LyondellBasell Industries NV - Ordinary Shares - Class A

**Strong Third Quarter Performance**: LyondellBasell reported a third-quarter earnings per share of $1.88 and EBITDA of $1.2 billion, reflecting a 13% sequential increase in the Olefins and Polyolefins - Americas segment despite weaker refining and oxyfuels margins due to declining gasoline crack spreads. Year-over-year, O&P-Americas EBITDA surged 50%.

**Cash Generation and Shareholder Returns**: The company generated $670 million in cash from operating activities in Q3, with a 77% cash conversion rate. Over the last 12 months, shareholder returns, including dividends and buybacks, totaled nearly $1.8 billion. The current cash balance stands at $2.6 billion, indicating a strong financial position.

**Challenges in Refining and Oxyfuels**: The Refining segment experienced an EBITDA loss of $23 million due to high operating rates and declining margins prompted by reduced demand. Management acknowledges further margin compression is expected in Q4 due to continued decreases in gasoline crack spreads and softer seasonality in demand.