LyondellBasell has announced that its Supervisory Board has authorized the company's Management Board to declare a dividend of $0.90 per share, representing a 5.9 percent increase over the company's first quarter 2017 dividend.
The interim dividend will be paid June 12, 2017 to shareholders of record June 5, 2017, with an ex-dividend date of June 1, 2017.
"This dividend increase represents the eighth increase since we began paying dividends in 2011," said Bob Patel, LyondellBasell CEO.
"The increase announced today reflects our commitment to provide strong returns to our shareholders and the confidence we have in our ability to consistently generate strong cash flows through market cycles."
The company also announced that at its Annual General Meeting on May 24, 2017, shareholders approved a new share repurchase program authorizing the company to repurchase up to 10 percent 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.
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 401 million shares outstanding as of May 22, 2017.
LyondellBasell is one of the world's largest plastics, chemicals and refining companies and a member of the S&P 500 Index.
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.
