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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, 2021
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 332,783,944 ordinary shares, €0.04 par value, outstanding at October 27, 2021 (excluding 7,361,634 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 share2021202020212020
Sales and other operating revenues:
Trade$12,401 $6,587 $32,586 $19,261 
Related parties299 189 757 555 
12,700 6,776 33,343 19,816 
Operating costs and expenses:
Cost of sales10,109 5,885 26,463 17,647 
Impairment of long-lived assets 582  582 
Selling, general and administrative expenses313 259 927 842 
Research and development expenses30 27 91 79 
10,452 6,753 27,481 19,150 
Operating income2,248 23 5,862 666 
Interest expense(126)(122)(366)(336)
Interest income1 3 8 10 
Other (expense) income, net(12)23 27 27 
Income (loss) from continuing operations before equity investments and income taxes2,111 (73)5,531 367 
Income from equity investments104 62 389 123 
Income (loss) from continuing operations before income taxes2,215 (11)5,920 490 
Provision for (benefit from) income taxes452 (125)1,028 (82)
Income from continuing operations1,763 114 4,892 572 
Loss from discontinued operations, net of tax(1) (1) 
Net income1,762 114 4,891 572 
Dividends on redeemable non-controlling interests(2)(2)(5)(5)
Net income attributable to the Company shareholders$1,760 $112 $4,886 $567 
Earnings per share:
Net income attributable to the Company shareholders —
Basic$5.25 $0.33 $14.58 $1.69 
Diluted$5.25 $0.33 $14.57 $1.69 
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 dollars2021202020212020
Net income$1,762 $114 $4,891 $572 
Other comprehensive income (loss), net of tax –
Financial derivatives35 75 132 (289)
Unrealized (losses) gains on available-for-sale debt securities  (1)1 
Defined benefit pension and other postretirement benefit plans28 10 56 31 
Foreign currency translations(97)86 (127)(47)
Total other comprehensive (loss) income, net of tax(34)171 60 (304)
Comprehensive income 1,728 285 4,951 268 
Dividends on redeemable non-controlling interests(2)(2)(5)(5)
Comprehensive income attributable to the Company shareholders$1,726 $283 $4,946 $263 
See Notes to the Consolidated Financial Statements.


2

LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED BALANCE SHEETS
 
Millions of dollarsSeptember 30, 2021December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$1,893 $1,763 
Restricted cash5 2 
Short-term investments36 702 
Accounts receivable:
Trade, net5,003 3,291 
Related parties248 150 
Inventories4,982 4,344 
Prepaid expenses and other current assets1,819 1,382 
Total current assets13,986 11,634 
Operating lease assets1,789 1,492 
Property, plant and equipment22,575 21,484 
Less: Accumulated depreciation(7,739)(7,098)
Property, plant and equipment, net14,836 14,386 
Equity investments4,888 4,729 
Goodwill1,894 1,953 
Intangible assets, net666 751 
Other assets603 458 
Total assets$38,662 $35,403 
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, 2021December 31, 2020
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
Current liabilities:
Current maturities of long-term debt$8 $8 
Short-term debt563 663 
Accounts payable:
Trade3,494 2,398 
Related parties678 550 
Accrued liabilities2,665 1,883 
Total current liabilities7,408 5,502 
Long-term debt12,945 15,286 
Operating lease liabilities1,518 1,222 
Other liabilities2,383 2,957 
Deferred income taxes2,478 2,332 
Commitments and contingencies
Redeemable non-controlling interests116 116 
Shareholders’ equity:
Ordinary shares, €0.04 par value, 1,275 million shares authorized, 333,627,352
 and 334,015,220 shares outstanding, respectively
19 19 
Additional paid-in capital6,029 5,986 
Retained earnings8,216 4,440 
Accumulated other comprehensive loss(1,883)(1,943)
Treasury stock, at cost, 6,518,226 and 6,030,408 ordinary shares, respectively
(581)(531)
Total Company share of shareholders’ equity11,800 7,971 
Non-controlling interests14 17 
Total equity11,814 7,988 
Total liabilities, redeemable non-controlling interests and equity$38,662 $35,403 
See Notes to the Consolidated Financial Statements.





4

LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
Millions of dollars20212020
Cash flows from operating activities:
Net income$4,891 $572 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,016 1,056 
Impairment of long-lived assets 582 
Amortization of debt-related costs21 12 
Share-based compensation50 43 
Inventory valuation charges 163 
Equity investments—
Equity income(389)(123)
Distributions of earnings, net of tax169 104 
Deferred income tax provision (benefit) 7 (135)
Changes in assets and liabilities that provided (used) cash:
Accounts receivable(1,915)152 
Inventories(741)452 
Accounts payable1,139 (90)
Other, net368 (127)
Net cash provided by operating activities4,616 2,661 
Cash flows from investing activities:
Expenditures for property, plant and equipment(1,285)(1,673)
Purchases of available-for-sale debt securities (270)
Proceeds from sales and maturities of available-for-sale debt securities346 90 
Purchases of equity securities (267)
Proceeds from equity securities309 313 
Acquisition of equity method investment(104)(472)
Proceeds from settlement of net investment hedges358  
Payments for settlement of net investment hedges(355) 
Other, net(66)(28)
Net cash used in investing activities(797)(2,307)
Cash flows from financing activities:
Repurchases of Company ordinary shares(78)(4)
Dividends paid - common stock(1,110)(1,053)
Purchase of non-controlling interest (30)
Issuance of long-term debt 2,492 
Payments of debt issuance costs (18)
Repayments of long-term debt(2,275)(500)
Debt extinguishment costs(57) 
Issuance of short-term debt 521 
Repayments of short-term debt (504)
Net (repayments of) proceeds from commercial paper(103)194 
Collateral paid for interest rate derivatives (238)
Proceeds from settlement of cash flow hedges  346 
Other, net(4)(14)
Net cash (used in) provided by financing activities(3,627)1,192 
Effect of exchange rate changes on cash(59)50 
Increase in cash and cash equivalents and restricted cash133 1,596 
Cash and cash equivalents and restricted cash at beginning of period1,765 888 
Cash and cash equivalents and restricted cash at end of period$1,898 $2,484 
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, 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 
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, 2020$19 $(548)$5,958 $4,188 $(2,259)$7,358 $19 
Net income   114  114  
Other comprehensive income    171 171  
Share-based compensation 8 17 (8) 17  
Dividends - common stock ($1.05 per share)
   (352) (352) 
Dividends - redeemable non-controlling interests ($15.00 per share)
   (2) (2) 
Distributions to non-controlling interests      (2)
Balance, September 30, 2020$19 $(540)$5,975 $3,940 $(2,088)$7,306 $17 
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, 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 
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, 2019$19 $(580)$5,954 $4,435 $(1,784)$8,044 $19 
Net income   572  572  
Other comprehensive loss    (304)(304) 
Share-based compensation 44 14 (9) 49  
Dividends - common stock ($3.15 per share)
   (1,053) (1,053) 
Dividends - redeemable non-controlling interests ($45.00 per share)
   (5) (5) 
Repurchases of Company ordinary shares (4)   (4) 
Purchase of non-controlling interest  7   7  
Distributions to non-controlling interests      (2)
Balance, September 30, 2020$19 $(540)$5,975 $3,940 $(2,088)$7,306 $17 
See Notes to the Consolidated Financial Statements.


7


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

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