LyondellBasell Announces New Share Repurchase Program and Increased Dividend

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May 08, 2015, 07:00 ET

HOUSTON and LONDON, May 8, 2015 /PRNewswire/ -- LyondellBasell (NYSE: LYB) today announced that its Supervisory Board has authorized the company's Management Board to declare an interim dividend of $0.78 per share, representing an 11% increase from the company's first quarter 2015 dividend. The interim dividend will be paid June 15, 2015 to shareholders of record June 1, 2015, with an ex-dividend date of May 28, 2015.

The company also announced that at its Annual General Meeting on May 6, 2015, shareholders approved a new share repurchase program authorizing the company to repurchase up to 10% 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 company has returned approximately $17.2 billion through share repurchases and dividends since January 2011 and, since initiating share repurchases in 2013, has repurchased approximately 110 million shares. This new share repurchase program and the increase in the regular interim dividend is reflective of our continuing commitment to returning value to our shareholders," said CEO, Bob Patel.

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 473 million shares outstanding as of May 6, 2015.

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, 2014, 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.

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SOURCE LyondellBasell