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LyondellBasell Industries 8-K Report, Financial Results (Jan 31, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed January 31, 2025
Period End
January 31, 2025
Security
LYB
In the record · 2016–202610-K1110-Q338-K127

LYB filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 127 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Aug ’18Aug ’18
  2. Leadership change8-K · Jun ’20Jun ’20
  3. Leadership change8-K · May ’22May ’22
  4. Material agreement8-K · May ’26May ’26

01—Abstract

Summary

Summary of the 8-K filed January 31, 2025. Cited figures are marked; the original filing is the authoritative source.

LyondellBasell Industries N.V.

(NYSE: LYB) reported a net loss of $603 milliona, or $1.87 per diluted share, for the fourth quarter ended December 31, 2024, compared with net income of $573 million for the third quarter 2024 and $185 million for the fourth quarter 2023. Fourth quarter EBITDA was $(409) million, or $689 million excluding identified items. The quarter included identified items of $852 million net of tax, led by non-cash asset write-downs of $1,065 million pre-tax, mainly related to European assets under strategic review and an Asian joint venture in the O&P-EAI segment, and the specialty powders business in the APS segment.

For full year 2024, net income was $1.367 billionb, or $4.15 per share, and net income excluding identified items was $2.101 billion, or $6.40 per share. Full year EBITDA was $3.456 billion, or $4.336 billion excluding identified items. Cash generation was the highlight.

Net cash provided by operating activities was $3.819 billionc in 2024, equal to 90% cash conversion. That cash funded $1.8 billion of capital expenditures and $1.915 billion of dividends and share repurchases. The company ended 2024 with $8.038 billion of total liquidity, including $3.388 billion of cash and restricted cash.

Management said the Value Enhancement Program delivered a year-end run rate of approximately $800 milliond of recurring annual EBITDA, and that about $1.25 billion of incremental Normalized EBITDA was unlocked by year-end 2024 against a target of $3 billion by 2027. Volumes in the Circular and Low Carbon Solutions business grew 65% in 2024. Looking ahead, the company will cease refining operations in the first quarter of 2025.

It expects seasonal demand improvements in most product lines in the first quarter and plans first-quarter operating rates of approximately 80% for O&P Americas, 75% for O&P EAI, and 80% for Intermediates & Derivatives. The filing also announced that Agustin Izquierdo will succeed Michael McMurray as CFO effective March 1, 2025. Tariff and trade uncertainties were cited as potential headwinds.

02—Key points

Key Highlights

  1. Q4 2024 net loss of $603 million, or $1.87 per diluted share, driven by $1,065 million of pre-tax asset write-downs; excluding identified items, Q4 earnings were $249 million, or $0.75 per share.
  2. Full year 2024 net income of $1.367 billion, or $4.15 per share; excluding identified items, $2.101 billion, or $6.40 per share, versus $8.65 in 2023.
  3. Net cash provided by operating activities of $3.819 billion in 2024, with 90% cash conversion.
  4. Shareholder returns of $1.915 billion in 2024 through dividends ($1.720 billion) and share repurchases ($195 million), with a 14th consecutive year of annual dividend growth.
  5. Total liquidity of $8.038 billion at year-end 2024, including $3.388 billion of cash and restricted cash.
  6. Value Enhancement Program delivered approximately $800 million of recurring annual EBITDA run rate; about $1.25 billion of incremental Normalized EBITDA unlocked toward the $3 billion target by 2027.
  7. Houston Refinery operations to cease in Q1 2025, and CFO transition to Agustin Izquierdo effective March 1, 2025.

03—Questions

Frequently Asked Questions

  1. Why was the fourth quarter 2024 a net loss?

    The net loss of $603 million reflected identified items of $852 million net of tax, mainly non-cash asset write-downs of $1,065 million pre-tax. These were tied to European assets under strategic review and an Asian joint venture in the O&P-EAI segment, and to the specialty powders business in the APS segment. Excluding identified items, net income was $249 million, or $0.75 per diluted share.

  2. How strong was the company's cash generation in 2024?

    Net cash provided by operating activities was $3.819 billion in 2024, equal to 90% cash conversion. That cash funded $1.8 billion of capital expenditures and $1.915 billion of dividends and share repurchases.

  3. What is the outlook for the first quarter of 2025?

    The company expects seasonal demand improvements across most product lines in the first quarter. It plans operating rates of approximately 80% for O&P Americas, 75% for O&P EAI, and 80% for Intermediates & Derivatives, and it will cease refining operations in the first quarter. Tariff and trade uncertainties are potential headwinds.

  4. What leadership change was announced?

    Agustin Izquierdo will succeed Michael McMurray as Chief Financial Officer effective March 1, 2025.

  5. What progress has been made on the strategy?

    By year-end 2024, the company unlocked approximately $1.25 billion of incremental Normalized EBITDA, primarily from new PO/TBA capacity and the Value Enhancement Program, against a goal of $3 billion by 2027. Volumes in the Circular and Low Carbon Solutions business grew 65% in 2024.

04—Continue

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