What LyondellBasell Industries N.V. told the SEC could break it.

LyondellBasell's olefins/polyolefins economics turn on feedstock prices — ethane made up ~75-80% of North American cracker raw materials in 2025, with naphtha-driven pricing in Europe — and raw-material contracts are largely indexed to market prices; it manages commodity-price risk with swaps/options/futures (a 10% move shifts derivative fair value ~$51M).

“Ethane made up approximately 75% to 80% of the raw materials used in our North American crackers in 2025 and 2024.”

In 2024 LyondellBasell and eight other industry defendants were named in a proposed Kansas class action over industry-wide plastics-recyclability claims — alleging public nuisance from plastic waste, antitrust, unfair competition, consumer protection and unjust enrichment — which (with potential similar future cases) could result in significant fines, damages or injunctive action.

“In 2024, we and eight other industry defendants were named in a proposed class action in Kansas related to industry-wide claims about plastics recyclability. The causes of action include public nuisance from plastic waste in the environment, antitrust, unfair competition, consumer protection, and unjust enrichment.”

For some raw materials and utilities LyondellBasell has a limited number of suppliers, often region-specific — and it is common for a chemical facility to have a sole dedicated source for utilities such as steam, electricity and gas — limiting negotiating power and heightening vulnerability to supply-chain interruptions, with a supplier closure potentially rendering assets unprofitable to operate.

“It is also common in the chemical industry for a facility to have a sole, dedicated source for its utilities, such as steam, electricity and gas. Having a sole or limited number of suppliers may limit our negotiating power, particularly in the case of rising raw material costs... The reliance on single or limited suppliers heightens our vulnerability to supply chain interruptions, and the closure of such a supplier could cause us to be unable to profitably operate our assets.”