Annual Report 2020

EMERGING STRONGER Annual Report 2020

Hyperzone HDPE Plant Houston, Texas, U.S. www.lyondellbasell.com 2 LyondellBasell Message from the CEO

To the owners of our company, continues to serve us well allowing us to deliver on our three priorities. Without a doubt, the past year has been one of the most challenging periods in recent memory: In addition to leveraging these historical a global pandemic; a dramatic decline in oil strengths, we have been further expanding our prices; a rapidly accelerating energy transition; core competencies to include M&A execution civil unrest around the world; and a weakened and a focus on extracting value from integration global economy that continues to impact activities. Altogether, our asset base, existing millions of individuals and families. As I write, operational models and expanded skillsets the seasons have changed and the calendar has position us well to benefit from an economic turned, yet many of the challenges that began recovery. in 2020 remain in front of us in 2021. Like our industry peers, in 2020 we were not Early in 2020, as the virus became more immune to the challenges of the macro- widespread, our leadership team established environment. Yet, because of our very deliberate three principles to guide our company’s actions approach, we were able to deliver $1.4 billion Bhavesh V. (Bob) Patel in the short term. These were to: of net income, $3.9 billion of EBITDA excluding LCM and impairment1, $5.61 diluted earnings Chief Executive Officer ❙ Protect our employees, both from the virus per share excluding LCM and impairment1 and in the workplace and also from widespread $3.4 billion of cash from operating activities. layoffs; Through the year, we took action to reduce capital expenditures, aggressively manage ❙ Prioritize cash flowand keep our working capital and further enhance liquidity by LyondellBasell’s commitments to our shareholders; and, accessing the debt capital markets. In addition, Value-Driven we were able to fund our 2020 dividend from Growth ❙ Take action to strengthen the company for operating cash flow. Strategy the future. Maintaining focus on the longer term LyondellBasell is focused on As I look back on 2020, I’m extraordinarily As we responded to the situation at hand, we long-term value-driven growth. Our grateful for how our team embraced this also remained focused on our strategy to build strategy is to increase free cash flow approach, demonstrated resilience, and value for the longer-term. by moderating capital expenditures ultimately, delivered results. Today, as vaccines while harvesting new sources of begin to roll out and we continue to combat the During the past several years, we have thoughtfully EBITDA generation. virus, our team’s resolve and focus on results planted the seeds for profit-generating growth has not diminished. that should meaningfully enhance EBITDA and ❙ Reducing capex to $2B/yr between cash flow while creating a structural advantage 2020-2023 While 2020 was remarkable in so many ways, for the future. These include: ❙ $1.3 billion of annual estimated the benefits of our strong safety culture were EBITDA by 2023: particularly evident during this period. In ❙ Exceeding synergy targets in our Advanced the early days of the pandemic, we moved Polymer Solutions segment: At our investor ❙ 2020: Hyperzone HDPE quickly to implement a comprehensive global day in September 2019, we increased our ~$170 mm/yr approach to help prevent the spread of the target for run rate synergies from the ❙ 2020 Bora integrated cracker JV virus in the workplace. I’m proud to say across A. Schulman acquisition from $150 million ~$150 mm/yr 2020, we experienced zero cases of workplace to $200 million per year. transmission. While the challenges of 2020 ❙ 2020 APS synergies had the potential to create distraction in other ❙ Harvesting new sources of cash flow from ~$200 mm/yr areas of safety performance, I’m also proud to organic growth: In the first quarter of 2020, we ❙ 2020 Louisiana Integrated PE JV say our team also reduced in our workplace began operations at our 500 thousand ton per ~$330 mm/yr injury rate, further improving upon our already year Hyperzone HDPE plant in Houston, Texas. industry-leading performance in this area. ❙ 2022 Sinopec PO/SM JV In addition, we continue to make progress on ~$45 mm/yr Delivering for our shareholders our PO/TBA plant currently under construction ❙ 2023 PO/TBA To ensure our competitiveness in a range of in Houston, Texas. To help prevent the spread ~$450 mm/yr market environments, for the past decade of the virus at the construction site and our team has prioritized a lean cost structure, conserve capital, we slowed this project in Estimated EBITDA for projects and joint ventures is nameplate maintaining leading product positions, feedstock the first part of the year, but were able to capacity multiplied by 2017-2019 average cash margins assuming 40% of the PE, PO and MTBE from U.S. production exported to Asia. flexibility, excellent operational performance and return to full pace in the fall. We continue to The results or returns of growth projects are presented for illustrative a disciplined approach to capital allocation. If anticipate start-up in the fall of 2022. purposes only and not intended to be a guarantee or representation of the Company’s expectations for future performance. 2020 proved anything, it’s that this strategy

1 Reconciliations and other information concerning our non-GAAP financial measures can be found beginning on page 153. Emerging Stronger 3

❙ Strategic expansion in growing markets: In plant in Ferrara, Italy to advance work in China, we formed a 50/50 joint venture with this regard. Our goal is to return mixed the Liaoning Bora Enterprise Group which post-consumer plastic waste into feedstocks SUSTAINABILITY recorded a positive contribution to earnings for new polymers. FOCUS AREAS in its first month of operation. In addition, we are expanding our existing relationship ❙ Reducing our carbon footprint: We recognize with Sinopec through the formation of a the challenge of climate change. We set a 50/50 joint venture, which will build a new target to reduce our 2030 CO2 emissions propylene oxide (PO) and styrene monomer by 15 percent per ton of product, relative to (SM) unit. Both joint ventures will serve the 2015 levels. rapidly growing Chinese market. Enhancing diversity, equity and inclusion ❙ Finding opportunities during industry cycles: Over the course of the year, we saw people Plastic waste In the fourth quarter, we completed a new around the world express their desire for a more 50/50 joint venture with Sasol which includes just, fair and equitable society. While our diversity a newly-constructed ethylene cracker, two and inclusion efforts were already underway, the polyethylene units and the associated utilities volume and passion of these voices motivated and infrastructure located in Lake Charles, us to accelerate our progress. Louisiana. This investment represents a unique opportunity to create deep, long-term To this end, we named our company’s first value while immediately realizing the many Diversity and Inclusion Officer, established a benefits of new, strategically-located, company-wide diversity council and are focused Climate change world-scale asset in a feedstock-advantaged on meaningful action in the areas of company region. policy, recruiting, workforce planning, and leadership development. Together, the Bora and Sasol JVs represent the full capacity and immediate financial benefits Well positioned for the future of a new and operational world-scale integrated Today, with vaccines being distributed and cracker complex with minimal exposure to economic conditions improving, I can say that the project completion risks that are typically I am very optimistic about the future. As a associated with the multi-year construction of result of our diverse global business portfolio, these facilities. proven operating model and disciplined Supporting a thriving society financial strategy, our company demonstrated A commitment to sustainability extraordinary resiliency throughout 2020’s We also made meaningful progress in the area extremely challenging conditions. of sustainability over the course of the year. In September, we announced comprehensive goals Looking forward, we are confident that the LYONDELLBASELL’S that focus on action in the areas of plastic waste, projects we have completed, those that are climate change and supporting a thriving society. underway and the strategic partnerships we SUSTAINABILITY As we consider the decade ahead, we have have formed will increase cash flow and further GOALS committed to a number of actions including: strengthen our platform for the future. These 2 million metric tons of new sources of earnings, continued disciplined recycled or renewable-based ❙ Setting one of the most ambitious targets investment and focus on cash flow will further polymers by 2030 for recycled and renewable-based polymers: strengthen LyondellBasell’s ability to capture To help address the issue of plastic waste in significant upside in an improving economy. Zero pellet loss from the environment, our goal is to produce and manufacturing and market two million metric tons of recycled and All of these accomplishments would not be transportation renewable-based polymers annually by 2030. possible without our incredibly committed team around the world. ❙ Expanding mechanical recycling capacity: By 2030, 15 percent To help meet our ambitious goal for recycled I hope you are as proud of all that our company reduction in CO2 emissions plastics, we announced the expansion of has been able to accomplish as I am. per ton of product relative to our Quality Circular Polymers (QCP) joint 2015 venture in Europe with our partner SUEZ. Sincerely, Through the acquisition of a Belgium-based plastics recycler, QCP’s processing capacity is increasing from approximately 35,000 tons of material to approximately 55,000 tons of material per year. Bhavesh V. (Bob) Patel Chief Executive Officer ❙ Advancing next-generation recycling technologies: In September, we started up our MoReTec molecular recycling pilot 4 LyondellBasell

2020 FINANCIAL HIGHLIGHTS HIGHLIGHTS OF CONSOLIDATED FINANCIAL STATEMENTS ($ IN BILLIONS)

2018 2019 2020

Sales and other operating $39.0 $34.7 $27.8 revenues

Operating income $5.2 $4.1 $1.6

Net income $4.7 $3.4 $1.4 Houston, Texas, U.S. Diluted weighted average 389 353 334 share count (millions)

TRENDS IN FINANCIAL Diluted EPS ($/share) $12.01 $9.58 $4.24 RESILIENCY Diluted EPS excluding LCM $12.01 $9.65 $5.61 Liquidity (Billions) and impairment ($/share) $6 EBITDA excluding LCM $6.9 $5.7 $3.9 $5 and impairment $4 Cash from operating $3 $5.5 $5.0 $3.4 activities $2

$1 Capital expenditures $2.1 $2.7 $1.9

0 2018 2019 2020 In 2020, LyondellBasell’s businesses extended our outstanding track record of cash generation by converting 88% of our EBITDA (excluding Cash Conversion LCM and impairment) into $3.4 billion of cash from operating activities. 100% Through rapid access to debt capital markets and aggressive working 80% capital management, we ended the year with over $5 billion in available 60% liquidity. During the year, we paid $4.20 per share in dividends; our 10th 40% consecutive year of quarterly dividends.

20%

0% 2018 2019 2020 Clear path forward Annual Dividend per Share $5 LyondellBasell has captured opportunities through disciplined and profitable growth $4 investments, whether building, acquiring or $3 partnering on assets. We remain focused on $2 meeting our commitments and pursuing a $1 disciplined financial strategy.

$0 2018 2019 2020

Reconciliations and other information concerning our non-GAAP financial measures can be found beginning on page 153. Emerging Stronger 5

ADDRESSING GLOBAL CHALLENGES PLASTIC WASTE CLIMATE CHANGE THRIVING SOCIETY

OUR SUSTAINABILITY PROGRAM PILLARS Enhance our End plastic waste Advance the Address climate Grow sustainable workplace, in the environment circular economy change solutions operations and communities

We believe that We believe that We believe that climate We believe growing our We believe the ending plastic waste transitioning to a change is one of portfolio of sustainable health and safety of in the environment circular economy will the most important solutions will help our people and the is a critical issue reduce resource use global challenges address society’s most communities where of our time. We are and enable a more both now and for pressing challenges. we operate are our committed to helping sustainable future. future generations. By doing so, we will highest priorities. eliminate plastic waste We are advancing We support the continue to reliably We are committed and are engaged in technologies and ambitions of the Paris produce products and to operating our collaborative efforts innovations that will Agreement and are offer solutions that are company sustainably across the value-chain help conserve finite reducing greenhouse critical to improving to deliver industry- to direct action where it resources and retain gas emissions intensity the quality of life for leading performance, is needed most. their value for as long from our operations to billions around the and enhancing as possible. deliver solutions that world. our workplace and help advance a low- communities through carbon economy. the power of many.

SUSTAINABILITY HIGHLIGHTS

In December of 2020, we joined the United Nations (U.N.) Global Compact, the world’s largest corporate sustainability initiative. Under the U.N. Global Compact, signatories are encouraged to align their operations and strategies with key principles on human rights, labor and anti-corruption.

Also in December of 2020, we announced the acquisition of TIVACO, a plastics recycling company located in Blandain, Belgium. The company became part of QCP, LyondellBasell’s existing 50/50 plastics recycling joint venture with SUEZ. With this transaction, QCP will increase its production capacity for recycled materials to approximately 55,000 tonnes per year.

In September of 2020, we successfully started up the MoReTec molecular recycling facility at the Ferrara, Italy, site. LyondellBasell’s proprietary MoReTec advanced recycling technology aims to return post- consumer plastic waste to its molecular form for use as a feedstock for new plastic materials. 6 LyondellBasell

BOARD OF DIRECTORS LEADERSHIP TEAM

2, 5, 6 2, 5, 6 1, 4, 6 Jacques Aigrain Lincoln Benet Jagjeet S. Bindra Bhavesh V. (Bob) Patel James Guilfoyle Jeffrey Kaplan Chair of the Board of Directors CEO of Access Industries Former President of Chevron Chief Executive Officer Executive Vice President, Executive Vice President, Former Senior Advisor at Warburg Global Manufacturing Advanced Polymer Solutions & Legal & Public Affairs Pincus LLC Global Supply Chain

2, 3 4 3, 5, 6 Robin W. T. Buchanan Stephen F. Cooper Nance K. Dicciani Kenneth Lane Michael McMurray Torkel Rhenman Former Chair of PageGroup plc CEO and Director of Warner Former President and CEO of Executive Vice President, Executive Vice President and Executive Vice President, and Former Dean of London Music Group Honeywell Specialty Materials LLC Global Olefins & Polyolefins (O&P) Chief Financial Officer Intermediates & Derivatives, and Business School Refining

2, 3, 6 1, 3 1, 4, 6 Claire S. Farley Bella D. Goren Michael S. Hanley Kimberly Foley Dale Friedrichs Jean Gadbois Vice Chair of KKR Energy Group Former Chief Financial Officer of Former Chief Financial Officer of Senior Vice President, Senior Vice President, Senior Vice President, AMR Corporation and American Alcan and Senior Vice President, HSE, Global Engineering and Human Resources and Europe Manufacturing Airlines Inc. Operations and Strategy at the Turnarounds Global Projects National Bank of Canada

1, 4, 5 Albert J. Manifold Bhavesh V. (Bob) Patel Richard Roudeix James Seward Anup Sharma CEO and Director of CRH plc Chief Executive Officer of Senior Vice President, Senior Vice President, Senior Vice President, LyondellBasell Industries N.V. Olefins & Polyolefins, Europe Research & Development, Global Business Services Technology & Sustainability

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 SHAREHOLDER INFORMATION

STOCK EXCHANGE LyondellBasell’s common stock is listed on the New York Stock Exchange under the symbol LYB.

WEBSITE Shareholders and other interested parties can learn about LyondellBasell by visiting www.lyondellbasell.com.

INVESTOR RELATIONS CONTACT David Kinney +1 713 309 7141

CORPORATE GOVERNANCE LyondellBasell’s Corporate Governance Guidelines and related materials are available by selecting “Investors” and then “Corporate Governance” on our website at www.lyondellbasell.com.

ONLINE ANNUAL REPORT LyondellBasell’s Annual Report is available by selecting “Investors” and then “Company Reports” on our website at www.lyondellbasell.com.

REGISTRAR AND TRANSFER AGENT Computershare Shareholder Services, Inc. 250 Royall Street Canton, MA 02021 +1 877 456 7920 (U.S. Toll-Free) +1 781 575 4337 (U.S. Toll/International) www.computershare.com

CAUTIONARY STATEMENT Certain disclosures in this annual report may be considered “forward-looking statements.” These are made pursuant to “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The “Cautionary Statement” on page 2 of LyondellBasell’s Form 10-K for the fiscal year ended December 31, 2020, should be read in conjunction with such statements. LONDON 4th Floor, One Vine Street London W1J 0AH United Kingdom Tel: +44 207 220 2600

ROTTERDAM Delftseplein 27E 3013 AA Rotterdam Netherlands Tel: +31 10 275 5500

HOUSTON LyondellBasell Tower 1221 McKinney Street, Ste 300 Houston, TX 77010 Tel: +1 713 309 7200

HONG KONG 32/F, Dorset House Taikoo Place 979 King’s Road Quarry Bay, Hong Kong China Tel: +852 2577 3855

FORTUNE and The World’s Most Admired Companies are registered trademarks of Time Inc. and are used under license. From FORTUNE Magazine, February 1, 2020 ©2020 Time Inc. Used under license. FORTUNE and Time Inc. are not affiliated with, and do not endorse products or services of LyondellBasell.