9 102 (28)
Comprehensive income$722 $933 $2,072 $1,908 

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RESULTS OF OPERATIONS
Revenues—Revenues decreased by $236 million, or 2%, in the third quarter of 2024 compared to the second quarter of 2024. Lower volumes, driven by lower demand and unplanned downtime in our refining segment, resulted in a 2% decrease in revenues. Lower average sales prices for many of our products resulted in a 1% decrease in revenues. Favorable foreign exchange impact resulted in a 1% increase in revenues.
Revenues decreased by $373 million or 1% in the first nine months of 2024 compared to the first nine months of 2023 due to lower sales volumes.
Cost of Sales—Cost of sales decreased by $68 million, or 1%, in the third quarter of 2024 compared to the second quarter of 2024 and increased by $82 million, or less than 1%, in the first nine months of 2024 compared to the first nine months of 2023, primarily driven by feedstock and energy costs, including the impact of our commodity hedges.
Impairments—During the first nine months of 2023 we recognized a non-cash goodwill impairment charge of $252 million in our APS segment after the effect of moving our Catalloy and polybutene-1 businesses from our APS segment and reintegrating them into our O&P-Americas and O&P-EAI segments. Additionally, we recognized a non-cash impairment charge of $25 million related to capital project costs in our O&P-Americas segment.
SG&A Expenses—Selling, general and administrative (“SG&A”) expenses remained relatively unchanged in the third quarter of 2024 compared to the second quarter of 2024 and increased by $79 million, or 7%, in the first nine months of 2024 compared to the first nine months of 2023, primarily attributable to an increase in employee-related expenses.
Operating Income—Operating income decreased by $168 million, or 17%, in the third quarter of 2024 compared to the second quarter of 2024. Operating income in our I&D, Refining, APS and Technology segments decreased by $182 million, $35 million, $20 million and $13 million, respectively. These decreases were partially offset by increases in our O&P-Americas and O&P-EAI segments of $77 million and $9 million, respectively.
Operating income decreased by $262 million, or 10%, in the first nine months of 2024 compared to the first nine months of 2023. Operating income in our I&D, Refining, and Technology segments decreased by $478 million, $359 million and $25 million, respectively. These decreases were partially offset by increases in our APS, O&P-Americas and O&P-EAI segments of $267 million, $250 million and $78 million, respectively.
Results for each of our business segments are discussed further in the “Segment Analysis” section below.
Gain on Sale of Business—In the second quarter of 2024, we completed the sale of our EO&D business and associated production facilities located in Bayport, Texas and recognized a pre-tax gain of $293 million. See Note 12 to the Consolidated Financial Statements for additional information.
(Loss) Income from Equity Investments—Loss from equity investments remained relatively unchanged in the third quarter of 2024 compared to the second quarter of 2024.
Income from equity investments decreased by $77 million or 700% in the first nine months of 2024 compared to the first nine months of 2023. Approximately 60% of the decrease was driven by changes in our O&P-EAI segment, including the impact of a one-time gain on sale of an asset recognized by one of our European joint ventures in the first quarter of 2023. The remaining change was primarily driven by lower polypropylene margins at our Mexican joint venture in our O&P-Americas segment.


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Income Taxes—Our effective income tax rate for the third quarter of 2024 was 18.8% compared to 21.2% for the second quarter of 2024. In the third quarter of 2024, the impact of changes in pre-tax income in countries with varying statutory tax rates, changes in return to accrual adjustments, and an increase in exempt income decreased our effective income tax rate by 2.8%, 2.8%, and 1.2%, respectively. These decreases were partially offset by fluctuations in foreign exchange gains or losses that increased our effective income tax rate by 4.3%.
Our effective income tax rate for the first nine months of 2024 was 20.4% compared to 20.8% for the first nine months of 2023. The lower effective income tax rate for the first nine months of 2024 was primarily due to the first quarter 2023 goodwill impairment, for which there was no tax benefit, and an audit settlement during the second quarter 2023 of 1.7% and 1.6%, respectively. These decreases were partially offset by a 2.3% increase in our effective income tax rate due to a decrease in exempt income.
Comprehensive Income—Comprehensive income decreased by $211 million in the third quarter of 2024 compared to the second quarter of 2024, primarily due to the decrease in Net income. Comprehensive income increased by $164 million in the first nine months of 2024 compared to the first nine months of 2023, primarily due to the net favorable impacts of unrealized changes in foreign currency translation adjustments. The components of Other comprehensive income (loss) are discussed below.
Financial derivatives designated as cash flow hedges, primarily our commodity swaps, led to a decrease in Comprehensive income of $37 million and an increase of $38 million in the third quarter of 2024 compared to the second quarter of 2024 and in the first nine months of 2024 compared to the first nine months of 2023, respectively, reflecting commodity price volatility.
Defined pension and postretirement benefit plans remained relatively unchanged in the third quarter of 2024 compared to the second quarter of 2024 and in the first nine months of 2024 compared to the first nine months of 2023.
Foreign currency translations increased by $178 million and $88 million in the third quarter of 2024 compared to the second quarter of 2024 and in the first nine months of 2024 compared to the first nine months of 2023, respectively, primarily due to the weakening of the U.S. dollar relative to the euro, partially offset by the effective portion of our net investment hedges.





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Segment Analysis
We use earnings from continuing operations before interest, income taxes, and depreciation and amortization (“EBITDA”) as our measure of profitability for segment reporting purposes. This measure of segment operating results is used by our chief operating decision maker to assess the performance of and allocate resources to our operating segments. Intersegment eliminations and items that are not directly related or allocated to business operations, such as foreign exchange gains or losses and components of pension and other postretirement benefits other than service costs are included in “Other”. See the table below for a reconciliation of EBITDA to its nearest generally accepted accounting principles (“GAAP”) measure.
The following table presents the reconciliation of Net Income to EBITDA for each of the periods presented:
Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
Millions of dollars2024202420242023
Net income$573 $924 $1,970 $1,936 
Loss from discontinued operations, net of tax4 1 6 4 
Income from continuing operations577 925 1,976 1,940 
Provision for income taxes134 249 505 508 
Depreciation and amortization381 387 1,133 1,154 
Interest expense, net82 83 251 268 
EBITDA$1,174 $1,644 $3,865 $3,870 
Our continuing operations are managed through six reportable segments: O&P-Americas, O&P-EAI, I&D, APS, Refining and Technology. Revenues and other information by segment for the periods presented are reflected in the tables below:
Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
Millions of dollars2024202420242023
Sales and other operating revenues:
O&P-Americas segment
$2,982 $2,926 $8,779 $8,416 
O&P-EAI segment
2,809 2,842 8,396 8,067 
I&D segment2,686 2,795 8,067 8,425 
APS segment896 948 2,809 2,856 
Refining segment2,054 2,345 6,489 7,314 
Technology segment146 159 497 511 
Other, including intersegment eliminations(1,251)(1,457)(4,232)(4,411)
Total$10,322 $10,558 $30,805 $31,178 
Operating income (loss):
O&P-Americas segment
$596 $519 $1,471 $1,221 
O&P-EAI segment
39 30 58 (20)
I&D segment210 392 814 1,292 
APS segment(5)15 23 (244)
Refining segment(92)(57)(125)234 
Technology segment59 72 240 265 
Other, including intersegment eliminations(5)(1)(5)(10)
Total$802 $970 $2,476 $2,738 

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Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
Millions of dollars2024202420242023
Depreciation and amortization:
O&P-Americas segment
$157 $152 $460 $435 
O&P-EAI segment
56 54 162 148 
I&D segment101 103 304 333 
APS segment22 22 64 70 
Refining segment35 46 112 135 
Technology segment10 10 31 33 
Total$381 $387 $1,133 $1,154 
(Loss) income from equity investments:
O&P-Americas segment
$4 $(1)$12 $41 
O&P-EAI segment
(17)(16)(65)(21)
I&D segment(7)(2)(13)(8)
APS segment— — — (1)
Total$(20)$(19)$(66)$11 
Gain on sale of business:
I&D segment$— $293 $293 $— 
Total$— $293 $293 $— 
Other income (expense), net:
O&P-Americas segment
$1 $— $6 $2 
O&P-EAI segment
3 2 10 9 
I&D segment13 8 25 (11)
APS segment2 3 7 1 
Refining segment(3)4 1 — 
Technology segment— 2 — — 
Other, including intersegment eliminations(5)(6)(20)(34)
Total$11 $13 $29 $(33)
EBITDA:
O&P-Americas segment
$758 $670 $1,949 $1,699 
O&P-EAI segment
81 70 165 116 
I&D segment317 794 1,423 1,606 
APS segment19 40 94 (174)
Refining segment(60)(7)(12)369 
Technology segment69 84 271 298 
Other, including intersegment eliminations(10)(7)(25)(44)
Total$1,174 $1,644 $3,865 $3,870 


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Olefins and Polyolefins-Americas Segment
Overview—EBITDA increased in the third quarter of 2024 compared to the second quarter of 2024, and in the first nine months of 2024 relative to the first nine months of 2023, primarily due to improved olefins margins.
Ethylene Raw Materials—Ethylene and its co-products are produced from two major raw material groups:
•natural gas liquids (“NGLs”), principally ethane and propane, the prices of which are generally affected by natural gas prices; and
•crude oil-based liquids (“liquids” or “heavy liquids”), including naphtha, condensates and gas oils, the prices of which are generally related to crude oil prices.

We have flexibility to vary the raw material mix and process conditions in our U.S. olefins plants in order to maximize profitability as market prices fluctuate for both feedstocks and products. Although prices of crude-based liquids and natural gas liquids are generally related to crude oil and natural gas prices, during specific periods the relationships among these materials and benchmarks may vary significantly. In the third and second quarter of 2024, and the first nine months of 2024 and 2023, approximately 75% of the raw materials used in our North American crackers was ethane.
The following table sets forth selected financial information for the O&P-Americas segment including Income (loss) from equity investments, which is a component of EBITDA:
Three Months EndedNine Months Ended
 September 30,June 30,September 30,September 30,
Millions of dollars2024202420242023
Sales and other operating revenues$2,982 $2,926 $8,779 $8,416 
Income (loss) from equity investments4 (1)12 41 
EBITDA758 670 1,949 1,699 
Revenue—Revenues for our O&P-Americas segment increased by $56 million, or 2% in the third quarter of 2024 compared to the second quarter of 2024 and by $363 million, or 4%, in the first nine months of 2024 compared to the first nine months of 2023.

Third quarter of 2024 versus second quarter of 2024—Revenue increased by 1% as a result of higher average sales prices driven by a decline in olefins supply in the industry. Higher sales volumes, driven by improved operating rates, contributed to a 1% increase in revenue.
First nine months of 2024 versus first nine months of 2023—Higher propylene and polypropylene average sales prices resulted in a 7% increase in revenue. Lower volumes driven by lower cracker operating rates resulted in a 3% decrease in revenue.
EBITDA—EBITDA increased by $88 million, or 13%, in the third quarter of 2024 compared to the second quarter of 2024 and by $250 million, or 15%, in the first nine months of 2024 compared to the first nine months of 2023.
Third quarter of 2024 versus second quarter of 2024—Higher olefins results led to a 22% increase in EBITDA driven by higher margins resulting from higher ethylene average sales prices due to industry cracker downtime and lower ethane feedstock cost. Lower polymer results led to a 7% decrease in EBITDA primarily due to lower margins reflecting higher monomer cost.
First nine months of 2024 versus first nine months of 2023—Higher olefins results led to a 23% increase in EBITDA driven by higher margins reflecting higher ethylene average sales prices and lower feedstock and energy costs. Lower polyolefins results led to a 5% decrease in EBITDA primarily driven by lower margins reflecting higher monomer costs. EBITDA decreased 2% due to lower income from equity investments reflecting lower polypropylene margins at our joint venture in Mexico.

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Olefins and Polyolefins-Europe, Asia, International Segment
Overview—EBITDA increased in the third quarter of 2024 compared to the second quarter of 2024, and in the first nine months of 2024 relative to the first nine months of 2023, primarily due to margin improvements.
Ethylene Raw Materials—In Europe, naphtha is the primary raw material for our ethylene production and represented approximately 55% to 65% of the raw materials used in the third and second quarter of 2024, and in the first nine months of 2024 and 2023.
The following table sets forth selected financial information for the O&P-EAI segment including Loss from equity investments, which is a component of EBITDA:
Three Months EndedNine Months Ended
 September 30,June 30,September 30,September 30,
Millions of dollars2024202420242023
Sales and other operating revenues$2,809 $2,842 $8,396 $8,067 
Loss from equity investments(17)(16)(65)(21)
EBITDA81 70 165 116 

Revenue—Revenues decreased by $33 million, or 1%, in the third quarter of 2024 compared to the second quarter of 2024 and increased by $329 million, or 4%, in the first nine months of 2024 compared to the first nine months of 2023.
Third quarter of 2024 versus second quarter of 2024—Lower volumes resulted in a revenue decrease of 2% primarily due to a decrease in demand. Lower average sales prices resulted in a 1% decrease as sales prices generally correlate with crude oil prices, which on average, decreased compared to the second quarter of 2024. Favorable foreign exchange impacts resulted in a revenue increase of 2%.
First nine months of 2024 versus first nine months of 2023—Higher average sales prices resulted in an increase of 2% due to increased demand. Higher volumes resulted in an increase of 2% due to higher demand.
EBITDA—EBITDA increased by $11 million, or 16%, in the third quarter of 2024 compared to the second quarter of 2024 and by $49 million, or 42%, in the first nine months of 2024 compared to the first nine months of 2023.
Third quarter of 2024 versus second quarter of 2024—EBITDA improved largely due to higher polyolefins results which were driven by moderately higher margins.
First nine months of 2024 versus first nine months of 2023—Higher polyolefins results led to a 73% increase in EBITDA primarily driven by higher margins as a result of higher average sales prices and lower energy costs. Improved olefins results resulted in a 21% increase in EBITDA primarily driven by higher margins as a result of higher ethylene prices and lower costs of ethylene production reflecting an increased use of advantaged feedstocks. Losses from our equity investments led to a decline in EBITDA of 40% driven by lower results from our Saudi Arabian and Asian joint ventures combined with the absence of a gain on sale of asset recognized by one of our joint ventures in Europe in the first quarter of 2023.

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Intermediates and Derivatives Segment
Overview—EBITDA decreased in the third quarter of 2024 compared to the second quarter of 2024, primarily due to the absence of the gain on the sale of the EO&D business recognized in the second quarter of 2024. EBITDA decreased in the first nine months of 2024 compared to the first nine months of 2023 primarily due to lower margins for oxyfuels and related products, partially offset by the recognition of a gain on the sale of the EO&D business in the second quarter of 2024.
The following table sets forth selected financial information for the I&D segment including Loss from equity investments, which is a component of EBITDA:
Three Months EndedNine Months Ended
 September 30,June 30,September 30,September 30,
Millions of dollars2024202420242023
Sales and other operating revenues$2,686 $2,795 $8,067 $8,425 
Loss from equity investments(7)(2)(13)(8)
EBITDA317 794 1,423 1,606 


Revenue—Revenues decreased by $109 million, or 4%, in the third quarter of 2024 compared to the second quarter of 2024 and by $358 million, or 4%, in the first nine months of 2024 compared to the first nine months of 2023.
Third quarter of 2024 versus second quarter of 2024—Lower average sales prices resulted in a 6% decrease in revenue driven primarily by lower crude and gasoline crack spreads. Sales volumes increased due to the absence of unplanned downtime resulting in a 1% increase in revenue. Favorable foreign exchange impact resulted in a 1% increase in revenue.
First nine months of 2024 versus first nine months of 2023—Lower average sales prices resulted in a 6% decrease in revenue driven by oxyfuels and related products as a result of lower gasoline crack spreads and blend premiums. Sales volumes increased resulting in a 2% increase in revenue due to additional PO/TBA production.
EBITDA—EBITDA decreased by $477 million, or 60%, in the third quarter of 2024 compared to the second quarter of 2024 and by $183 million, or 11%, in the first nine months of 2024 compared to the first nine months of 2023.
Third quarter of 2024 versus second quarter of 2024—In the second quarter of 2024 we recognized a $293 million gain on the sale of our EO&D business. The absence of a similar gain in the third quarter resulted in a 37% decrease in EBITDA. Oxyfuels and related products results led to an EBITDA decrease of 15% as margins decreased reflecting lower gasoline crack spreads.
First nine months of 2024 versus first nine months of 2023—Oxyfuels and related products results led to an EBITDA decrease of 26% driven by lower margins reflecting lower gasoline cracks and blend premiums. Propylene oxide and derivatives results drove a 3% decrease in EBITDA as lower demand pressured margins. EBITDA increased 18% primarily due to the recognition of the gain on sale of the EO&D business during the first nine months of 2024.

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Advanced Polymer Solutions Segment
Overview—EBITDA decreased in the third quarter of 2024 relative to the second quarter of 2024 primarily due to lower demand. During the first nine months of 2023 we recognized a non-cash goodwill impairment charge of $252 million.
The following table sets forth selected financial information for the APS segment including Loss from equity investments, which is a component of EBITDA:
Three Months EndedNine Months Ended
 September 30,June 30,September 30,September 30,
Millions of dollars2024202420242023
Sales and other operating revenues$896 $948 $2,809 $2,856 
Loss from equity investments— — — (1)
EBITDA19 40 94 (174)


Revenue—Revenues decreased by $52 million, or 5%, in the third quarter of 2024 compared to the second quarter of 2024 and by $47 million, or 2%, in the first nine months of 2024 compared to the first nine months of 2023.
Third quarter of 2024 versus second quarter of 2024—Sales volumes decreased resulting in a 6% decrease in revenue stemming from lower demand. Favorable foreign exchange impacts resulted in a revenue increase of 1%.
First nine months of 2024 versus first nine months of 2023—Average sales prices decreased resulting in a 3% decrease in revenue. Sales volumes increased resulting in a 1% increase in revenue due to increased recycled compounds capacity.
EBITDA—EBITDA decreased by $21 million or 53% in the third quarter of 2024 compared to the second quarter of 2024 and increased by $268 million or 154% in the first nine months of 2024 compared to the first nine months of 2023.
Third quarter of 2024 versus second quarter of 2024— Decreases in volumes and margins resulted in a 35% and 18% reduction in EBITDA, respectively, primarily driven by lower automotive demand in Europe.
First nine months of 2024 versus first nine months of 2023—During the first nine months of 2023 we recognized a non-cash goodwill impairment charge of $252 million after the effect of moving our Catalloy and polybutene-1 businesses from our APS segment and reintegrating them into our O&P-Americas and O&P-EAI segments. The absence of a similar impairment charge in the first nine months of 2024 was the primary driver for the improved EBITDA results.

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Refining Segment
Overview—EBITDA decreased in the third quarter of 2024 compared to the second quarter of 2024 and in the first nine months of 2024 compared to the first nine months of 2023 primarily due to lower margins.

The following table sets forth selected financial information and heavy crude oil processing rates for the Refining segment and the U.S. refining market margins for the applicable periods. “Brent” is a light sweet crude oil and is one of the main benchmark prices for purchases of oil worldwide. “Maya” is a heavy sour crude oil grade produced in Mexico that is a relevant benchmark for heavy sour crude oils in the U.S. Gulf Coast market. References to industry benchmarks for refining market margins are to industry prices reported by Platts, a division of S&P Global.
Three Months EndedNine Months Ended
 September 30,June 30,September 30,September 30,
Millions of dollars2024202420242023
Sales and other operating revenues$2,054 $2,345 $6,489 $7,314 
EBITDA(60)(7)(12)369 
Thousands of barrels per day
Heavy crude oil processing rates240 250 234 240 
Market margins, dollars per barrel
Brent - 2-1-1$14.27 $17.59 $17.76 $28.91 
Brent - Maya differential11.37 11.54 11.73 14.09 
Total Maya 2-1-1$25.64 $29.13 $29.49 $43.00 

Revenue—Revenues decreased by $291 million, or 12%, in the third quarter of 2024 compared to the second quarter of 2024 and by $825 million, or 11%, in the first nine months of 2024 compared to the first nine months of 2023.
Third quarter of 2024 versus second quarter of 2024—Lower sales volumes due to unplanned outages at our fluid catalytic cracking unit led to a 7% decrease in revenue. Lower product prices led to a revenue decrease of 5% due to an average Brent crude oil price decrease of approximately $6.46 per barrel.
First nine months of 2024 versus first nine months of 2023—Lower product prices led to a revenue decrease of 8% due to lower average sales prices reflecting lower margins on refined products. Sales volumes decreased resulting in a 3% decrease in revenue due to lower operating rates.
EBITDA—EBITDA decreased by $53 million, or 757%, in the third quarter of 2024 compared to the second quarter of 2024 and by $381 million, or 103%, in the first nine months of 2024 compared to the first nine months of 2023.
Third quarter of 2024 versus second quarter of 2024—Lower margins resulted in an EBITDA decrease of 486% in the third quarter of 2024 primarily due to a decrease in the Maya 2-1-1 industry crack spread of approximately $3.49 per barrel to $25.64 per barrel driven by lower gasoline crack spreads driven by lower demand and high industry operating rates. An increase in costs incurred related to our planned exit from the refining business in the third quarter of 2024 compared to the second quarter of 2024 resulted in a 214% decrease in EBITDA.
First nine months of 2024 versus first nine months of 2023—Lower margins resulted in a 123% decrease in EBITDA primarily due to a decrease in the Maya 2-1-1 industry crack spread of approximately $13.51 per barrel to $29.49 per barrel and lower by-product margins. A decrease in costs incurred related to our planned exit from the refining business in the first nine months of 2024 compared to the first nine months of 2023 resulted in a 24% increase in EBITDA.
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Technology Segment
Overview—EBITDA decreased in the third quarter of 2024 compared to the second quarter of 2024 primarily due to lower licensing results. EBITDA decreased in the first nine months of 2024 relative to the first nine months of 2023 primarily due to lower catalyst margins and licensing results.
The following table sets forth selected financial information for the Technology segment:
Three Months EndedNine Months Ended
 September 30,June 30,September 30,September 30,
Millions of dollars2024202420242023
Sales and other operating revenues$146 $159 $497 $511 
EBITDA69 84 271 298 

Revenue—Revenues decreased by $13 million, or 8%, in the third quarter of 2024 compared to the second quarter of 2024 and by $14 million, or 3%, in the first nine months of 2024 compared to the first nine months of 2023.
Third quarter of 2024 versus second quarter of 2024—Lower licensing revenues resulting from fewer contracts reaching significant contract milestones drove a 10% decrease in revenue. Lower catalyst average sales prices resulted in a 3% decrease in revenues. Higher catalyst volumes resulted in a 3% increase in revenues primarily driven by higher demand in the U.S. Favorable foreign exchange impact resulted in a 2% increase in revenues.
First nine months of 2024 versus first nine months of 2023—Lower licensing revenues resulting from contracts with lower average values reaching significant milestones drove a 3% decrease in revenue.
EBITDA—EBITDA decreased by $15 million, or 18%, in the third quarter of 2024 compared to the second quarter of 2024 and by $27 million, or 9%, in the first nine months of 2024 compared to the first nine months of 2023.
Third quarter of 2024 versus second quarter of 2024—Licensing results led to an 18% decrease in EBITDA as a result of fewer contracts reaching significant milestones.
First nine months of 2024 versus first nine months of 2023—Lower catalyst margins reflecting an unfavorable product mix led to a 6% decrease in EBITDA. Licensing contracts which reached significant milestones had lower average values resulting in a 5% decline in EBITDA.

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FINANCIAL CONDITION
The following table summarizes operating, investing and financing cash flow activities:
 Nine Months Ended
September 30,
Millions of dollars20242023
Cash provided by (used in):
Operating activities$1,904 $3,438 
Investing activities(1,306)(1,171)
Financing activities(1,377)(1,545)
Operating Activities—Cash provided by operating activities of $1,904 million in the first nine months of 2024 primarily reflected earnings adjusted for non-cash items and cash used by the main components of working capital—Accounts receivable, Inventories, and Accounts payable.
In the first nine months of 2024, the main components of working capital used $1,063 million of cash primarily driven by increases in Accounts receivable and Inventories. The increase in Accounts receivable was primarily driven by higher average sales prices in our O&P-Americas and O&P-EAI segments. The increase in Inventories was primarily due to inventory build for planned outages within our O&P-Americas and O&P-EAI segments coupled with inventory rebuild from low year-end levels at our I&D segment.
Cash provided by operating activities of $3,438 million in the first nine months of 2023 primarily reflected earnings adjusted for non-cash items and cash used by the main components of working capital.
In the first nine months of 2023, the main components of working capital used $447 million of cash driven primarily by increases in Accounts receivable and Inventories. The increase in Accounts receivable was primarily driven by higher average sales prices in our I&D and Refining segments. The increase in Inventories was primarily to support operating rates and industry demand for our O&P-Americas and Refining segments, partially offset by lower inventory in our APS segment driven by lower average costs and volumes.
Investing Activities—Capital expenditures in the first nine months of 2024 totaled $1,335 million compared to $1,047 million in the first nine months of 2023, of which approximately 75% and 65%, respectively, support sustaining maintenance such as turnaround activities at several sites as well as other plant Health, Safety and Environmental projects. The remaining expenditures support profit-generating growth projects. See Note 12 to the Consolidated Financial Statements for additional information regarding capital expenditures by segment.
In the second quarter of 2024 we sold our EO&D business for $700 million and invested approximately $500 million to acquire a 35% stake in the National Petrochemical Industrial Company (“NATPET”) joint venture. See Note 12 to the Consolidated Financial Statements for additional information.
In the first nine months of 2024, foreign currency contracts with an aggregate notional value of €400 million expired. Upon settlement of these foreign currency contracts, we paid €400 million ($445 million at the expiry spot rate) to our counterparties and received $463 million from our counterparties.
In the first nine months of 2023, foreign currency contracts with an aggregate notional value of €500 million expired. Upon settlement of these foreign currency contracts, we paid €500 million ($550 million at the expiry spot rate) to our counterparties and received $612 million from our counterparties.
Financing Activities—We made dividend payments totaling $1,283 million and $1,204 million in the first nine months of 2024 and 2023, respectively. Additionally, we made payments of $117 million and $211 million to repurchase outstanding ordinary shares in the first nine months of 2024 and 2023, respectively.

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In February 2024, we issued $750 million of 5.5% guaranteed notes due 2034. In March 2024, we repaid the $775 million remaining of outstanding principal on our 5.75% senior notes due 2024.
In May 2023, we issued $500 million of 5.625% guaranteed notes due 2033.
In July 2023, we repaid the $425 million remaining of outstanding principal on our 4.0% guaranteed notes due 2023. For additional detail regarding these debt transactions see Note 6 to the Consolidated Financial Statements.
Through the repurchase and issuance of commercial paper instruments under our commercial paper program, we made net repayments of $200 million in the first nine months of 2023.
In April 2024, foreign currency contracts with an aggregate notional value of €784 million expired. Upon settlement of these foreign currency contracts, which were designated as cash flow hedges, we paid €784 million ($835 million at the expiry spot rate) to our counterparties and received $849 million from our counterparties.
Liquidity and Capital Resources
Overview
We plan to fund our working capital, capital expenditures, debt service, dividends and other cash requirements with our current available liquidity and cash from operations, which could be affected by general economic, financial, competitive, legislative, regulatory, business and other factors, many of which are beyond our control. Debt repayment, and the purchase of shares under our share repurchase authorization, may be funded from cash and cash equivalents, cash from short-term investments, cash from operating activities, proceeds from the issuance of debt, or a combination thereof.
As part of our overall capital allocation strategy, we plan to provide returns to shareholders in the form of dividends and share repurchases. Barring any significant or unforeseen business challenges, mergers or acquisitions, over the long-term, we are targeting shareholder returns of 70% of free cash flow, defined as net cash provided by operating activities less capital expenditures. We intend to continue to declare and pay quarterly dividends, with the goal of increasing the dividend over time, after giving consideration to our cash balances and expected results from operations. Our focus on funding our dividends while remaining committed to a strong investment grade balance sheet continues to be the foundation of our capital allocation strategy.
Cash and Liquid Investments
As of September 30, 2024, we had Cash and cash equivalents totaling $2,621 million, which includes $1,223 million in jurisdictions outside of the U.S., the majority of which is held within the European Union and the United Kingdom. There are currently no legal or economic restrictions that would materially impede our transfers of cash.
Credit Arrangements
At September 30, 2024, we had total debt, including current maturities, of $11,260 million. Additionally, we had $171 million of outstanding letters of credit, bank guarantees and surety bonds issued under uncommitted credit facilities.
We had total unused availability under our credit facilities of $4,650 million at September 30, 2024, which included the following: 
•$3,750 million under our $3,750 million Senior Revolving Credit Facility. This facility backs our $2,500 million commercial paper program. Availability under the facility is net of outstanding borrowings, outstanding letters of credit provided under the facility and notes issued under our commercial paper program. At September 30, 2024, we had no outstanding commercial paper and no borrowings or letters of credit outstanding under this facility; and

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•$900 million under our $900 million U.S. Receivables Facility. Availability under this facility is subject to a borrowing base of eligible receivables, which is reduced by outstanding borrowings and letters of credit, if any. At September 30, 2024, we had no borrowings or letters of credit outstanding under this facility.
At any time and from time to time, we may repay or redeem our outstanding debt, including purchases of our outstanding bonds in the open market, through privately negotiated transactions or a combination thereof, in each case using cash and cash equivalents, cash from our short-term investments, cash from operating activities, proceeds from the issuance of debt or proceeds from asset divestitures. Any repayment or redemption of our debt will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. In connection with such repurchases or redemptions, we may incur cash and non-cash charges, which could be material in the period in which they are incurred.
Share Repurchases
In May 2024, our shareholders approved a proposal to authorize us to repurchase up to 34.0 million ordinary shares, through November 24, 2025, which superseded any prior repurchase authorizations. Our share repurchase authorization does not have a stated dollar amount, and purchases may be made through open market purchases, private market transactions or other structured transactions. Repurchased shares could be retired or used for general corporate purposes, including for various employee benefit and compensation plans. The maximum number of shares that may yet be purchased is not necessarily an indication of the number of shares that will ultimately be purchased. In the first nine months of 2024, we purchased approximately 1.2 million shares under our share repurchase authorizations for $117 million.
As of October 30, 2024, we had approximately 32.8 million shares remaining under the current authorization. The timing and amounts of additional shares repurchased, if any, will be determined based on our evaluation of market conditions and other factors, including any additional authorizations approved by our shareholders. For additional information related to our share repurchase authorizations, see Note 10 to the Consolidated Financial Statements.
CURRENT BUSINESS OUTLOOK
In the fourth quarter of 2024, we expect year-end seasonality to result in softer demand across most businesses. Sequentially higher natural gas and ethane feedstock costs are expected to moderate North American integrated polyolefins margins during the fourth quarter. Oxyfuels and refining margins are expected to continue to decline with low gasoline crack spreads and the conclusion of the summer driving season. To align with global demand and our planned maintenance, we expect fourth quarter operating rates of 85% for our O&P-Americas assets, 60% for our European O&P-EAI assets and 75% for our I&D assets. Easing interest rates are expected to improve demand for durable goods during 2025, benefiting our polypropylene and I&D businesses.
ACCOUNTING AND REPORTING CHANGES
For a discussion of the potential impact of new accounting pronouncements on the Consolidated Financial Statements, see Note 2 to the Consolidated Financial Statements.



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CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). You can identify our forward-looking statements by the words “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and similar expressions.
We based forward-looking statements on our current expectations, estimates and projections of our business and the industries in which we operate. We caution you that these statements are not guarantees of future performance. They involve assumptions about future events that, while made in good faith, may prove to be incorrect, and involve risks and uncertainties we cannot predict. Our actual outcomes and results may differ materially from what we have expressed or forecast in the forward-looking statements. Any differences could result from a variety of factors, including the following: 
•the cost of raw materials represents a substantial portion of our operating expenses, and energy costs generally follow price trends of crude oil, natural gas liquids and/or natural gas; price volatility can significantly affect our results of operations and we may be unable to pass raw material and energy cost increases on to our customers due to the significant competition that we face, the commodity nature of our products and the time required to implement pricing changes;
•our operations in the United States (“U.S.”) have benefited from low-cost natural gas and natural gas liquids; decreased availability of these materials (for example, from their export or regulations impacting hydraulic fracturing in the U.S.) could reduce the current benefits we receive;
•if crude oil prices are low relative to U.S. natural gas prices, we could see less benefit from low-cost natural gas and natural gas liquids and it could have a negative effect on our results of operations;
•industry production capacities and operating rates may lead to periods of oversupply and low profitability;
•we may face unplanned operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failures, unscheduled downtime, supplier disruptions, labor shortages, strikes, work stoppages or other labor difficulties, transportation interruptions, spills and releases and other environmental incidents) at any of our facilities, which would negatively impact our operating results;
•changes in general economic, business, political and regulatory conditions in the countries or regions in which we operate could increase our costs, restrict our operations and reduce our operating results;
•our ability to execute our organic growth plans may be negatively affected by our ability to complete projects on time and on budget;
•the successful outcome of any strategic review of our assets, or our ability to acquire or dispose of product lines or businesses could disrupt our business and harm our financial condition;
•uncertainties associated with worldwide economies could create reductions in demand and pricing, as well as increased counterparty risks, which could reduce liquidity or cause financial losses resulting from counterparty default;
•the negative outcome of any legal, tax and environmental proceedings or changes in laws or regulations regarding legal, tax and environmental matters may increase our costs, reduce demand for our products, or otherwise limit our ability to achieve savings under current regulations;
•any loss or non-renewal of favorable tax treatment under tax agreements or tax treaties, or changes in tax laws, regulations or treaties, may substantially increase our tax liabilities;

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•we may be required to reduce production or idle certain facilities because of the cyclical and volatile nature of the supply-demand balance in the chemical and refining industries, which would negatively affect our operating results;
•we rely on continuing technological innovation, and an inability to protect our technology, or others’ technological developments could negatively impact our competitive position;
•we may be unable to continue operations until the shutdown of the Houston refinery within the expected timeframe or without incurring additional charges or expenses;
•we have significant international operations, and fluctuations in exchange rates, valuations of currencies and our possible inability to access cash from operations in certain jurisdictions on a tax-efficient basis, if at all, could negatively affect our liquidity and our results of operations;
•we are subject to the risks of doing business at a global level, including wars, terrorist activities, political and economic instability and disruptions and changes in governmental policies, which could cause increased expenses, decreased demand or prices for our products and/or disruptions in operations, all of which could reduce our operating results;
•if we are unable to achieve our emission reduction, circularity, or other sustainability targets, it could result in reputational harm, changing investor sentiment regarding investment in our stock or a negative impact on our access to and cost of capital;
•our ability to execute and achieve expected results of our value enhancement program;
•if we are unable to comply with the terms of our credit facilities, indebtedness and other financing arrangements, those obligations could be accelerated, which we may not be able to repay; and
•we may be unable to incur additional indebtedness or obtain financing on terms that we deem acceptable, including for refinancing of our current obligations; higher interest rates and costs of financing would increase our expenses.
Any of these factors, or a combination of these factors, could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements. Our management cautions against putting undue reliance on forward-looking statements or projecting any future results based on such statements or present or prior earnings levels.
All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section and any other cautionary statements that may accompany such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements.
Item 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our exposure to market and regulatory risks is described in Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2023. Our exposure to such risks has not changed materially in the nine months ended September 30, 2024.

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Item 4.    CONTROLS AND PROCEDURES
As of September 30, 2024, with the participation of our management, our Chief Executive Officer (principal executive officer) and our Chief Financial Officer (principal financial officer) carried out an evaluation, pursuant to Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the “Act”), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Act). Based upon that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2024.
There have been no changes in our internal controls over financial reporting, as defined in Rule 13a-15(f) of the Act, in the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION
Item 1.    LEGAL PROCEEDINGS
Information regarding our litigation and legal proceedings can be found in Note 9 to the Consolidated Financial Statements, which is incorporated into this Item 1 by reference.
Item 1A.    RISK FACTORS
There have been no material changes to the risk factors associated with our business previously disclosed in “Item 1A. Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2023.
Item 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 
 Issuer Purchases of Equity Securities
PeriodTotal Number
of Shares
Purchased		Average Price
Paid per Share		Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Authorizations		Maximum Number
of Shares That May Yet
Be Purchased Under the
Plans or Authorizations
July 1 - July 31, 2024— $— — 33,257,745 
August 1 - August 31, 2024437,665 $96.44 437,665 32,820,080 
September 1 - September 30, 2024— $— — 32,820,080 
Total437,665 $96.44 437,665 
On May 24, 2024, our shareholders approved a share repurchase authorization of up to 34,042,250 shares of our ordinary shares, through November 24, 2025, which superseded any prior repurchase authorizations. The maximum number of shares that may yet be purchased is not necessarily an indication of the number of shares that will ultimately be purchased.
Item 4.    MINE SAFETY DISCLOSURES
Not applicable.
Item 5.    OTHER INFORMATION
During the three months ended September 30, 2024, none of our Section 16 officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
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Item 6.     EXHIBITS
Exhibit NumberDescription
10.1
31.1*
31.2*
32**
101.INS*XBRL Instance Document–The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*XBRL Schema Document
101.CAL*XBRL Calculation Linkbase Document
101.DEF*XBRL Definition Linkbase Document
101.LAB*XBRL Labels Linkbase Document
101.PRE*XBRL Presentation Linkbase Document
104*Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

* Filed herewith
** Furnished herewith

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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. 

LYONDELLBASELL INDUSTRIES N.V.
Date:November 1, 2024
/s/ Chukwuemeka A. Oyolu
Chukwuemeka A. Oyolu
Senior Vice President,
Chief Accounting Officer and Investor Relations
(Principal Accounting Officer)






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