HOUSTON and LONDON, April 16,
2014 /PRNewswire/ -- LyondellBasell (NYSE: LYB) today
announced that its Supervisory Board has authorized the company's
Management Board to declare an interim dividend of $0.70 per share, representing an increase of 17%
to the company's first quarter 2014 interim dividend. The
interim dividend will be paid May 12,
2014 to shareholders of record April
28, 2014, with an ex-dividend date of April 24, 2014.
The company also announced that at its Annual General Meeting on
April 16, 2014, shareholders approved
a proposal to authorize the company to repurchase up to an
additional 10% of the company's outstanding shares over the next 18
months. The repurchases will be executed from time to
time through open market or privately negotiated transactions.
"The company has already repurchased approximately 46 million
shares to date and expects to have repurchased the entire 10% of
the original authority given by shareholders in 2013 by the end of
May 2014. This new share repurchase program and the increase
in the regular interim dividend is reflective of our outlook,
capital growth program, strong free cash flow profile and our
commitment to returning cash directly to our shareholders via share
repurchases and dividends," said Chief Executive Officer
Jim Gallogly.
The amount and timing of future share repurchases and dividends
will depend on, and be subject to, market conditions, general
economic conditions, applicable legal requirements and other
corporate considerations. The share repurchase program and
dividend policy may be suspended or discontinued at any time.
This share repurchase program does not obligate LyondellBasell to
acquire any particular amount of shares. LyondellBasell had
approximately 530 million shares outstanding as of April 15, 2014.
This press release contains forward-looking statements.
Forward-looking statements relate to future events, such as
anticipated revenues, earnings, business strategies, competitive
position or other aspects of our operations or operating results.
Actual outcomes and results may differ materially from what is
expressed or forecast in such forward-looking statements. These
statements are not guarantees of future performance and involve
certain risks, uncertainties and assumptions that are difficult to
predict. Factors that could cause actual results to differ from
forward-looking statements include, but are not limited to,
availability, cost and price volatility of raw materials and
utilities; supply/demand balances; industry production capacities
and operating rates; uncertainties associated with worldwide
economies; legal, tax and environmental proceedings; cyclical
nature of the chemical and refining industries; operating
interruptions; current and potential governmental regulatory
actions; terrorist acts; international political unrest;
competitive products and pricing; technological developments; the
ability to comply with the terms of our credit facilities and other
financing arrangements; the ability to implement business
strategies; and other factors affecting our business generally as
set forth in the "Risk Factors" section of our Form 10-K for the
year ended December 31, 2013, which
can be found at www.lyondellbasell.com on the Investor Relations
page and on the Securities and Exchange Commission's website at
www.sec.gov.
LyondellBasell (NYSE: LYB) is one of the world's largest
plastics, chemical and refining companies and a member of the
S&P 500 Index. LyondellBasell (www.lyondellbasell.com)
manufactures products at more than 55 sites in 18 countries.
LyondellBasell products and technologies are used to make items
that improve the quality of life for people around the world
including packaging, electronics, automotive parts, home
furnishings, construction materials and biofuels.
SOURCE LyondellBasell Industries