LyondellBasell Industries N.V. reported a decrease in financial performance for the fiscal year ending December 31, 2024, with total revenues of $40.3 billion, down from $41.1 billion in 2023. The company's net income also fell to $1.37 billion, compared to $2.12 billion in the previous year. This decline was attributed to several factors, including impairments totaling $949 million, primarily in the Olefins and Polyolefins-Europe, Asia, International (O&P-EAI) segment, and challenges in the petrochemical markets due to soft global demand and rising raw material costs.
In terms of operational changes, LyondellBasell announced a strategic review of its European assets, which contributed to the significant impairment charges. The company also completed the sale of its Ethylene Oxide & Derivatives business for $689 million, resulting in a pre-tax gain of $284 million. Additionally, LyondellBasell is set to exit its refining operations in the first quarter of 2025, a move aimed at reallocating resources towards more sustainable and low-carbon solutions.
The company’s operational metrics showed mixed results. The Olefins and Polyolefins-Americas segment generated $11.5 billion in revenues, reflecting a slight increase from the previous year, while the O&P-EAI segment saw revenues rise to $10.9 billion. However, the Intermediates and Derivatives segment experienced a decline in revenues to $10.4 billion, and the Advanced Polymer Solutions segment reported revenues of $3.6 billion, down from $3.7 billion in 2023. The refining segment also faced challenges, with revenues decreasing to $8.6 billion.
LyondellBasell's employee headcount remained stable at approximately 20,000 as of December 31, 2024. The company continues to focus on its Value Enhancement Program, which aims to improve operational efficiency and reduce costs. Looking ahead, LyondellBasell anticipates a gradual recovery in demand for its products, particularly in the polyolefins market, and plans to invest approximately $1.9 billion in capital expenditures in 2025, with a significant portion allocated to sustainability initiatives. The company remains committed to its long-term goals of reducing greenhouse gas emissions and increasing the production of recycled and renewable-based polymers.
About LyondellBasell Industries N.V.
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