LyondellBasell reported a fourth-quarter net loss of $140 million, or $0.45 per diluted share, compared with a $603 million loss, or $1.87 per share, in the year-ago period. Excluding identified items such as asset write-downs and Cash Improvement Plan costs, adjusted net loss narrowed to $79 million, or $0.26 per share. Sales for the quarter totaled $7.09 billion, down from $7.81 billion in Q4 2024, driven by volume declines in polyethylene and higher feedstock costs that compressed integrated margins. Fourth-quarter EBITDA was $345 million, or $417 million excluding identified items, compared with negative $399 million EBITDA in Q4 2024.

In 2025, the company generated $2.3 billion of operating cash flow with a 95% cash-conversion ratio (net cash provided divided by adjusted EBITDA). The original Cash Improvement Plan target of $600 million was exceeded by $200 million, prompting management to raise the cumulative target to $1.3 billion by the end of 2026. As of December 31, 2025, LyondellBasell held $3.4 billion in cash and cash equivalents and maintained total available liquidity of $8.1 billion, supporting an investment-grade balance sheet and ongoing capital allocation flexibility.

For the first quarter, the company plans to run its North American olefins and polyolefins assets at approximately 85% utilization, European assets at 75%, and intermediates at 85% to align with seasonal demand and inventory levels. Management projects $1.2 billion of capital expenditures for 2026, including completion of the MoReTec-1 chemical recycling facility. With an 11% dividend yield that is not fully covered by free cash flow under current market conditions, the company has identified $500 million of additional cost reductions and plans to cut capital spending by $700 million to bolster cash generation and preserve dividend coverage if sector weakness persists.