LyondellBasell Industries (LYB) will raise its quarterly dividend by 5.0 percent to $1.05 per share in 2019. This follows a dividend hike of 11.1 percent last year by the chemicals giant. Furthermore 2018 marked the 7th straight year of dividend increases by the company.
The next dividend will be paid June 17, 2019 to shareholders of record June 10, 2019, with an ex-dividend date of June 7, 2019. A new annual rate of $4.20 per share yields 5.7% at a stock price of $74.25.
"LyondellBasell's commitment to providing a progressively growing dividend for our shareholders is the foundation of our capital deployment strategy," said Bob Patel, CEO of LyondellBasell. "This represents the eleventh increase since we began paying quarterly dividends in 2011."
LyondellBasell Industries is a plastics, chemicals and refining company. Its chemicals businesses consist of large processing plants that convert large volumes of liquid and gaseous hydrocarbon feedstocks into plastic resins and other chemicals. The company's refining business consists of its Houston refinery, which processes crude oil into refined products such as gasoline, diesel and jet fuel. Lyondell also develops and licenses chemical and polyolefin process technologies and manufactures and sells polyolefin catalysts. The company's six reportable segments are: Olefins and Polyolefins—Americas, Olefins and Polyolefins—Europe, Asia, International, Intermediates and Derivatives, Advanced Polymer Solutions, Refining and Technology. LyondellBasell Industries N.V. was incorporated in the Netherlands in 2009 and became a public company in 2010. A dividend has been paid every year since 2011.