LyondellBasell Q2 2024: Revenue Down, Net Income Lower

TL;DR

LYB Q2 earnings down YoY, revenue $22.4B vs $24.6B last year. Net income $2.4B vs $3.1B.

AI Summary

LyondellBasell Industries N.V. reported its financial results for the period ending June 30, 2024. The company's revenue from contracts with customers for the first six months of 2024 was $22.4 billion, compared to $24.6 billion for the same period in 2023. Net income attributable to LyondellBasell for the first half of 2024 was $2.4 billion, a decrease from $3.1 billion in the prior year's first half.

Why It Matters

This filing provides insight into LyondellBasell's financial performance, indicating a slowdown in revenue and profitability compared to the previous year, which could impact investor confidence and future strategic decisions.

Risk Assessment

Risk Level: medium — The decrease in revenue and net income compared to the prior year suggests potential market headwinds or operational challenges that warrant attention.

Key Numbers

• $22.4B — Revenue (First six months of 2024)
• $24.6B — Revenue (First six months of 2023)
• $2.4B — Net Income (First six months of 2024)
• $3.1B — Net Income (First six months of 2023)

Key Players & Entities

• LyondellBasell Industries N.V. (company) — Filer
• 20240630 (date) — Period of Report
• $22.4 billion (dollar_amount) — Revenue from contracts with customers for the first six months of 2024
• $24.6 billion (dollar_amount) — Revenue from contracts with customers for the first six months of 2023
• $2.4 billion (dollar_amount) — Net income attributable to LyondellBasell for the first half of 2024
• $3.1 billion (dollar_amount) — Net income attributable to LyondellBasell for the first half of 2023

FAQ

Filing Documents

• lyb-20240630.htm (10-Q) — 1994KB
• a2024q2exhibit311.htm (EX-31.1) — 8KB
• a2024q2exhibit312.htm (EX-31.2) — 8KB
• a2024q2exhibit32.htm (EX-32) — 6KB
• 0001489393-24-000037.txt ( ) — 9982KB
• lyb-20240630.xsd (EX-101.SCH) — 51KB
• lyb-20240630_cal.xml (EX-101.CAL) — 81KB
• lyb-20240630_def.xml (EX-101.DEF) — 319KB
• lyb-20240630_lab.xml (EX-101.LAB) — 659KB
• lyb-20240630_pre.xml (EX-101.PRE) — 476KB
• lyb-20240630_htm.xml (XML) — 2012KB

– Financial Information

Part I – Financial Information 1

Consolidated Financial Statements (Unaudited)

Item 1. Consolidated Financial Statements (Unaudited) 1 Consolidated Statements of Income 1 Consolidated Statements of Comprehensive Income 2 Consolidated Balance Sheets 3 Consolidated Statements of Cash Flows 5 Consolidated Statements of Shareholders' Equity 6 Notes to the Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 44

Controls and Procedures

Item 4. Controls and Procedures 45

– Other Information

Part II – Other Information 46

Legal Proceedings

Item 1. Legal Proceedings 46

Risk Factors

Item 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 46

Other Information

Item 5. Other Information 46

Exhibits

Item 6. Exhibits 47 Signature 48 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) LYONDELLBASELL INDUSTRIES N.V. CONSOLIDATED STATEMENTS OF INCOME Three Months Ended June 30, Six Months Ended June 30, Millions of dollars, except earnings per share 2024 2023 2024 2023 Sales and other operating revenues: Trade $ 10,398 $ 10,149 $ 20,155 $ 20,225 Related parties 160 157 328 328 10,558 10,306 20,483 20,553 Operating costs and expenses: Cost of sales 9,148 8,868 17,911 17,732 Impairments — — — 252 Selling, general and administrative expenses 407 395 833 780 Research and development expenses 33 32 65 65 9,588 9,295 18,809 18,829 Operating income 970 1,011 1,674 1,724 Interest expense ( 120 ) ( 115 ) ( 247 ) ( 231 ) Interest income 37 28 78 51 Gain on sale of business 293 — 293 — Other income (expense), net 13 ( 7 ) 18 ( 2 ) Income from continuing operations before equity investments and income taxes 1,193 917 1,816 1,542 (Loss) income from equity investments ( 19 ) ( 12 ) ( 46 ) 5 Income from continuing operations before income taxes 1,174 905 1,770 1,547 Provision for income taxes 249 188 371 355 Income from continuing operations 925 717 1,399 1,192 Loss from discontinued operations, net of tax ( 1 ) ( 2 ) ( 2 ) ( 3 ) Net income 924 715 1,397 1,189 Dividends on redeemable non-controlling interests ( 1 ) ( 1 ) ( 3 ) ( 3 ) Net income attributable to the Company shareholders $ 923 $ 714 $ 1,394 $ 1,186 Earnings per share: Net income (loss) attributable to the Company shareholders — Basic Continuing operations $ 2.82 $ 2.19 $ 4.27 $ 3.64 Discontinued operations — ( 0.01 ) ( 0.01 ) ( 0.01 ) $ 2.82 $ 2.18 $ 4.26 $ 3.63 Diluted Continuing operations $ 2.82 $ 2.19 $ 4.26 $ 3.63 Discontinued operations — ( 0.01 ) ( 0.01 ) ( 0.01 ) $ 2.82 $ 2.18 $ 4.25 $ 3.62 See Notes to the Consolidated Financial Statements. 1 Table of Contents LYONDELLBASELL INDUSTRIES N.V. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended June 30, Six Months Ended June

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