HOUSTON and LONDON, May 13, 2016 /PRNewswire/ -- LyondellBasell (NYSE: LYB) today announced that its Supervisory Board has authorized the company's Management Board to declare an interim dividend of $0.85 per share, representing a nine percent increase from the company's first quarter 2016 dividend. The interim dividend will be paid June 7, 2016 to shareholders of record May 24, 2016, with an ex-dividend date of May 20, 2016.
The company also announced that at its Annual General Meeting on May 11, 2016, shareholders approved a new share repurchase program authorizing the company to repurchase up to 10% of the company's shares over the next 18 months. The repurchases will be executed from time to time through open market or privately negotiated transactions.
"Because of our disciplined approach we have returned more than $21.6 billion to our shareholders through dividend payments and share repurchases over the past five years," said Bob Patel, LyondellBasell CEO and chairman of the management board. "Our increased dividend and new share repurchase program demonstrate our focused commitment to return value to our shareholders."
LyondellBasell is in the top quintile of the Standard & Poor's 500 index for dividend yield.
The amount and timing of future share repurchases and dividends will depend on, and be subject to, market conditions, general economic conditions, applicable legal requirements and other corporate considerations. The share repurchase program and dividend policy may be suspended or discontinued at any time. This share repurchase program does not obligate LyondellBasell to acquire any particular amount of shares. LyondellBasell had approximately 426 million shares outstanding as of May 11, 2016.
This press release contains forward-looking statements. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ from forward-looking statements include, but are not limited to, availability, cost and price volatility of raw materials and utilities; supply/demand balances; industry production capacities and operating rates; uncertainties associated with worldwide economies; legal, tax and environmental proceedings; cyclical nature of the chemical and refining industries; operating interruptions; current and potential governmental regulatory actions; terrorist acts; international political unrest; competitive products and pricing; technological developments; the ability to comply with the terms of our credit facilities and other financing arrangements; the ability to implement business strategies; and other factors affecting our business generally as set forth in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2015, 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.
LyondellBasell (NYSE: LYB) is one of the world's largest plastics, chemical and refining companies and a member of the S&P 500. LyondellBasell (www.lyb.com) manufactures products at 57 sites in 18 countries. LyondellBasell products and technologies are used to make items that improve the quality of life for people around the world including packaging, electronics, automotive parts, home furnishings, construction materials and biofuels.