Wednesday, May 24, 2023

Dividend Increase - LyondellBasell Industries N.V. (LYB)


Friday, May 19th the Board of Directors of LyondellBasell Industries N.V. (LYB) announced a quarterly dividend increase of from $1.19 to $1.25 per share that’s payable June 6, 2023 to holders of record May 30, 2023. This represents a 5.04% increase over the last quarter dividend.

"2023 marks our 13th consecutive year of annual dividend growth. Our increasing dividend demonstrates our ongoing commitment to deliver strong returns for LyondellBasell shareholders. It is also aligned with our long-term target of returning 70 percent of free cash flow to shareholders that we shared at our Capital Markets Day," said Peter Vanacker, CEO of LyondellBasell. "We will continue our balanced approach to capital deployment as we establish our leadership in creating solutions for everyday sustainable living."

With current price $90.84 (today's open), this raise brings their dividend yield to 5.50%.

LyondellBasell is a Dividend Contenders with a 13 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 5.9, 4.2, 5.8 and 12.5 (Dividend Champions.xls)

Since I own 60 shares of LYB, this will increase my portfolio's projected annual net dividend income by $10.73.

This increase was slightly higher than my expectations and I am happy to take it.

This is the first dividend increase I've received from LyondellBasell Industries N.V. since initiating a position in July 2022.

This increase raises my YOC to 5.84%.

Summary of 2023 Dividend Increases / Cuts

Click here to see my portfolio holdings.

You can follow the development of my dividends here.

Full Disclosure: Long LYB

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