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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 March 31, 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 327,621,817 ordinary shares, €0.04 par value, outstanding at April 27, 2022 (excluding 12,647,650 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
March 31,
Millions of dollars, except earnings per share20222021
Sales and other operating revenues:
Trade$12,840 $8,851 
Related parties317 231 
13,157 9,082 
Operating costs and expenses:
Cost of sales11,136 7,678 
Selling, general and administrative expenses328 287 
Research and development expenses32 29 
11,496 7,994 
Operating income1,661 1,088 
Interest expense(74)(110)
Interest income2 2 
Other income, net19 25 
Income from continuing operations before equity investments and income taxes1,608 1,005 
Income from equity investments29 137 
Income from continuing operations before income taxes1,637 1,142 
Provision for income taxes316 70 
Income from continuing operations1,321 1,072 
Loss from discontinued operations, net of tax(1)(2)
Net income1,320 1,070 
Dividends on redeemable non-controlling interests(2)(2)
Net income attributable to the Company shareholders$1,318 $1,068 
Earnings per share:
Net income (loss) attributable to the Company shareholders —
Basic
Continuing operations$4.01 $3.20 
Discontinued operations (0.01)
$4.01 $3.19 
Diluted
Continuing operations$4.00 $3.19 
Discontinued operations (0.01)
$4.00 $3.18 
See Notes to the Consolidated Financial Statements.


1

LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
Three Months Ended
March 31,
Millions of dollars20222021
Net income$1,320 $1,070 
Other comprehensive income (loss), net of tax –
Financial derivatives88 175 
Defined benefit pension and other postretirement benefit plans5 11 
Foreign currency translations(25)(107)
Total other comprehensive income, net of tax68 79 
Comprehensive income 1,388 1,149 
Dividends on redeemable non-controlling interests(2)(2)
Comprehensive income attributable to the Company shareholders$1,386 $1,147 
See Notes to the Consolidated Financial Statements.


2

LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED BALANCE SHEETS
 
Millions of dollarsMarch 31, 2022December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$1,785 $1,472 
Restricted cash9 5 
Short-term investments 9 
Accounts receivable:
Trade, net5,092 4,565 
Related parties299 243 
Inventories4,979 4,901 
Prepaid expenses and other current assets1,127 1,022 
Total current assets13,291 12,217 
Operating lease assets1,905 1,946 
Property, plant and equipment22,733 22,382 
Less: Accumulated depreciation(8,004)(7,826)
Property, plant and equipment, net14,729 14,556 
Equity investments4,743 4,786 
Goodwill1,866 1,875 
Intangible assets, net673 695 
Other assets647 667 
Total assets$37,854 $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 dataMarch 31, 2022December 31, 2021
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
Current liabilities:
Current maturities of long-term debt$8 $6 
Short-term debt141 362 
Accounts payable:
Trade4,238 3,460 
Related parties776 831 
Accrued liabilities2,376 2,571 
Total current liabilities7,539 7,230 
Long-term debt11,175 11,246 
Operating lease liabilities1,610 1,649 
Other liabilities2,215 2,295 
Deferred income taxes2,487 2,334 
Commitments and contingencies
Redeemable non-controlling interests116 116 
Shareholders’ equity:
Ordinary shares, €0.04 par value, 1,275 million shares authorized, 327,644,034
 and 329,536,389 shares outstanding, respectively
19 19 
Additional paid-in capital6,056 6,044 
Retained earnings9,514 8,563 
Accumulated other comprehensive loss(1,735)(1,803)
Treasury stock, at cost, 12,625,433 and 10,675,605 ordinary shares, respectively
(1,156)(965)
Total Company share of shareholders’ equity12,698 11,858 
Non-controlling interests14 14 
Total equity12,712 11,872 
Total liabilities, redeemable non-controlling interests and equity$37,854 $36,742 
See Notes to the Consolidated Financial Statements.





4

LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
March 31,
Millions of dollars20222021
Cash flows from operating activities:
Net income$1,320 $1,070 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization311 335 
Amortization of debt-related costs4 5 
Share-based compensation18 19 
Equity investments—
Equity income(29)(137)
Distributions of earnings, net of tax34 20 
Deferred income tax provision (benefit) 137 (83)
Changes in assets and liabilities that provided (used) cash:
Accounts receivable(629)(593)
Inventories(117)(360)
Accounts payable724 327 
Other, net(271)(32)
Net cash provided by operating activities1,502 571 
Cash flows from investing activities:
Expenditures for property, plant and equipment(446)(340)
Proceeds from maturities of available-for-sale debt securities 74 
Proceeds from equity securities8 226 
Other, net(18)(19)
Net cash used in investing activities(456)(59)
Cash flows from financing activities:
Repurchases of Company ordinary shares(217) 
Dividends paid - common stock(371)(352)
Repayments of long-term debt (500)
Net repayments of commercial paper(169) 
Collateral received from interest rate derivatives51 66 
Other, net(7)4 
Net cash used in financing activities(713)(782)
Effect of exchange rate changes on cash(16)(32)
Increase (decrease) in cash and cash equivalents and restricted cash317 (302)
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$1,794 $1,463 
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, December 31, 2021$19 $(965)$6,044 $8,563 $(1,803)$11,858 $14 
Net income    1,320  1,320  
Other comprehensive income    68 68  
Share-based compensation 11 12 4  27  
Dividends - common stock ($1.13 per share)
   (371) (371) 
Dividends - redeemable non-controlling interests ($15.00 per share)
   (2) (2) 
Repurchases of Company ordinary shares (202)   (202) 
Balance, March 31, 2022$19 $(1,156)$6,056 $9,514 $(1,735)$12,698 $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   1,070  1,070  
Other comprehensive income    79 79  
Share-based compensation 25 7 2  34  
Dividends - common stock ($1.05 per share)
   (352) (352) 
Dividends - redeemable non-controlling interests ($15.00 per share)
   (2) (2) 
Sales of non-controlling interest      (3)
Balance, March 31, 2021$19 $(506)$5,993 $5,158 $(1,864)$8,800 $14 
See Notes to the Consolidated Financial Statements.


6


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

TABLE OF CONTENTS
 


7


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

1.    Basis of Presentation
LyondellBasell Industries N.V. is a limited liability company (Naamloze Vennootschap) incorporated under Dutch law by deed of incorporation dated October 15, 2009. Unless otherwise indicated, the “Company,” “we,” “us,” “our” or similar words are used to refer to LyondellBasell Industries N.V. together with its consolidated subsidiaries (“LyondellBasell N.V.”). LyondellBasell N.V. is a worldwide manufacturer of chemicals and polymers, a refiner of crude oil, a significant producer of gasoline blending components and a developer and licensor of technologies for the production of polymers.
The accompanying unaudited Consolidated Financial Statements have been prepared from the books and records of LyondellBasell N.V. in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair statement have been included. These statements contain some amounts that are based upon management estimates and judgments. Future actual results could differ from such current estimates. The results for interim periods are not necessarily indicative of results for the entire year.
2.    Accounting and Reporting Changes
Recently Adopted Guidance
There were no new standards or Accounting Standard Updates (“ASU”) adopted in the quarter ended March 31, 2022 that had a material impact on our Consolidated Financial Statements.
Accounting Guidance Issued But Not Adopted as of March 31, 2022
Government Assistance—In November 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The guidance requires disclosures about assistance received from the government that have been accounted for by analogizing to a grant or contribution accounting model including the nature and form of assistance, the accounting policies used to account for the assistance and its impact on the entity’s financial statements. The guidance is effective for annual periods beginning after December 15, 2021, with early application permitted. The adoption of this guidance will not have a material impact on our Consolidated Financial Statements.


8


LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)


3.    Revenues
Contract Balances—Contract liabilities were $214 million and $169 million at March 31, 2022 and December 31, 2021, respectively. Revenue recognized in each reporting period, included in the contract liability balance at the beginning of the period, was immaterial.
Disaggregation of Revenues—The following table presents our revenues disaggregated by key products:
Three Months Ended
March 31,
Millions of dollars20222021
Sales and other operating revenues:
Olefins and co-products
$1,157 $1,091 
Polyethylene2,684 2,153 
Polypropylene2,014 1,718 
Propylene oxide and derivatives885 502 
Oxyfuels and related products1,254 607 
Intermediate chemicals1,110 578 
Compounding and solutions1,135 1,038 
Advanced polymers272 231 
Refined products2,458 993 
Other188 171 
Total$13,157 $9,082 

The following table presents our revenues disaggregated by geography, based upon the location of the customer:
Three Months Ended
March 31,
Millions of dollars20222021
Sales and other operating revenues:
United States$6,074 $4,086 
Germany995 765 
China656 560 
Italy518 378 
Mexico442 247 
Japan423 230 
Poland395 270 
The Netherlands390 270 
France387 290 
Other2,877 1,986 
Total$13,157 $9,082 


9


LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)


4.    Accounts Receivable
Our accounts receivable are reflected in the Consolidated Balance Sheets, net of allowance for credit losses, of $6 million as of March 31, 2022 and December 31, 2021.
5.    Inventories
Inventories consisted of the following components:
Millions of dollarsMarch 31, 2022December 31, 2021
Finished goods$3,382 $3,329 
Work-in-process206 178 
Raw materials and supplies1,391 1,394 
Total inventories$4,979 $4,901 


10


LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)


6.    Debt
Long-term loans, notes and other debt, net of unamortized discount and debt issuance cost, consisted of the following:
Millions of dollarsMarch 31, 2022December 31, 2021
Senior Notes due 2024, $1,000 million, 5.75% ($2 million of debt issuance cost)
$773 $773 
Senior Notes due 2055, $1,000 million, 4.625% ($15 million of discount; $11 million of debt issuance cost)
974 974 
Guaranteed Notes due 2027, $300 million, 8.1%
300 300 
Issued by LYB International Finance B.V.:
Guaranteed Notes due 2023, $750 million, 4.0% ($1 million of discount)
424 423 
Guaranteed Notes due 2043, $750 million, 5.25% ($19 million of discount; $7 million of debt issuance cost)
724 724 
Guaranteed Notes due 2044, $1,000 million, 4.875% ($10 million of discount; $9 million of debt issuance cost)
981 981 
Issued by LYB International Finance II B.V.:
Guaranteed Notes due 2026, €500 million, 0.875% ($1 million of discount; $2 million of debt issuance cost)
547 562 
Guaranteed Notes due 2027, $1,000 million, 3.5% ($3 million of discount; $3 million of debt issuance cost)
612 631 
Guaranteed Notes due 2031, €500 million, 1.625% ($5 million of discount; $3 million of debt issuance cost)
547 558 
Issued by LYB International Finance III LLC:
Guaranteed Notes due 2025, $500 million, 1.25% ($1 million of discount; $3 million of debt issuance cost)
479 486 
Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of debt issuance cost)
133 143 
Guaranteed Notes due 2030, $500 million, 2.25% ($3 million of discount; $4 million of debt issuance cost)
481 490 
Guaranteed Notes due 2040, $750 million, 3.375% ($2 million of discount; $7 million of debt issuance cost)
741 741 
Guaranteed Notes due 2049, $1,000 million, 4.2% ($15 million of discount; $10 million of debt issuance cost)
975 975 
Guaranteed Notes due 2050, $1,000 million, 4.2% ($6 million of discount; $10 million of debt issuance cost)
976 981 
Guaranteed Notes due 2051, $1,000 million, 3.625% ($3 million of discount; $11 million of debt issuance cost)
957 986 
Guaranteed Notes due 2060, $500 million, 3.8% ($4 million of discount; $6 million of debt issuance cost)
490 490 
Other69 34 
Total11,183 11,252 
Less current maturities(8)(6)
Long-term debt$11,175 $11,246 


11


LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)


Fair value hedging adjustments associated with the fair value hedge accounting of our fixed-for-floating interest rate swaps for the applicable periods are as follows: 
Gains (Losses)Cumulative Fair Value
Hedging Adjustments Included
in Carrying Amount of Debt
Three Months Ended
March 31,
March 31,December 31,
Millions of dollars2022202120222021
Guaranteed Notes due 2025, 1.25%
$7 $— $9 $2 
Guaranteed Notes due 2026, 0.875%
4 1 5 1 
Guaranteed Notes due 2027, 3.5%
19 4 (27)(46)
Guaranteed Notes due 2030, 3.375%
10 — 8 (2)
Guaranteed Notes due 2030, 2.25%
10 — 12 2 
Guaranteed Notes due 2050, 4.2%
5 — 8 3 
Guaranteed Notes due 2051, 3.625%
29 — 29 — 
Total$84 $5 $44 $(40)
Fair value adjustments are recognized in Interest expense in the Consolidated Statements of Income.
Short-term loans, notes and other debt consisted of the following:
Millions of dollarsMarch 31, 2022December 31, 2021
U.S. Receivables Facility$ $ 
Commercial paper35 204 
Precious metal financings106 155 
Other 3 
Total Short-term debt$141 $362 
Long-Term Debt
Senior Revolving Credit Facility—Our $3,250 million Senior Revolving Credit Facility, which expires in November 2026, may be used for dollar and euro denominated borrowings. The facility has a $200 million sub-limit for dollar and euro denominated letters of credit, a $1,000 million uncommitted accordion feature and supports our commercial paper program. Borrowings under the facility bear interest at either a base rate, LIBOR rate or EURIBOR rate, plus an applicable margin. Additional fees are incurred for the average daily unused commitments. At March 31, 2022, we had no borrowings or letters of credit outstanding and $3,215 million of unused availability under this facility.
Short-Term Debt
U.S. Receivables Facility—Our U.S. Receivables Facility, which expires in June 2024, has a purchase limit of $900 million in addition to a $300 million uncommitted accordion feature. This facility provides liquidity through the sale or contribution of trade receivables by certain of our U.S. subsidiaries to a wholly owned, bankruptcy-remote subsidiary on an ongoing basis and without recourse. We pay variable interest rates on our secured borrowings. Additional fees are incurred for the average daily unused commitments. This facility also provides for the issuance of letters of credit up to $200 million. At March 31, 2022, we had no borrowings or letters of credit outstanding and $900 million unused availability under this facility.


12


LYONDELLBASELL INDUSTRIES N.V.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS-(Continued)


Commercial Paper Program—We have a commercial paper program under which we may issue up to $2,500 million of privately placed, unsecured, short-term promissory notes (“commercial paper”). Interest rates on the commercial paper outstanding at March 31, 2022 are based on the terms of the notes and range from 0.45% to 0.55%. At March 31, 2022, we had $35 million of outstanding commercial paper.
Weighted Average Interest Rate—At March 31, 2022 and December 31, 2021, our weighted average interest rates on outstanding Short-term debt were 1.2% and 0.9%, respectively.
Additional Information
Debt Discount and Issuance Costs—Amortization of debt discounts and debt issuance costs resulted in amortization expense of $4 million and $5 million for the three months ended March 31, 2022 and 2021, respectively, which is included in Interest expense in the Consolidated Statements of Income.
As of March 31, 2022, we are in compliance with our debt covenants.

7.    Financial Instruments and Fair Value Measurements
We are exposed to market risks, such as changes in commodity pricing, interest rates and currency exchange rates. To manage the volatility related to these exposures, we selectively enter into derivative contracts pursuant to our risk management policies.
Financial Instruments Measured at Fair Value on a Recurring Basis—The following table summarizes financial instruments outstanding for the periods presented that are measured at fair value on a recurring basis:
 March 31, 2022December 31, 2021 
Millions of dollarsNotional AmountFair ValueNotional AmountFair ValueBalance Sheet
Classification
Assets–
Derivatives designated as hedges:
Commodities$30 $40 $41 $24 Prepaid expenses and other current assets
Foreign currency614 90 614 63 Prepaid expenses and other current assets
Foreign currency2,085 61 1,785 43 Other assets
Interest rates 13  7 Prepaid expenses and other current assets
Interest rates  300 1 Other assets
Derivatives not designated as hedges:
Commodities55 12 221 30 Prepaid expenses and other current assets
Commodities12 1   Other assets
Foreign currency83  34 1 Prepaid expenses and other current assets
Non-derivatives:
Equity securities  9 8 Short-term investments
Total$2,879 $217 $