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Table of Contents
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, 2020
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 333,919,065 ordinary shares, €0.04 par value, outstanding at October 28, 2020 (excluding 6,126,563 treasury shares).


Table of Contents
LYONDELLBASELL INDUSTRIES N.V.
TABLE OF CONTENTS
 
 Page



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 share2020201920202019
Sales and other operating revenues:
Trade$6,587 $8,527 $19,261 $25,920 
Related parties189 195 555 628 
6,776 8,722 19,816 26,548 
Operating costs and expenses:
Cost of sales5,885 7,269 17,647 22,257 
Impairment of long-lived assets582 — 582 — 
Selling, general and administrative expenses259 303 842 892 
Research and development expenses27 26 79 81 
6,753 7,598 19,150 23,230 
Operating income23 1,124 666 3,318 
Interest expense(122)(86)(336)(259)
Interest income3 5 10 16 
Other income, net23 11 27 46 
(Loss) income from continuing operations before equity investments and income taxes(73)1,054 367 3,121 
Income from equity investments62 51 123 179 
(Loss) income from continuing operations before income taxes(11)1,105 490 3,300 
(Benefit from) provision for income taxes(125)136 (82)508 
Income from continuing operations114 969 572 2,792 
Loss from discontinued operations, net of tax (4) (7)
Net income114 965 572 2,785 
Dividends on redeemable non-controlling interests(2)(2)(5)(5)
Net income attributable to the Company shareholders$112 $963 $567 $2,780 
Earnings per share:
Net income (loss) attributable to the Company shareholders —
Basic:
Continuing operations$0.33 $2.86 $1.69 $7.74 
Discontinued operations (0.01) (0.02)
$0.33 $2.85 $1.69 $7.72 
Diluted:
Continuing operations$0.33 $2.86 $1.69 $7.74 
Discontinued operations (0.01) (0.02)
$0.33 $2.85 $1.69 $7.72 
See Notes to the Consolidated Financial Statements.


1

Table of Contents
LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
Millions of dollars2020201920202019
Net income$114 $965 $572 $2,785 
Other comprehensive income (loss), net of tax –
Financial derivatives75 (112)(289)(230)
Unrealized gains on available-for-sale debt securities  1 1 
Defined benefit pension and other postretirement benefit plans10 5 31 15 
Foreign currency translations86 (114)(47)(106)
Total other comprehensive income (loss), net of tax171 (221)(304)(320)
Comprehensive income285 744 268 2,465 
Dividends on redeemable non-controlling interests(2)(2)(5)(5)
Comprehensive income attributable to the Company shareholders$283 $742 $263 $2,460 
See Notes to the Consolidated Financial Statements.


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LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED BALANCE SHEETS
 
Millions of dollarsSeptember 30, 2020December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents$2,459 $858 
Restricted cash25 30 
Short-term investments361 196 
Accounts receivable:
Trade, net2,819 2,981 
Related parties155 121 
Inventories4,005 4,588 
Prepaid expenses and other current assets935 736 
Total current assets10,759 9,510 
Operating lease assets1,386 1,468 
Property, plant and equipment, at cost20,883 21,260 
Less: Accumulated depreciation(6,750)(7,130)
Property, plant and equipment, net14,133 14,130 
Investments and long-term receivables:
Investment in PO joint ventures509 504 
Equity investments2,085 1,602 
Other investments and long-term receivables26 22 
Goodwill1,880 1,891 
Intangible assets, net752 869 
Other assets419 439 
Total assets$31,949 $30,435 
See Notes to the Consolidated Financial Statements.






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LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED BALANCE SHEETS
 
Millions of dollars, except shares and par value dataSeptember 30, 2020December 31, 2019
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
Current liabilities:
Current maturities of long-term debt$2 $3 
Short-term debt616 445 
Accounts payable:
Trade2,013 2,516 
Related parties466 412 
Accrued liabilities1,685 1,822 
Total current liabilities4,782 5,198 
Long-term debt13,759 11,614 
Operating lease liabilities1,122 1,216 
Other liabilities3,038 2,213 
Deferred income taxes1,809 2,015 
Commitments and contingencies
Redeemable non-controlling interests116 116 
Shareholders’ equity:
Ordinary shares, €0.04 par value, 1,275 million shares authorized, 333,918,359
 and 333,476,883 shares outstanding, respectively
19 19 
Additional paid-in capital5,975 5,954 
Retained earnings3,940 4,435 
Accumulated other comprehensive loss(2,088)(1,784)
Treasury stock, at cost, 6,127,269 and 6,568,745 ordinary shares, respectively
(540)(580)
Total Company share of shareholders’ equity7,306 8,044 
Non-controlling interests17 19 
Total equity7,323 8,063 
Total liabilities, redeemable non-controlling interests and equity$31,949 $30,435 
See Notes to the Consolidated Financial Statements.


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LYONDELLBASELL INDUSTRIES N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended
September 30,
Millions of dollars20202019
Cash flows from operating activities:
Net income$572 $2,785 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,056 977 
Impairment of long-lived assets582 — 
Amortization of debt-related costs12 7 
Share-based compensation43 36 
Inventory valuation charges163 — 
Equity investments—
Equity income(123)(179)
Distributions of earnings, net of tax104 159 
Deferred income taxes(135)189 
Changes in assets and liabilities that provided (used) cash:
Accounts receivable152 (46)
Inventories452 (12)
Accounts payable(90)(7)
Other, net(127)(190)
Net cash provided by operating activities2,661 3,719 
Cash flows from investing activities:
Expenditures for property, plant and equipment(1,673)(1,963)
Purchases of available-for-sale debt securities(270) 
Proceeds from sales and maturities of available-for-sale debt securities90 511 
Purchases of equity securities(267) 
Proceeds from sales of equity securities313 332 
Acquisition of equity method investment(472)— 
Other, net(28)(90)
Net cash used in investing activities(2,307)(1,210)
Cash flows from financing activities:
Repurchases of Company ordinary shares(4)(3,752)
Dividends paid - common stock(1,053)(1,111)
Purchase of non-controlling interest(30)(63)
Issuance of long-term debt2,492 2,096 
Repayments of long-term debt(500)(2,000)
Payments of debt issuance costs(18)(12)
Issuance of short-term debt521 2,500 
Repayments of short-term debt(504) 
Net proceeds from (repayments of) commercial paper194 (23)
Payments on forward-starting interest rate swaps that include financing elements(238)— 
Proceeds from settlement of cash flow hedges 346 — 
Other, net(14)(17)
Net cash provided by (used in) financing activities1,192 (2,382)
Effect of exchange rate changes on cash50 (16)
Increase in cash and cash equivalents and restricted cash1,596 111 
Cash and cash equivalents and restricted cash at beginning of period888 401 
Cash and cash equivalents and restricted cash at end of period$2,484 $512 
See Notes to the Consolidated Financial Statements.


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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, 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 

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, 2019$22 $(2,663)$7,006 $7,818 $(1,462)$10,721 $22 
Net income   965  965  
Other comprehensive loss    (221)(221) 
Share-based compensation 5 11   16  
Dividends - common stock ($1.05 per share)
   (351) (351) 
Dividends - redeemable non-controlling interests ($15.00 per share)
   (2) (2) 
Repurchases of Company ordinary shares (3,240)   (3,240) 
Purchase of non-controlling interest      (4)
Balance, September 30, 2019$22 $(5,898)$7,017 $8,430 $(1,683)$7,888 $18 
See Notes to the Consolidated Financial Statements.


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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, 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 

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, 2018$22 $(2,206)$7,041 $6,763 $(1,363)$10,257 $23 
Net income   2,785  2,785  
Other comprehensive loss    (320)(320) 
Share-based compensation 36 23 (2) 57  
Dividends - common stock ($3.10 per share)
   (1,111) (1,111) 
Dividends - redeemable non-controlling interests ($45.00 per share)
   (5) (5) 
Repurchases of Company ordinary shares (3,728)   (3,728) 
Purchase of non-controlling interest  (47)  (47)(5)
Balance, September 30, 2019$22 $(5,898)$