LyondellBasell Industries N : Q1 2020 Supplemental Data and non-GAAP Reconciliations

Table 1 - Reconciliation of Segment Information to Consolidated Financial Information

								2019									2020
Millions of dollars		Q1			Q2			Q3			Q4			Total			Q1
Sales and other operating revenues:
Olefins & Polyolefins - Americas	$	2,111	$	2,114	$	2,137	$	2,073	$	8,435	$	1,792
Olefins & Polyolefins - EAI		2,535			2,505			2,309			2,155			9,504			2,224
Intermediates & Derivatives		1,894			2,062			2,046			1,832			7,834			1,770
Advanced Polymer Solutions		1,339			1,258			1,186			1,067			4,850			1,096
Refining		1,882			2,180			2,134			2,055			8,251			1,448
Technology		141			173			146			203			663			122
Other/Eliminations		(1,124)			(1,244)			(1,236)			(1,206)			(4,810)			(958)
Continuing operations	$	8,778	$	9,048	$	8,722	$	8,179	$	34,727	$	7,494
Operating income (loss):
Olefins & Polyolefins - Americas	$	384	$	504	$	524	$	365	$	1,777	$	238
Olefins & Polyolefins - EAI		186			226			202			59			673			135
Intermediates & Derivatives		314			372			314			249			1,249			131
Advanced Polymer Solutions		119			91			67			13			290			70
Refining		(59)			(110)			(52)			(19)			(240)			(314)
Technology		73			96			73			132			374			47
Other		-			(2)			(4)			(1)			(7)			(3)
Continuing operations	$	1,017	$	1,177	$	1,124	$	798	$	4,116	$	304
Depreciation and amortization:
Olefins & Polyolefins - Americas	$	115	$	117	$	118	$	120	$	470	$	124
Olefins & Polyolefins - EAI		53			52			51			52			208			53
Intermediates & Derivatives		72			74			75			74			295			70
Advanced Polymer Solutions		29			30			32			42			133			44
Refining		43			44			41			41			169			42
Technology		10			11			10			6			37			9
Continuing operations	$	322	$	328	$	327	$	335	$	1,312	$	342
EBITDA:(a)
Olefins & Polyolefins - Americas	$	516	$	635	$	653	$	498	$	2,302	$	366
Olefins & Polyolefins - EAI		296			331			291			144			1,062			189
Intermediates & Derivatives		390			448			390			329			1,557			203
Advanced Polymer Solutions		148			120			102			54			424			113
Refining		(15)			(66)			(6)			22			(65)			(272)
Technology		83			107			83			138			411			56
Other		10			4			-			(13)			1			(9)
Continuing operations	$	1,428	$	1,579	$	1,513	$	1,172	$	5,692	$	646
Capital, turnarounds and IT deferred spending:
Olefins & Polyolefins - Americas	$	276	$	257	$	295	$	271	$	1,099	$	204
Olefins & Polyolefins - EAI		64			39			45			65			213			42
Intermediates & Derivatives		179			238			317			330			1,064			353
Advanced Polymer Solutions		16			11			14			18			59			13
Refining		43			53			41			12			149			16
Technology		17			17			26			34			94			30
Other		4			7			4			1			16			2
Continuing operations	$	599	$	622	$	742	$	731	$	2,694	$	660

(a) See Table 7 for the reconciliation of net income to EBITDA, including and excluding LCM.

Table 2 - Selected Segment Operating Information

				2019					2020
	Q1		Q2		Q3		Q4		Total		Q1
Olefins and Polyolefins - Americas
Volumes (kilotons)
Ethylene produced	1,096	1,110	944	1,143	4,293	1,014
Propylene produced	332	308	367	336	1,343	325
Polyethylene sold	637	634	673	644	2,588	689
Polypropylene sold	219	232	247	207	905	216
Benchmark Market Prices
West Texas Intermediate crude oil (USD per barrel)	54.90	59.80	56.40	56.98	57.02	45.97
Light Louisiana Sweet ("LLS") crude oil (USD per barrel)	62.38	66.94	60.64	60.78	62.68	48.17
Houston Ship Channel natural gas (USD per million BTUs)	2.86	2.46	2.26	2.24	2.46	1.82
U.S. weighted average cost of ethylene production (USD per metric ton)	362	262	209	260	273	198
U.S. ethylene (USD per metric ton)	614	535	584	632	591	525
U.S. polyethylene [high density] (USD per metric ton)	1,168	1,235	1,146	1,036	1,146	970
U.S. propylene (USD per metric ton)	838	823	845	775	820	683
U.S. polypropylene [homopolymer] (USD per metric ton)	1,323	1,308	1,308	1,224	1,291	1,014
Olefins and Polyolefins - Europe, Asia, International
Volumes (kilotons)
Ethylene produced	408	456	448	430	1,742	468
Propylene produced	239	274	271	249	1,033	272
Polyethylene sold	678	562	619	591	2,450	677
Polypropylene sold	752	729	718	722	2,921	729
Benchmark Market Prices (€ per metric ton)
Western Europe weighted average cost of ethylene production	466	493	433	576	492	352
Western Europe ethylene	995	1,065	993	973	1,007	953
Western Europe polyethylene [high density]	1,126	1,191	1,125	1,097	1,135	1,044
Western Europe propylene	933	983	893	852	915	838
Western Europe polypropylene [homopolymer]	1,222	1,268	1,185	1,136	1,203	1,084
Intermediates and Derivatives
Volumes Sold (kilotons)
Propylene oxide and derivatives	363	343	353	336	1,395	366
Intermediate Chemicals:
Ethylene oxide and derivatives	120	133	133	118	504	112
Styrene monomer	372	392	408	306	1,478	376
Acetyls	296	358	308	283	1,245	216
Oxyfuels and Related Products:
TBA intermediates	160	177	160	154	651	156
MTBE/ETBE	677	819	884	805	3,185	835
Benchmark Market Margins (USD per metric ton)
MTBE - Northwest Europe	126	295	374	282	266	165
Advanced Polymer Solutions
Volumes Sold (kilotons)
Compounding & Solutions	503	475	452	422	1,852	424
Advanced Polymers	104	105	106	91	406	105
Refining
Volumes (thousands of barrels per day)
Heavy crude oil processing rates	259	261	264	267	263	226
Benchmark Market Margins
Light crude oil - 2-1-1	9.92	14.12	14.11	11.59	12.44	10.09
Light crude oil - Maya differential	3.63	4.87	4.02	7.85	5.14	7.12
Source: LYB and third party consultants

Note: Benchmark market prices for U.S. and Western Europe polyethylene and polypropylene reflect discounted prices. Volumes presented represent third party sales of selected key products.

Table 3 - Unaudited Income Statement Information

								2019									2020
Millions of dollars		Q1			Q2			Q3			Q4			Total			Q1
Sales and other operating revenues	$	8,778	$	9,048	$	8,722	$	8,179	$	34,727	$	7,494
Cost of sales(a)		7,446			7,542			7,269			7,044			29,301			6,868
Selling, general and administrative expenses(b)		287			302			303			307			1,199			295
Research and development expenses		28			27			26			30			111			27
Operating income		1,017			1,177			1,124			798			4,116			304
Income from equity investments		64			64			51			46			225			-
Interest expense, net		(86)			(76)			(81)			(85)			(328)			(86)
Other income, net		25			10			11			(7)			39			-
Income from continuing operations before income taxes		1,020			1,175			1,105			752			4,052			218
Provision for income taxes(c)		203			169			136			140			648			75
Income from continuing operations(d)		817			1,006			969			612			3,404			143
Loss (income) from discontinued operations, net of tax		-			(3)			(4)			-			(7)			1
Net income(d)		817			1,003			965			612			3,397			144
Dividends on redeemable non-controlling interests		(2)			(1)			(2)			(2)			(7)			(2)
Net income attributable to Company shareholders(d)	$	815	$	1,002	$	963	$	610	$	3,390	$	142

1. The third quarter of 2019, fourth quarter of 2019 and first quarter of 2020 includepre-tax charges of $3 million, $20 million and $3 million, respectively, for integration costs associated with our acquisition of A. Schulman.
2. The first quarter of 2019, second quarter of 2019, third quarter of 2019, fourth quarter of 2019 and first quarter of 2020 includepre-tax charges of $16 million, $19 million, $40 million, $18 million and $11 million, respectively, for integration costs associated with our 2018 acquisition of A. Schulman.
3. The third quarter of 2019 includes anon-cash benefit of $85 million from the previously unrecognized tax benefits and release of associated accrued interest.
4. The first quarter of 2019, second quarter of 2019, third quarter of 2019, fourth quarter of 2019 and first quarter of 2020 includeafter-tax charges of $12 million, $15 million, $33 million, $29 million and $13 million, respectively, for integration costs associated with our 2018 acquisition of A. Schulman.

Table 4 - Charges (Benefits) Included in Net Income

					2019								2020
Millions of dollars (except share data)		Q1			Q2			Q3			Q4			Q1
Pretax charges (benefits):
LCM charges	$	-	$	-	$	-	$	33		$	419
Tax benefit from release of previously unrecognized tax		-			-			(85)			-			-
benefits and associated accrued interest
Acquisition-related costs - A. Schulman		16			19			43			38				14
Total pretax charges (benefits)		16			19			(42)			71				433
Benefit from income taxes related to these items		(4)			(4)			(10)			(17)				(69)
After-tax effect of net charges (benefits)	$	12	$	15	$	(52)	$	54		$	364
Effect on diluted earnings per share:
LCM charges	$	-	$	-	$	-	$	(0.07)		$	(1.05)
Tax benefit from release of previously unrecognized tax		-			-			0.25			-			-
benefits and associated accrued interest
Acquisition-related costs - A. Schulman		(0.03)			(0.04)			(0.10)			(0.08)				(0.04)
Total	$	(0.03)	$	(0.04)	$	0.15	$	(0.15)		$	(1.09)

Table 5 - Unaudited Cash Flow Information

								2019									2020
Millions of dollars		Q1			Q2			Q3			Q4			Total			Q1
Net cash provided by operating activities	$	657	$	1,186	$	1,876	$	1,242	$	4,961	$	542
Net cash used in investing activities		(178)			(278)			(754)			(425)			(1,635)			(663)
Net cash (used in) provided by financing activities		(521)			39			(1,900)			(453)			(2,835)			884

Table 6 - Unaudited Balance Sheet Information

Millions of dollars	March 31,			June 30,		September 30,		December 31,		March 31,
	2019			2019			2019			2019			2020
Cash and cash equivalents	$	339	$	1,279	$	476	$	858	$	1,596
Restricted cash		19			29			36			30			37
Short-term investments		423			52			53			196			199
Accounts receivable, net		3,680			3,758			3,469			3,102			3,043
Inventories		4,496			4,685			4,446			4,588			3,973
Prepaid expenses and other current assets		1,329			1,285			1,150			736			844
Total current assets		10,286			11,088			9,630			9,510			9,692
Operating lease assets		1,534			1,560			1,510			1,468			1,453
Property, plant and equipment, net		12,797			13,285			13,669			14,130			14,387
Investments and long-term receivables:
Investment in PO joint ventures		464			489			486			504			497
Equity investments		1,650			1,599			1,609			1,602			1,539
Other investments and long-term receivables		23			24			24			22			22
Goodwill		1,803			1,848			1,848			1,891			1,800
Intangible assets, net		945			892			841			869			808
Other assets		387			386			497			439			902
Total assets	$	29,889		$	31,171		$	30,114		$	30,435		$	31,100
Current maturities of long-term debt	$	5	$	4	$	4	$	3	$	3
Short-term debt		2,377			2,812			2,438			445			1,493
Accounts payable		3,187			3,115			3,201			2,928			2,638
Accrued liabilities		1,443			1,607			1,745			1,822			1,387
Total current liabilities		7,012			7,538			7,388			5,198			5,521
Long-term debt		7,522			7,586			9,628			11,614			12,159
Operating lease liabilities		1,282			1,304			1,257			1,216			1,192
Other liabilities		1,830			1,876			1,801			2,213			2,808
Deferred income taxes		1,967			2,008			2,018			2,015			1,961
Commitments and contingencies
Redeemable non-controlling interests		116			116			116			116			116
Shareholders' equity		10,138			10,721			7,888			8,044			7,324
Non-controlling interests		22			22			18			19			19
Total liabilities, redeemable non-controlling interests and equity	$	29,889	$	31,171	$	30,114	$	30,435	$	31,100

Non-GAAP Reconciliations

Table 7 - Reconciliation of Net Income to EBITDA, including and excluding LCM

					Three Months Ended					Year Ended			Three Months Ended		Last Twelve
													Months
Millions of dollars	March 31,		June 30,		September 30,		December 31,		December 31,			March 31,			March 31,			March 31,
	2019			2019			2019			2019			2019			2019			2020			2020
Net income(a)	$	817	$	1,003	$	965	$	612	$	3,397	$	817	$	144	$	2,724
add: LCM charges, after-tax		-			-			-			25			25			-			351			376
Net income excluding LCM adjustments		817			1,003			965			637			3,422			817			495			3,100
less: LCM charges, after-tax		-			-			-			(25)			(25)			-			(351)			(376)
Net income(a)		817			1,003			965			612			3,397			817			144			2,724
Loss (income) from discontinued operations, net of tax		-			3			4			-			7			-			(1)			6
Income from continuing operations(a)		817			1,006			969			612			3,404			817			143			2,730
Provision for income taxes		203			169			136			140			648			203			75			520
Depreciation and amortization		322			328			327			335			1,312			322			342			1,332
Interest expense, net		86			76			81			85			328			86			86			328
add: LCM charges, pre-tax		-			-			-			33			33			-			419			452
EBITDA excluding LCM adjustments		1,428			1,579			1,513			1,205			5,725			1,428			1,065			5,362
less: LCM charges, pre-tax		-			-			-			(33)			(33)			-			(419)			(452)
EBITDA(b)	$	1,428	$	1,579	$	1,513	$	1,172	$	5,692	$	1,428	$	646	$	4,910

Note: Last twelve months March 31, 2020 is calculated as year ended December 31, 2019 plus three months ended March 31, 2020, minus three months ended March 31, 2019.

1. The first quarter of 2019, second quarter of 2019, third quarter of 2019, fourth quarter of 2019, and first quarter of 2020 includeafter-tax charges of $12 million, $15 million, $33 million, $29 million and $13 million, respectively, for integration costs associated with our 2018 acquisition of A. Schulman.
2. EBITDA for the first quarter of 2019, second quarter of 2019, third quarter of 2019, fourth quarter of 2019 and first quarter of 2020 includepre-tax charges of $16 million, $19 million, $43 million, $38 million and $14 million, respectively, for integration costs associated with our 2018 acquisition of A. Schulman.

Table 8 - Reconciliation of EBITDA to EBITDA Excluding LCM Adjustments by Segment

					Three Months Ended					Year Ended		Three Months
											Ended
	March 31,			June 30,		September 30,		December 31,		December 31,			March 31,
		2019			2019			2019			2019			2019			2020
EBITDA:
Olefins & Polyolefins - Americas	$	516	$	635	$	653	$	498	$	2,302	$	366
Olefins & Polyolefins - EAI		296			331			291			144			1,062			189
Intermediates & Derivatives		390			448			390			329			1,557			203
Advanced Polymer Solutions		148			120			102			54			424			113
Refining		(15)			(66)			(6)			22			(65)			(272)
Technology		83			107			83			138			411			56
Other		10			4			-			(13)			1			(9)
Continuing Operations	$	1,428	$	1,579	$	1,513	$	1,172	$	5,692	$	646
Add: LCM Charges, pre-tax:
Olefins & Polyolefins - Americas	$	-	$	-	$	-	$	25	$	25	$	111
Olefins & Polyolefins - EAI		-			-			-			-			-			36
Intermediates & Derivatives		-			-			-			-			-			78
Advanced Polymer Solutions		-			-			-			8			8			2
Refining		-			-			-			-			-			192
Technology		-			-			-			-			-			-
Other		-			-			-			-			-			-
Continuing Operations	$	-	$	-	$	-	$	33	$	33	$	419
EBITDA excluding LCM adjustments:
Olefins & Polyolefins - Americas	$	516	$	635	$	653	$	523	$	2,327	$	477
Olefins & Polyolefins - EAI		296			331			291			144			1,062			225
Intermediates & Derivatives		390			448			390			329			1,557			281
Advanced Polymer Solutions		148			120			102			62			432			115
Refining		(15)			(66)			(6)			22			(65)			(80)
Technology		83			107			83			138			411			56
Other		10			4			-			(13)			1			(9)
Continuing Operations	$	1,428	$	1,579	$	1,513	$	1,205	$	5,725	$	1,065

Table 9 - Reconciliation of Ratio of Total Debt to Last Twelve Months (LTM) EBITDA Excluding LCM

Millions of Dollars		March 31,
	2020
Current maturities of long-term debt	$	3
Short-term debt		1,493
Long-term debt		12,159
Total debt	$	13,655
Divided by:
Q1 2020 LTM EBITDA excluding LCM (a)	$	5,362
Ratio of total debt to Q1 2020 LTM EBITDA excluding LCM		2.5

(a) LTM EBITDA excluding LCM see Table 7 Reconciliation of Net Income to EBITDA, including and excluding LCM

Table 10 - Reconciliation of Diluted EPS to Diluted EPS Excluding LCM

			Three Months Ended
		March 31,			December 31,		March 31,
		2019			2019				2020
Diluted earnings per share	$	2.19	$	1.83			$	0.42
Add:
LCM charges		-			0.07				1.05
Diluted earnings per share excluding LCM	$	2.19	$	1.90			$	1.47

Table 11 - Components of Cash and Liquid Investments and Total Liquidity

Millions of dollars		March 31,
	2020
Cash and cash equivalents and restricted cash	$	1,633
Short-term investments		199
Cash and liquid investments		1,832
Availability under Senior Revolving Credit Facility		1,206
Availability under U.S. Receivables Facility		151
Total liquidity	$	3,189

Table 12 - Reconciliation of Free Operating Cash Flow to Net Cash Provided by Operating Activities and Ratio of LTM Cash Provided by Operating Activities to LTM EBITDA Ex LCM

					Years Ended December 31,						Three Months Ended		Last Twelve
												Months
Millions of dollars		2015			2016			2017			2018			2019		March 31,		March 31,		March 31,
											2019			2020			2020
Free operating cash flow	$	5,027	$	4,497	$	4,187	$	4,419	$	3,937	$	426	$	292	$	3,803
Add:
Sustaining (maintenance and HSE) capital expenditures		815			1,109			1,019			1,052			1,024			231			250			1,043
Net cash provided by operating activities	$	5,842	$	5,606	$	5,206	$	5,471	$	4,961	$	657	$	542	$	4,846
Divided by:
Q1 2020 LTM EBITDA excluding LCM (a)																					$	5,362
Ratio of Q1 2020 LTM cash provided by operating activities																							90 %
to Q1 2020 LTM EBITDA excluding LCM

(a) LTM EBITDA excluding LCM see Table 7 Reconciliation of Net Income to EBITDA, including and excluding LCM