LyondellBasell Industries N.V. (LYB) Presents at Goldman Sachs Industrials and Materials Conference 2025 Transcript

Patrick FischerGoldman Sachs Group, Inc., Research Division

We’ll go ahead and get started. We’re very pleased to welcome to the stage the CFO for LyondellBasell, Agustin Izquierdo. He’s relatively new to the company, came in 2022. So he hasn’t seen the good stuff yet as far as the chemical cycle goes. But he wanted to start off. He’s got a few slides he wants to walk through. So Agustin, if you want to go ahead and run through those, and then we’ll jump into the Q&A when you’re done.

Agustin IzquierdoExecutive VP & CFO

Excellent. Thank you, Duffy, and thank you for having me here. Let’s just quickly go through a few slides. This is the normal cautionary statements as we’ll be talking about forward-looking projections. And of course, also in the back of the slides, which are available on our website, you can see the reconciliation to GAAP measures. Just quickly some highlights on the third quarter, which, as you know, we reported on October 31. It was a good quarter for us, above consensus, where we saw the good recovery from OPAM in particular, to olefins and polymers in the Americas. This was the absence of the Channelview turnaround that helped quite a bit and that was one of the longest turnarounds that we’ve had, roughly an impact of $200 million.

Also, we had a little bit of recovery in terms of oxyfuels, which had an interesting summer season, very depressed, but here with some industry outages and recovery in margins, which has been nice and the APS transformation, which continues to