Item 2.05 Costs Associated with Exit or Disposal Activities.



In September 2021, LyondellBasell Industries N.V. (the "Company") announced that
it was considering strategic options for the Gulf Coast-based refining segment,
including a potential sale. On April 7, 2022, the Finance Committee of the Board
of Directors of the Company approved the Company's plan to exit the refining
business. The Company intends to cease operations of its Houston Refinery no
later than December 31, 2023. On April 21, 2022, the Company notified the
impacted employees of the intent to shut-down the facility. Until the completion
of the closure, the Company intends to maintain safe and reliable site
operations and will continue serving the fuels market, which is expected to
remain strong in the near-term, while considering potential transactions and
alternatives for the site.

In connection with the plan, the Company expects to incur charges into 2024,
primarily consisting of accelerated amortization of operating lease assets of
approximately $300 million to $400 million, asset decommissioning costs of
approximately $150 million to $250 million, personnel related costs of
approximately $80 million to $120 million, and other charges of approximately
$50 million to $100 million.

The Company intends to proceed with an orderly shut-down. As such, the Company
does not expect to recognize these charges all at once, but over time into 2024.
However, the actual timing and costs associated with the closure may differ from
the Company's current expectations and estimates and such differences may be
material.

Certain statements in this Current Report on Form 8-K relating to matters that
are not historical facts are forward-looking statements. These forward-looking
statements are based upon assumptions of management of the Company which are
believed to be reasonable at the time made and are subject to significant risks
and uncertainties. Actual results could differ materially based on factors
including, but not limited to, market conditions; the cyclicality of the
refining industry; the successful shut-down and closure of the Houston Refinery,
including within the expected timeframe; the outcome of negotiations with
respect to employment and benefits matters; and the incurrence of unexpected or
additional charges or expenses. There is no assurance that any of the actions,
events or results of the forward-looking statements will occur, or if any of
them do, what impact they will have on our results of operations or financial
condition. Additional factors that could cause results to differ materially from
those described in the forward-looking statements can be found in the "Risk
Factors" section of our Form 10-K for the year ended December 31, 2021, 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. There is no
assurance that any of the actions, events or results of the forward-looking
statements will occur, or if any of them do, what impact they will have on our
results of operations or financial condition. Forward-looking statements speak
only as of the date they were made and are based on the estimates and opinions
of management at the time the statements are made. The Company does not assume
any obligation to update forward-looking statements should circumstances or
management's estimates or opinions change, except as required by law.

Item 7.01 Regulation FD Disclosure



On April 21, 2022, the Company issued a press release announcing its intent to
exit the refining business. A copy of the press release is furnished as Exhibit
99.1 and incorporated into this Item 7.01 by reference.

The foregoing description and the other information provided pursuant to this
Item 7.01, including Exhibit 99.1, is "furnished" and shall not be deemed to be
"filed" with the Securities and Exchange Commission or incorporated by reference
in any filing under the Securities Exchange Act of 1934, as amended, or the
Securities Act of 1933, as amended, except as shall be expressly set forth by
specific reference in any such filings.


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Item 9.01. Financial Statements and Exhibits.



(d) Exhibits
Exhibit Number                                           Description

99.1                      Press Release dated April 21, 2022.

104                     The cover page from this Current Report on Form

8-K, formatted in Inline XBRL.

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