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LyondellBasell
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Latest analysis
Updated Jul 31, 2026
LyondellBasell posts 23% EBITDA margin in Q2 as Middle East conflict drives unprecedented petrochemical supply dislocation
The Middle East conflict created the largest single supply disruption in modern petrochemical history — LYB estimates 6 million tons of polyethylene capacity, or 20-25% of regional supply, sustained damage that will not restart until at least 2027. LYB capitalized with Q2 EBITDA of $2.1 billion (more than tripling sequentially) and a 36% EBITDA margin in O&P Americas, while simultaneously executing four European asset divestitures and reducing headcount by 17%. Despite this windfall quarter, management is explicit that recovery will be measured in quarters not months, and that Q2 results were achieved without the full benefit of the Bayport PO/TBA asset ($250M EBITDA impact from outage) and acetyls syngas reliability issues — signaling material upside in a sustained elevated-margin environment.
Tone: bullishRevenue
$30.2B
LYB 10-K · FY 2025
Revenue FY2024
$40.3B
EBITDA margin
23%
Headquarters
Houston, TX
Profile
LYB 10-K Item 1 · Feb 20, 2026LyondellBasell Industries N.V. is a multinational chemical company operating across olefins, polyolefins, intermediates and derivatives, advanced polymer solutions, and technology licensing segments. The company manufactures and markets a broad range of chemicals and polymers used in packaging, automotive, construction, and other industrial applications. It also licenses polyolefin process technology to third parties.
Read filing description ↓ Collapse description ↑
LyondellBasell Industries N.V. is one of the largest plastics, chemicals and refining companies in the world. Its operations span the Olefins and Polyolefins-Americas, Olefins and Polyolefins-Europe Asia International, Intermediates and Derivatives, Advanced Polymer Solutions, and Technology segments. The company produces and markets olefins, polyolefins, oxyfuels and related products, and advanced polymer compounds globally. A portion of its business involves licensing polyolefin process technology to third-party producers. In February 2025, the company ceased business operations at its Houston refinery, and the refining segment is reported as a discontinued operation. During 2025, the company agreed to sell certain European olefins and polyolefins assets and the associated business, with the sale expected to close in the second quarter of 2026. The company operates manufacturing facilities across North America, Europe, and internationally, and maintains equity investments in joint ventures. Petrochemical markets in 2025 faced headwinds from global trade disruptions, falling oil prices, and capacity additions that outpaced global demand growth.
Primary products
- olefins
- polyolefins
- polyethylene
- oxyfuels
- advanced polymer compounds
- polyolefin process technology licensing
Business segments
End markets
Geographies
Revenue commentary · FY 2025
Revenues decreased by $3,241 million, or 10%, in 2025 compared to 2024, driven by an 8% decrease from lower average sales prices and a 4% decrease from lower sales volumes, partially offset by a 2% favorable foreign exchange impact.
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