LyondellBasell Industries N.V. (LYB)

LyondellBasell Industries N.V. is a global, independent chemical company, incorporated under Dutch law in 2009, that participates across the petrochemical value chain. Its plants convert large volumes of liquid and gaseous hydrocarbon feedstocks into plastic resins and other chemicals, which serve as building blocks for other chemicals and plastics. The company also develops and licenses chemical and polyolefin process technologies and makes and sells polyolefin catalysts. Its strategy rests on growing and upgrading the core, building a Circular & Low Carbon Solutions business, and improving performance and culture, including transforming Advanced Polymer Solutions. Its Houston refinery ceased operations in February 2025, and the refining business is reported as a discontinued operation.

The company manages five reportable segments. Olefins and Polyolefins-Americas and Olefins and Polyolefins-Europe, Asia, International each produce olefins and co-products, polyethylene and polypropylene. Intermediates and Derivatives makes propylene oxide and its derivatives, oxyfuels such as MTBE and ETBE, and intermediate chemicals including styrene monomer and acetyls (methanol, glacial acetic acid and vinyl acetate monomer). Advanced Polymer Solutions produces polypropylene compounds, engineered plastics, masterbatches, engineered composites and colors. The Technology segment licenses process technologies and sells catalysts. In 2025, polyethylene accounted for about 24% of consolidated revenues, polypropylene 19%, oxyfuels and related products 16%, olefins and co-products 14% and Advanced Polymer Solutions 11%.

Customers use the company's products to make food packaging, home furnishings, automotive components, paints and coatings, insulation, and synthetic rubber, among other goods. No single customer accounted for 10% or more of revenues in 2023 through 2025. Sales are made through the company's own sales organizations and distributors, under annual or multi-year contracts and on the spot market. Markets include North and South America, Europe, the Middle East, Africa and Asia-Pacific, with regional sales offices in locations such as The Netherlands, Hong Kong, China, India and the United Arab Emirates. Products move by pipeline, railcar, truck, barge and marine vessel. The company reports that it is the largest producer of polypropylene in both North America and Europe, the largest European polyethylene producer, the second largest producer of propylene oxide worldwide, and the largest producer of oxyfuels worldwide.

Raw materials are the largest cost component. U.S. facilities mainly use natural gas liquids and heavy liquids and can make up to about 90% of ethylene output from natural gas liquids, which gives a cost advantage. European facilities mainly use naphtha. Other inputs include propylene, ethylene, benzene, isobutane, ethanol, methanol and natural gas, and Advanced Polymer Solutions uses resins and titanium dioxide. The company operates through joint ventures, including Louisiana Integrated PolyEthylene JV LLC, joint ventures with Covestro AG for propylene oxide, and ventures in Mexico, Saudi Arabia, China, Poland, South Korea, Thailand and Indonesia. It competes on price, quality, reliability of supply and service against global chemical companies, oil company chemical divisions and regional producers. It is building MoReTec-1, a chemical recycling plant in Wesseling, Germany, and has agreed to sell select European olefins and polyolefins assets, expected to close in the second quarter of 2026.