Netherlands' LyondellBasell posts net income of $3.9 bn in FY22

Net income for the fourth quarter (Q4) of FY22 was $353 million, or $1.07 per share. During the quarter, the company recognised identified items of $74 million net of tax. These items, which impacted earnings by $0.22 per share, were related to costs incurred from plans to exit the refining business. EBITDA in Q4 FY22 was $792 million, or $865 million excluding identified items, the company said in a press release.

LyondellBasell generated $6.1 billion in cash from operating activities during FY22. Approximately $1.9 billion was reinvested in the business and $3.7 billion was returned to shareholders through the quarterly dividend, a special dividend and share repurchases.

LyondellBasell is aligning production with global demand trends and expects Q1 FY23 average utilisation rates for the assets operated by the company to be 80 per cent for each of the olefins and polyolefins, and intermediates and derivatives segments. Start-up activities for the new propylene oxide and tertiary butyl alcohol (PO/TBA) capacity in Houston remain on track for the end of the first quarter 2023. The company expects typical spring and summer seasonal demand improvements and is prepared to leverage any increased economic activity in China as the year progresses.

"In the fourth quarter, our businesses delivered excellent cash generation which enabled us to confidently advance our strategic priorities to build a stronger and more sustainable future for LyondellBasell. Our strategy development and implementation is proceeding well and has been supported by the creation of the new organisational structure. We aligned our goals for 2030 greenhouse gas emission reductions with science-based guidance by increasing our scope 1 and scope 2 emission reduction target to 42 per cent and establishing a new scope 3 reduction target of 30 per cent," said Peter Vanacker, LyondellBasell chief executive officer.

Fibre2Fashion News Desk (DP)