LyondellBasell (LYB) official guidance

The fourth quarter is expected to deliver a seasonal release of working capital.

We continue to maintain our 2026 CapEx plan of $1.2 billion and expect sustaining CapEx to decrease by approximately $100 million following the divestiture of four European assets.

Looking ahead, we expect catalyst demand to normalize following the high number of shipments during the first half of the year.

We estimate that third quarter technology EBITDA will moderate from second quarter levels while remaining more in line with typical run-rate results.

Oxyfuels margins should benefit from seasonal demand strength and ongoing elevated crack spreads.

Across the segment, we are targeting approximately 85% operating rates during the third quarter as we align production with market demand while maximizing the value of our integrated portfolio.

As we align production with market demand, we expect to operate the segment at approximately 70% utilization during the third quarter, though prolonged low Rhine water levels could further impact operating rates.

As a result, the third quarter operating rates across the segment are projected to be approximately 85% of nameplate capacity.

We also expect higher raw material costs related to global supply disruptions to persist.

Looking ahead, we expect seasonal demand to moderate across automotive and other end markets, including the typical third quarter downturn at automotive OEMs.

Looking ahead into the third quarter, demand is expected to soften due to the typical summer seasonality.

Looking ahead to the third quarter, we expect oxyfuels and PO&D volumes to improve following the restart of the Bayport asset.

The company is on target to deliver $500 million incremental cash through its Cash Improvement Plan by the end of 2026, driven primarily by fixed-cost reductions and lower capital expenditures.

To align with global demand and the company's planned maintenance, LYB expects third quarter operating rates of 85% for North American O&P assets, 70% for European O&P assets and 85% for Intermediates & Derivatives assets.

To align with global demand and the company's planned maintenance, LYB expects third quarter operating rates of 85% for North American O&P assets, 70% for European O&P assets and 85% for Intermediates & Derivatives assets.

To align with global demand and the company's planned maintenance, LYB expects third quarter operating rates of 85% for North American O&P assets, 70% for European O&P assets and 85% for Intermediates & Derivatives assets.

We are making progress toward our target of $500 million of incremental cash flow this year, which will bring the cumulative total since 2025 to $1.3 billion.

With the change in outlook for 2026, we currently expect both our effective and cash tax rates for the year will range between 15%-20%.

The Bayport PO/TBA asset is expected to restart toward the end of the second quarter with an estimated earnings impact of approximately $25 million per week while down.

Construction on MoReTec-1 continues as planned and is expected to ramp up towards the end of 2027. Together, we expect these future growth projects will increase our EBITDA by approximately $400 million.