LyondellBasell to exit refining, shut Houston Refinery by end of 2023; charges up to $870M

LyondellBasell Industries N.V.

Plan to cease Houston Refinery (268k bpd capacity) operations no later than Dec 31, 2023.
Expected total charges: $300–400M lease amortization, $150–250M decommissioning, $80–120M personnel, $50–100M other.
Charges will be recognized over time into 2024; actual timing and costs may differ materially.
Company will continue serving fuels market near-term and consider alternatives for the site.
Decision advances decarbonization goals and provides options for circularity strategy.

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