What does this 8-K amendment correct?

The filing furnishes a revised Business Results Discussion by Reporting Segment (Exhibit 99.2) that corrects a clerical error in the company's earlier disclosure of the number of shares repurchased. The revised figure is approximately 438 thousand shares repurchased during the third quarter of 2024.

How did LyondellBasell's EBITDA perform in the third quarter of 2024?

Consolidated EBITDA was $1,174 million, compared with $1,644 million in the second quarter of 2024 and $1,356 million in the third quarter of 2023. Excluding identified items, EBITDA was $1,211 million, versus $1,373 million in Q2 2024 and $1,410 million in Q3 2023.

Which segments drove the change in results?

Olefins & Polyolefins-Americas improved on higher ethylene margins from industry cracker downtime and lower ethane costs. Intermediates & Derivatives declined sharply from Q2 2024, which included a $293 million gain on the sale of the Ethylene Oxide and Derivatives business, and from weaker Oxyfuels margins. Refining posted negative EBITDA of $60 million on lower volumes from unplanned downtime and a lower Maya 2-1-1 crack spread.

What were the company's capital spending, liquidity, and shareholder returns in the quarter?

Capital expenditures were $368 million, and cash and liquid investment balances totaled $2.6 billion at quarter end. The company paid dividends of $437 million and repurchased approximately 438 thousand shares during the third quarter. There were 325 million common shares outstanding as of September 30, 2024.

What identified items affected the reported results?

In Q3 2024, the only identified item was $37 million of refinery exit costs. The prior quarter included a $293 million gain on the sale of the Ethylene Oxide and Derivatives business and $22 million of refinery exit costs. For the nine months ended September 30, 2024, EBITDA was $3,865 million and EBITDA excluding identified items was $3,647 million.

LYB 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K/A filed November 1, 2024. Cited figures are marked; the original filing is the authoritative source.

LyondellBasell Industries N.V. filed this Form 8-K on November 1, 2024 to furnish Exhibit 99.2, a revised Business Results Discussion by Reporting Segment for the quarter ended September 30, 2024.

The filing states that the revision corrects a clerical error in the company's prior disclosure of shares repurchased and confirms that the company repurchased approximately 438 thousand shares during the third quarter of 2024. The exhibit is to be read with the company's earnings release for the period. The segment discussion reports third-quarter 2024 EBITDA of $1,174 million^a, compared with $1,644 million in the second quarter of 2024 and $1,356 million in the third quarter of 2023.

EBITDA excluding identified items was $1,211 million^b, compared with $1,373 million and $1,410 million in those comparison periods. The sequential decline was driven mainly by Intermediates & Derivatives, where EBITDA fell to $317 million from $794 million, and by Oxyfuels & Related Products, where margins declined as gasoline crack spreads weakened. Olefins & Polyolefins-Americas was the strongest segment at $758 million of EBITDA, supported by higher ethylene margins from industry cracker downtime and lower ethane feedstock costs.

Refining posted EBITDA of negative $60 million^c. The filing also reports capital expenditures of $368 million, cash and liquid investment balances of $2.6 billion, 325 million common shares outstanding as of September 30, 2024, and dividends paid of $437 million during the quarter.

02—Key points

Key Highlights

Exhibit 99.2 revises the segment discussion to correct a clerical error in the reported number of shares repurchased; the company repurchased approximately 438 thousand shares in Q3 2024.
Consolidated EBITDA was $1,174 million in Q3 2024, versus $1,644 million in Q2 2024 and $1,356 million in Q3 2023; EBITDA excluding identified items was $1,211 million.
Intermediates & Derivatives EBITDA fell to $317 million from $794 million in Q2 2024, which included a $293 million gain on the sale of the Ethylene Oxide and Derivatives business; Oxyfuels & Related Products margins were significantly lower.
Olefins & Polyolefins-Americas generated $758 million of EBITDA, up from $670 million in Q2 2024 and $479 million in Q3 2023, driven by higher ethylene margins.
Refining reported EBITDA of negative $60 million, with Maya 2-1-1 crack spread at $26 per barrel and the Houston Refinery operating at 90% utilization.
Advanced Polymer Solutions EBITDA declined to $19 million, reflecting significantly lower automotive demand in Europe.
Q3 2024 capital expenditures were $368 million, cash and liquid investments were $2.6 billion, and dividends paid were $437 million.

03—Questions

Frequently Asked Questions

What does this 8-K amendment correct?
The filing furnishes a revised Business Results Discussion by Reporting Segment (Exhibit 99.2) that corrects a clerical error in the company's earlier disclosure of the number of shares repurchased. The revised figure is approximately 438 thousand shares repurchased during the third quarter of 2024.
How did LyondellBasell's EBITDA perform in the third quarter of 2024?
Consolidated EBITDA was $1,174 million, compared with $1,644 million in the second quarter of 2024 and $1,356 million in the third quarter of 2023. Excluding identified items, EBITDA was $1,211 million, versus $1,373 million in Q2 2024 and $1,410 million in Q3 2023.
Which segments drove the change in results?
Olefins & Polyolefins-Americas improved on higher ethylene margins from industry cracker downtime and lower ethane costs. Intermediates & Derivatives declined sharply from Q2 2024, which included a $293 million gain on the sale of the Ethylene Oxide and Derivatives business, and from weaker Oxyfuels margins. Refining posted negative EBITDA of $60 million on lower volumes from unplanned downtime and a lower Maya 2-1-1 crack spread.
What were the company's capital spending, liquidity, and shareholder returns in the quarter?
Capital expenditures were $368 million, and cash and liquid investment balances totaled $2.6 billion at quarter end. The company paid dividends of $437 million and repurchased approximately 438 thousand shares during the third quarter. There were 325 million common shares outstanding as of September 30, 2024.
What identified items affected the reported results?
In Q3 2024, the only identified item was $37 million of refinery exit costs. The prior quarter included a $293 million gain on the sale of the Ethylene Oxide and Derivatives business and $22 million of refinery exit costs. For the nine months ended September 30, 2024, EBITDA was $3,865 million and EBITDA excluding identified items was $3,647 million.

04—Continue

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