Exhibit 99.1

		NEWS RELEASE

ROTTERDAM, The Netherlands, May 2, 2011

LyondellBasell Reports First-Quarter 2011 Results
Margin Expansion Drives Strong Results

First-Quarter 2011 Highlights

	•		Net income of $660 million; Diluted earnings per share of $1.15
	•		Quarterly EBITDA of $1,402 million; 84 percent increase from fourth quarter 2010, 119 percent increase from first quarter 2010
	•		Sales of $12.3 billion, a 15 percent increase from fourth quarter 2010
	•		Margin expansion in global Olefins & Polyolefins, U.S. Refining, and Oxyfuels businesses
	•		Significant dividend from Saudi Arabian joint venture

     LyondellBasell Industries (NYSE: LYB) today announced net income for the first quarter 2011 of $660 million, or $1.15 per share. First-quarter 2011 EBITDA was $1,402 million, an 84 percent increase from the fourth quarter 2010 figure which excludes a $323 million lower of cost or market (LCM) inventory adjustment. Sales in the first quarter were $12,252 million, an increase of 15 percent from the prior quarter.

     Comparisons with the prior quarter and first quarter 2010 are available in the following table.

Table 1 — Earnings Summary ^(a)

		Three months ended
		Mar. 31,				Dec. 31,				Mar. 31,
Millions of U.S. dollars (except share data)		2011				2010				2010
Sales and other operating revenues		$	12,252			$	10,610			$	9,755
Net income(b)			660				766				8
Diluted earnings per share (U.S. dollars)			1.15				1.34			NA
Diluted share count (millions)			569				566			NA
EBITDA (c)			1,402				1,085				640
EBITDA excluding 2010 LCM inventory valuation adjustments			1,402				762				640

     During the first quarter 2011, results improved across all business segments. Most notable were improvements in global Olefins & Polyolefins and the Refining & Oxyfuels segment as increased margins were realized in spite of significant crude oil price increases during the quarter.

LyondellBasell Industries
www.lyondellbasell.com

     In addition, results reflect the following:

Table 2 — Charges (Benefits) Included in Net Income

		Three months ended
		Mar. 31,				Dec. 31,				Mar. 31,
Millions of U.S. dollars (except share data)		2011				2010				2010
Pretax charges (benefits):
Charge/(benefit) — Reorganization items		$	2			$	2			$	(207	)
LCM inventory valuation adjustments			—				(323	)			—
Warrants — mark to market			59				55				—
Impairments			5				28				3
Premiums and charges on early repayment of debt			—				27				—
Gain on sale of Flavors & Fragrances business			—				(64	)			—
Insurance settlement			(34	)			—				—
Provision for (benefit from) income tax related to these items			11				124				71
After-tax effect of net charges (credits)			43				(151	)			(133	)
Effect on diluted earnings per share			(0.08	)		$	0.27			NA

     “During the first quarter, we again demonstrated the earnings potential of our company as margins increased in nearly all businesses compared to the fourth quarter 2010 despite significant raw material pricing pressures,” said LyondellBasell Chief Executive Officer Jim Gallogly. “Our EBITDA of $1.4 billion reflects solid operations, an improved cost structure and improving markets, particularly in the U.S.,” Gallogly continued.

     “In U.S. olefins operations, we continued to optimize plant operations to take advantage of low-cost ethane while in European olefins we saw a recovery of margins from depressed fourth quarter levels. We received an $82 million dividend from one of our Saudi Arabian joint ventures during the quarter. Our Intermediates & Derivatives segment delivered record quarterly results as higher propylene prices were largely passed through,” said Gallogly. “In our Refining & Oxyfuels segment, we completed a major turnaround at our Houston refinery fluid catalytic cracker, and we are realizing the benefits of the upgrade. The Maya 211 spread increased more than $5 per barrel this quarter to nearly $24 per barrel, and oxyfuels spreads have rebounded from their typical winter lows,” Gallogly said.

OUTLOOK

     Commenting on the near-term outlook, Gallogly said, “The second quarter is off to a good start. Conditions experienced in the first quarter were maintained and, in some areas, improved during April. We continue to advance our internal programs and are taking another step towards reducing our debt by redeeming 10 percent of our outstanding 8% Notes due in 2017. On May 5, we will hold our Annual Meeting of shareholders in Rotterdam. Items to be voted upon at the meeting include expanding the Supervisory Board and initiating a dividend.”

LYONDELLBASELL BUSINESS RESULTS DISCUSSION BY REPORTING SEGMENT

     LyondellBasell operates in five business segments: 1) Olefins & Polyolefins — Americas; 2) Olefins & Polyolefins — Europe, Asia, International; 3) Intermediates & Derivatives; 4) Refining & Oxyfuels; and 5) Technology.

LyondellBasell Industries
www.lyondellbasell.com

Olefins & Polyolefins — Americas (O&P-Americas) — The primary products of this segment include ethylene and its co-products (propylene, butadiene and benzene), polyethylene, polypropylene and Catalloy process resins.

Table 3 — O&P-Americas Financial Overview ^(a)

		Three months ended
		Mar. 31,				Dec. 31,				Mar. 31,
Millions of U.S. dollars		2011				2010				2010
Operating income		$	421			$	446			$	145
EBITDA			484				505				274
EBITDA excluding LCM charges			484				342				274

     Three months ended Mar. 31, 2011 versus three months ended Dec. 31, 2010 — Excluding a $163 million non-cash LCM reversal in the fourth quarter 2010, underlying EBITDA increased $142 million versus the fourth quarter 2010. Olefins profitability improved approximately $70 million as an average ethylene sales price increase of approximately 2 cents per pound was coupled with an approximately 3 cent per pound decrease in the company’s average cost-of-ethylene-production to drive margins higher. Higher sales volumes contributed to an approximately $30 million improvement of polyethylene (PE) results compared to fourth quarter 2010. Polypropylene (PP) profits for the first quarter increased approximately $10 million. Total polyolefins sales volumes were approximately equal to fourth-quarter volumes.

     Three months ended Mar. 31, 2011 versus three months ended Mar. 31, 2010 — O&P-Americas results improved significantly versus the first quarter 2010. Olefins results improved primarily due to improved margins. PE results improved approximately $140 million versus the prior year period largely due to significantly improved margins and increased volumes. PP results were largely unchanged compared to the prior year period.

Olefins & Polyolefins-Europe, Asia, International (O&P-EAI) — The primary products of this segment include ethylene and its co-products (propylene and butadiene), polyethylene, polypropylene, global polypropylene compounds, Catalloy process resins and Polybutene-1 resins.

Table 4 — O&P-EAI Financial Overview ^(a)

		Three months ended
		Mar. 31,				Dec. 31,				Mar. 31,
Millions of U.S. dollars		2011				2010				2010
Operating income (loss)		$	179			$	66			$	71
EBITDA			333				125				152
EBITDA excluding LCM charges			333				115				152

LyondellBasell Industries
www.lyondellbasell.com

     Three months ended Mar. 31, 2011 versus three months ended Dec. 30, 2010 — Excluding a $10 million non-cash LCM reversal in the fourth quarter 2010, EBITDA increased by $218 million versus the fourth quarter 2010. Olefins results improved approximately $100 million from the fourth quarter due to increased volumes and significantly improved margins. Polyethylene and polypropylene results were approximately equal to the prior period while PP compounding profits increased approximately $10 million from fourth quarter 2010 primarily as a result of increased volumes. An $82 million dividend received from our Saudi Ethylene and Polyethylene Company joint venture accounted for the majority of the $96 million of dividends received from joint ventures during the first quarter 2010.

     Three months ended Mar. 31, 2011 versus three months ended Mar. 31, 2010 — EBITDA increased $181 million versus the first quarter 2010. Improved olefins and polypropylene margins and increased dividends from joint ventures accounted for the majority of the improved performance compared to the prior year period. Increased sales volumes of most products also contributed to the improvement.

Intermediates & Derivatives (I&D) — The primary products of this segment include propylene oxide (PO) and its co-products (styrene monomer, tertiary butyl alcohol (TBA), isobutylene and tertiary butyl hydroperoxide), and derivatives (propylene glycol, propylene glycol ethers and butanediol); acetyls, and ethylene oxide and its derivatives.

Table 5 — I&D Financial Overview ^(a)

		Three months ended
		Mar. 31,				Dec. 31,				Mar. 31,
Millions of U.S. dollars		2011				2010				2010
Operating income		$	234			$	196			$	123
EBITDA			270				228				196
EBITDA excluding LCM charges			270				211				196

     Three months ended Mar. 31, 2011 versus three months ended Dec. 30, 2010 — Excluding a non-cash LCM inventory reversal of $17 million in the fourth quarter 2010, EBITDA increased $59 million versus the fourth quarter 2010. Increased sales volumes, partially as a result of seasonal deicer sales, were partially offset by slightly lower margins in PO and PO derivatives. Intermediates profitability increased significantly versus the fourth quarter as ethylene oxide/ethylene glycol and TBA intermediates accounted for the majority of the improvement.

LyondellBasell Industries
www.lyondellbasell.com

     Three months ended Mar. 31, 2011 versus three months ended Mar. 31, 2010 — I&D EBITDA increased $74 million compared to the first quarter 2010. PO and PO derivatives EBITDA increased primarily due to higher margins for most products. Improved Intermediates results versus the prior year period were mainly the result of higher sales volumes of most products and higher acetyls and ethylene oxide/ethylene glycol margins.

Refining & Oxyfuels (R&O) — The primary products of this segment include gasoline, diesel fuel, heating oil, jet fuel, petrochemical raw materials, methyl tertiary butyl ether (MTBE) and ethyl tertiary butyl ether (ETBE).

Table 6 — R&O Financial Overview ^(a)

		Three months ended
		Mar. 31,				Dec. 31,				Mar. 31,
Millions of U.S. dollars		2011				2010				2010
Operating income (loss)		$	164			$	144			$	(128	)
EBITDA			210				212				3
EBITDA excluding LCM charges			210				79				3

     Three months ended Mar. 31, 2011 versus three months ended Dec. 31, 2010 — Excluding a non-cash LCM reversal of $133 million in the fourth quarter 2010, EBITDA increased $131 million versus the fourth quarter 2010. Houston refinery financial performance improved approximately $80 million versus fourth quarter 2010. First-quarter Houston refinery results include a $34 million insurance settlement. Crude oil volume at the Houston refinery increased by approximately 25,000 barrels per day (9 percent of nameplate capacity) compared to the fourth quarter primarily due to the absence of unplanned outages experienced during the fourth quarter 2010. Refining margins improved as the average industry benchmark margin increased approximately $5 per barrel during the quarter. Also notable during the quarter was the completion of the Fluid Catalytic Cracking Unit (FCCU) turnaround at the Houston refinery. At the Berre refinery, volumes increased approximately 21,000 barrels per day while margins decreased slightly as naphtha price did not keep pace with increased crude oil costs. Oxyfuels results improved compared to the fourth quarter 2010 as seasonally higher margins accounted for the majority of the approximately $40 million EBITDA increase.

     Three months ended Mar. 31, 2011 versus three months ended Mar. 31, 2010 — Segment EBITDA increased $207 million versus the first quarter 2010. At the Houston refinery, an increase in the industry benchmark margin of approximately $8 per barrel was the primary contributor to the improved results. Berre refinery results were relatively unchanged. Oxyfuels results improved primarily as a result of strength in gasoline pricing versus the prior year period.

LyondellBasell Industries
www.lyondellbasell.com

Technology Segment — The principal products of the Technology segment include polyolefin catalysts and production process technology licenses and related services.

Table 7 — Technology Financial Overview ^(a)

		Three months ended
		Mar. 31,				Dec. 31,				Mar. 31,
Millions of U.S. dollars		2011				2010				2010
Operating income		$	66			$	8			$	31
EBITDA			91				44				47
EBITDA excluding LCM charges			91				44				47

     Three months ended Mar. 31, 2011 versus three months ended Dec. 31, 2010 — Results improved due to increased polyolefin catalyst sales and licensing income and the absence of the $17 million fourth-quarter 2010 LIFO inventory adjustment.

     Three months ended Mar. 31, 2011 versus three months ended Mar. 31, 2010 — Results improved primarily due to increased licensing income versus the prior year period.

Liquidity

     Company liquidity, which we define as cash and cash equivalents plus funds available through established lines of credit, was approximately $6.3 billion at Mar. 31, 2011. The $6.3 billion of liquidity consisted of approximately $4.4 billion cash, approximately $1.4 billion of undrawn funds available through the $1.75 billion asset-based loan facility and approximately $0.6 billion available through the €450 million European securitization facility.

Capital Spending

Capital expenditures, including maintenance turnaround, catalyst and information technology related expenditures, were $221 million during first quarter 2010.

CONFERENCE CALL

     LyondellBasell will host a conference call today, May 2, 2011, at 10:30 a.m. ET. Participating on the call will be: Jim Gallogly, Chief Executive Officer; Kent Potter, Executive Vice President and Chief Financial Officer; Sergey Vasnetsov, Senior Vice President — Strategic Planning and Transactions; and Doug Pike, Vice President of Investor Relations. The toll-free dial-in number in the U.S. is 888-982-4611. For international numbers, please go to our website, www.lyondellbasell.com/teleconference, for a complete listing of toll-free numbers by country. The pass code for all numbers is 9777386.

LyondellBasell Industries
www.lyondellbasell.com

     A replay of the call will be available from 2:00 p.m. ET May 2 to 8:00 a.m. ET on June 2. The replay dial-in numbers are
800-964-3620 (U.S.) and +1 203-369-3425 (international). The pass code for each is 5674.

     A copy of the slides that accompany the call will be available on our website at http://www.lyondellbasell.com/earnings.

ABOUT LYONDELLBASELL

     LyondellBasell (NYSE: LYB) is one of the world’s largest plastics, chemical and refining companies. The company manufactures products at 58 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 components, home furnishings, construction materials and biofuels. More information about LyondellBasell can be found at www.lyondellbasell.com.

FORWARD-LOOKING STATEMENTS

     The statements in this release and the related teleconference relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual results could differ materially based on factors including, but not limited to, 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 and natural gas; 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 achieve expected cost savings and other synergies; legal and environmental proceedings; tax rulings, consequences or proceedings; technological developments, and our ability to develop new products and process technologies; current and 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 service our substantial 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 ended December 31, 2010, 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 Industries
www.lyondellbasell.com

NON-GAAP 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 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. These 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 have included EBITDA in this press release, as we believe that EBITDA is a measure commonly used by investors. However, EBITDA, as presented herein, may not be comparable to a similarly titled measure reported by other companies due to differences in the way the measure is calculated. For purposes of this release, EBITDA for predecessor periods means earnings before interest, taxes, depreciation, amortization and restructuring costs, as adjusted for other items management does not believe are indicative of the Company’s underlying results of operations such as impairment charges, reorganization items, the effect of mark-to-market accounting on our warrants and current cost inventory adjustments. EBITDA for successor periods means earnings before interest, taxes, depreciation and amortization, as adjusted for the same items, to the extent applicable in the successor periods. EBITDA also includes dividends from joint ventures. EBITDA should not be considered an alternative to profit or operating profit for any period as an indicator of our performance, or as alternatives to operating cash flows as a measure of our liquidity.

     Reconciliations of non-GAAP financial measures to their nearest comparable GAAP financial measures are provided in the financial tables at the end of this release.

OTHER FINANCIAL MEASURE PRESENTATION NOTES

     As a result of the Company’s reorganization proceedings and its emergence from Chapter 11, financial results are prepared and disclosed for a predecessor company for the time period before May 1, 2010, and the successor company for time periods after April 30, 2010, the date of emergence. For financial accounting purposes, the predecessor and successor companies are considered to be two separate entities. Further, the reorganization under Chapter 11 and the application of fresh-start accounting make comparisons of the predecessor and successor periods difficult. The primary impacts affecting the comparisons include (i) significant changes to our inventory valuations; (ii) lower depreciation and amortization expense; and (iii) lower interest expense. In connection with the application of fresh-start accounting, we were required to write our inventory up to fair market value,

LyondellBasell Industries
www.lyondellbasell.com

which was significant given the high crude oil prices at April 30, 2010. However, in the fourth quarter 2010, prices rose to levels close to those at April 30, 2010, and it became necessary to reverse significant portions of the LCM charges taken in the second and third quarters. The lower depreciation and amortization expenses in the successor period are the result of the revaluation of assets in connection with fresh-start accounting. Lower interest expense is the result of the substantial changes to the balance sheet as a result of the reorganization.

     Prior to emergence from Chapter 11, we utilized a combination of First-In, First-Out and Last-In, First-Out inventory methods for financial reporting. For purposes of evaluating segment results, management reviewed operating results using current cost, which approximates LIFO. As supplementary information, and for our segment reporting, we provide EBITDA information on a current cost basis for periods prior to our emergence from Chapter 11. Since emergence from Chapter 11, we have utilized the LIFO inventory methodology and EBITDA information for periods after our emergence is on a LIFO basis. The combined financial results and measures that are disclosed in this press release, including EBITDA, therefore use both current cost and LIFO methodologies.

     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.

###

Source: LyondellBasell

Media Contact: David Harpole (713) 309-4125
Investor Contact: Doug Pike (713) 309-4590

LyondellBasell Industries
www.lyondellbasell.com

Table 8 — Reconciliation of Segment Information to Consolidated Financial Information

		Predecessor				Successor
		2010								2011
(Millions of U.S. dollars)		Q1				Q4				Q1
Sales and other operating revenues: (a)
Olefins & Polyolefins — Americas		$	3,020			$	3,155			$	3,572
Olefins & Polyolefins — Europe, Asia, International			3,119				3,342				3,988
Intermediates & Derivatives			1,316				1,361				1,648
Refining & Oxyfuels			3,415				4,051				4,720
Technology			110				133				139
Other/elims			(1,225	)			(1,432	)			(1,815	)
Total		$	9,755			$	10,610			$	12,252
Operating income (loss): (a)
Olefins & Polyolefins — Americas		$	145			$	446			$	421
Olefins & Polyolefins — Europe, Asia, International			71				66				179
Intermediates & Derivatives			123				196				234
Refining & Oxyfuels			(128	)			144				164
Technology			31				8				66
Other			(59	)			(16	)			1
Current cost adjustment			184				—				—
Total		$	367			$	844			$	1,065
Depreciation and amortization:
Olefins & Polyolefins — Americas		$	119			$	58			$	58
Olefins & Polyolefins — Europe, Asia, International			81				53				57
Intermediates & Derivatives			69				28				34
Refining & Oxyfuels			135				43				42
Technology			17				32				24
Other			3				(7	)			—
Total		$	424			$	207			$	215
EBITDA: (a)(b)
Olefins & Polyolefins — Americas		$	274			$	505			$	484
Olefins & Polyolefins — Europe, Asia, International			152				125				333
Intermediates & Derivatives			196				228				270
Refining & Oxyfuels			3				212				210
Technology			47				44				91
Other			(32	)			(29	)			14
Total EBITDA			640				1,085				1,402
2010 LCM inventory valuation adjustments			—				(323	)			—
Total excluding 2010 LCM inventory valuation adjustments		$	640			$	762			$	1,402
Capital, turnarounds and IT deferred spending:
Olefins & Polyolefins — Americas		$	69			$	56			$	66
Olefins & Polyolefins — Europe, Asia, International			59				43				42
Intermediates & Derivatives			7				32				5
Refining & Oxyfuels			64				52				101
Technology			10				9				7
Other			4				12				1
Total			213				204				222
Deferred charges included above			(74	)			(4	)			(1	)
Capital expenditures(c)		$	139			$	200			$	221

Table 9 — Reconciliation of EBITDA to Net Income

		Predecessor
		2009
(Millions of U.S. dollars)		Q1				Q2				Q3				Q4				YTD
Segment EBITDA:(a)
Olefins & Polyolefins — Americas		$	20			$	207			$	272			$	244			$	743
Olefins & Polyolefins — Europe, Asia, International			(5	)			109				186				51				341
Intermediates & Derivatives			148				110				143				134				535
Refining & Oxyfuels			93				62				107				(7	)			255
Technology			66				101				66				76				309
Other			68				(52	)			9				28				53
Total EBITDA			390				537				783				526				2,236
LCM inventory valuation adjustments			—				—				—				—				—
Total EBITDA excluding LCM inventory valuation adjustments		$	390			$	537			$	783			$	526			$	2,236
Add:
Income (loss) from equity investment			(20	)			22				(168	)			(15	)			(181	)
Unrealized foreign exchange (loss) gain			15				98				141				(61	)			193
Deduct:
Depreciation and amortization			(416	)			(479	)			(443	)			(436	)			(1,774	)
Impairment charge			—				(5	)			—				(12	)			(17	)
Reorganization items			(948	)			(124	)			(928	)			(961	)			(2,961	)
Interest expense, net			(425	)			(498	)			(441	)			(413	)			(1,777	)
Joint venture dividends received			(2	)			(7	)			(12	)			(5	)			(26	)
Benefit from income taxes			432				87				332				560				1,411
Current cost adjustment to inventory			(41	)			18				88				(36	)			29
Other			(2	)			(2	)			(3	)			3				(4	)
LyondellBasell Industries net loss			(1,017	)			(353	)			(651	)			(850	)			(2,871	)
Less: Net loss attributable to non-controlling interests			1				2				1				2				6
		$	(1,016	)		$	(351	)		$	(650	)		$	(848	)		$	(2,865	)

Table 9 — Reconciliation of EBITDA to Net Income

		Predecessor								Successor				Combined				Successor								Predecessor				Successor				Combined				Successor
		2010																																				2011
						April 1 -				May 1 -																January 1 -				May 1 -
(Millions of U.S. dollars)		Q1				April 30				June 30				Q2				Q3				Q4				April 30				December 31				YTD				Q1
Segment EBITDA: (a)
Olefins & Polyolefins — Americas		$	274			$	216			$	198			$	414			$	492			$	505			$	490			$	1,195			$	1,685			$	484
Olefins & Polyolefins — Europe, Asia, International			152				78				174				252				289				125				230				588				818				333
Intermediates & Derivatives			196				56				128				184				243				228				252				599				851				270
Refining & Oxyfuels			3				76				21				97				140				212				79				373				452				210
Technology			47				14				29				43				78				44				61				151				212				91
Other			(32	)			8				72				80				(44	)			(29	)			(24	)			(1	)			(25	)			14
Total EBITDA			640				448				622				1,070				1,198				1,085				1,088				2,905				3,993				1,402
2010 LCM inventory valuation adjustments			—				—				333				333				32				(323	)			—				42				42				—
Total EBITDA excluding LCM inventory valuation adjustments		$	640			$	448			$	955			$	1,403			$	1,230			$	762			$	1,088			$	2,947			$	4,035			$	1,402
Add:
Income (loss) from equity investment			55				29				27				56				29				30				84				86				170				58
Unrealized foreign exchange (loss) gain			(202	)			(62	)			(14	)			(76	)			(7	)			(1	)			(264	)			(22	)			(286	)			(3	)
Gain on sale of Flavors and Fragrances business			—				—				—				—				—				64				—				64				64				—
Deduct:
2010 LCM inventory valuation adjustments			—				—				(333	)			(333	)			(32	)			323				—				(42	)			(42	)			—
Depreciation and amortization			(424	)			(141	)			(129	)			(270	)			(222	)			(207	)			(565	)			(558	)			(1,123	)			(215	)
Impairment charge			(3	)			(6	)			—				(6	)			—				(28	)			(9	)			(28	)			(37	)			(5	)
Reorganization items			207				7,373				(8	)			7,365				(13	)			(2	)			7,580				(23	)			7,557				(2	)
Interest expense, net			(409	)			(299	)			(120	)			(419	)			(186	)			(222	)			(708	)			(528	)			(1,236	)			(155	)
Joint venture dividends received			(13	)			(5	)			(28	)			(33	)			—				(6	)			(18	)			(34	)			(52	)			(96	)
(Provision for) benefit from income taxes			(12	)			1,135				(28	)			1,107				(254	)			112				1,123				(170	)			953				(263	)
Fair value change in warrants			—				—				17				17				(76	)			(55	)			—				(114	)			(114	)			(59	)
Current cost adjustment to inventory			184				15				—				15				—				—				199				—				199				—
Other			(15	)			9				8				17				(2	)			(4	)			(6	)			2				(4	)			(2	)
LyondellBasell Industries
net income (loss)			8				8,496				347				8,843				467				766				8,504				1,580				10,084				660
Less: Net (income) loss attributable to non-controlling interests			2				58				(5	)			53				7				5				60				7				67				3
		$	10			$	8,554			$	342			$	8,896			$	474			$	771			$	8,564			$	1,587			$	10,151			$	663

Table 10 — Selected Segment Operating Information

		2010								2011
		Q1				Q4				Q1
Olefins and Polyolefins — Americas
Volumes (million pounds)
Ethylene produced			2,019				2,152				2,089
Propylene produced			755				695				769
Polyethylene sold			1,330				1,347				1,415
Polypropylene sold			615				611				593
Benchmark Market Prices
West Texas Intermediate crude oil (USD per barrel)			78.88				85.24				94.60
Natural gas (USD per million BTUs)			5.36				4.17				4.19
U.S. weighted average cost of ethylene production (cents/pound)			34.3				33.8				32.6
U.S. ethylene (cents/pound)			52.3				47.3				49.3
U.S. polyethylene [high density] (cents/pound)			83.3				83.7				87.7
U.S. propylene (cents/pound)			61.5				57.3				71.7
U.S. polypropylene [homopolymer] (cents/pound)			87.8				83.8				100.8
Olefins and Polyolefins — Europe, Asia, International
Volumes (million pounds)
Ethylene produced			861				913				997
Propylene produced			509				560				608
Polyethylene sold			1,239				1,275				1,314
Polypropylene sold			1,538				1,832				1,704
Benchmark Market Prices
Western Europe weighted average cost of ethylene production (€0.01 per pound)			28.7				35.7				34.7
Western Europe ethylene (€0.01 per pound)			41.6				44.3				52.0
Western Europe polyethylene [high density] (€0.01 per pound)			51.4				52.5				62.1
Western Europe propylene (€0.01 per pound)			38.9				42.6				50.8
Western Europe polypropylene [homopolymer] (€0.01 per pound)			51.3				58.9				66.6
Intermediates and Derivatives
Volumes (million pounds)
Propylene oxide and derivatives			869				860				838
Ethylene oxide and derivatives			265				251				288
Styrene monomer			589				685				852
Acetyls			379				484				439
TBA Intermediates			472				425				485
Refining and Oxyfuels
Volumes
Houston Refining crude processing rate (thousands of barrels per day)			263				233				258
Berre Refinery crude processing rate (thousands of barrels per day)			73				80				101
MTBE/ETBE sales volumes (million gallons)			189				218				196
Benchmark Market Margins
WTI — 2-1-1 (USD per barrel)			6.85				8.97				19.06
WTI — Maya (USD per barrel)			8.94				9.41				4.63
Urals 4-1-2-1 (USD per barrel)			5.91				6.64				7.81
MTBE — Northwest Europe (cents per gallon)			48.2				18.4				58.0

Source: CMAI, Bloomberg, LyondellBasell Industries

Table 11 — Unaudited Income Statement Information

		Predecessor				Successor
		2010								2011
(Millions of U.S. dollars, except per share data)		Q1				Q4				Q1
Sales and other operating revenues		$	9,755			$	10,610			$	12,252
Cost of sales			9,130				9,494				10,943
Selling, general and administrative expenses			217				231				211
Research and development expenses			41				41				33
Operating income			367				844				1,065
Income from equity investments			55				30				58
Interest expense, net			(409	)			(222	)			(155	)
Other expense, net			(200	)			(60	)			(43	)
Income (loss) before income taxes and reorganization items			(187	)			592				925
Reorganization items			207				(2	)			(2	)
Income before taxes			20				590				923
Provision for (benefit from) income taxes			12				(112	)			263
Income from continuing operations			8				702				660
Income from discontinued operations, net of tax			—				64				—
Net income			8				766				660
Less: Net loss attributable to non-controlling interests			2				5				3
Net income attributable to the Company		$	10			$	771			$	663

Table 12 — Unaudited Cash Flow Information

		Predecessor				Successor
		2010								2011
(Millions of U.S. dollars)		Q1				Q4				Q1
Net cash provided by (used in) operating activities		$	(373	)		$	728			$	221
Net cash used in investing activities			(127	)			(46	)			(216	)
Net cash provided by (used in) financing activities			490				(1,239	)			28

Table 13 — Unaudited Balance Sheet Information

		Predecessor				Successor
		March 31,				December 31,				March 31,
(Millions of U.S. dollars)		2010				2010				2011
Cash and cash equivalents		$	537			$	4,222			$	4,383
Short-term investments			2				—				—
Accounts receivable, net			3,642				3,747				4,764
Inventories			3,590				4,824				5,726
Prepaid expenses and other current assets			932				986				1,100
Total current assets			8,703				13,779				15,973
Property, plant and equipment, net			14,687				7,190				7,440
Investments and long-term receivables:
Investment in PO joint ventures			880				437				444
Equity investments			1,125				1,587				1,586
Related party receivable			14				14				14
Other investments and long-term receivables			90				67				66
Goodwill			—				787				807
Intangible assets, net			1,748				1,360				1,344
Other assets, net			338				273				274
Total assets		$	27,585			$	25,494			$	27,948
Current maturities of long-term debt		$	487			$	4			$	253
Short-term debt			6,675				42				51
Accounts payable			2,213				2,761				4,099
Accrued liabilities			1,220				1,705				1,711
Deferred income taxes			163				244				246
Total current liabilities			10,758				4,756				6,360
Long-term debt			304				6,036				5,805
Other liabilities			1,317				2,183				2,043
Deferred income taxes			2,012				923				1,027
Liabilities subject to compromise			22,058				—				—
Stockholders’ equity (deficit)			(8,975	)			11,535				12,671
Non-controlling interests			111				61				42
Total liabilities and stockholders’ equity (deficit)		$	27,585			$	25,494			$	27,948