LyondellBasell Industries (NYSE: LYB) reported Q1 EPS of $2.50, $0.75 better than the analyst estimate of $1.75. Revenue for the quarter came in at $10.25 billion versus the consensus estimate of $10.83 billion.

GUIDANCE:

In the near-term, the company expects typical seasonal trends to drive modest improvement in global demand. Increased summer demand for transportation fuels should provide support for oxyfuels and refining margins. Delays in the start of North American polyethylene capacity additions across the industry are expected to reduce new market supply and support polyethylene margins. During the second quarter, LyondellBasell expects to operate Intermediates & Derivatives assets at 80% and modestly increase global olefins and polyolefins operating rates to 85% to match the market outlook. The company remains watchful for the effects of changes in global monetary policies and improving economic conditions in China on petrochemical markets during the second half of 2023.

"LyondellBasell remains focused on delivering our strategy to grow and upgrade our core businesses, build a profitable Circular & Low Carbon Solutions business and step up our performance and culture. We believe the combination of these strategic moves will capture significant value by positioning LyondellBasell as the leading investment in our industry with a more profitable and sustainable growth engine," said Vanacker.

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