LyondellBasell Industries (LYB) will raise its quarterly dividend by 7.6 percent to $1.13 per share in 2021. This follows a dividend hike of 5.0 percent to $1.05 per share in 2019 and marks the 11th straight year of dividend increases by the company based on calendar years and with the first dividend hike in 2011 included.
The dividend will be paid June 14, 2021 to shareholders of record June 7, 2021, with an ex-dividend date of June 4, 2021. A new annual rate of $4.52 per share yields 4.0% at a stock price of $112.62.
"Over the past three years, LyondellBasell's strategic investments have increased our earnings power at all points in the cycle. The stronger dividend reflects confidence in our ability to consistently provide leading returns for LyondellBasell shareholders," said Bob Patel, CEO of LyondellBasell. "With this dividend increase, we are on track to post our eleventh consecutive year of annual dividend growth in 2021."
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.