Solid results in third quarter of 2024 for LyondellBasell despite challenging macroeconomic conditions

A net income of 573 million dollars and Ebitda of 1.2 billion dollars for LyondellBasell in the third quarter of 2024. In North America, integrated polyethylene margins increased, driven by favorable ethane and natural gas costs coupled with higher polyethylene prices. September year-to-date market demand across the North American polyethylene and polypropylene industry is up by more than 7% and 4%, respectively, relative to 2023. The company's third quarter volumes benefited from high cracker operating rates that captured improved margins on merchant ethylene sales. In the company's olefins and polyolefins (O&P) Europe, Asia, and International segment, integrated polyethylene margins expanded due to lower feedstock costs and stable polyolefins prices.  

“This quarter we broke ground on our new MoReTec-1 facility in Germany, marking a significant milestone in our journey toward a more sustainable future. Our investment demonstrates the significant work underway at LyondellBasell to lead our industry's transition toward a circular economy. We are building a competitive advantage for delivering sustainable, low-carbon solutions to meet increasing demand while strengthening our position in the global market,” said Peter Vanacker, LyondellBasell chief executive officer.

In the fourth quarter, the company expects year-end seasonality to result in softer demand across most businesses. Sequentially higher natural gas and ethane feedstock costs are expected to moderate North American integrated polyolefins margins during the fourth quarter. The company expects fourth quarter operating rates of 85% for North American O&P assets, 60% for European O&P assets and 75% for intermediates and derivatives (I&O) assets. Easing interest rates are expected to improve demand for durable goods during 2025, benefiting the company's polypropylene, intermediates and derivatives operations.

“Despite challenging global macroeconomic conditions, our strong North American operations allowed us to capitalize on favourable ethylene margins in the region. The company's focus on operational and commercial excellence allows us to capture opportunities and meet customer needs while making progress on our long-term strategy to drive sustainable value,” commented Vanacker.