LyondellBasell announced that its Supervisory Board has authorized the company's Management Board to declare an interim dividend of $0.70 per share, representing an increase of 17% to the company's first quarter 2014 interim dividend. The interim dividend will be paid May 12, 2014 to shareholders of record April 28, 2014, with an ex-dividend date of April 24, 2014.
The company also announced that at its Annual General Meeting on April 16, 2014, shareholders approved a proposal to authorize the company to repurchase up to an additional 10% of the company's outstanding shares over the next 18 months. The repurchases will be executed from time to time through open market or privately negotiated transactions.
"The company has already repurchased approximately 46 million shares to date and expects to have repurchased the entire 10% of the original authority given by shareholders in 2013 by the end of May 2014. This new share repurchase program and the increase in the regular interim dividend is reflective of our outlook, capital growth program, strong free cash flow profile and our commitment to returning cash directly to our shareholders via share repurchases and dividends," said Chief Executive Officer Jim Gallogly.
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 530 million shares outstanding as of April 15, 2014.
