LyondellBasell slashes quarterly dividend
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LyondellBasell CEO Peter Vanacker speaks at the company's recycling facility in Wesseling, Germany, September 19, 2024. REUTERS/Jana Rodenbusch/File Photo
Feb 20 (Reuters) - Petrochemical maker LyondellBasell cut its first-quarter dividend on Friday, citing one of the longest downturns in the chemicals industry.
The company declared a quarterly dividend of 69 cents per share, representing a 68-cent reduction per share from its dividend in the fourth quarter.
"Despite one of the longest downturns in our industry, LYB was able to return approximately $2 billion to our shareholders from existing cash and operations in 2025," CEO Peter Vanacker said.
"With markets expected to remain challenged, we have made the decision to recalibrate the dividend to better position the company to thrive once markets recover."
(Reporting by Pranav Mathur in Bengaluru; Editing by Shreya Biswas)
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