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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, 2024
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
(Address of principal executive offices) (Zip code)
(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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “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 324,756,819 ordinary shares, €0.04 par value, outstanding at October 30, 2024 (excluding 15,665,679 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 share2024202320242023
Sales and other operating revenues:
Trade$10,160 $10,477 $30,315 $30,702 
Related parties162 148 490 476 
10,322 10,625 30,805 31,178 
Operating costs and expenses:
Cost of sales9,080 9,177 26,991 26,909 
Impairments5 25 5 277 
Selling, general and administrative expenses404 378 1,237 1,158 
Research and development expenses31 31 96 96 
9,520 9,611 28,329 28,440 
Operating income802 1,014 2,476 2,738 
Interest expense(118)(125)(365)(356)
Interest income36 37 114 88 
Gain on sale of business— — 293 — 
Other income (expense), net11 (31)29 (33)
Income from continuing operations before equity investments and income taxes731 895 2,547 2,437 
(Loss) income from equity investments(20)6 (66)11 
Income from continuing operations before income taxes711 901 2,481 2,448 
Provision for income taxes134 153 505 508 
Income from continuing operations577 748 1,976 1,940 
Loss from discontinued operations, net of tax(4)(1)(6)(4)
Net income573 747 1,970 1,936 
Dividends on redeemable non-controlling interests(2)(2)(5)(5)
Net income attributable to the Company shareholders$571 $745 $1,965 $1,931 
Earnings per share:
Net income (loss) attributable to the Company shareholders —
Basic
Continuing operations$1.77 $2.29 $6.04 $5.93 
Discontinued operations(0.01)— (0.02)(0.01)
$1.76 $2.29 $6.02 $5.92 
Diluted
Continuing operations$1.76 $2.29 $6.02 $5.91 
Discontinued operations(0.01)— (0.02)(0.01)
$1.75 $2.29 $6.00 $5.90 
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 dollars2024202320242023
Net income$573 $747 $1,970 $1,936 
Other comprehensive income (loss), net of tax –
Financial derivatives12 17 62 24 
Defined benefit pension and other postretirement benefit plans3 2 10 6 
Foreign currency translations134 (86)30 (58)
Total other comprehensive income (loss), net of tax149 (67)102 (28)
Comprehensive income 722 680 2,072 1,908 
Dividends on redeemable non-controlling interests(2)(2)(5)(5)
Comprehensive income attributable to the Company shareholders$720 $678 $2,067 $1,903 
See Notes to the Consolidated Financial Statements.

2
LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED BALANCE SHEETS
 
Millions of dollarsSeptember 30,
2024		December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents$2,621 $3,390 
Restricted cash14 15 
Accounts receivable:
Trade, net3,682 3,356 
Related parties264 151 
Inventories5,261 4,765 
Prepaid expenses and other current assets900 1,475 
Total current assets12,742 13,152 
Operating lease assets1,442 1,529 
Property, plant and equipment25,793 24,906 
Less: Accumulated depreciation(9,928)(9,359)
Property, plant and equipment, net15,865 15,547 
Equity investments4,272 3,907 
Goodwill1,633 1,647 
Intangible assets, net599 641 
Other assets710 577 
Total assets$37,263 $37,000 
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,
2024		December 31,
2023
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
Current liabilities:
Current maturities of long-term debt$7 $782 
Short-term debt121 117 
Accounts payable:
Trade3,063 3,354 
Related parties563 461 
Accrued and other current liabilities2,239 2,436 
Total current liabilities5,993 7,150 
Long-term debt11,132 10,333 
Operating lease liabilities1,360 1,409 
Other liabilities2,083 2,164 
Deferred income taxes2,853 2,886 
Commitments and contingencies
Redeemable non-controlling interests114 114 
Shareholders’ equity:
Ordinary shares, €0.04 par value, 1,275 million shares authorized, 324,750,428 and 324,483,402 shares outstanding, respectively
19 19 
Additional paid-in capital6,139 6,145 
Retained earnings10,366 9,692 
Accumulated other comprehensive loss(1,374)(1,476)
Treasury stock, at cost, 15,672,070 and 15,939,096 ordinary shares, respectively
(1,434)(1,450)
Total Company share of shareholders’ equity13,716 12,930 
Non-controlling interests12 14 
Total equity13,728 12,944 
Total liabilities, redeemable non-controlling interests and equity$37,263 $37,000 
See Notes to the Consolidated Financial Statements.




4
LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
Millions of dollars20242023
Cash flows from operating activities:
Net income$1,970 $1,936 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,133 1,154 
Impairments5 277 
Amortization of debt-related costs9 7 
Share-based compensation71 71 
Equity investments—
Equity loss (income)66 (11)
Distributions of earnings, net of tax96 109 
Deferred income tax (benefit) provision (79)48 
Gain on sale of business(293)— 
Changes in assets and liabilities that provided (used) cash:
Accounts receivable(413)(282)
Inventories(433)(196)
Accounts payable(217)31 
Other, net(11)294 
Net cash provided by operating activities1,904 3,438 
Cash flows from investing activities:
Expenditures for property, plant and equipment(1,335)(1,047)
Acquisition of equity method investments(539)(5)
Proceeds from sale of business 700 — 
Proceeds from settlement of net investment hedges463 612 
Payments for settlement of net investment hedges(445)(550)
Other, net(150)(181)
Net cash used in investing activities$(1,306)$(1,171)
    
See Notes to the Consolidated Financial Statements.


5
LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
Millions of dollars20242023
Cash flows from financing activities:
Repurchases of Company ordinary shares$(117)$(211)
Dividends paid - common stock(1,283)(1,204)
Issuance of long-term debt744 500 
Payments of debt issuance costs(10)(5)
Repayment of long-term debt(775)(425)
Net repayments of commercial paper— (200)
Proceeds from settlement of cash flow hedges882 — 
Payments for settlement of cash flow hedges(835)— 
Other, net17 — 
Net cash used in financing activities(1,377)(1,545)
Effect of exchange rate changes on cash9 (34)
(Decrease) increase in cash and cash equivalents and restricted cash(770)688 
Cash and cash equivalents and restricted cash at beginning of period3,405 2,156 
Cash and cash equivalents and restricted cash at end of period$2,635 $2,844 
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, June 30, 2024$19 $(1,402)$6,122 $10,233 $(1,523)$13,449 $14 
Net income — — — 573 — 573 — 
Other comprehensive income— — — — 149 149 — 
Share-based compensation— 10 17 (1)— 26 — 
Dividends - common stock ($1.34 per share)
— — — (437)— (437)— 
Dividends - redeemable non-controlling interests ($15.00 per share)
— — — (2)— (2)— 
Repurchases of Company ordinary shares— (42)— — — (42)— 
Distributions to non-controlling interests— — — — — — (2)
Balance, September 30, 2024$19 $(1,434)$6,139 $10,366 $(1,374)$13,716 $12 
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, 2023$19 $(1,446)$6,111 $9,580 $(1,333)$12,931 $14 
Net income— — — 747 — 747 — 
Other comprehensive loss— — — — (67)(67)— 
Share-based compensation— 23 19 (1)— 41 — 
Dividends - common stock ($1.25 per share)
— — — (407)— (407)— 
Dividends - redeemable non-controlling interests ($15.00 per share)
— — — (2)— (2)— 
Repurchases of Company ordinary shares— (38)— — — (38)— 
Balance, September 30, 2023$19 $(1,461)$6,130 $9,917 $(1,400)$13,205 $14 


7
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, 2023$19 $(1,450)$6,145 $9,692 $(1,476)$12,930 $14 
Net income — — — 1,970 — 1,970 — 
Other comprehensive income— — — — 102 102 — 
Share-based compensation— 133 (6)(8)— 119 — 
Dividends - common stock ($3.93 per share)
— — — (1,283)— (1,283)— 
Dividends - redeemable non-controlling interests ($45.00 per share)
— — — (5)— (5)— 
Repurchases of Company ordinary shares— (117)— — — (117)— 
Distributions to non-controlling interests— — — — — — (2)
Balance, September 30, 2024$19 $(1,434)$6,139 $10,366 $(1,374)$13,716 $12 
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, 2022$19 $(1,346)$6,119 $9,195 $(1,372)$12,615 $14 
Net income— — — 1,936 — 1,936 — 
Other comprehensive loss— — — — (28)(28)— 
Share-based compensation— 96 11 (5)— 102 — 
Dividends - common stock ($3.69 per share)
— — — (1,204)— (1,204)— 
Dividends - redeemable non-controlling interests ($45.00 per share)
— — — (5)— (5)— 
Repurchases of Company ordinary shares— (211)— — — (211)— 
Balance, September 30, 2023$19 $(1,461)$6,130 $9,917 $(1,400)$13,205 $14 
See Notes to the Consolidated Financial Statements.

8

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

TABLE OF CONTENTS

9

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 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, 2023. 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 Accounting Standard Updates (“ASU”) adopted in the nine months ended September 30, 2024 that had a material impact on the Consolidated Financial Statements.
Accounting Guidance Issued But Not Adopted as of September 30, 2024
Segment Disclosures—In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance improves the disclosures about a public entity’s reportable segments and addresses requests from investors for additional detailed information about a reportable segment’s expenses. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of the ASU will not have a material impact on the Consolidated Financial Statements.
Income Tax Disclosures—In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 74): Improvements to Income Tax Disclosures. The guidance requires companies to disclose certain specific categories in the rate reconciliation and provide additional information for reconciling items that meet the quantitative threshold of 5% of the expected tax using the applicable statutory income tax rate. There is also a required disclosure to provide the net income taxes paid or received disaggregated by federal, state, and foreign taxes with jurisdictions to be separately disclosed if the jurisdiction is 5% or more of the total net income taxes paid or received. The guidance is effective for annual periods beginning after December 15, 2024. Earlier adoption is permitted. We are currently assessing the impact of adopting the new guidance on the Consolidated Financial Statements.

10

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

3.    Revenues
Contract Balances—Contract liabilities were $158 million and $175 million at September 30, 2024 and December 31, 2023, respectively. Revenue recognized in each reporting period that was 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
September 30,		Nine Months Ended
September 30,
Millions of dollars2024202320242023
Sales and other operating revenues:
Olefins and co-products
$1,042 $868 $2,950 $2,658 
Polyethylene1,948 1,814 5,788 5,750 
Polypropylene1,707 1,347 4,782 4,326 
Propylene oxide and derivatives571 558 1,803 1,737 
Oxyfuels and related products1,373 1,734 3,914 4,269 
Intermediate chemicals664 675 2,120 2,187 
Compounding and solutions892 897 2,795 2,848 
Refined products1,965 2,510 6,120 6,860 
Other160 222 533 543 
Total$10,322 $10,625 $30,805 $31,178 
The following table presents our revenues disaggregated by geography, based upon the location of the customer:
Three Months Ended
September 30,		Nine Months Ended
September 30,
Millions of dollars2024202320242023
Sales and other operating revenues:
United States$4,926 $5,301 $14,743 $15,185 
Germany609 601 1,932 2,006 
China567 526 1,708 1,573 
Mexico481 439 1,377 1,258 
Italy342 353 1,136 1,075 
Japan378 391 972 1,182 
France284 272 842 838 
Poland231 231 720 693 
The Netherlands188 154 587 627 
Other2,316 2,357 6,788 6,741 
Total$10,322 $10,625 $30,805 $31,178 

11

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

4.    Accounts Receivable
Accounts receivable are reflected in the Consolidated Balance Sheets, net of allowance for credit losses of $4 million and $6 million as of September 30, 2024 and December 31, 2023, respectively.

5.    Inventories
Inventories consisted of the following components:
Millions of dollarsSeptember 30,
2024		December 31,
2023
Finished goods$3,382 $3,134 
Work-in-process211 182 
Raw materials and supplies1,668 1,449 
Total inventories$5,261 $4,765 

12

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

6.    Debt
Long-term loans, notes and other debt, net of unamortized discount, debt issuance cost and cumulative fair value hedging adjustments, consisted of the following:
Millions of dollarsSeptember 30,
2024		December 31,
2023
Senior Notes due 2024, $1,000 million, 5.75%
$— $775 
Senior Notes due 2055, $1,000 million, 4.625% ($15 million of discount; $10 million of debt issuance cost)
975 975 
Guaranteed Notes due 2027, $300 million, 8.1%
300 300 
Issued by LYB International Finance B.V.:
Guaranteed Notes due 2043, $750 million, 5.25% ($18 million of discount; $6 million of debt issuance cost)
726 726 
Guaranteed Notes due 2044, $1,000 million, 4.875% ($10 million of discount; $8 million of debt issuance cost)
982 982 
Issued by LYB International Finance II B.V.:
Guaranteed Notes due 2026, €500 million, 0.875% ($1 million of discount; $1 million of debt issuance cost)
553 542 
Guaranteed Notes due 2027, $1,000 million, 3.5% ($2 million of discount; $1 million of debt issuance cost)
588 585 
Guaranteed Notes due 2031, €500 million, 1.625% ($4 million of discount; $2 million of debt issuance cost)
552 542 
Issued by LYB International Finance III LLC:
Guaranteed Notes due 2025, $500 million, 1.25% ($1 million of debt issuance cost)
486 481 
Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of debt issuance cost)
127 124 
Guaranteed Notes due 2030, $500 million, 2.25% ($2 million of discount; $3 million of debt issuance cost)
478 474 
Guaranteed Notes due 2033, $500 million, 5.625% ($5 million of debt issuance cost)
495 495 
Guaranteed Notes due 2034, $750 million, 5.5% ($5 million of discount, $7 million of debt issuance cost)
738 — 
Guaranteed Notes due 2040, $750 million, 3.375% ($1 million of discount; $7 million of debt issuance cost)
742 742 
Guaranteed Notes due 2049, $1,000 million, 4.2% ($14 million of discount; $10 million of debt issuance cost)
976 976 
Guaranteed Notes due 2050, $1,000 million, 4.2% ($6 million of discount; $10 million of debt issuance cost)
981 975 
Guaranteed Notes due 2051, $1,000 million, 3.625% ($2 million of discount; $10 million of debt issuance cost)
935 916 
Guaranteed Notes due 2060, $500 million, 3.8% ($4 million of discount; $5 million of debt issuance cost)
486 483 
Other19 22 
Total11,139 11,115 
Less current maturities(7)(782)
Long-term debt$11,132 $10,333 

13

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
September 30,		Nine Months Ended
September 30,		September 30,December 31,
Millions of dollars202420232024202320242023
Guaranteed Notes due 2025, 1.25%
$(3)$— $(4)$(1)$5 $9 
Guaranteed Notes due 2026, 0.875%
(3)(1)(3)(2)5 8 
Guaranteed Notes due 2027, 3.5%
(6)4 (2)7 — 2 
Guaranteed Notes due 2030, 3.375%
(6)3 (3)3 14 17 
Guaranteed Notes due 2030, 2.25%
(6)4 (3)3 17 20 
Guaranteed Notes due 2031, 1.625%
(3)2 (1)1 2 3 
Guaranteed Notes due 2050, 4.2%
(3)(1)(6)(2)3 9 
Guaranteed Notes due 2051, 3.625%
(29)12 (19)14 53 72 
Guaranteed Notes due 2060, 3.8%
(5)3 (2)4 5 7 
Total$(64)$26 $(43)$27 $104 $147 
Fair value adjustments are recognized in Interest expense in the Consolidated Statements of Income.
Long-Term Debt
Senior Revolving Credit Facility—In July 2024, we amended our credit agreement to increase our senior unsecured revolving credit facility (the “Senior Revolving Credit Facility”) from $3,250 million to $3,750 million and extend the maturity to July 2029. Our Senior Revolving Credit Facility may be used for dollar and euro denominated borrowings. The facility also supports our commercial paper program, has a $200 million sub-limit for dollar and euro denominated letters of credit and a $1,000 million uncommitted accordion feature. Borrowings under the facility bear interest at either a base rate, secured overnight financing rate (“SOFR”) or EURIBOR rate, plus an applicable margin. Additional fees are incurred for the average daily unused commitments. At September 30, 2024, we had no borrowings or letters of credit outstanding and $3,750 million of unused availability under this facility.
Guaranteed Notes due 2034—In February 2024, LYB International Finance III, LLC (“LYB Finance III”), a wholly owned finance subsidiary of LyondellBasell Industries N.V., issued $750 million of 5.5% guaranteed notes due 2034 (the “2034 Notes”) at a discounted price of 99.2%. Net proceeds after deducting original issuance discounts, underwriting fees and offering expenses totaled $737 million. We used the net proceeds from the sale of the 2034 Notes to repay our 5.75% senior notes due 2024 as discussed further below.
These unsecured notes, which are fully and unconditionally guaranteed by LyondellBasell Industries N.V., rank equally in right of payment to all of LYB Finance III’s and LyondellBasell Industries N.V.’s existing and future senior unsecured indebtedness and will rank senior in right of payment to any future subordinated indebtedness that LYB Finance III or LyondellBasell Industries N.V. incurs. There are no significant restrictions that would impede LyondellBasell Industries N.V., as guarantor, from obtaining funds by dividend or loan from its subsidiaries.

14

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

The indenture governing these notes contains limited covenants, including those restricting our ability, and the ability of our subsidiaries, to incur indebtedness secured by significant property or by capital stock of subsidiaries that own significant property, enter into certain sale and lease-back transactions with respect to any significant property or enter into consolidations, mergers or sales of all or substantially all of our assets.
The 2034 Notes may be redeemed at any time in whole, or from time to time in part, prior to the scheduled maturity date, at a redemption price equal to the greater of (i) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the treasury rate plus the applicable basis points) less interest accrued on the notes to be redeemed, and (ii) 100% of the principal amount of the notes redeemed; plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. The 2034 Notes may also be redeemed at any time, on or after the date that is three months prior to the scheduled maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. The notes are also redeemable upon certain tax events.
Senior Notes due 2024—In March 2024, we repaid the $775 million remaining outstanding principal of our 5.75% senior notes due 2024.
Short-Term Debt
U.S. Receivables Facility—Our U.S. Receivables Facility has a purchase limit of $900 million in addition to a $300 million uncommitted accordion feature. In May 2024, we extended the term of the facility to June 2025. 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 September 30, 2024, we had no borrowings or letters of credit outstanding and $900 million unused availability under this facility.
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”). At September 30, 2024, we had no borrowings of outstanding commercial paper.
Precious Metal Financings—At September 30, 2024 and December 31, 2023, we had $121 million and $117 million, respectively, of Short-term debt related to our precious metal financings.
Weighted Average Interest Rate—At September 30, 2024 and December 31, 2023, our weighted average interest rates on outstanding Short-term debt were 1.2% and 1.9%, respectively.
Additional Information
Debt Compliance—As of September 30, 2024, we are in compliance with our debt covenants.


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

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:
Fair Value
Millions of dollarsSeptember 30, 2024December 31, 2023Balance Sheet Classification
Assets–
Derivatives designated as hedges:
Commodities$— $1 Prepaid expenses and other current assets
Foreign currency40 44 Prepaid expenses and other current assets
Foreign currency20 45 Other assets
Interest rates27 38 Prepaid expenses and other current assets
Derivatives not designated as hedges:
Commodities52 98 Prepaid expenses and other current assets
Commodities3 — Other assets
Foreign currency2 3 Prepaid expenses and other current assets
Total$144 $229 
Liabilities–
Derivatives designated as hedges:
Commodities$52 $109 Accrued and other current liabilities
Commodities22 33 Other liabilities
Foreign currency24 40 Accrued and other current liabilities
Foreign currency38 32 Other liabilities
Interest rates33 31 Accrued and other current liabilities
Interest rates120 172 Other liabilities
Derivatives not designated as hedges:
Commodities27 52 Accrued and other current liabilities
Foreign currency10 10 Accrued and other current liabilities
Total$326 $479 
The financial instruments in the table above are classified as Level 2. We present the gross assets and liabilities of our derivative financial instruments on the Consolidated Balance Sheets.

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

Financial Instruments Not Measured at Fair Value on a Recurring Basis—The following table presents the carrying value and estimated fair value of our short-term precious metal financings and long-term debt:
September 30, 2024December 31, 2023
Millions of dollarsCarrying
 Value		Fair
 Value		Carrying
 Value		Fair
Value