FIRST QUARTER 2023 EARNINGS

April 28, 2023

1
Creating solutions for everyday sustainable living
 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 of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. When used in this
presentation, the words “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Actual results could differ materially based on factors including,
but not limited to, market conditions, 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; our ability to successfully implement initiatives identified pursuant to our value enhancement
program and generate anticipated earnings; 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 manage costs; future financial and operating results; benefits and synergies of any proposed
transactions and our ability to align our assets with our core; legal and environmental proceedings; tax rulings, consequences or proceedings; technological developments, and our ability to develop new products and process technologies; our ability to meet our sustainability goals, including the ability to operate safely, increase production of
recycled and renewable-based polymers to meet our targets and forecasts, and reduce our emissions and achieve net zero emissions by the time set in our goals; our ability to procure energy from renewable sources; our ability to build a profitable Circular & Low Carbon Solutions business; the successful shut down and closure of the Houston
Refinery, including within the expected timeframe; our ability to successfully implement initiatives identified pursuant to our value enhancement program and generate anticipated earnings; 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 to repay 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” section of our Form 10-K for the year ended December 31, 2022, 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. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements
speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change, except as required by law.

This presentation contains time sensitive information that is accurate only as of the date hereof. Information contained in this release 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.

We report our financial results in accordance with U.S. generally accepted accounting principles, but believe that certain non-GAAP financial measures, such as EBITDA, and EBITDA, net income and diluted EPS exclusive of identified items provide useful supplemental information to investors regarding the underlying business trends and
performance of the company's ongoing operations and are useful for period-over-period comparisons of such operations. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP. We calculate EBITDA as income from continuing
operations plus interest expense (net), provision for (benefit from) income taxes, and depreciation and amortization. We also present EBITDA, net income and diluted EPS exclusive of identified items. Identified items include adjustments for “lower of cost or market" (“LCM”), impairment and refinery exit costs. LCM 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. 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, within the same fiscal year as the
charge, as market prices recover. Property, plant and equipment are recorded at historical costs. If it is determined that an asset or asset group’s undiscounted future cash flows will not be sufficient to recover the carrying amount, an impairment charge is recognized to write the asset down to its estimated fair value. Goodwill is tested for impairment
annually in the fourth quarter or whenever events or changes in circumstances indicate that the fair value of a reporting unit with goodwill is below its carrying amount. If it is determined that the carrying value of the reporting unit including goodwill exceeds its fair value, an impairment charge is recognized. In April 2022 we announced our decision to
cease operation of our Houston Refinery no later than the end of 2023. In connection with exiting the refinery business, we began to incur costs primarily consisting of accelerated lease amortization costs, personnel related costs, accretion of asset retirement obligations and depreciation of asset retirement cost.

Normalized EBITDA is EBITDA assuming portfolio normalizations including benefits associated with the following strategic initiatives: Grow & Upgrade the Core, Building a Profitable Circular & Low Carbon Solutions (“CLCS") Business and Step Up Performance & Culture. Portfolio normalizations reflect a 2022 year-end asset portfolio with 2013-
2022 historical average margins and operating rates.

Incremental normalized EBITDA related to CLCS cannot be reconciled to net income due to the inherent difficulty in quantifying certain amounts that are necessary for such reconciliation at the business unit level, including adjustments that could be made for interest expense (net), provision for (benefit from) income taxes and depreciation &
amortization, the amounts of which, based on historical experience, could be significant.

Free operating cash flow, free cash flow, net debt to EBITDA and cash conversion are measures commonly used by investors to evaluate liquidity. For purposes of this presentation, free operating cash flow means net cash provided by operating activities minus sustaining (maintenance and health, safety and environment) capital expenditures.
Free cash flow means net cash provided by operating activities minus capital expenditures. Net debt to EBIDA means total debt minus cash and cash equivalents, restricted cash and short-term investments divided by EBITDA excluding LCM and impairment. Cash conversion means net cash provided by operating activities divided by EBITDA
excluding LCM and impairment.
These measures 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. Reconciliations for our non-GAAP measures can be found on our website at www.LyondellBasell.com/investorrelations.

2
 SAFETY PERFORMANCE
OUR RESULTS DEMONSTRATE CONSISTENT LEADERSHIP IN SAFETY

Injuries per 200,000 hours worked

0.5

0.4

0.3

0.2

0.1

2019 2020 2021 2022 1Q23

LyondellBasell ACC Top Quartile

Sources: American Chemistry Council (ACC) and LyondellBasell. Note: Medium and large companies only.
Number of hours worked includes employees and contractors.
3
 ADVANCING OUR STRATEGY
FOCUSED AND SYNERGETIC MOVES THAT DELIVER A MORE PROFITABLE AND SUSTAINABLE GROWTH ENGINE

BUILD A PROFITABLE
GROW & STEP UP PERFORMANCE
CIRCULAR & LOW CARBON
UPGRADE THE CORE & CULTURE
SOLUTIONS BUSINESS
 Launched value enhancement program to unlock  Created new Circular & Low Carbon Solutions  Launched value enhancement program to expand
additional production business margins and capture long-term value

 Started up world’s largest propylene oxide plant  Established multiple arrangements and  Realigned management to drive accountability
partnerships to advance circularity and improve line of sight
 Strategic decision to exit refining business and
evaluating options to transform the facility to  Increased GHG emission reduction targets to  Launched customer and commercial excellence
support growth of our Circular & Low Carbon align with science-based guidance initiatives
Solutions business
 Achieved 70% of our target to procure at least  Embarked on Advanced Polymer Solutions
 Divested Australian polypropylene business and half of global electricity from renewable sources transformation
announced strategic review of EO&D by 2030

 Published 2022 Sustainability Report

4
 FIRST QUARTER 2023 HIGHLIGHTS
SOLID RESULTS DRIVEN BY MODERATE IMPROVEMENTS IN MARKET CONDITIONS

$0.5 B $1.44 $1.1 B $0.5 B

NET INCOME DILUTED EPS EBITDA CASH FROM
OPERATING ACTIVITIES

$0.8 B $2.50 $1.5 B $5.8 B

NET INCOME DILUTED EPS EBITDA LIQUIDITY
ex. Identified Items ex. Identified Items ex. Identified Items

12%
RETURN ON INVESTED CAPITAL

Notes: Identified items include adjustments for lower of cost or market (“LCM”), impairments and refinery exit costs. Return on invested capital means income from
5 continuing operations divided by two-year average of invested capital. We previously calculated return on invested capital as income from continuing operations,
adjusted for interest expense, net of tax and items affecting comparability between periods divided by a two-year average of invested capital adjusted for items
affecting comparability. The change was made to streamline reporting around this metric.
EXCELLENT CASH GENERATION
OUTSTANDING CASH GENERATION SUPPORTING STRONG BALANCE SHEET AND SHAREHOLDER RETURNS

Cash from Operating Activities

$5.1 B
CASH FROM OPERATING ACTIVITIES
USD, billions
1Q23 LTM
$8
7

$1.8 B
CASH AND CASH EQUIVALENTS
6
Balance as of March 31, 2023
5
4
1.7x
NET DEBT TO EBITDA
3 March 31, 2023

2
CASH CONVERSION
1
89% 1Q23 LTM

2018 2019 2020 2021 2022 1Q23 LTM

$3.5 B
RETURNED TO SHAREHOLDERS IN
Free Operating Cash Flow Sustaining CAPEX
DIVIDENDS AND SHARE REPURCHASES
1Q23 LTM

Note: Free operating cash flow is cash from operating activities minus sustaining (maintenance and HSE)
6 capital expenditures. Net debt to EBITDA is gross debt, net of cash and cash equivalents divided by
EBITDA excluding LCM and impairment. Cash conversion equals net cash provided by operating activities
divided by EBITDA excluding LCM and impairment.
 CASH GENERATION AND ALLOCATION
CONTINUED DISCIPLINE IN CAPITAL ALLOCATION

DELIVERING RESULTS USD, billions

$3
Generated ~$480 MM in cash from operating activities

GENERATING VALUE FOR SHAREHOLDERS

2 $2.2
Returned ~$460 MM to shareholders through
$1.8
dividends and share repurchases in 1Q23

Returned 107% of free cash flow to shareholders

1
over trailing 12 months

GROWING THROUGH INVESTMENT

Successfully started up the world’s largest propylene

1Q23 Cash from Dividends & CAPEX Other 1Q23 Ending
oxide plant Beginning Operating Share Balance
Balance Activities Repurchases

Note: Beginning and ending cash balances include cash and cash equivalents, restricted cash, and liquid investments. Free
7 cash flow is net cash provided by operating activities minus capital expenditures.
 1Q23 SEGMENT HIGHLIGHTS
MODERATE MARGIN AND VOLUME IMPROVEMENTS ACROSS MOST SEGMENTS

EBITDA Variance by Segment ex. Identified Items

USD, millions

$52 $14 $11 $1,452

$135
$225 $(7)

$157
$865

4Q22 O&P Americas O&P EAI I&D APS Refining Technology Other 1Q23

EBITDA EBITDA ex. Identified Items

8
 OLEFINS & POLYOLEFINS – AMERICAS
MODERATELY HIGHER OLEFINS MARGINS DUE TO LOWER FEEDSTOCK AND ENERGY COSTS; IMPROVED POLYETHYLENE DEMAND

EBITDA
USD, millions 1Q23 MARKET DYNAMICS
Moderately higher olefins margins due to lower feedstock and
energy costs
$939 $954 Higher polyethylene margins with improving U.S. sales prices
Lower polypropylene margins impacted by increased supply and
weak demand for durable goods
$588
$541 NEAR-TERM OUTLOOK
$384 Delays in new industry polyethylene capacity supporting margins

OUR ACTIONS
Aligning operating rates with seasonal demand
2Q23 estimated EBITDA impact from planned maintenance
1Q22 2Q22 3Q22 4Q22 Volume Margin Other 1Q23 increased to ~$110 MM
Signed long-term contract with Nexus Circular for advanced
EBITDA
recycled feedstock

Notes: ~$15 MM LIFO charges in 4Q22. Major planned maintenance estimated EBITDA impact is
9 the estimated lost production multiplied by forecast margins.
OLEFINS & POLYOLEFINS – EUROPE, ASIA & INTERNATIONAL
HIGHER UTILIZATION WITH RESTART OF LYONDELLBASELL’S CRACKER IN FRANCE

EBITDA ex. Identified Items

USD, millions
1Q23 MARKET DYNAMICS
Improved margins driven by lower energy costs

$255 Higher volumes from slightly better demand and

$214 utilization following significant destocking in 4Q22

$186 NEAR-TERM OUTLOOK

$77
European markets remain challenging

OUR ACTIONS
$(74) Aligning operating rates to match market demand
$(148) Co-investing with KIRKBI in APK, a solvent-based
recycling company
1Q22 2Q22 3Q22 4Q22 Volume Margin Other 1Q23 Advancing our regional hub strategy for recycled and
renewable-based polymers in Cologne
EBITDA EBITDA ex. Identified Items

10 Note: ~$55 MM LIFO charges in 4Q22

UNIQUELY POSITIONED TO LEAD IN SUSTAINABLE SOLUTIONS
OUR INTEGRATED HUB MODEL IN COLOGNE BUILDS SCALE, REDUCES COST AND CAPTURES VALUE FROM WASTE TO FINAL PRODUCT

Source One JV formed, QCP, Mepol acquisition2, Our strategic advantages in circular
EEW partnership1 APK APS sites
and low carbon solutions markets

✔ ✔  Product offerings for both PE and PP

 Integrated footprint in U.S. and EU

✔
 Mechanical and advanced recycling
Mechanical Compounding footprint
Mixed waste
recycling plant
plastics
 Liquid naphtha crackers capable of
Advanced
processing advanced recycling and
sorting plant
renewable feedstocks

Advanced Post-treatment Cracker

 Compounding capability to upgrade
✔
recycling facility mechanical recycling product portfolio
 Semi-commercial plant ✔
running in Ferrara plant ✔
 MoReTec 50 KTA
mechanical completion

~195,000 Tons
Renewable feedstock LyondellBasell
by end of 2025 cracker and polymer
 Third-party pyrolysis oil sites in Cologne
offtakes in place
of recycled and renewable-
based polymers sold by
11
LyondellBasell since 2019
1. Signed letter of intent (LOI) with EEW Energy from Waste
2. Entered into definitive agreement to acquire Mepol Group
 INTERMEDIATES & DERIVATIVES
INCREASED OXYFUELS MARGINS AND HIGHER VOLUMES ACROSS MOST BUSINESSES

EBITDA
USD, millions
1Q23 MARKET DYNAMICS
$675
Oxyfuels margins remained well above seasonal averages
Increased volumes with higher propylene oxide utilization
$546
Continued weak demand for durable goods led to lower PO&D
$426 margins
$360
$291 NEAR-TERM OUTLOOK
New PO/TBA volume largely offset by planned maintenance at
three existing propylene oxide assets in 2023

OUR ACTIONS

1Q22 2Q22 3Q22 4Q22 Volume Margin Other 1Q23 Operating rates in line with demand
Successfully started up the world’s largest propylene oxide plant
EBITDA

12 Note: ~$25 MM LIFO charges in 4Q22

.
 REFINING
CONTINUED STRENGTH IN REFINING CRACK SPREADS DRIVEN BY LOW SUPPLY AND STABLE DEMAND

EBITDA ex. Identified Items

USD, millions
1Q23 MARKET DYNAMICS
Maya 2-1-1 crack spread remained stable at $49/bbl
$418
Low fuels inventories due to U.S. Gulf Coast weather
event and heavy maintenance across the industry
$322 $315
$249
NEAR-TERM OUTLOOK
$106
$190 $249 $246 Targeting ~95% utilization rate in 2Q23
$148 Moderating Maya 2-1-1 spread

$106 OUR ACTIONS

$(474)
Maintain safe operations and maximize utilization

1Q22 2Q22 3Q22 4Q22 Volume Margin 1Q23 Evaluating options to transform facility to support growth
of our Circular & Low Carbon Solutions business
EBITDA EBITDA ex. Identified Items

13 Note: ~$40 MM LIFO benefits in 4Q22

 ADVANCED POLYMER SOLUTIONS
MODERATELY HIGHER MARGINS AND VOLUMES

EBITDA ex. Identified Items

USD, millions
1Q23 MARKET DYNAMICS

$71 Higher margins for polypropylene compounds

$42 capturing raw material price increases
$28 $26
Slightly better demand across all businesses

$(26) NEAR-TERM OUTLOOK

Continued moderate improvement in demand

OUR ACTIONS
Increasing customer centricity to maximize value
$(226) Sharpening focus by moving Catalloy and polybutene-1
into O&P Americas and O&P EAI segments
1Q22 2Q22 3Q22 4Q22 Volume Margin 1Q23 Signed agreement to acquire Mepol, a manufacturer of
recycled high-performance compounds
EBITDA EBITDA ex. Identified Items

14 Note: ~$20 MM LIFO charges in 4Q22

 TECHNOLOGY
STABLE CATALYST VOLUMES AND LOWER LICENSING REVENUE

EBITDA 1Q23 MARKET DYNAMICS

USD, millions Stable catalyst volumes reflect continued low
operating rates across polyolefins industry
Slower licensing activity

$112
$103 NEAR-TERM OUTLOOK
$92
Higher licensing revenue after slow 1Q23
$73
$59 Steady catalyst demand

OUR ACTIONS
Continuing engineering on our first commercial
advanced recycling plant utilizing LyondellBasell's
1Q22 2Q22 3Q22 4Q22 1Q23 proprietary MoReTec technology

15 Note: ~$15 MM LIFO charges in 4Q22

 ADVANCING OUR STRATEGY
DELIVERING A MORE PROFITABLE AND SUSTAINBLE GROWTH ENGINE

RESILIENT MARKET ADVANCING STRATEGY

RESULTS OUTLOOK SUSTAINABILITY EXECUTION
Exceptional safety performance Modest seasonal demand Signed contract with Nexus Circular Growing and upgrading our core to
improvements for advanced recycled feedstock leverage strengths, support growth,
Moderately improving market increase resiliency and
Signed letter of intent with EEW
environment Delays in North American drive higher returns
Energy from Waste to collect and
polyethylene capacity additions
sort plastic waste
Continued strength in oxyfuels Building a profitable Circular & Low
and refining margins Aligning our operating rates to Signed 5 additional renewable Carbon Solutions business at scale
match market demand power purchase agreements to meet rapidly growing demand for
Focused on cash generation, sustainable solutions
Signed agreement to acquire
capital discipline and high returns Watchful for improving economic
Mepol, a manufacturer of recycled
for shareholders activity in China during 2H23 Unlocking significant value across
high-performance compounds
the portfolio by stepping up
performance and culture

16