On May 19, 2023, LyondellBasell Industries (LYB) announced that it will raise its quarterly dividend by 5% to $1.25 per share. This marks the 13th consecutive year of dividend increases. The next LYB dividend will be paid June 6, 2023 to shareholders of record May 30, 2023, with an ex-dividend date of May 26, 2023. At a stock price of $90.89 the dividend yield is 5.5%.
"2023 marks our 13th consecutive year of annual dividend growth. Our increasing dividend demonstrates our ongoing commitment to deliver strong returns for LyondellBasell shareholders. It is also aligned with our long-term target of returning 70 percent of free cash flow to shareholders that we shared at our Capital Markets Day," said Peter Vanacker, CEO of LyondellBasell. "We will continue our balanced approach to capital deployment as we establish our leadership in creating solutions for everyday sustainable living."
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.