HOUSTON and LONDON, May 24,
2017 /PRNewswire/ -- LyondellBasell (NYSE: LYB) today
announced that its Supervisory Board has authorized the company's
Management Board to declare a dividend of $0.90 per share, representing a 5.9 percent
increase over the company's first quarter 2017 dividend. The
interim dividend will be paid June 12,
2017 to shareholders of record June
5, 2017, with an ex-dividend date of June 1, 2017.
"This dividend increase represents the eighth increase since we
began paying dividends in 2011," said Bob
Patel, LyondellBasell CEO. "The increase announced
today reflects our commitment to provide strong returns to our
shareholders and the confidence we have in our ability to
consistently generate strong cash flows through market cycles."
The company also announced that at its Annual General Meeting on
May 24, 2017, shareholders approved a
new share repurchase program authorizing the company to repurchase
up to 10 percent of the company's shares over the next 18 months.
The repurchases will be executed from time to time through open
market or privately negotiated transactions.
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 401
million shares outstanding as of May 22,
2017.
This press release contains forward-looking statements. 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, 2016, which can be found
at www.lyb.com on the Investor Relations page and on the
Securities and Exchange Commission's website
at www.sec.gov.
About LyondellBasell
LyondellBasell (NYSE: LYB) is one
of the world's largest plastics, chemicals and refining companies
and a member of the S&P 500 Index. LyondellBasell (www.lyb.com)
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.
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SOURCE LyondellBasell