lyb-20220429
0001489393False00014893932022-04-292022-04-290001489393country:GB2022-04-292022-04-290001489393country:NL2022-04-292022-04-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 ____________________________________________
FORM 8-K
____________________________________________ 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 29, 2022
____________________________________________ 
LYONDELLBASELL INDUSTRIES N.V.
(Exact Name of Registrant as Specified in Charter) 
 ____________________________________________ 
Netherlands001-3472698-0646235
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
1221 McKinney St.,
4th Floor, One Vine Street
Suite 300LondonDelftseplein 27E
Houston, Texas
W1J0AH3013AARotterdam
USA77010United KingdomNetherlands
(Addresses of principal executive offices) 
(713)309-7200+44 (0)207220 2600+31 (0)102755 500
(Registrant’s telephone numbers, including area codes) 
(Former Name or Former Address, if Changed Since Last Report)
_____________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of Each ClassTrading SymbolName of Each Exchange On Which Registered
Ordinary Shares, €0.04 Par ValueLYBNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐



Item 2.02.    Results of Operations and Financial Conditions.
On April 29, 2022, LyondellBasell Industries N.V. announced earnings results for the quarter ended March 31, 2022 and provided a supplemental discussion of segment results. Copies of our earnings release and segment results are attached as Exhibit 99.1 and 99.2 respectively, and are incorporated into this Item 2.02 by reference.
The information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 furnished herewith, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and will not be incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.


Item 9.01.     Financial Statements and Exhibits.
(d) Exhibits
Exhibit NumberDescription
99.1
99.2
104The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
  LYONDELLBASELL INDUSTRIES N.V.
Date: April 29, 2022 By:/s/ Jeffrey A. Kaplan
  Jeffrey A. Kaplan
  Executive Vice President
and Chief Legal Officer







NEWS RELEASE

FOR IMMEDIATE RELEASE
HOUSTON and LONDON, April 29, 2022

LyondellBasell Reports First Quarter 2022 Earnings

First Quarter 2022 Highlights
•Net Income: $1.3 billion
•Diluted earnings per share: $4.00
•EBITDA: $2.0 billion; strongest first quarter since 2015 and record first quarter for I&D segment    
•Robust cash from operating activities: $1.5 billion
•Returned $0.6 billion to shareholders through dividends and share repurchases

Subsequent Events
•Published 5th Annual Sustainability Report detailing our “Future Focused” path to 2030
•Announced plans to exit refining business by the end of 2023

Comparisons with the prior quarter and first quarter 2021 are available in the following table:
Table 1 - Earnings Summary
Millions of U.S. dollars (except share data)Three Months Ended
March 31,
2022		December 31,
2021		March 31,
2021
Sales and other operating revenues$13,157$12,830$9,082
Net income1,3207261,070
Diluted earnings per share4.002.183.18
Weighted average diluted share count329332334
EBITDA (a)
2,0201,3951,585

Excluding LCM and Impairment (a)
Net income $1,320$1,207$1,070
Diluted earnings per share4.003.633.18
Impairments, pre-tax—624—
EBITDA2,0202,0191,585

(a) See “Information Related to Financial Measures” for a discussion of the Company’s use of EBITDA and EBITDA excluding LCM and Impairment and Table 2 for reconciliations of net income to those measures. Impairment is related to charges incurred in the Refining segment.
1

LyondellBasell Industries (NYSE: LYB) today announced net income for the first quarter 2022 of $1.3 billion, or $4.00 per share. First quarter 2022 EBITDA was $2.0 billion.

“LyondellBasell's results reflect robust demand across our portfolio and exceptionally strong first quarter margins from our Intermediates & Derivatives segment,” said Ken Lane, LyondellBasell Interim Chief Executive Officer.

“Our team reversed fourth quarter trends and achieved price increases for polyethylene and polypropylene during the first quarter while rapidly rising feedstock and energy costs compressed olefins and polyolefins margins in the Americas. European demand for polymers remained solid despite ongoing challenges from the war in Ukraine. Excluding planned maintenance, we operated our European ethylene crackers at 85 percent of capacity during the quarter. We restarted our ethylene cracker in La Porte, Texas ahead of schedule in March after completing a major planned maintenance turnaround. In our oxyfuels and refining businesses, increasing demand for transportation fuels and higher prices for gasoline and diesel drove exceptional first quarter profitability. Advanced Polymer Solutions profitability increased due to higher volumes and margins as automotive demand improved from the fourth quarter.”

“Our business continued to generate substantial cash during the quarter with $1.5 billion in cash from operating activities. We maintained our disciplined and balanced approach to capital allocation. We reinvested more than $400 million of capital in the business and delivered nearly $600 million to shareholders through our quarterly dividend and the repurchase of 2.1 million shares.”

“In April, we published our Annual Sustainability Report and reaffirmed our commitments to help address the global challenges of climate change and plastic waste. We are focused on our ambitious target of producing 2 million tons of recycled and renewable-based polymers annually by 2030 and developing scalable business platforms to drive our success. We launched several collaborations around our Circulen products to develop paint containers for Nippon Paint, cosmetic packaging for L'Occitane and cups for Wendy's and McDonald's. LyondellBasell is moving forward on our strategy to deliver sustainable value for customers and shareholders over the coming years,” Lane said.

OUTLOOK
“We expect typical improvements in summer seasonal demand will extend market strength for LyondellBasell's products as the global economy continues to navigate geopolitical uncertainty and volatile costs for energy and feedstocks. Outside of China, we anticipate benefits from continued demand for consumer packaging, improving volumes for automotive polymer compounds, seasonal demand for durable goods used in building and construction markets, as well as strong markets for our oxyfuels products. We forecast a favorable outlook for our refining segment as we work toward exiting the business by the end of next year. In the second quarter, LyondellBasell's margins are likely to improve as the prices for our products catch up with increased feedstock and energy costs. Additionally, we expect reductions in European and Asian industry operating rates driven by maintenance downtime in Europe and unsustainable production economics in China to tighten market supply over the coming months. We continue monitoring risks on supply chains and inflation.”

“LyondellBasell's step change in earnings and cash flow is based on robust markets and the growth in our asset base since 2018. With our well-positioned asset portfolio, we expect cash generation will continue to provide significant returns for shareholders. LyondellBasell is making prudent investments and collaborating with industry leaders, brand owners and communities to reduce CO2 emissions and leading on the development of circular plastics.”

“Finally, we look forward to Peter Vanacker extending our rich legacy of leadership in safety, operational excellence, innovation and capital discipline as he joins LyondellBasell as our next CEO on May 23rd,” said Lane.
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CONFERENCE CALL
LyondellBasell will host a conference call April 29 at 11 a.m. EDT. Participants on the call will include Interim Chief Executive Officer and Executive Vice President Ken Lane, Executive Vice President and Chief Financial Officer Michael McMurray and David Kinney, Head of Investor Relations. For event access, the toll-free dial-in number is 1-877-407-8029, international dial-in number is 201-689-8029 or click the CallMe link. The slides and webcast that accompany the call will be available at www.LyondellBasell.com/earnings. A replay of the call will be available from 1:00 p.m. EDT April 29 until May 29. The replay toll-free dial-in numbers are 1-877-660-6853 and 201-612-7415. The access ID for each is 13727006.

ABOUT LYONDELLBASELL
As a leader in the global chemical industry, LyondellBasell (NYSE: LYB) strives every day to be the safest, best operated and most valued company in our industry. The company's products, materials and technologies are advancing sustainable solutions for food safety, access to clean water, healthcare and fuel efficiency in more than 100 international markets. LyondellBasell places high priority on diversity, equity and inclusion and is Advancing Good with an emphasis on our planet, the communities where we operate and our future workforce. The company takes great pride in its world-class technology and customer focus. LyondellBasell has stepped up its circularity and climate ambitions and actions to address the global challenges of plastic waste and decarbonization. In 2022, LyondellBasell was named as one of FORTUNE Magazine's “World's Most Admired Companies” for the fifth consecutive year. For more information, please visit www.LyondellBasell.com or follow @LyondellBasell on LinkedIn.

FORWARD-LOOKING STATEMENTS
The statements in this release 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; uncertainties and impacts related to the extent and duration of the pandemic; 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; our ability to identify, evaluate and complete any strategic alternative related to the refinery; 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, and reduce our emissions and achieve net zero emissions by the time set in our respective goals; our ability to procure energy from renewable sources; the successful shut down and closure of the Houston Refinery, including within the expected timeframe; 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
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ended December 31, 2021, 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.

INFORMATION RELATED TO FINANCIAL MEASURES
This release 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, net income and diluted EPS exclusive of adjustment for "lower of cost or market" ("LCM") and impairment 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. 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, net income and diluted EPS exclusive of adjustments for LCM and Impairment. 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.

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. This release contains time sensitive information that is accurate only as of the time hereof. Information contained in this release is unaudited and subject to change.

LyondellBasell undertakes no obligation to update the information presented herein except to the extent required by law.

4

Additional operating and financial information may be found on our website at www.LyondellBasell.com/investorrelations. 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.

###
Source: LyondellBasell Industries

Media Contact: Kimberly Windon +1 713-309-7575
Investor Contact: David Kinney +1 713-309-7141

Table 2 - Reconciliation of Net Income to EBITDA, including and excluding LCM and Impairment
Three Months Ended
Millions of U.S. dollarsMarch 31, 2022December 31, 2021March 31, 2021
Net income $1,320 $726 $1,070 
add: Impairments, after-tax— 481 — 
Net income excluding impairment1,320 1,207 1,070 
less: Impairments, after-tax— (481)— 
Net income1,320 726 1,070 
Loss from discontinued operations, net of tax1 5 2 
Income from continuing operations1,321 731 1,072 
     Provision for income taxes316 135 70 
     Depreciation and amortization311 377 335 
     Interest expense, net72 152 108 
add: Impairments, pre-tax— 624 — 
EBITDA excluding impairment 2,020 2,019 1,585 
less: Impairments, pre-tax— (624)— 
EBITDA$2,020 $1,395 $1,585 

Table 3 - Reconciliation of Diluted EPS to Diluted EPS Excluding LCM and Impairment
Three Months Ended
March 31,
2022		December 31,
2021		March 31,
2021
Diluted earnings per share $4.00 $2.18 $3.18 
Add:
Impairments— 1.45 — 
Diluted earnings per share excluding impairment $4.00 $3.63 $3.18 
5

LYONDELLBASELL BUSINESS RESULTS DISCUSSION BY REPORTING SEGMENT
LyondellBasell manages operations through six operating segments: 1) Olefins and Polyolefins - Americas; 2) Olefins and Polyolefins - Europe, Asia and International; 3) Intermediates and Derivatives; 4) Advanced Polymer Solutions; 5) Refining; and 6) Technology.

This information should be read in conjunction with our Earnings Release for the period ended March 31, 2022, including the forward-looking statements and information related to financial measures.

Olefins & Polyolefins - Americas (O&P-Americas) - Our O&P-Americas segment produces and markets Olefins & Co-products, polyethylene and polypropylene.

Table 1 - O&P-Americas Financial Overview
Millions of U.S. dollars Three Months Ended
March 31,
2022		December 31,
2021		March 31,
2021
Operating income$728$1,067$687
EBITDA911 1,262 867 

Three months ended March 31, 2022 versus three months ended December 31, 2021 - EBITDA decreased $351 million versus the fourth quarter 2021. Compared to the prior period, olefins results decreased approximately $170 million with lower margins due to higher feedstock costs and lower co-product prices. We operated our ethylene crackers at 82 percent of capacity with the raw materials being about 70 percent ethane and 20 percent other natural gas liquids. Combined polyolefins results decreased approximately $185 million driven by lower spreads, resulting from lower product prices and higher monomer costs.

Three months ended March 31, 2022 versus three months ended March 31, 2021 - EBITDA increased $44 million versus the first quarter 2021. Olefins results decreased approximately $135 million driven by lower margins partially offset by higher volumes. Margins decreased due to higher feedstock and energy costs and lower ethylene sales price. Ethylene volumes increased as driven by strong derivative demand. Combined polyolefin results increased approximately $175 million due to higher polyolefins spreads with increasing product prices and lower monomer costs.

1

Olefins & Polyolefins - Europe, Asia, International (O&P-EAI) - Our O&P-EAI segment produces and markets Olefins and Co-products, polyethylene and polypropylene.

Table 2 - O&P-EAI Financial Overview
Millions of U.S. dollars Three Months Ended
March 31,
2022		December 31,
2021		March 31,
2021
Operating income$138$57$259
EBITDA188155412

Three months ended March 31, 2022 versus three months ended December 31, 2021 - EBITDA increased $33 million versus the fourth quarter 2021. Fourth quarter 2021 results were impacted by LIFO inventory valuation charges of approximately $30 million. Compared to the prior period, olefins results increased approximately $25 million due to higher margins. Margins increased driven by higher monomer prices, partially offset by rising feedstock and energy costs. We operated the ethylene crackers at 74 percent of capacity, 85 percent excluding planned maintenance, driven by feedstock supply disruptions resulting from the war in Ukraine. Approximately 35 percent of the raw materials were derived from non-naphtha feedstocks. Combined polyolefins results increased about $35 million compared to the prior period as higher spreads and volumes were partially offset by increased energy and monomer costs. Joint venture equity income decreased approximately $50 million due to weak demand and low prices in Asia.

Three months ended March 31, 2022 versus three months ended March 31, 2021 - EBITDA decreased $224 million versus the first quarter 2021. First quarter 2022 results decreased approximately $15 million due to a decrease in the euro versus the U.S. dollar exchange rate relative to the first quarter 2021. Olefins results decreased approximately $105 million driven by lower margins and volumes. Ethylene margins decreased primarily due to higher feedstock and energy costs, partially offset by higher co-product and ethylene prices. Combined polyolefins results decreased about $5 million primarily due to lower volumes driven by the planned cracker maintenance and lower seasonal demand. Joint venture equity income decreased approximately $95 million due to lower spreads.

Intermediates & Derivatives (I&D) - Our I&D segment produces and markets Propylene Oxide & Derivatives, Oxyfuels & Related Products and Intermediate Chemicals, such as styrene monomer, acetyls, ethylene oxide and ethylene glycol.

Table 3 - I&D Financial Overview
Millions of U.S. dollars Three Months Ended
March 31,
2022		December 31,
2021		March 31,
2021
Operating income$468$139$88
EBITDA546252182

2

Three months ended March 31, 2022 versus three months ended December 31, 2021 - EBITDA increased $294 million compared to the fourth quarter 2021 resulting in a first quarter record for the I&D segment. Fourth quarter 2021 results were impacted by LIFO inventory valuation charges of approximately $95 million. Compared to the prior period, Propylene Oxide & Derivatives results increased $50 million due to higher butanediol margins and solid durable goods demand. Intermediate Chemicals results increased $30 million due to improved styrene and acetyls margins driven by tight industry supply and improved operations. Oxyfuels & Related Products results increased more than $125 million due to margin expansion driven by high gasoline prices and improving butane to crude ratio.

Three months ended March 31, 2022 versus three months ended March 31, 2021 - EBITDA increased $364 million versus the first quarter 2021. First quarter 2022 results decreased approximately $10 million due to a decrease in the euro versus the U.S. dollar exchange rate relative to the first quarter 2021. Compared to the prior period, Propylene Oxide & Derivatives results increased approximately $205 million due to solid demand and tight markets driving higher margins and volumes. Intermediate Chemicals results increased $130 million driven by tight market supply and higher demand, partially offset by increased energy and feedstock costs. Oxyfuels & Related Products results increased $75 million driven by higher demand and gasoline prices. Joint venture equity income decreased approximately $20 million due to reduced margins and commissioning costs associated with the new Asia propylene oxide joint venture.

Advanced Polymer Solutions (APS) - Our Advanced Polymer Solutions segment produces and markets in two lines of business: Compounding & Solutions and Advanced Polymers. Compounding & Solutions includes polypropylene compounds, engineered plastics, masterbatches, engineered composites, colors and powders. Advanced Polymers consists of Catalloy and polybutene-1.

Table 4 - Advanced Polymer Solutions Financial Overview
Millions of U.S. dollars Three Months Ended
March 31,
2022		December 31,
2021		March 31,
2021
Operating income (loss)$88$(13)$104
EBITDA12524135

Three months ended March 31, 2022 versus three months ended December 31, 2021 - EBITDA increased $101 million versus the fourth quarter 2021. Fourth quarter 2021 results were impacted by LIFO inventory valuation charges of approximately $55 million. Compared with the prior period, Compounding & Solutions results increased $40 million due to higher volumes and margins. Volumes increased with improved demand from automotive manufacturers. Margins increased with higher product prices exceeding rising raw material and energy costs. Advanced Polymers results increased $10 million driven by improved volumes and margins due to seasonal demand and higher product prices.

Three months ended March 31, 2022 versus three months ended March 31, 2021 - EBITDA decreased $10 million compared to the first quarter 2021. First quarter 2022 results decreased approximately $10 million due to a decrease in the euro versus the U.S. dollar exchange rate relative to the first quarter 2021. Compared with the prior period, Compounding & Solutions results decreased approximately $20 million with lower volumes driven by constrained production in automotive, appliance and other end markets as a result of semiconductor shortages. Advanced Polymers results increased about $10 million due to margin increases primarily driven by improved spreads over propylene with higher product prices.
3

Refining - Our Refining segment produces and markets gasoline and distillates, including diesel fuel, heating oil and jet fuel.

Table 5 - Refining Financial Overview
Millions of U.S. dollars Three Months Ended
March 31,
2022		December 31,
2021		March 31,
2021
Operating income (loss)$148$(496)$(130)
EBITDA148(474)(110)
Impairments, pre-tax—624—
EBITDA excluding impairment148150(110)

Three months ended March 31, 2022 versus three months ended December 31, 2021 - EBITDA decreased $2 million versus the fourth quarter 2021, excluding an impairment of $624 million in the fourth quarter 2021. Fourth quarter 2021 results included a LIFO inventory valuation benefit of approximately $50 million. Margin improved driven by an increase in the Maya 2-1-1 industry benchmark crack spread of $7.24 per barrel to $30.82 per barrel, partially offset by lower prices for by-products. The Houston Refinery operated at 255,000 barrels per day, 11,000 barrels per day lower than prior period due to unplanned maintenance.

Three months ended March 31, 2022 versus three months ended March 31, 2021 - EBITDA increased $258 million versus the first quarter 2021. Margin increased driven by an increase in the Maya 2-1-1 industry benchmark crack spread of $15.5 per barrel, partially offset by higher renewable identification number credits cost. Crude throughput increased by 103,000 barrels per day due to strong demand for refined products.

Technology - Our Technology segment develops and licenses chemical and polyolefin process technologies and manufactures and sells polyolefin catalysts.

Table 6 - Technology Financial Overview
Millions of U.S. dollars Three Months Ended
March 31,
2022		December 31,
2021		March 31,
2021
Operating income$93$163$82
EBITDA10317394

Three months ended March 31, 2022 versus three months ended December 31, 2021 - EBITDA decreased $70 million compared to the prior period after record fourth quarter with lower licensing revenue, partially offset by first quarter improvements in catalyst margin and volume.

Three months ended March 31, 2022 versus three months ended March 31, 2021 - EBITDA increased $9 million, versus the first quarter 2021, driven by higher catalyst volume, partially offset by lower catalyst margin due to unfavorable euro versus the U.S. dollar exchange rate.

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Capital Spending and Cash Balances
Capital expenditures, including growth projects, maintenance turnarounds, catalyst and information technology-related expenditures, were $446 million during the first quarter 2022. Our cash and liquid investment balance was $1.8 billion, which includes cash and cash equivalents, restricted cash and short-term investments. We repurchased 2.1 million shares during the first quarter. There were 328 million common shares outstanding as of March 31, 2022. The company paid dividends of $371 million during the first quarter 2022.

Table 7 - Reconciliation of EBITDA to EBITDA Excluding LCM and Impairment by Segment
Three Months Ended
Millions of U.S. dollarsMarch 31, 2022December 31, 2021March 31, 2021
EBITDA:
Olefins & Polyolefins - Americas$911 $1,262 $867 
Olefins & Polyolefins - EAI188 155 412 
Intermediates & Derivatives546 252 182 
Advanced Polymer Solutions125 24 135 
Refining148 (474)(110)
Technology103 173 94 
Other(1)3 5 
Continuing Operations$2,020 $1,395 $1,585 
Add: Impairments, pre-tax:
Refining$— $624 $— 
EBITDA excluding impairment:
Olefins & Polyolefins - Americas$911 $1,262 $867 
Olefins & Polyolefins - EAI188 155 412 
Intermediates & Derivatives546 252 182 
Advanced Polymer Solutions125 24 135 
Refining148 150 (110)
Technology103 173 94 
Other(1)3 5 
Continuing Operations$2,020 $2,019 $1,585 
5