SECOND QUARTER 2020 EARNINGS

July 31, 2020

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 CAUTIONARY STATEMENT AND
INFORMATION RELATED TO FINANCIAL MEASURES
CAUTIONARY STATEMENT

The statements in this presentation relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual results could
differ materially based on factors including, but not limited to, the business cyclicality of the chemical, polymers and refining industries; the availability, cost and price volatility of raw materials and utilities, particularly the cost of oil, natural gas, and associated natural gas liquids; the impacts of the COVID-19 pandemic in
geographic regions or markets served us, or where our operations are located, including the risk of prolonged recession; competitive product and pricing pressures; labor conditions; our ability to attract and retain key personnel; operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical
failure, unscheduled downtime, supplier disruptions, labor shortages, strikes, work stoppages or other labor difficulties, transportation interruptions, spills and releases and other environmental risks); the supply/demand balances for our and our joint ventures' products, and the related effects of industry production capacities
and operating rates; our ability to achieve expected cost savings and other synergies; our ability to successfully execute projects and growth strategies; any proposed business combination, the expected timetable for completing any proposed transactions and the receipt of any required governmental approvals, future
financial and operating results; legal and environmental proceedings; tax rulings, consequences or proceedings; technological developments, and our ability to develop new products and process technologies; potential governmental regulatory actions; political unrest and terrorist acts; risks and uncertainties posed by
international operations, including foreign currency fluctuations; and our ability to comply with debt covenants and service our debt. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” sections of our Form 10-K for the year
ended December 31, 2019, and our Form 10-Q for the quarter ended March 31, 2020, which can be found at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission's website at www.sec.gov.

The illustrative results or returns of growth projects are not in any way intended to be, nor should they be taken as, indicators or guarantees of performance. The assumptions on which they are based are not projections and do not necessarily represent the Company’s expectations and future performance. You should not
rely on illustrated results or returns or these assumptions as being indicative of our future results or returns.

This presentation contains time sensitive information that is accurate only as of the date hereof. Information contained in this presentation is unaudited and is subject to change. We undertake no obligation to update the information presented herein except as required by law.

INFORMATION RELATED TO FINANCIAL MEASURES

This presentation makes reference to certain “non-GAAP” financial measures as defined in Regulation G of the U.S. Securities Exchange Act of 1934, as amended.

EBITDA, as presented herein, may not be comparable to a similarly titled measure reported by other companies due to differences in the way the measure is calculated. We calculate EBITDA as income from continuing operations plus interest expense (net), provision for (benefit from) income taxes, and depreciation &
amortization. EBITDA should not be considered an alternative to profit or operating profit for any period as an indicator of our performance, or as an alternative to operating cash flows as a measure of our liquidity. We also present EBITDA exclusive of adjustments for “lower of cost or market” (“LCM”), which is an
accounting rule consistent with GAAP related to the valuation of inventory. Our inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out (“LIFO”) inventory valuation methodology, which means that the most recently incurred costs are charged to cost of sales and inventories are
valued at the earliest acquisition costs. Market is determined based on an assessment of the current estimated replacement cost and selling price of the inventory. In periods where the market price of our inventory declines substantially, cost values of inventory may be higher than the market value, which reduces the value
of inventory to market value. This adjustment is related to the decline in pricing for many of our raw material and finished goods inventories. Fluctuation in the prices of crude oil, natural gas and correlated products from period to period may result in the recognition of charges to adjust the value of inventory to the lower of
cost or market in periods of falling prices and the reversal of those charges in subsequent interim periods as market prices recover.

Cash from operating activities yield from EBITDA excluding LCM is a measure that provides an indicator of a company’s operational efficiency and management. Cash from operating activities yield from EBITDA excluding LCM, as presented herein, may not be comparable to similarly titled measures reported by other
companies due to differences in the way the measures are calculated. For purposes of this presentation, cash from operating activities yield from EBITDA means cash from operating activities divided by EBITDA excluding LCM.

Free cash flow, Free operating cash flow and free operating cash flow yield (FOCF Yield) are measures of profitability commonly used by investors to evaluate performance, free operating cash flow and free operating cash flow yield, as presented herein, may not be comparable to similarly titled measures reported by other
companies due to differences in the way the measures are calculated. For purposes of this presentation, free cash flow means net cash provided by operating activities minus capital expenditures. Free operating cash flow means net cash provided by operating activities minus sustaining (maintenance and HSE) capital
expenditures. Free operating cash flow yield means the ratio of free operating cash flow to market capitalization.

Reconciliations for our non-GAAP measures can be found on our website at www.LyondellBasell.com/investorrelations.

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 SECOND QUARTER 2020 HIGHLIGHTS
STRONG CASH GENERATION DURING CHALLENGING MARKET CONDITIONS

$0.3 B $0.8 B $0.94 $1.3 B

NET INCOME EBITDA DILUTED EPS CASH FROM OPERATING
ACTIVITIES

$0.2 B $0.7 B $0.68

NET INCOME ex. LCM EBITDA ex. LCM DILUTED EPS ex. LCM

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CONSISTENT SAFETY FOCUS
FACIAL COVERING
INCORPORATING BEST PRACTICES FOR VIRUS RESPONSE

Injuries per 200,000 hours worked

0.5

0.4

0.3 SOCIAL DISTANCING

0.2

0.1

2016 2017 2018 2019 2Q20 YTD

LyondellBasell ACC Top Quartile

HEALTH SCREENING

4 Source: American Chemistry Council (ACC) and LyondellBasell. Note: Number of hours
worked includes employees and contractors. Data includes safety performance from the
acquisition of A. Schulman from August 21, 2018 forward.
 ADVANCING SUSTAINABLE TECHNOLOGIES
CREATING PROFITABLE BUSINESS OPPORTUNITIES THROUGH MOLECULAR RECYCLING

SUSTAINABLE BUSINESS MODEL

● Recycle impure/multilayer plastic waste into olefin feedstock

● Complements existing mechanical recycling business efforts

● Satisfy growing demand for premium circular plastics

GOALS

● Develop scalable catalyzed pyrolysis technology

● Competitive economics vs. naphtha-based feedstocks

PROJECT MILESTONES

● Promising lab-scale studies – since 2018

● Pilot plant (20 ton/year) commissioning – July 2020

● Proof-of-concept for industrial scale – 2021/2022

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STRONG CASH CONVERSION
PRIORITIZING LIQUIDITY FOR OPTIONALITY THROUGH BUSINESS CYCLES

Cash from Operating Activities 111%

USD, billions
$7 CASH FROM OPERATING ACTIVITIES / EBITDA ex. LCM
2Q20 LTM
6

4 $5.0 B
3 CASH FROM OPERATING ACTIVITIES
2 2Q20 LTM

2015 2016 2017 2018 2019 2Q20 LTM

17.6%
FREE OPERATING CASH FLOW YIELD
Free Operating Cash Flow Sustaining Capex
2Q20 LTM

6 Note: Free Operating Cash Flow = cash from operating activities – sustaining (maintenance and HSE) capital expenditures.
 CASH GENERATION AND DEPLOYMENT
MAXIMIZING CASH FLOW TO SUPPORT REINVESTMENT AND SHAREHOLDER RETURNS

USD, billions
DELIVERING RESULTS $4
Cash from operating activities $1.3 B
3 $3.2
Reduced working capital $0.6 B

2
GROWING THROUGH INVESTMENT $1.8

Slowing PO/TBA activity during pandemic

1

DELIVERING VALUE FOR SHAREHOLDERS

2Q20 Cash from Change in CAPEX Dividends Other 2Q20
Dividends $350 MM Beginning Operating Debt Ending
Balance Activities Balance

7 Note: Beginning and ending cash balances include cash and cash equivalents, restricted cash, and liquid investments. CAPEX includes growth and sustaining
(maintenance and HSE) capital. Working capital is the change in accounts payable, accounts receivable and inventory.
 MODERATING CAPITAL EXPENDITURE PROFILE
REDUCING INVESTMENT AND DEFERRING MAINTENANCE

$2.7 B
$2.4 B
$2.1 B 2018-2019 INVESTMENTS
1
~$1.9 B
Hyperzone PE and PO/TBA are the largest investments

2 NEAR-TERM GROWTH INVESTMENTS

Slowing PO/TBA activity during pandemic

3 MODERATING CAPEX FORECAST

Reducing 2020 CAPEX by ~$0.5 B
2018 2019 2020 2020
Actual Actual Guidance Forecast

Sustaining CAPEX Growth CAPEX

8 Note: Sustaining CAPEX is maintenance and HSE capital expenditures.

ACTIONS TO MAXIMIZE FREE CASH FLOW Reducing
SPENDING REDUCTIONS AND MANAGEMENT DISCIPLINE IMPROVE FREE CASH FLOW IN 2020 2020 CAPEX

Deferring
$0.85 - 1.05 B
planned maintenance
$0.40 - 0.50 B

$0.45 - 0.55 B

Aggressively managing
inventories

Reduction in Reduction in Improvement in

CAPEX Working Capital & 2020 FCF
Discretionary Spending Accelerating
cost efficiency initiatives

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RESILIENT PORTFOLIO
DIVERSE GLOBAL BUSINESS PORTFOLIO REMAINS PROFITABLE IN CHALLENGING MARKET

EBITDA ex. LCM

USD, billions
$ 2.0 CONSUMER DRIVEN
Majority of portfolio supports non-durables
1.5

DIVERSE
1.0 Global businesses serving multiple industries

0.5
ADVANTAGED
Reliable assets with commercial agility

2Q19 3Q19 4Q19 1Q20 2Q20

EBITDA EBITDA ex. LCM

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 OLEFINS & POLYOLEFINS – AMERICAS
REDUCED EXPORT DEMAND DROVE MARGIN AND VOLUME DECLINES

EBITDA ex. LCM

USD, millions

$635 $653 OLEFINS

$523 Margin declined due to lower co-product prices

$477
Volume declined due to lower demand

$210
POLYOLEFINS

Margins and volumes declined due to lower demand

2Q19 3Q19 4Q19 1Q20 Volume Margin Other 2Q20

EBITDA EBITDA ex. LCM

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NORTH AMERICA FEEDSTOCK ADVANTAGE
ETHYLENE COST CURVE RETURNING TO TYPICAL HISTORICAL CONDITIONS

Ethylene Cash Cost

USD / ton
$1,200
RECENT HISTORICAL ENVIRONMENT
1,000
Typical cost curve with advantaged NA and ME feedstock costs
800

600 APRIL 2020 ENVIRONMENT

Low oil prices temporarily flattened cost curve
400

200
CURRENT ENVIRONMENT
NA and ME advantage has returned
Avg 2019 Apr '20 Jun '20 Jul '20F
NA Ethane ME Ethane EU Naphtha MTO

12 Source: LyondellBasell and IHS Markit. July forecast as of July 28, 2020.
NORTH AMERICAN POLYPROPYLENE
IMPROVING MARKETS FOR AUTOMOTIVE AND CONTINUED STRENGTH IN PACKAGING

LYB NA PP Order Book for Automotive Markets,

CHINA EUROPE % of plan
NEW TIRE DEMAND AUTOMOTIVE PRODUCTION
100%

+11% -31%
Jun ’20 vs. Jun ‘19 Jun ’20 vs. 75%
Pre-COVID Forecast

50%
NORTH AMERICA LYB NA PP
AUTOMOTIVE PRODUCTION PACKAGING ORDERS
25%
-26% +20%
Jun ’20 vs. 1H20 vs. 1H19
Pre-COVID Forecast
1Q20 Apr '20 May '20 Jun '20 Jul '20 Est.

13 Source: LyondellBasell, IHS Markit, and Michelin.

Note: LYB NA PP order book for the last 5 days of the month as a percentage of the non-seasonalized average monthly sales plan to automotive markets.
The estimate for July is as of July 27, 2020.
OLEFINS & POLYOLEFINS – EUROPE, ASIA & INTERNATIONAL
STEADY INTEGRATED MARGINS DESPITE LOWER DEMAND DUE TO PANDEMIC

EBITDA ex. LCM

USD, millions
OLEFINS

$331
Volume decreased due to reduced demand

$291 Margin lower due to ethylene and co-product prices

declining faster than feedstock prices
$225 $219

POLYOLEFINS
$144
Margin increased due to higher spreads
Polypropylene volume decreased due to reduced demand

EQUITY INCOME
2Q19 3Q19 4Q19 1Q20 Volume Margin Other 2Q20
Margins improved
EBITDA EBITDA ex. LCM

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CHINA JOINT VENTURE
HIGH-RETURN PROJECT IN WORLD’S FASTEST-GROWING MARKET

ADVANTAGES

● Serving Chinese domestic market through LyondellBasell marketing network

● Expanding our global network using LyondellBasell technology and catalysts

● Flexible feedstock with naphtha sourced from partner’s adjacent refinery

50/50 LYB/BORA INTEGRATED CRACKER INVESTMENT

● Low total project costs ~$2.6 B

● Low equity requirement with ~2/3 project debt financing

PROJECT MILESTONES

● First delivery of LPG feedstock – July 2020

● Commissioning – 3Q20
1.1 0.8 0.6
MM ton MM ton MM ton
15 Flexible Cracker Polyethylene Polypropylene
Naphtha / LPG
 INTERMEDIATES & DERIVATIVES
VOLUME AND MARGIN DECLINED DUE TO LOWER OXYFUELS AND DURABLE GOODS DEMAND

EBITDA ex. LCM

USD, millions

PO & DERIVATIVES
$448 Volume decreased due to lower polyurethanes demand
$390 for automotive, construction and furniture markets
$329
$281
OXYFUELS & RELATED PRODUCTS
Margins decreased driven by lower product prices
$121 Volumes declined due to lower gasoline and
isobutylene demand

2Q19 3Q19 4Q19 1Q20 Volume Margin Other 2Q20

EBITDA EBITDA ex. LCM

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TRANSPORTATION FUEL TRENDS IMPROVING
INCREASED DEMAND FOR OXYFUELS AND GASOLINE AS MOBILITY INCREASES

U.S. Gasoline Inventory Utilization & Mileage

MMbbl
VEHICLE MILEAGE
265 100%
Increasing with economy restart and summer travel
260 90%

GASOLINE INVENTORIES 255 80%

Declining with increased consumption

250 70%

245 60%
REFINING UTILIZATION
Increasing production to match demand 240 50%
Jan '20 Feb Mar Apr May Jun Jul F

Gasoline Inventory Refining Utilization (%) Vehicle Mileage Relative to Feb '20 (%)

17 Source: IHS Markit, INRIX, and EIA. Inventory data is monthly average. July forecast as of July 10, 2020.
 ADVANCED POLYMER SOLUTIONS
AUTOMOTIVE MANUFACTURING SHUTDOWNS DROVE VOLUME DECLINES

EBITDA ex. LCM

USD, millions
COMPOUNDING & SOLUTIONS
$120 $115 Volume declined due to automotive shutdowns
$102

$62 ADVANCED POLYMERS

Catalloy volume decreased due to reduced construction
$23
and automotive demand

INTEGRATION COSTS

$16 MM in 2Q20
2Q19 3Q19 4Q19 1Q20 Volume Margin Other 2Q20
EBITDA EBITDA ex. LCM

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 REFINING
REDUCED TRANSPORTATION FUEL DEMAND PRESSURED PROFITABILITY

EBITDA ex. LCM

USD, millions

CRUDE THROUGHPUT
$22
237 MBPD – impacted by reduced demand
$(6) $(14)

$(66) MARGIN
Coke and sulfur co-product prices maintained pricing
relative to crude; hedge gains

Maya 2-1-1 decreased by $3.95 to $13.27

$(80)
2Q19 3Q19 4Q19 1Q20 Volume Margin Other 2Q20
EBITDA EBITDA ex. LCM

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 TECHNOLOGY
INCREASED LICENSING REVENUE AND STRONG CATALYST SALES

EBITDA
USD, millions

$138

LICENSING
$112
$107
Increased number of revenue milestones

$83

CATALYST
$56
Volumes increased driven by stocking early in
the pandemic

2Q19 3Q19 4Q19 1Q20 2Q20

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 SECOND QUARTER 2020 SUMMARY & OUTLOOK
RESILIENT PORTFOLIO PERFORMING WELL DURING CHALLENGING MARKET CONDITIONS

LEADING DISCIPLINED IMPROVING PROACTIVE

ADVANTAGED FINANCIAL OUTLOOK BUSINESS
POSITIONS STRATEGY RESPONSES

Reliable, cost efficient operator Efficient cash generation Increasing fuel, automotive and Prioritizing liquidity
durables market demand
Commercial agility Committed to strong Reducing CAPEX
investment grade rating Strong polymer demand from
Resilient portfolio packaging and healthcare markets Aggressively managing
Secure dividend inventories

Maximizing free cash flow

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