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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                
Commission file number: 001-34726
LYONDELLBASELL INDUSTRIES N.V.
(Exact name of registrant as specified in its charter)
Netherlands 98-0646235
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1221 McKinney St.,4th Floor, One Vine Street
Suite 300LondonDelftseplein 27E
Houston,TexasW1J0AH3013AARotterdam
USA77010United KingdomNetherlands
(Addresses of registrant’s principal executive offices)
(713)309-7200+44 (0)207220 2600+31 (0)102755 500
(Registrant’s telephone numbers, including area codes)
______________________________________________________________________________________________________________________________
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange On Which Registered
Ordinary Shares, €0.04 Par ValueLYBNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No x
The registrant had 325,624,433 ordinary shares, €0.04 par value, outstanding at October 26, 2022 (excluding 14,798,065 treasury shares).


LYONDELLBASELL INDUSTRIES N.V.
TABLE OF CONTENTS



PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF INCOME
 Three Months Ended
September 30,
Nine Months Ended
September 30,
Millions of dollars, except earnings per share2022202120222021
Sales and other operating revenues:
Trade$12,044 $12,401 $39,443 $32,586 
Related parties206 299 802 757 
12,250 12,700 40,245 33,343 
Operating costs and expenses:
Cost of sales11,088 10,109 34,491 26,463 
Impairments  69  
Selling, general and administrative expenses319 313 976 927 
Research and development expenses31 30 95 91 
11,438 10,452 35,631 27,481 
Operating income812 2,248 4,614 5,862 
Interest expense(70)(126)(202)(366)
Interest income7 1 13 8 
Other income (expense), net4 (12)(63)27 
Income from continuing operations before equity investments and income taxes753 2,111 4,362 5,531 
(Loss) income from equity investments(26)104 25 389 
Income from continuing operations before income taxes727 2,215 4,387 5,920 
Provision for income taxes154 452 848 1,028 
Income from continuing operations573 1,763 3,539 4,892 
Loss from discontinued operations, net of tax(1)(1)(3)(1)
Net income572 1,762 3,536 4,891 
Dividends on redeemable non-controlling interests(2)(2)(5)(5)
Net income attributable to the Company shareholders$570 $1,760 $3,531 $4,886 
Earnings per share:
Net income (loss) attributable to the Company shareholders —
Basic
Continuing operations$1.75 $5.25 $10.77 $14.58 
Discontinued operations  (0.01) 
$1.75 $5.25 $10.76 $14.58 
Diluted
Continuing operations$1.75 $5.25 $10.75 $14.57 
Discontinued operations  (0.01) 
$1.75 $5.25 $10.74 $14.57 
See Notes to the Consolidated Financial Statements.


1

LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 
Three Months Ended
September 30,
Nine Months Ended
September 30,
Millions of dollars2022202120222021
Net income$572 $1,762 $3,536 $4,891 
Other comprehensive income (loss), net of tax –
Financial derivatives23 35 213 132 
Unrealized losses on available-for-sale debt securities   (1)
Defined benefit pension and other postretirement benefit plans51 28 134 56 
Foreign currency translations(169)(97)(355)(127)
Total other comprehensive (loss) income, net of tax(95)(34)(8)60 
Comprehensive income 477 1,728 3,528 4,951 
Dividends on redeemable non-controlling interests(2)(2)(5)(5)
Comprehensive income attributable to the Company shareholders$475 $1,726 $3,523 $4,946 
See Notes to the Consolidated Financial Statements.


2

LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED BALANCE SHEETS
 
Millions of dollarsSeptember 30,
2022
December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents$1,480 $1,472 
Restricted cash6 5 
Short-term investments 9 
Accounts receivable:
Trade, net4,149 4,565 
Related parties180 243 
Inventories5,153 4,901 
Prepaid expenses and other current assets1,360 1,022 
Total current assets12,328 12,217 
Operating lease assets1,769 1,946 
Property, plant and equipment22,640 22,382 
Less: Accumulated depreciation(7,817)(7,826)
Property, plant and equipment, net14,823 14,556 
Equity investments4,386 4,786 
Goodwill1,746 1,875 
Intangible assets, net594 695 
Other assets845 667 
Total assets$36,491 $36,742 
See Notes to the Consolidated Financial Statements.






3

LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED BALANCE SHEETS
 
Millions of dollars, except shares and par value dataSeptember 30,
2022
December 31,
2021
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
Current liabilities:
Current maturities of long-term debt$432 $6 
Short-term debt439 362 
Accounts payable:
Trade3,508 3,460 
Related parties622 831 
Accrued liabilities2,633 2,571 
Total current liabilities7,634 7,230 
Long-term debt10,445 11,246 
Operating lease liabilities1,514 1,649 
Other liabilities2,106 2,295 
Deferred income taxes2,473 2,334 
Commitments and contingencies
Redeemable non-controlling interests114 116 
Shareholders’ equity:
Ordinary shares, €0.04 par value, 1,275 million shares authorized, 325,623,082
 and 329,536,389 shares outstanding, respectively
19 19 
Additional paid-in capital6,099 6,044 
Retained earnings9,232 8,563 
Accumulated other comprehensive loss(1,811)(1,803)
Treasury stock, at cost, 14,799,416 and 10,675,605 ordinary shares, respectively
(1,348)(965)
Total Company share of shareholders’ equity12,191 11,858 
Non-controlling interests14 14 
Total equity12,205 11,872 
Total liabilities, redeemable non-controlling interests and equity$36,491 $36,742 
See Notes to the Consolidated Financial Statements.





4

LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
Millions of dollars20222021
Cash flows from operating activities:
Net income3,536 $4,891 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization933 1,016 
Impairments69  
Amortization of debt-related costs11 21 
Share-based compensation54 50 
Equity investments—
Equity income(25)(389)
Distributions of earnings, net of tax219 169 
Deferred income tax provision 83 7 
Changes in assets and liabilities that provided (used) cash:
Accounts receivable134 (1,915)
Inventories(601)(741)
Accounts payable200 1,139 
Other, net(98)368 
Net cash provided by operating activities4,515 4,616 
Cash flows from investing activities:
Expenditures for property, plant and equipment(1,417)(1,285)
Proceeds from maturities of available-for-sale debt securities 346 
Proceeds from equity securities8 309 
Acquisition of equity method investment(14)(104)
Proceeds from settlement of net investment hedges614 358 
Payments for settlement of net investment hedges(501)(355)
Other, net(123)(66)
Net cash used in investing activities(1,433)(797)
Cash flows from financing activities:
Repurchases of Company ordinary shares(420)(78)
Dividends paid - common stock(2,859)(1,110)
Repayments of long-term debt (2,275)
Debt extinguishment costs (57)
Net proceeds from (repayments of) commercial paper96 (103)
Collateral received from interest rate derivatives238  
Other, net16 (4)
Net cash used in financing activities(2,929)(3,627)
Effect of exchange rate changes on cash(144)(59)
Increase in cash and cash equivalents and restricted cash9 133 
Cash and cash equivalents and restricted cash at beginning of period1,477 1,765 
Cash and cash equivalents and restricted cash at end of period$1,486 $1,898 
See Notes to the Consolidated Financial Statements.


5

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, 2022$19 $(1,200)$6,077 $9,050 $(1,716)$12,230 $14 
Net income    572  572  
Other comprehensive loss    (95)(95) 
Share-based compensation 2 22 7  31  
Dividends - common stock ($1.19 per share)
   (395) (395) 
Dividends - redeemable non-controlling interests ($15.00 per share)
   (2) (2) 
Repurchases of Company ordinary shares (150)   (150) 
Balance, September 30, 2022$19 $(1,348)$6,099 $9,232 $(1,811)$12,191 $14 
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, 2021$19 $(494)$6,011 $6,837 $(1,849)$10,524 $14 
Net income   1,762  1,762  
Other comprehensive loss    (34)(34) 
Share-based compensation 2 18 (1) 19  
Dividends - common stock ($1.13 per share)
   (380) (380) 
Dividends - redeemable non-controlling interests ($15.00 per share)
   (2) (2) 
Repurchases of Company ordinary shares (89)   (89) 
Balance, September 30, 2021$19 $(581)$6,029 $8,216 $(1,883)$11,800 $14 
See Notes to the Consolidated Financial Statements.



6

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, December 31, 2021$19 $(965)$6,044 $8,563 $(1,803)$11,858 $14 
Net income    3,536  3,536  
Other comprehensive loss    (8)(8) 
Share-based compensation 23 55 (3) 75  
Dividends - common stock ($3.51 per share)
   (1,155) (1,155) 
Special dividends - common stock ($5.20 per share)
   (1,704) (1,704) 
Dividends - redeemable non-controlling interests ($45.00 per share)
   (5) (5) 
Repurchases of Company ordinary shares (406)   (406) 
Balance, September 30, 2022$19 $(1,348)$6,099 $9,232 $(1,811)$12,191 $14 
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, 2020$19 $(531)$5,986 $4,440 $(1,943)$7,971 $17 
Net income   4,891  4,891  
Other comprehensive income    60 60  
Share-based compensation 39 43   82  
Dividends - common stock ($3.31 per share)
   (1,110) (1,110) 
Dividends - redeemable non-controlling interests ($45.00 per share)
   (5) (5) 
Repurchases of Company ordinary shares (89)   (89) 
Sales of non-controlling interest      (3)
Balance, September 30, 2021$19 $(581)$6,029 $8,216 $(1,883)$11,800 $14 
See Notes to the Consolidated Financial Statements.


7


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

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