The following is a summary of the LyondellBasell Industries N.V. (LYB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• LyondellBasell reported Q1 earnings of $1.53 per share and EBITDA of $1.1 billion.

• There was a decrease in cash from operating activities by approximately $100 million in Q1, with $6.5 billion of available liquidity on the balance sheet.

• The company displayed resilient cash generation, returning $1.8 billion to shareholders over the last year via dividends and share repurchases.

• Improved profitability quarter-over-quarter in five of its six segments resulted in the delivery of $1.1 billion EBITDA during Q1.

• Sales volumes in North American polyethylene improved by more than 5% compared to Q4.

Business Progress:

• Made significant strides in building LyondellBasell's Circular and Low-Carbon Solutions (CLCS) business in Q1.

• The CLCS business yielded significant sale volume growth leading to the doubling of 2022 sales and paving the path towards achieving the 2030 target.

• The company is well on its course to reach its financial targets with an incremental EBITDA contribution of $500m by 2027 and $1 billion by 2030 from the CLCS business.

• Continued progress in growing and upgrading its core businesses is evident, including the anticipated acquisition of the NATPET joint venture and divesture of ethylene oxide business to INEOS in Q2.

• Investments have also been initiated for the construction of the company's first MoReTec advanced recycling assets in Germany, with further plans for a larger unit in Houston in 2025.

• Progress is noted in the domain of mechanical recycling, with the company continuing to work on its expansion, particularly in Europe and the US.

• In sync with their sustainable growth strategy, plans have been put in place for advanced recycling capacity expansions in their Cologne hub and Houston refinery sites.

More details: LyondellBasell Industries IR

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