LyondellBasell Industries (LYB) 10-Q 2 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-34726
Entity Registrant Name	LYONDELLBASELL INDUSTRIES N.V.
Entity Incorporation, State or Country Code	P7
Entity Tax Identification Number	98-0646235
Entity Address, Address Line One	1221 McKinney St.,
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Country	US
Entity Address, Postal Zip Code	77010
City Area Code	(713)
Local Phone Number	309-7200
Title of 12(b) Security	Ordinary Shares, €0.04 Par Value
Trading Symbol	LYB
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		325,089,214
Entity Central Index Key	0001489393
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
United Kingdom
Entity Information [Line Items]
Entity Address, Address Line One	4th Floor, One Vine Street
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	W1J0AH
Country Region	+44 (0)
City Area Code	207
Local Phone Number	220 2600
Netherlands
Entity Information [Line Items]
Entity Address, Address Line One	Delftseplein 27E
Entity Address, City or Town	Rotterdam
Entity Address, Country	NL
Entity Address, Postal Zip Code	3013AA
Country Region	+31 (0)
City Area Code	10
Local Phone Number	2755 500

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Sales and other operating revenues:
Sales and other operating revenues:	$ 10,558	$ 10,306	$ 20,483	$ 20,553
Operating costs and expenses:
Cost of sales	9,148	8,868	17,911	17,732
Impairments	0	0	0	252
Selling, general and administrative expenses	407	395	833	780
Research and development expenses	33	32	65	65
Operating costs and expenses:	9,588	9,295	18,809	18,829
Operating income	970	1,011	1,674	1,724
Interest expense	(120)	(115)	(247)	(231)
Interest income	37	28	78	51
Gain on sale of business	293	0	293	0
Other income (expense), net	13	(7)	18	(2)
Income from continuing operations before equity investments and income taxes	1,193	917	1,816	1,542
(Loss) income from equity investments	(19)	(12)	(46)	5
Income from continuing operations before income taxes	1,174	905	1,770	1,547
Provision for income taxes	249	188	371	355
Income from continuing operations	925	717	1,399	1,192
Loss from discontinued operations, net of tax	(1)	(2)	(2)	(3)
Net income	924	715	1,397	1,189
Dividends on redeemable non-controlling interests	(1)	(1)	(3)	(3)
Net income attributable to the Company shareholders	$ 923	$ 714	$ 1,394	$ 1,186
Basic
Continuing operations (in dollars per share)	$ 2.82	$ 2.19	$ 4.27	$ 3.64
Discontinued operations (in dollars per share)	0	(0.01)	(0.01)	(0.01)
Basic (in dollars per share)	2.82	2.18	4.26	3.63
Diluted
Continuing operations (in dollars per share)	2.82	2.19	4.26	3.63
Discontinued operations (in dollars per share)	0	(0.01)	(0.01)	(0.01)
Diluted (in dollars per share)	$ 2.82	$ 2.18	$ 4.25	$ 3.62
Trade
Sales and other operating revenues:
Sales and other operating revenues:	$ 10,398	$ 10,149	$ 20,155	$ 20,225
Related parties
Sales and other operating revenues:
Sales and other operating revenues:	$ 160	$ 157	$ 328	$ 328

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 924	$ 715	$ 1,397	$ 1,189
Other comprehensive income (loss), net of tax –
Financial derivatives	49	3	50	7
Defined benefit pension and other postretirement benefit plans	4	2	7	4
Foreign currency translations	(44)	(31)	(104)	28
Total other comprehensive income (loss), net of tax	9	(26)	(47)	39
Comprehensive income	933	689	1,350	1,228
Dividends on redeemable non-controlling interests	(1)	(1)	(3)	(3)
Comprehensive income attributable to the Company shareholders	$ 932	$ 688	$ 1,347	$ 1,225

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,839	$ 3,390
Restricted cash	25	15
Inventories	5,073	4,765
Prepaid expenses and other current assets	912	1,475
Total current assets	12,911	13,152
Operating lease assets	1,460	1,529
Property, plant and equipment	25,082	24,906
Less: Accumulated depreciation	(9,508)	(9,359)
Property, plant and equipment, net	15,574	15,547
Equity investments	4,290	3,907
Goodwill	1,603	1,647
Intangible assets, net	615	641
Other assets	611	577
Total assets	37,064	37,000
Current liabilities:
Current maturities of long-term debt	7	782
Short-term debt	166	117
Accrued and other current liabilities	1,900	2,436
Total current liabilities	6,147	7,150
Long-term debt	11,017	10,333
Operating lease liabilities	1,363	1,409
Other liabilities	2,113	2,164
Deferred income taxes	2,847	2,886
Commitments and contingencies
Redeemable non-controlling interests	114	114
Shareholders’ equity:
Ordinary shares, €0.04 par value, 1,275 million shares authorized, 325,078,684 and 324,483,402 shares outstanding, respectively	19	19
Additional paid-in capital	6,122	6,145
Retained earnings	10,233	9,692
Accumulated other comprehensive loss	(1,523)	(1,476)
Treasury stock, at cost, 15,343,814 and 15,939,096 ordinary shares, respectively	(1,402)	(1,450)
Total Company share of shareholders’ equity	13,449	12,930
Non-controlling interests	14	14
Total equity	13,463	12,944
Total liabilities, redeemable non-controlling interests and equity	37,064	37,000
Trade
Current assets:
Accounts receivable:	3,855	3,356
Current liabilities:
Accounts payable:	3,557	3,354
Related parties
Current assets:
Accounts receivable:	207	151
Current liabilities:
Accounts payable:	$ 517	$ 461

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - € / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Ordinary shares par value (in euros per share)	€ 0.04	€ 0.04
Ordinary shares, shares authorized (in shares)	1,275,000,000	1,275,000,000
Ordinary shares, shares outstanding (in shares)	325,078,684	324,483,402
Treasury stock, shares (in shares)	15,343,814	15,939,096

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 1,397	$ 1,189
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	752	787
Impairments	0	252
Amortization of debt-related costs	5	4
Share-based compensation	53	48
Equity investments—
Equity loss (income)	46	(5)
Distributions of earnings, net of tax	40	50
Deferred income tax (benefit) provision	(55)	19
Gain on sale of business	(293)	0
Changes in assets and liabilities that provided (used) cash:
Accounts receivable	(604)	(192)
Inventories	(335)	(349)
Accounts payable	373	(64)
Other, net	(145)	33
Net cash provided by operating activities	1,234	1,772
Cash flows from investing activities:
Expenditures for property, plant and equipment	(967)	(653)
Acquisition of equity method investments	(512)	(2)
Proceeds from sale of business	700	0
Other, net	(44)	(87)
Net cash used in investing activities	(823)	(742)
Cash flows from financing activities:
Repurchases of Company ordinary shares	(75)	(170)
Dividends paid - common stock	(846)	(797)
Issuance of long-term debt	744	500
Payments of debt issuance costs	(7)	(5)
Repayment of long-term debt	(775)	0
Net repayments of commercial paper	0	(200)
Proceeds from settlement of cash flow hedges	882	0
Payments from settlement of cash flow hedges	(835)	0
Other, net	19	(29)
Net cash used in financing activities	(893)	(701)
Effect of exchange rate changes on cash	(59)	9
(Decrease) increase in cash and cash equivalents and restricted cash	(541)	338
Cash and cash equivalents and restricted cash at beginning of period	3,405	2,156
Cash and cash equivalents and restricted cash at end of period	$ 2,864	$ 2,494

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Company Share of Shareholders’ Equity	Ordinary Shares	Treasury Stock, Common	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non- Controlling Interests
Beginning balance at Dec. 31, 2022		$ 12,615	$ 19	$ (1,346)	$ 6,119	$ 9,195	$ (1,372)	$ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 1,189	1,189				1,189		0
Other comprehensive income (loss)	39	39					39	0
Share-based compensation		61		73	(8)	(4)		0
Dividends - common stock		(797)				(797)		0
Dividends - redeemable non-controlling interests	(3)	(3)				(3)		0
Repurchases of Company ordinary shares	(173)	(173)		(173)				0
Ending balance at Jun. 30, 2023		12,931	19	(1,446)	6,111	9,580	(1,333)	14
Beginning balance at Mar. 31, 2023		12,721	19	(1,360)	6,092	9,277	(1,307)	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	715	715				715		0
Other comprehensive income (loss)	(26)	(26)					(26)	0
Share-based compensation		29		13	19	(3)		0
Dividends - common stock		(408)				(408)		0
Dividends - redeemable non-controlling interests	(1)	(1)				(1)		0
Repurchases of Company ordinary shares		(99)		(99)				0
Ending balance at Jun. 30, 2023		12,931	19	(1,446)	6,111	9,580	(1,333)	14
Beginning balance at Dec. 31, 2023	12,944	12,930	19	(1,450)	6,145	9,692	(1,476)	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,397	1,397				1,397		0
Other comprehensive income (loss)	(47)	(47)					(47)	0
Share-based compensation		93		123	(23)	(7)		0
Dividends - common stock	(846)	(846)				(846)		0
Dividends - redeemable non-controlling interests	(3)	(3)				(3)		0
Repurchases of Company ordinary shares		(75)	0	(75)	0	0	0	0
Ending balance at Jun. 30, 2024	13,463	13,449	19	(1,402)	6,122	10,233	(1,523)	14
Beginning balance at Mar. 31, 2024		12,979	19	(1,372)	6,112	9,752	(1,532)	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	924	924				924		0
Other comprehensive income (loss)	9	9					9	0
Share-based compensation		51		45	10	(4)		0
Dividends - common stock		(438)				(438)		0
Dividends - redeemable non-controlling interests	(1)	(1)				(1)		0
Repurchases of Company ordinary shares		(75)		(75)				0
Ending balance at Jun. 30, 2024	$ 13,463	$ 13,449	$ 19	$ (1,402)	$ 6,122	$ 10,233	$ (1,523)	$ 14

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, dividends per share (in dollars per share)	$ 1.34	$ 1.25	$ 2.59	$ 2.44
Redeemable non-controlling interests, dividends per share (in dollars per share)	$ 15	$ 15	$ 30	$ 30

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Disclosure Text Block [Abstract]
Basis of Presentation	Basis of Presentation LyondellBasell Industries N.V. is a limited liability company (Naamloze Vennootschap) incorporated under Dutch law by deed of incorporation dated October 15, 2009. Unless otherwise indicated, the “Company,” “we,” “us,” “our” or similar words are used to refer to LyondellBasell Industries N.V. together with its consolidated subsidiaries (“LyondellBasell N.V.”). LyondellBasell N.V. is a worldwide manufacturer of chemicals and polymers, a refiner of crude oil, a producer of gasoline blending components and a developer and licensor of technologies for the production of polymers. The accompanying unaudited Consolidated Financial Statements have been prepared from the books and records of LyondellBasell N.V. in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair statement have been included. These statements contain some amounts that are based upon management estimates and judgments. Future actual results could differ from such current estimates. The results for interim periods are not necessarily indicative of results for the entire year.

Accounting and Reporting Change

Accounting and Reporting Changes	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Accounting and Reporting Changes	Accounting and Reporting Changes Recently Adopted Guidance There were no new Accounting Standard Updates (“ASU”) adopted in the six months ended June 30, 2024 that had a material impact on the Consolidated Financial Statements. Accounting Guidance Issued But Not Adopted as of June 30, 2024 Segment Disclosures —In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The guidance improves the disclosures about a public entity’s reportable segments and addresses requests from investors for additional detailed information about a reportable segment’s expenses. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact of adopting the new guidance on the Consolidated Financial Statements. Income Tax Disclosures —In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 74): Improvements to Income Tax Disclosures. The guidance requires companies to disclose certain specific categories in the rate reconciliation and provide additional information for reconciling items that meet the quantitative threshold of 5% of the expected tax using the applicable statutory income tax rate. There is also a required disclosure to provide the net income taxes paid or received disaggregated by federal, state, and foreign taxes with jurisdictions to be separately disclosed if the jurisdiction is 5% or more of the total net income taxes paid or received. The guidance is effective for annual periods beginning after December 15, 2024. Earlier adoption is permitted. We are currently assessing the impact of adopting the new guidance on the Consolidated Financial Statements.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Contract Balances— Contract liabilities were $131 million and $175 million at June 30, 2024 and December 31, 2023, respectively. Revenue recognized in each reporting period that was included in the contract liability balance at the beginning of the period was immaterial. Disaggregation of Revenues— The following table presents our revenues disaggregated by key products: Three Months Ended Six Months Ended Millions of dollars 2024 2023 2024 2023 Sales and other operating revenues: Olefins and co-products $ 1,000 $ 907 $ 1,908 $ 1,790 Polyethylene 1,942 1,920 3,840 3,936 Polypropylene 1,577 1,453 3,075 2,979 Propylene oxide and derivatives 630 538 1,232 1,179 Oxyfuels and related products 1,431 1,302 2,541 2,535 Intermediate chemicals 667 766 1,456 1,512 Compounding and solutions 943 956 1,903 1,951 Refined products 2,197 2,293 4,155 4,350 Other 171 171 373 321 Total $ 10,558 $ 10,306 $ 20,483 $ 20,553 The following table presents our revenues disaggregated by geography, based upon the location of the customer: Three Months Ended Six Months Ended Millions of dollars 2024 2023 2024 2023 Sales and other operating revenues: United States $ 5,029 $ 5,032 $ 9,817 $ 9,884 Germany 663 619 1,323 1,405 China 535 533 1,141 1,047 Mexico 460 389 896 819 Italy 393 346 794 722 Japan 360 426 594 791 France 301 272 558 566 Poland 247 223 489 462 The Netherlands 214 240 399 473 Other 2,356 2,226 4,472 4,384 Total $ 10,558 $ 10,306 $ 20,483 $ 20,553

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable are reflected in the Consolidated Balance Sheets, net of allowance for credit losses of $5 million and $6 million as of June 30, 2024 and December 31, 2023, respectively.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following components: Millions of dollars June 30, December 31, Finished goods $ 3,317 $ 3,134 Work-in-process 180 182 Raw materials and supplies 1,576 1,449 Total inventories $ 5,073 $ 4,765

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Long-term loans, notes and other debt, net of unamortized discount, debt issuance cost and cumulative fair value hedging adjustments, consisted of the following: Millions of dollars June 30, December 31, Senior Notes due 2024, $1,000 million, 5.75% $ — $ 775 Senior Notes due 2055, $1,000 million, 4.625% ($15 million of discount; $10 million of debt issuance cost) 975 975 Guaranteed Notes due 2027, $300 million, 8.1% 300 300 Issued by LYB International Finance B.V.: Guaranteed Notes due 2043, $750 million, 5.25% ($18 million of discount; $6 million of debt issuance cost) 726 726 Guaranteed Notes due 2044, $1,000 million, 4.875% ($10 million of discount; $8 million of debt issuance cost) 982 982 Issued by LYB International Finance II B.V.: Guaranteed Notes due 2026, €500 million, 0.875% ($1 million of discount; $1 million of debt issuance cost) 525 542 Guaranteed Notes due 2027, $1,000 million, 3.5% ($2 million of discount; $2 million of debt issuance cost) 581 585 Guaranteed Notes due 2031, €500 million, 1.625% ($4 million of discount; $2 million of debt issuance cost) 524 542 Issued by LYB International Finance III LLC: Guaranteed Notes due 2025, $500 million, 1.25% ($1 million of debt issuance cost) 483 481 Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of debt issuance cost) 121 124 Guaranteed Notes due 2030, $500 million, 2.25% ($2 million of discount; $3 million of debt issuance cost) 472 474 Guaranteed Notes due 2033, $500 million, 5.625% ($5 million of debt issuance cost) 495 495 Guaranteed Notes due 2034, $750 million, 5.5% ($6 million of discount, $7 million of debt issuance cost) 737 — Guaranteed Notes due 2040, $750 million, 3.375% ($1 million of discount; $7 million of debt issuance cost) 742 742 Guaranteed Notes due 2049, $1,000 million, 4.2% ($14 million of discount; $10 million of debt issuance cost) 976 976 Guaranteed Notes due 2050, $1,000 million, 4.2% ($6 million of discount; $10 million of debt issuance cost) 978 975 Guaranteed Notes due 2051, $1,000 million, 3.625% ($2 million of discount; $10 million of debt issuance cost) 906 916 Guaranteed Notes due 2060, $500 million, 3.8% ($4 million of discount; $6 million of debt issuance cost) 480 483 Other 21 22 Total 11,024 11,115 Less current maturities (7) (782) Long-term debt $ 11,017 $ 10,333 Fair value hedging adjustments associated with the fair value hedge accounting of our fixed-for-floating interest rate swaps for the applicable periods are as follows: Gains (Losses) Cumulative Fair Value Three Months Ended Six Months Ended June 30, December 31, Millions of dollars 2024 2023 2024 2023 2024 2023 Guaranteed Notes due 2025, 1.25% $ (1) $ 1 $ (1) $ (1) $ 8 $ 9 Guaranteed Notes due 2026, 0.875% — — — (1) 8 8 Guaranteed Notes due 2027, 3.5% — 6 4 3 6 2 Guaranteed Notes due 2030, 3.375% — 4 3 — 20 17 Guaranteed Notes due 2030, 2.25% — 2 3 (1) 23 20 Guaranteed Notes due 2031, 1.625% 1 1 2 (1) 5 3 Guaranteed Notes due 2050, 4.2% (1) 1 (3) (1) 6 9 Guaranteed Notes due 2051, 3.625% (1) 19 10 2 82 72 Guaranteed Notes due 2060, 3.8% — 4 3 1 10 7 Total $ (2) $ 38 $ 21 $ 1 $ 168 $ 147 Fair value adjustments are recognized in Interest expense in the Consolidated Statements of Income. Long-Term Debt Senior Revolving Credit Facility —Our $3,250 million senior unsecured revolving credit facility (the “Senior Revolving Credit Facility”), may be used for dollar and euro denominated borrowings. The facility also supports our commercial paper program, has a $200 million sub-limit for dollar and euro denominated letters of credit and a $1,000 million uncommitted accordion feature. Borrowings under the facility bear interest at either a base rate, secured overnight financing rate (“SOFR”) or EURIBOR rate, plus an applicable margin. Additional fees are incurred for the average daily unused commitments. At June 30, 2024, we had no borrowings or letters of credit outstanding and $3,250 million of unused availability under this facility. In July 2024, we amended our credit agreement to increase our senior unsecured revolving credit facility from $3,250 million to $3,750 million and extend the maturity to July 2029. Guaranteed Notes due 2034 —In February 2024, LYB International Finance III, LLC (“LYB Finance III”), a wholly owned finance subsidiary of LyondellBasell Industries N.V., issued $750 million of 5.5% guaranteed notes due 2034 (the “2034 Notes”) at a discounted price of 99.2%. Net proceeds after deducting original issuance discounts, underwriting fees and offering expenses totaled $737 million. We used the net proceeds from the sale of the 2034 Notes to repay our 5.75% senior notes due 2024 as discussed further below. These unsecured notes, which are fully and unconditionally guaranteed by LyondellBasell Industries N.V., rank equally in right of payment to all of LYB Finance III’s and LyondellBasell Industries N.V.’s existing and future senior unsecured indebtedness and will rank senior in right of payment to any future subordinated indebtedness that LYB Finance III or LyondellBasell Industries N.V. incurs. There are no significant restrictions that would impede LyondellBasell Industries N.V., as guarantor, from obtaining funds by dividend or loan from its subsidiaries. The indenture governing these notes contains limited covenants, including those restricting our ability, and the ability of our subsidiaries, to incur indebtedness secured by significant property or by capital stock of subsidiaries that own significant property, enter into certain sale and lease-back transactions with respect to any significant property or enter into consolidations, mergers or sales of all or substantially all of our assets. The 2034 Notes may be redeemed at any time in whole, or from time to time in part, prior to the scheduled maturity date, at a redemption price equal to the greater of (i) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the treasury rate plus the applicable basis points) less interest accrued on the notes to be redeemed, and (ii) 100% of the principal amount of the notes redeemed; plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. The 2034 Notes may also be redeemed at any time, on or after the date that is three months prior to the scheduled maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. The notes are also redeemable upon certain tax events. Senior Notes due 2024 —In March 2024, we repaid the $775 million remaining outstanding principal of our 5.75% senior notes due 2024. Short-Term Debt U.S. Receivables Facility —Our U.S. Receivables Facility has a purchase limit of $900 million in addition to a $300 million uncommitted accordion feature. In May 2024, we extended the term of the facility to June 2025. This facility provides liquidity through the sale or contribution of trade receivables by certain of our U.S. subsidiaries to a wholly owned, bankruptcy-remote subsidiary on an ongoing basis and without recourse. We pay variable interest rates on our secured borrowings. Additional fees are incurred for the average daily unused commitments. This facility also provides for the issuance of letters of credit up to $200 million. At June 30, 2024, we had no borrowings or letters of credit outstanding and $900 million unused availability under this facility. Commercial Paper Program —We have a commercial paper program under which we may issue up to $2,500 million of privately placed, unsecured, short-term promissory notes (“commercial paper”). At June 30, 2024, we had no borrowings of outstanding commercial paper. Precious Metal Financings —At June 30, 2024 and December 31, 2023, we had $165 million and $117 million, respectively, of Short-term debt related to our precious metal financings. Weighted Average Interest Rate —At June 30, 2024 and December 31, 2023, our weighted average interest rates on outstanding Short-term debt were 1.3% and 1.9%, respectively. Additional Information Debt Compliance —As of June 30, 2024, we are in compliance with our debt covenants.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments and Fair Value Measurements	Financial Instruments and Fair Value Measurements We are exposed to market risks, such as changes in commodity pricing, interest rates and currency exchange rates. To manage the volatility related to these exposures, we selectively enter into derivative contracts pursuant to our risk management policies. Financial Instruments Measured at Fair Value on a Recurring Basis —The following table summarizes financial instruments outstanding for the periods presented that are measured at fair value on a recurring basis: Fair Value Millions of dollars June 30, 2024 December 31, 2023 Balance Sheet Classification Assets– Derivatives designated as hedges: Commodities $ 2 $ 1 Prepaid expenses and other current assets Commodities 1 — Other assets Foreign currency 97 44 Prepaid expenses and other current assets Foreign currency 71 45 Other assets Interest rates 18 38 Prepaid expenses and other current assets Derivatives not designated as hedges: Commodities 56 98 Prepaid expenses and other current assets Foreign currency 11 3 Prepaid expenses and other current assets Total $ 256 $ 229 Liabilities– Derivatives designated as hedges: Commodities $ 67 $ 109 Accrued and other current liabilities Commodities 19 33 Other liabilities Foreign currency 9 40 Accrued and other current liabilities Foreign currency 9 32 Other liabilities Interest rates 38 31 Accrued and other current liabilities Interest rates 184 172 Other liabilities Derivatives not designated as hedges: Commodities 30 52 Accrued and other current liabilities Foreign currency 1 10 Accrued and other current liabilities Total $ 357 $ 479 The financial instruments in the table above are classified as Level 2. We present the gross assets and liabilities of our derivative financial instruments on the Consolidated Balance Sheets. Financial Instruments Not Measured at Fair Value on a Recurring Basis —The following table presents the carrying value and estimated fair value of our short-term precious metal financings and long-term debt: June 30, 2024 December 31, 2023 Millions of dollars Carrying Fair Carrying Fair Precious metal financings $ 165 $ 167 $ 117 $ 114 Long-term debt 11,004 9,582 10,316 9,225 Total $ 11,169 $ 9,749 $ 10,433 $ 9,339 The financial instruments in the table above are classified as Level 2. Our other financial instruments classified within Current assets and Current liabilities have a short maturity and their carrying value approximates fair value. Derivative Instruments: Commodity Prices —The following table presents the notional amounts of our outstanding commodity derivative instruments: Notional Amount Unit of Measure Maturity Date Millions of units June 30, 2024 December 31, 2023 Derivatives designated as hedges: Natural gas 72 72 MMBtu 2024 to 2027 Ethane 16 18 Bbls 2024 to 2026 Power 1 1 MWhs 2024 to 2027 Refined products — 1 Bbls 2024 Derivatives not designated as hedges: Crude oil 6 12 Bbls 2024 Refined products 16 16 Bbls 2024 to 2025 Precious metals 1 1 Troy Ounces 2024 to 2025 Renewable Identification Numbers 29 59 RINs 2024 Interest Rates —The following table presents the notional amounts of our outstanding interest rate derivative instruments: Notional Amount Millions of dollars June 30, 2024 December 31, 2023 Maturity Date Cash flow hedges $ — $ 200 2024 Fair value hedges 2,164 2,171 2025 to 2031 Foreign Currency Rates —The following table presents the notional amounts of our outstanding foreign currency derivative instruments: Notional Amount Millions of dollars June 30, 2024 December 31, 2023 Maturity Date Net investment hedges $ 3,289 $ 3,289 2024 to 2030 Cash flow hedges 300 1,150 2027 Not designated 1,207 555 2024 to 2025 Impact on Earnings and Other Comprehensive Income —The following tables summarize the pre-tax effect of derivative instruments recorded in Accumulated other comprehensive income (“AOCI”), the gains (losses) reclassified from AOCI to earnings and additional gains (losses) recognized directly in earnings: Effects of Financial Instruments Three Months Ended June 30, Balance Sheet Income Statement Gain (Loss) Gain (Loss) Reclassified Additional Gain Income Statement Millions of dollars 2024 2023 2024 2023 2024 2023 Classification Derivatives designated as hedges: Commodities $ (1) $ — $ 1 $ — $ — $ — Sales and other operating revenues Commodities 31 (3) 35 — — — Cost of sales Foreign currency 25 (8) 1 (6) 14 24 Interest expense Interest rates — 12 1 2 (17) (53) Interest expense Derivatives not designated as hedges: Commodities — — — — 16 (1) Sales and other operating revenues Commodities — — — — 2 — Cost of sales Foreign currency — — — — 16 (13) Other income (expense), net Total $ 55 $ 1 $ 38 $ (4) $ 31 $ (43) Effects of Financial Instruments Six Months Ended June 30, Balance Sheet Income Statement Gain (Loss) Gain (Loss) Reclassified Additional Gain Income Statement Millions of dollars 2024 2023 2024 2023 2024 2023 Classification Derivatives designated as hedges: Commodities $ (3) $ — $ 2 $ — $ — $ — Sales and other operating revenues Commodities (17) (8) 73 19 — — Cost of sales Foreign currency 120 (63) (27) 14 35 38 Interest expense Interest rates 11 (2) 2 3 (61) (30) Interest expense Derivatives not designated as hedges: Commodities — — — — (69) (34) Sales and other operating revenues Commodities — — — — 77 27 Cost of sales Foreign currency — — — — 24 (24) Other income (expense), net Total $ 111 $ (73) $ 50 $ 36 $ 6 $ (23) As of June 30, 2024, on a pre-tax basis, $4 million is scheduled to be reclassified from Accumulated other comprehensive loss as an increase to Interest expense over the next twelve months. Other Financial Instruments: Cash and Cash Equivalents —At June 30, 2024 and December 31, 2023, we had marketable securities classified as Cash and cash equivalents of $1,876 million and $2,432 million, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For interim tax reporting, we estimate an annual effective tax rate which is applied to the year-to-date ordinary income. Tax effects of significant, unusual, or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur. Our effective income tax rate fluctuates based on, among other factors, changes in pre-tax income in countries with varying statutory tax rates, changes in valuation allowances, changes in foreign exchange gains or losses, the amount of exempt income, changes in unrecognized tax benefits associated with uncertain tax positions and changes in tax laws. Our exempt income primarily includes interest income, export incentives, and equity earnings of joint ventures. Interest income earned by certain of our subsidiaries through intercompany financings is taxed at rates substantially lower than the U.S. statutory rate. Export incentives relate to tax benefits derived from elections and structures available for U.S. exports. Equity earnings attributable to the earnings of our joint ventures, when paid through dividends to certain European subsidiaries, are exempt from all or portions of normal statutory income tax rates. We currently anticipate the favorable treatment for interest income, dividends, and export incentives to continue in the near term; however, this treatment is based on current law. The United Kingdom, as well as certain other jurisdictions in which we operate, enacted legislation implementing the Organization for Economic Cooperation and Development’s Pillar Two Model Rules effective as of January 1, 2024. We do not expect the impact to the Consolidated Financial Statements to be material based on the legislation enacted at this stage. Our effective income tax rate for the second quarter of 2024 was 21.2% compared to 20.8% for the second quarter of 2023. The higher effective tax rate for the second quarter of 2024 was primarily due to a decrease in exempt income of 4.1% and the impact of changes in pre-tax income in countries with varying statutory tax rates of 1.1%. These increases were offset by a 4.8% decrease in our effective income tax rate due to an audit settlement that occurred during the second quarter of 2023. Our effective income tax rate for the first six months of 2024 was 21.0% compared to 22.9% for the first six months of 2023. The lower effective tax rate for the first six months of 2024 was primarily due to the first quarter 2023 goodwill impairment, for which there was no tax benefit, of 2.8%, an audit settlement during the second quarter 2023 of 2.4%, and changes in foreign exchange gains or losses of 1.0%. These decreases were partially offset by a 4.1% increase in our effective income tax rate due to a decrease in exempt income.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments —We have various purchase commitments for materials, supplies and services incidental to the ordinary conduct of business, generally for quantities required for our businesses and at prevailing market prices. These commitments are designed to ensure sources of supply and are not expected to be in excess of normal requirements. Additionally, we have capital expenditure commitments, which we incur in our normal course of business. Financial Assurance Instruments —We have obtained letters of credit, performance and surety bonds and have issued financial and performance guarantees to support trade payables, potential liabilities and other obligations. Considering the frequency of claims made against the financial instruments we use to support our obligations, and the magnitude of those financial instruments in light of our current financial position, management does not expect that any claims against or draws on these instruments would have a material adverse effect on the Consolidated Financial Statements. We have not experienced any unmanageable difficulties in obtaining the required financial assurance instruments for our current operations. Environmental Remediation —Accrued liabilities for future environmental remediation costs at current and former plant sites and other remediation sites totaled $142 million and $124 million as of June 30, 2024 and December 31, 2023, respectively. At June 30, 2024, the accrued liabilities for individual sites range from less than $1 million to $42 million. The remediation expenditures are expected to occur over a number of years and are not concentrated in any single year. In our opinion, it is reasonably possible that losses in excess of the liabilities recorded may have been incurred. However, we cannot estimate any amount or range of such possible additional losses. New information about sites, new technology or future developments, such as involvement in investigations by regulatory agencies, could require us to reassess our potential exposure related to environmental matters. Indemnification —We are parties to various indemnification arrangements, including arrangements entered into in connection with acquisitions, divestitures and the formation and dissolution of joint ventures. Pursuant to these arrangements, we provide indemnification to and/or receive indemnification from other parties in connection with liabilities that may arise in connection with the transactions and in connection with activities prior to completion of the transactions. These indemnification arrangements typically include provisions pertaining to third-party claims relating to environmental and tax matters and various types of litigation. As of June 30, 2024, we had not accrued any significant amounts for our indemnification obligations, and we are not aware of other circumstances that would likely lead to significant future indemnification obligations. We cannot determine with certainty the potential amount of future payments under the indemnification arrangements until events arise that would trigger a liability under the arrangements. As part of our technology licensing contracts, we give indemnifications to our licensees for liabilities arising from possible patent infringement claims with respect to certain proprietary licensed technologies. Such indemnifications have a stated maximum amount and generally cover a period of 5 to 10 years. Legal Proceedings— We are subject to various lawsuits and claims, including but not limited to, matters involving contract disputes, environmental damages, personal injury and property damage. We vigorously defend ourselves and prosecute these matters as appropriate. Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor legal proceedings in which we are a party. Our process facilitates the early evaluation and quantification of potential exposures in individual cases. This process also enables us to track those cases that have been scheduled for trial, mediation or other resolution. We regularly assess the adequacy of legal accruals based on our professional judgment, experience and the information available regarding our cases. Based on consideration of all relevant facts and circumstances, we do not believe the ultimate outcome of any currently pending lawsuit against us will have a material adverse effect upon our operations, financial condition or Consolidated Financial Statements.

Shareholders' Equity and Redeem

Shareholders' Equity and Redeemable Non-controlling Interests	6 Months Ended
	Jun. 30, 2024
Shareholders Equity and Redeemable Non-controlling Interests Abstract [Abstract]
Shareholders' Equity and Redeemable Non-controlling Interests	Shareholders’ Equity and Redeemable Non-controlling Interests Shareholders’ Equity Dividend Distributions —The following table summarizes the quarterly dividends paid in the period presented: Millions of dollars, except per share amounts Dividend Per Aggregate Date of Record March 2024 $ 1.25 $ 408 March 4, 2024 June 2024 1.34 438 June 3, 2024 $ 2.59 $ 846 Share Repurchase Authorization —In May 2024, our shareholders approved a proposal to authorize us to repurchase up to 34.0 million ordinary shares, through November 24, 2025 (“2024 Share Repurchase Authorization”), which superseded any prior repurchase authorizations. The timing and amount of these repurchases, which are determined based on our evaluation of market conditions and other factors, may be executed from time to time through open market or privately negotiated transactions. The repurchased shares, which are recorded at cost, are classified as Treasury stock and may be retired or used for general corporate purposes, including for various employee benefit and compensation plans. The following table summarizes our share repurchase activity for the periods presented: Millions of dollars, except shares and per share amounts Shares Average Total Purchase Price, Including For the six months ended June 30, 2024: 2024 Share Repurchase Authorization 784,505 $ 95.62 $ 75 For the six months ended June 30, 2023: 2022 Share Repurchase Authorization 1,365,898 $ 88.98 $ 122 2023 Share Repurchase Authorization 576,044 89.34 51 1,941,942 $ 89.09 $ 173 Total cash paid for share repurchases for the six months ended June 30, 2024 and 2023 was $75 million and $170 million, respectively. Cash payments made during the reporting period may differ from the total purchase price, including commissions and fees, due to the timing of payments. Ordinary Shares —The changes in the outstanding amounts of ordinary shares are as follows: Six Months Ended 2024 2023 Ordinary shares outstanding: Beginning balance 324,483,402 325,723,567 Share-based compensation 1,203,741 571,224 Employee stock purchase plan 176,046 163,234 Purchase of ordinary shares (784,505) (1,941,942) Ending balance 325,078,684 324,516,083 Treasury Shares— The changes in the amounts of treasury shares held by the Company are as follows: Six Months Ended 2024 2023 Ordinary shares held as treasury shares: Beginning balance 15,939,096 14,698,931 Share-based compensation (1,203,741) (571,224) Employee stock purchase plan (176,046) (163,234) Purchase of ordinary shares 784,505 1,941,942 Ending balance 15,343,814 15,906,415 Accumulated Other Comprehensive Loss —The components of, and after-tax changes in, Accumulated other comprehensive loss as of and for the six months ended June 30, 2024 and 2023 are presented in the following tables: Millions of dollars Financial Defined Benefit Foreign Total Balance – December 31, 2023 $ (226) $ (279) $ (971) $ (1,476) Other comprehensive income (loss) before reclassifications 17 — (79) (62) Tax expense before reclassifications (5) — (25) (30) Amounts reclassified from accumulated other comprehensive loss 50 8 — 58 Tax expense (12) (1) — (13) Net other comprehensive income (loss) 50 7 (104) (47) Balance – June 30, 2024 $ (176) $ (272) $ (1,075) $ (1,523) Millions of dollars Financial Defined Benefit Foreign Total Balance – December 31, 2022 $ (146) $ (182) $ (1,044) $ (1,372) Other comprehensive (loss) income before reclassifications (28) — 17 (11) Tax benefit before reclassifications 8 — 11 19 Amounts reclassified from accumulated other comprehensive loss 36 5 — 41 Tax expense (9) (1) — (10) Net other comprehensive income 7 4 28 39 Balance – June 30, 2023 $ (139) $ (178) $ (1,016) $ (1,333) The amounts reclassified out of each component of Accumulated other comprehensive loss are as follows: Three Months Ended Six Months Ended Affected Line Item on Millions of dollars 2024 2023 2024 2023 Reclassification adjustments for: Financial derivatives: Commodities $ 1 $ — $ 2 $ — Sales and other operating revenue Commodities 35 — 73 19 Cost of sales Foreign currency 1 (6) (27) 14 Interest expense Interest rates 1 2 2 3 Interest expense Income tax (expense) benefit (11) 1 (12) (9) Provision for income taxes Financial derivatives, net of tax 27 (3) 38 27 Amortization of defined pension items: Actuarial loss 4 1 7 3 Other income (expense), net Prior service cost — 1 1 2 Other income (expense), net Income tax expense — — (1) (1) Provision for income taxes Defined pension items, net of tax 4 2 7 4 Total reclassifications, before tax 42 (2) 58 41 Income tax (expense) benefit (11) 1 (13) (10) Provision for income taxes Total reclassifications, after tax $ 31 $ (1) $ 45 $ 31 Amount included in net income Redeemable Non-controlling Interests Our redeemable non-controlling interests relate to shares of cumulative perpetual special stock (“redeemable non-controlling interest stock”) issued by a consolidated subsidiary. As of June 30, 2024 and December 31, 2023, we had 113,059 and 113,075 shares of redeemable non-controlling interest stock outstanding, respectively. These shares may be redeemed at any time at the discretion of the holders. In February and May 2024, we paid cash dividends of $15.00 per share to our redeemable non-controlling interest shareholders of record as of January 15, 2024 and April 15, 2024. These dividends totaled $3 million for each of the six months ended June 30, 2024 and 2023.

Per Share Data

Per Share Data	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Per Share Data	Per Share Data Basic earnings per share is based upon the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share includes the effect of certain stock option and other equity-based compensation awards. Our unvested restricted stock units contain non-forfeitable rights to dividend equivalents and are considered participating securities. We compute basic and diluted earnings per share under the two-class method. Earnings per share data is as follows: Three Months Ended June 30, 2024 2023 Millions of dollars Continuing Discontinued Continuing Discontinued Net income (loss) $ 925 $ (1) $ 717 $ (2) Dividends on redeemable non-controlling interests (1) — (1) — Net income attributable to participating securities (5) — (4) — Net income (loss) attributable to ordinary shareholders – basic and diluted $ 919 $ (1) $ 712 $ (2) Millions of shares, except per share amounts Basic weighted average common stock outstanding 326 326 325 325 Effect of dilutive securities — — 1 1 Potential dilutive shares 326 326 326 326 Earnings per share: Basic $ 2.82 $ — $ 2.19 $ (0.01) Diluted $ 2.82 $ — $ 2.19 $ (0.01) Six Months Ended June 30, 2024 2023 Millions of dollars Continuing Discontinued Continuing Discontinued Net income (loss) $ 1,399 $ (2) $ 1,192 $ (3) Dividends on redeemable non-controlling interests (3) — (3) — Net income attributable to participating securities (6) — (5) — Net income (loss) attributable to ordinary shareholders – basic and diluted $ 1,390 $ (2) $ 1,184 $ (3) Millions of shares, except per share amounts Basic weighted average common stock outstanding 325 325 326 326 Effect of dilutive securities 1 1 1 1 Potential dilutive shares 326 326 327 327 Earnings per share: Basic $ 4.27 $ (0.01) $ 3.64 $ (0.01) Diluted $ 4.26 $ (0.01) $ 3.63 $ (0.01)

Segment and Related Information

Segment and Related Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment and Related Information	Segment and Related Information Our operations are managed by senior executives who report to our Chief Executive Officer, the chief operating decision maker. Discrete financial information is available for each of the segments, and our Chief Executive Officer uses the operating results of each of the operating segments for performance evaluation and resource allocation. The activities of each of our segments from which they earn revenues and incur expenses are described below: • Olefins and Polyolefins-Americas (“O&P-Americas”) . Our O&P-Americas segment produces and markets olefins and co-products, polyethylene and polypropylene. • Olefins and Polyolefins-Europe, Asia, International (“O&P-EAI”) . Our O&P-EAI segment produces and markets olefins and co-products, polyethylene and polypropylene. • Intermediates and Derivatives ( “I&D” ). Our I&D segment produces and markets propylene oxide and its derivatives; oxyfuels and related products; and intermediate chemicals such as styrene monomer, acetyls and ethylene glycol. • Advanced Polymer Solutions (“APS”). Our APS segment produces and markets compounding and solutions, such as polypropylene compounds, engineered plastics, masterbatches, engineered composites, colors and powders. • Refining . Our Refining segment refines heavy, high-sulfur crude oils and other crude oils of varied types and sources available on the U.S. Gulf Coast into refined products, including gasoline and distillates. • Technology . Our Technology segment develops and licenses chemical and polyolefin process technologies and manufactures and sells polyolefin catalysts. Our chief operating decision maker uses EBITDA as the primary measure for reviewing profitability of our segments, and therefore, we have presented EBITDA for all segments. We define EBITDA as earnings from continuing operations before interest, income taxes, and depreciation and amortization. “Other” includes intersegment eliminations and items that are not directly related or allocated to business operations, such as foreign exchange gains or losses and components of pension and other postretirement benefit costs other than service costs. Sales between segments are made at prices approximating prevailing market prices. Summarized financial information concerning reportable segments is shown in the following tables for the periods presented: Three Months Ended June 30, 2024 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 1,871 $ 2,659 $ 2,751 $ 943 $ 2,197 $ 137 $ — $ 10,558 Intersegment 1,055 183 44 5 148 22 (1,457) — 2,926 2,842 2,795 948 2,345 159 (1,457) 10,558 Loss from equity investments (1) (16) (2) — — — — (19) EBITDA 670 70 794 40 (7) 84 (7) 1,644 Gain on sale of business — — 293 — — — — 293 Capital expenditures 174 107 150 25 6 20 2 484 Three Months Ended June 30, 2023 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 1,756 $ 2,535 $ 2,629 $ 956 $ 2,293 $ 137 $ — $ 10,306 Intersegment 971 194 33 4 166 17 (1,385) — 2,727 2,729 2,662 960 2,459 154 (1,385) 10,306 Income (loss) from equity investments 12 (19) (5) — — — — (12) EBITDA 679 84 472 34 47 79 (12) 1,383 Capital expenditures 102 65 104 14 — 15 1 301 Six Months Ended June 30, 2024 Millions of dollars O&P- O&P- I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 3,621 $ 5,221 $ 5,278 $ 1,903 $ 4,155 $ 305 $ — $ 20,483 Intersegment 2,176 366 103 10 280 46 (2,981) — 5,797 5,587 5,381 1,913 4,435 351 (2,981) 20,483 Income (loss) from equity investments 8 (48) (6) — — — — (46) EBITDA 1,191 84 1,106 75 48 202 (15) 2,691 Gain on sale of business — — 293 — — — — 293 Capital expenditures 355 194 292 48 31 44 3 967 Six Months Ended June 30, 2023 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 3,483 $ 5,245 $ 5,270 $ 1,951 $ 4,350 $ 254 $ — $ 20,553 Intersegment 2,052 376 74 6 299 39 (2,846) — 5,535 5,621 5,344 1,957 4,649 293 (2,846) 20,553 Income (loss) from equity investments 35 (18) (11) (1) — — — 5 EBITDA 1,220 161 898 (192) 293 152 (18) 2,514 Impairments — — — 252 — — — 252 Capital expenditures 184 119 283 31 2 32 2 653 Disposition of Ethylene Oxide & Derivatives (“EO&D”) Business— In May 2024, we sold our U.S. Gulf Coast-based EO&D business along with the production facilities located in Bayport, TX. The EO&D business was included in our I&D segment. In connection with the sale, we received cash proceeds of $700 million and recognized a pre-tax gain of $293 million, subject to post-closing working capital adjustments. Acquisition of Joint Venture— In May 2024, we acquired a 35% interest in Saudi Arabia-based National Petrochemical Industrial Company (“NATPET”) from Alujain Corporation for approximately $500 million. The joint venture is enabled by our Spheripol polypropylene (“PP”) technology and positions us to expand our core PP business by gaining access to advantaged feedstocks. The joint venture has the capacity to produce 0.4 million tons of PP per year. We will market the majority of the off-take through our global sales team. The joint venture is included in our O&P-EAI segment and accounted for using the equity method of accounting. Houston Refinery Operations— Costs incurred for the planned exit from the refinery business are as follows: Three Months Ended Six Months Ended Cumulative June 30, Millions of dollars 2024 2023 2024 2023 2024 Accelerated lease amortization costs $ 10 $ 38 $ 18 $ 89 $ 219 Personnel costs 10 27 16 43 156 Asset retirement obligation accretion 2 2 4 4 15 Asset retirement cost depreciation 20 44 40 99 209 Refinery exit costs $ 42 $ 111 $ 78 $ 235 $ 599 Total costs incurred since our decision to exit the refining business through June 30, 2024, were $599 million. Our estimate of total exit costs, inclusive of costs incurred to date, ranges from $560 million to $1,000 million. In subsequent periods, we expect to incur additional costs primarily consisting of accelerated amortization of operating lease assets of $10 million to $40 million, personnel costs of $15 million to $70 million and other charges of $20 million to $60 million. In connection with the planned exit from the refinery business, we recorded liabilities for asset retirement obligations of $264 million as of June 30, 2024. We estimate that the Houston refinery’s asset retirement obligations are in the range of $150 million to $450 million. Segment Structure Changes and Related Goodwill Impairment— Effective January 1, 2023, our Catalloy and polybutene-1 businesses were moved from our APS segment and reintegrated into our O&P-Americas and O&P-EAI segments. As a result of the reallocation of goodwill and the change in both fair value and carrying value among reporting units, we recognized a non-cash goodwill impairment charge of $252 million in the first quarter of 2023 in our APS segment. A reconciliation of EBITDA to Income from continuing operations before income taxes is shown in the following table for each of the periods presented: Three Months Ended Six Months Ended Millions of dollars 2024 2023 2024 2023 EBITDA: Total segment EBITDA $ 1,651 $ 1,395 $ 2,706 $ 2,532 Other EBITDA (7) (12) (15) (18) Less: Depreciation and amortization expense (387) (391) (752) (787) Interest expense (120) (115) (247) (231) Add: Interest income 37 28 78 51 Income from continuing operations before income taxes $ 1,174 $ 905 $ 1,770 $ 1,547

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting and Reporting Chan_2

Accounting and Reporting Changes (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recently Adopted Guidance and Accounting Guidance Issued But Not Adopted	Recently Adopted Guidance There were no new Accounting Standard Updates (“ASU”) adopted in the six months ended June 30, 2024 that had a material impact on the Consolidated Financial Statements. Accounting Guidance Issued But Not Adopted as of June 30, 2024 Segment Disclosures —In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The guidance improves the disclosures about a public entity’s reportable segments and addresses requests from investors for additional detailed information about a reportable segment’s expenses. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact of adopting the new guidance on the Consolidated Financial Statements. Income Tax Disclosures —In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 74): Improvements to Income Tax Disclosures. The guidance requires companies to disclose certain specific categories in the rate reconciliation and provide additional information for reconciling items that meet the quantitative threshold of 5% of the expected tax using the applicable statutory income tax rate. There is also a required disclosure to provide the net income taxes paid or received disaggregated by federal, state, and foreign taxes with jurisdictions to be separately disclosed if the jurisdiction is 5% or more of the total net income taxes paid or received. The guidance is effective for annual periods beginning after December 15, 2024. Earlier adoption is permitted. We are currently assessing the impact of adopting the new guidance on the Consolidated Financial Statements.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	Disaggregation of Revenues— The following table presents our revenues disaggregated by key products: Three Months Ended Six Months Ended Millions of dollars 2024 2023 2024 2023 Sales and other operating revenues: Olefins and co-products $ 1,000 $ 907 $ 1,908 $ 1,790 Polyethylene 1,942 1,920 3,840 3,936 Polypropylene 1,577 1,453 3,075 2,979 Propylene oxide and derivatives 630 538 1,232 1,179 Oxyfuels and related products 1,431 1,302 2,541 2,535 Intermediate chemicals 667 766 1,456 1,512 Compounding and solutions 943 956 1,903 1,951 Refined products 2,197 2,293 4,155 4,350 Other 171 171 373 321 Total $ 10,558 $ 10,306 $ 20,483 $ 20,553 The following table presents our revenues disaggregated by geography, based upon the location of the customer: Three Months Ended Six Months Ended Millions of dollars 2024 2023 2024 2023 Sales and other operating revenues: United States $ 5,029 $ 5,032 $ 9,817 $ 9,884 Germany 663 619 1,323 1,405 China 535 533 1,141 1,047 Mexico 460 389 896 819 Italy 393 346 794 722 Japan 360 426 594 791 France 301 272 558 566 Poland 247 223 489 462 The Netherlands 214 240 399 473 Other 2,356 2,226 4,472 4,384 Total $ 10,558 $ 10,306 $ 20,483 $ 20,553

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of inventory	Inventories consisted of the following components: Millions of dollars June 30, December 31, Finished goods $ 3,317 $ 3,134 Work-in-process 180 182 Raw materials and supplies 1,576 1,449 Total inventories $ 5,073 $ 4,765

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term loans, notes and other debt, net of unamortized discount, debt issuance cost and cumulative fair value hedging adjustments, consisted of the following: Millions of dollars June 30, December 31, Senior Notes due 2024, $1,000 million, 5.75% $ — $ 775 Senior Notes due 2055, $1,000 million, 4.625% ($15 million of discount; $10 million of debt issuance cost) 975 975 Guaranteed Notes due 2027, $300 million, 8.1% 300 300 Issued by LYB International Finance B.V.: Guaranteed Notes due 2043, $750 million, 5.25% ($18 million of discount; $6 million of debt issuance cost) 726 726 Guaranteed Notes due 2044, $1,000 million, 4.875% ($10 million of discount; $8 million of debt issuance cost) 982 982 Issued by LYB International Finance II B.V.: Guaranteed Notes due 2026, €500 million, 0.875% ($1 million of discount; $1 million of debt issuance cost) 525 542 Guaranteed Notes due 2027, $1,000 million, 3.5% ($2 million of discount; $2 million of debt issuance cost) 581 585 Guaranteed Notes due 2031, €500 million, 1.625% ($4 million of discount; $2 million of debt issuance cost) 524 542 Issued by LYB International Finance III LLC: Guaranteed Notes due 2025, $500 million, 1.25% ($1 million of debt issuance cost) 483 481 Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of debt issuance cost) 121 124 Guaranteed Notes due 2030, $500 million, 2.25% ($2 million of discount; $3 million of debt issuance cost) 472 474 Guaranteed Notes due 2033, $500 million, 5.625% ($5 million of debt issuance cost) 495 495 Guaranteed Notes due 2034, $750 million, 5.5% ($6 million of discount, $7 million of debt issuance cost) 737 — Guaranteed Notes due 2040, $750 million, 3.375% ($1 million of discount; $7 million of debt issuance cost) 742 742 Guaranteed Notes due 2049, $1,000 million, 4.2% ($14 million of discount; $10 million of debt issuance cost) 976 976 Guaranteed Notes due 2050, $1,000 million, 4.2% ($6 million of discount; $10 million of debt issuance cost) 978 975 Guaranteed Notes due 2051, $1,000 million, 3.625% ($2 million of discount; $10 million of debt issuance cost) 906 916 Guaranteed Notes due 2060, $500 million, 3.8% ($4 million of discount; $6 million of debt issuance cost) 480 483 Other 21 22 Total 11,024 11,115 Less current maturities (7) (782) Long-term debt $ 11,017 $ 10,333 Fair value hedging adjustments associated with the fair value hedge accounting of our fixed-for-floating interest rate swaps for the applicable periods are as follows: Gains (Losses) Cumulative Fair Value Three Months Ended Six Months Ended June 30, December 31, Millions of dollars 2024 2023 2024 2023 2024 2023 Guaranteed Notes due 2025, 1.25% $ (1) $ 1 $ (1) $ (1) $ 8 $ 9 Guaranteed Notes due 2026, 0.875% — — — (1) 8 8 Guaranteed Notes due 2027, 3.5% — 6 4 3 6 2 Guaranteed Notes due 2030, 3.375% — 4 3 — 20 17 Guaranteed Notes due 2030, 2.25% — 2 3 (1) 23 20 Guaranteed Notes due 2031, 1.625% 1 1 2 (1) 5 3 Guaranteed Notes due 2050, 4.2% (1) 1 (3) (1) 6 9 Guaranteed Notes due 2051, 3.625% (1) 19 10 2 82 72 Guaranteed Notes due 2060, 3.8% — 4 3 1 10 7 Total $ (2) $ 38 $ 21 $ 1 $ 168 $ 147

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of fair value of outstanding financial instruments	Financial Instruments Measured at Fair Value on a Recurring Basis —The following table summarizes financial instruments outstanding for the periods presented that are measured at fair value on a recurring basis: Fair Value Millions of dollars June 30, 2024 December 31, 2023 Balance Sheet Classification Assets– Derivatives designated as hedges: Commodities $ 2 $ 1 Prepaid expenses and other current assets Commodities 1 — Other assets Foreign currency 97 44 Prepaid expenses and other current assets Foreign currency 71 45 Other assets Interest rates 18 38 Prepaid expenses and other current assets Derivatives not designated as hedges: Commodities 56 98 Prepaid expenses and other current assets Foreign currency 11 3 Prepaid expenses and other current assets Total $ 256 $ 229 Liabilities– Derivatives designated as hedges: Commodities $ 67 $ 109 Accrued and other current liabilities Commodities 19 33 Other liabilities Foreign currency 9 40 Accrued and other current liabilities Foreign currency 9 32 Other liabilities Interest rates 38 31 Accrued and other current liabilities Interest rates 184 172 Other liabilities Derivatives not designated as hedges: Commodities 30 52 Accrued and other current liabilities Foreign currency 1 10 Accrued and other current liabilities Total $ 357 $ 479
Schedule of the carrying value and estimated fair value of non-derivative financial instruments	Financial Instruments Not Measured at Fair Value on a Recurring Basis —The following table presents the carrying value and estimated fair value of our short-term precious metal financings and long-term debt: June 30, 2024 December 31, 2023 Millions of dollars Carrying Fair Carrying Fair Precious metal financings $ 165 $ 167 $ 117 $ 114 Long-term debt 11,004 9,582 10,316 9,225 Total $ 11,169 $ 9,749 $ 10,433 $ 9,339
Summary of commodity derivatives	Commodity Prices —The following table presents the notional amounts of our outstanding commodity derivative instruments: Notional Amount Unit of Measure Maturity Date Millions of units June 30, 2024 December 31, 2023 Derivatives designated as hedges: Natural gas 72 72 MMBtu 2024 to 2027 Ethane 16 18 Bbls 2024 to 2026 Power 1 1 MWhs 2024 to 2027 Refined products — 1 Bbls 2024 Derivatives not designated as hedges: Crude oil 6 12 Bbls 2024 Refined products 16 16 Bbls 2024 to 2025 Precious metals 1 1 Troy Ounces 2024 to 2025 Renewable Identification Numbers 29 59 RINs 2024
Summary of interest rate derivatives	Interest Rates —The following table presents the notional amounts of our outstanding interest rate derivative instruments: Notional Amount Millions of dollars June 30, 2024 December 31, 2023 Maturity Date Cash flow hedges $ — $ 200 2024 Fair value hedges 2,164 2,171 2025 to 2031
Summary of foreign currency hedges	Foreign Currency Rates —The following table presents the notional amounts of our outstanding foreign currency derivative instruments: Notional Amount Millions of dollars June 30, 2024 December 31, 2023 Maturity Date Net investment hedges $ 3,289 $ 3,289 2024 to 2030 Cash flow hedges 300 1,150 2027 Not designated 1,207 555 2024 to 2025
Summary of the impact of financial instruments on earnings and other comprehensive income	Impact on Earnings and Other Comprehensive Income —The following tables summarize the pre-tax effect of derivative instruments recorded in Accumulated other comprehensive income (“AOCI”), the gains (losses) reclassified from AOCI to earnings and additional gains (losses) recognized directly in earnings: Effects of Financial Instruments Three Months Ended June 30, Balance Sheet Income Statement Gain (Loss) Gain (Loss) Reclassified Additional Gain Income Statement Millions of dollars 2024 2023 2024 2023 2024 2023 Classification Derivatives designated as hedges: Commodities $ (1) $ — $ 1 $ — $ — $ — Sales and other operating revenues Commodities 31 (3) 35 — — — Cost of sales Foreign currency 25 (8) 1 (6) 14 24 Interest expense Interest rates — 12 1 2 (17) (53) Interest expense Derivatives not designated as hedges: Commodities — — — — 16 (1) Sales and other operating revenues Commodities — — — — 2 — Cost of sales Foreign currency — — — — 16 (13) Other income (expense), net Total $ 55 $ 1 $ 38 $ (4) $ 31 $ (43) Effects of Financial Instruments Six Months Ended June 30, Balance Sheet Income Statement Gain (Loss) Gain (Loss) Reclassified Additional Gain Income Statement Millions of dollars 2024 2023 2024 2023 2024 2023 Classification Derivatives designated as hedges: Commodities $ (3) $ — $ 2 $ — $ — $ — Sales and other operating revenues Commodities (17) (8) 73 19 — — Cost of sales Foreign currency 120 (63) (27) 14 35 38 Interest expense Interest rates 11 (2) 2 3 (61) (30) Interest expense Derivatives not designated as hedges: Commodities — — — — (69) (34) Sales and other operating revenues Commodities — — — — 77 27 Cost of sales Foreign currency — — — — 24 (24) Other income (expense), net Total $ 111 $ (73) $ 50 $ 36 $ 6 $ (23)

Shareholders' Equity and Rede_2

Shareholders' Equity and Redeemable Non-controlling Interests (Tables)	6 Months Ended
	Jun. 30, 2024
Shareholders Equity and Redeemable Non-controlling Interests Abstract [Abstract]
Dividend distributions	Dividend Distributions —The following table summarizes the quarterly dividends paid in the period presented: Millions of dollars, except per share amounts Dividend Per Aggregate Date of Record March 2024 $ 1.25 $ 408 March 4, 2024 June 2024 1.34 438 June 3, 2024 $ 2.59 $ 846
Schedule of share repurchase authorization	The following table summarizes our share repurchase activity for the periods presented: Millions of dollars, except shares and per share amounts Shares Average Total Purchase Price, Including For the six months ended June 30, 2024: 2024 Share Repurchase Authorization 784,505 $ 95.62 $ 75 For the six months ended June 30, 2023: 2022 Share Repurchase Authorization 1,365,898 $ 88.98 $ 122 2023 Share Repurchase Authorization 576,044 89.34 51 1,941,942 $ 89.09 $ 173
Schedule of changes in ordinary and treasury shares outstanding during the period	Ordinary Shares —The changes in the outstanding amounts of ordinary shares are as follows: Six Months Ended 2024 2023 Ordinary shares outstanding: Beginning balance 324,483,402 325,723,567 Share-based compensation 1,203,741 571,224 Employee stock purchase plan 176,046 163,234 Purchase of ordinary shares (784,505) (1,941,942) Ending balance 325,078,684 324,516,083 Treasury Shares— The changes in the amounts of treasury shares held by the Company are as follows: Six Months Ended 2024 2023 Ordinary shares held as treasury shares: Beginning balance 15,939,096 14,698,931 Share-based compensation (1,203,741) (571,224) Employee stock purchase plan (176,046) (163,234) Purchase of ordinary shares 784,505 1,941,942 Ending balance 15,343,814 15,906,415
Schedule of accumulated other comprehensive income (loss)	Accumulated Other Comprehensive Loss —The components of, and after-tax changes in, Accumulated other comprehensive loss as of and for the six months ended June 30, 2024 and 2023 are presented in the following tables: Millions of dollars Financial Defined Benefit Foreign Total Balance – December 31, 2023 $ (226) $ (279) $ (971) $ (1,476) Other comprehensive income (loss) before reclassifications 17 — (79) (62) Tax expense before reclassifications (5) — (25) (30) Amounts reclassified from accumulated other comprehensive loss 50 8 — 58 Tax expense (12) (1) — (13) Net other comprehensive income (loss) 50 7 (104) (47) Balance – June 30, 2024 $ (176) $ (272) $ (1,075) $ (1,523) Millions of dollars Financial Defined Benefit Foreign Total Balance – December 31, 2022 $ (146) $ (182) $ (1,044) $ (1,372) Other comprehensive (loss) income before reclassifications (28) — 17 (11) Tax benefit before reclassifications 8 — 11 19 Amounts reclassified from accumulated other comprehensive loss 36 5 — 41 Tax expense (9) (1) — (10) Net other comprehensive income 7 4 28 39 Balance – June 30, 2023 $ (139) $ (178) $ (1,016) $ (1,333)
Reclassification out of accumulated other comprehensive income (loss)	The amounts reclassified out of each component of Accumulated other comprehensive loss are as follows: Three Months Ended Six Months Ended Affected Line Item on Millions of dollars 2024 2023 2024 2023 Reclassification adjustments for: Financial derivatives: Commodities $ 1 $ — $ 2 $ — Sales and other operating revenue Commodities 35 — 73 19 Cost of sales Foreign currency 1 (6) (27) 14 Interest expense Interest rates 1 2 2 3 Interest expense Income tax (expense) benefit (11) 1 (12) (9) Provision for income taxes Financial derivatives, net of tax 27 (3) 38 27 Amortization of defined pension items: Actuarial loss 4 1 7 3 Other income (expense), net Prior service cost — 1 1 2 Other income (expense), net Income tax expense — — (1) (1) Provision for income taxes Defined pension items, net of tax 4 2 7 4 Total reclassifications, before tax 42 (2) 58 41 Income tax (expense) benefit (11) 1 (13) (10) Provision for income taxes Total reclassifications, after tax $ 31 $ (1) $ 45 $ 31 Amount included in net income

Per Share Data (Tables)

Per Share Data (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	Earnings per share data is as follows: Three Months Ended June 30, 2024 2023 Millions of dollars Continuing Discontinued Continuing Discontinued Net income (loss) $ 925 $ (1) $ 717 $ (2) Dividends on redeemable non-controlling interests (1) — (1) — Net income attributable to participating securities (5) — (4) — Net income (loss) attributable to ordinary shareholders – basic and diluted $ 919 $ (1) $ 712 $ (2) Millions of shares, except per share amounts Basic weighted average common stock outstanding 326 326 325 325 Effect of dilutive securities — — 1 1 Potential dilutive shares 326 326 326 326 Earnings per share: Basic $ 2.82 $ — $ 2.19 $ (0.01) Diluted $ 2.82 $ — $ 2.19 $ (0.01) Six Months Ended June 30, 2024 2023 Millions of dollars Continuing Discontinued Continuing Discontinued Net income (loss) $ 1,399 $ (2) $ 1,192 $ (3) Dividends on redeemable non-controlling interests (3) — (3) — Net income attributable to participating securities (6) — (5) — Net income (loss) attributable to ordinary shareholders – basic and diluted $ 1,390 $ (2) $ 1,184 $ (3) Millions of shares, except per share amounts Basic weighted average common stock outstanding 325 325 326 326 Effect of dilutive securities 1 1 1 1 Potential dilutive shares 326 326 327 327 Earnings per share: Basic $ 4.27 $ (0.01) $ 3.64 $ (0.01) Diluted $ 4.26 $ (0.01) $ 3.63 $ (0.01)

Segment and Related Informati_2

Segment and Related Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	Summarized financial information concerning reportable segments is shown in the following tables for the periods presented: Three Months Ended June 30, 2024 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 1,871 $ 2,659 $ 2,751 $ 943 $ 2,197 $ 137 $ — $ 10,558 Intersegment 1,055 183 44 5 148 22 (1,457) — 2,926 2,842 2,795 948 2,345 159 (1,457) 10,558 Loss from equity investments (1) (16) (2) — — — — (19) EBITDA 670 70 794 40 (7) 84 (7) 1,644 Gain on sale of business — — 293 — — — — 293 Capital expenditures 174 107 150 25 6 20 2 484 Three Months Ended June 30, 2023 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 1,756 $ 2,535 $ 2,629 $ 956 $ 2,293 $ 137 $ — $ 10,306 Intersegment 971 194 33 4 166 17 (1,385) — 2,727 2,729 2,662 960 2,459 154 (1,385) 10,306 Income (loss) from equity investments 12 (19) (5) — — — — (12) EBITDA 679 84 472 34 47 79 (12) 1,383 Capital expenditures 102 65 104 14 — 15 1 301 Six Months Ended June 30, 2024 Millions of dollars O&P- O&P- I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 3,621 $ 5,221 $ 5,278 $ 1,903 $ 4,155 $ 305 $ — $ 20,483 Intersegment 2,176 366 103 10 280 46 (2,981) — 5,797 5,587 5,381 1,913 4,435 351 (2,981) 20,483 Income (loss) from equity investments 8 (48) (6) — — — — (46) EBITDA 1,191 84 1,106 75 48 202 (15) 2,691 Gain on sale of business — — 293 — — — — 293 Capital expenditures 355 194 292 48 31 44 3 967 Six Months Ended June 30, 2023 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 3,483 $ 5,245 $ 5,270 $ 1,951 $ 4,350 $ 254 $ — $ 20,553 Intersegment 2,052 376 74 6 299 39 (2,846) — 5,535 5,621 5,344 1,957 4,649 293 (2,846) 20,553 Income (loss) from equity investments 35 (18) (11) (1) — — — 5 EBITDA 1,220 161 898 (192) 293 152 (18) 2,514 Impairments — — — 252 — — — 252 Capital expenditures 184 119 283 31 2 32 2 653
Refinery planned exit costs	Costs incurred for the planned exit from the refinery business are as follows: Three Months Ended Six Months Ended Cumulative June 30, Millions of dollars 2024 2023 2024 2023 2024 Accelerated lease amortization costs $ 10 $ 38 $ 18 $ 89 $ 219 Personnel costs 10 27 16 43 156 Asset retirement obligation accretion 2 2 4 4 15 Asset retirement cost depreciation 20 44 40 99 209 Refinery exit costs $ 42 $ 111 $ 78 $ 235 $ 599
Reconciliation of EBITDA to income (loss) from continuing operations before income taxes	A reconciliation of EBITDA to Income from continuing operations before income taxes is shown in the following table for each of the periods presented: Three Months Ended Six Months Ended Millions of dollars 2024 2023 2024 2023 EBITDA: Total segment EBITDA $ 1,651 $ 1,395 $ 2,706 $ 2,532 Other EBITDA (7) (12) (15) (18) Less: Depreciation and amortization expense (387) (391) (752) (787) Interest expense (120) (115) (247) (231) Add: Interest income 37 28 78 51 Income from continuing operations before income taxes $ 1,174 $ 905 $ 1,770 $ 1,547

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract with customer liability	$ 131	$ 175

Revenues - Key products (Detail

Revenues - Key products (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of revenue [Line Items]
Total	$ 10,558	$ 10,306	$ 20,483	$ 20,553
Olefins and co-products
Disaggregation of revenue [Line Items]
Total	1,000	907	1,908	1,790
Polyethylene
Disaggregation of revenue [Line Items]
Total	1,942	1,920	3,840	3,936
Polypropylene
Disaggregation of revenue [Line Items]
Total	1,577	1,453	3,075	2,979
Propylene oxide and derivatives
Disaggregation of revenue [Line Items]
Total	630	538	1,232	1,179
Oxyfuels and related products
Disaggregation of revenue [Line Items]
Total	1,431	1,302	2,541	2,535
Intermediate chemicals
Disaggregation of revenue [Line Items]
Total	667	766	1,456	1,512
Compounding and solutions
Disaggregation of revenue [Line Items]
Total	943	956	1,903	1,951
Refined products
Disaggregation of revenue [Line Items]
Total	2,197	2,293	4,155	4,350
Other
Disaggregation of revenue [Line Items]
Total	$ 171	$ 171	$ 373	$ 321

Revenues - Geographic locations

Revenues - Geographic locations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of revenue [Line Items]
Total	$ 10,558	$ 10,306	$ 20,483	$ 20,553
United States
Disaggregation of revenue [Line Items]
Total	5,029	5,032	9,817	9,884
Germany
Disaggregation of revenue [Line Items]
Total	663	619	1,323	1,405
China
Disaggregation of revenue [Line Items]
Total	535	533	1,141	1,047
Mexico
Disaggregation of revenue [Line Items]
Total	460	389	896	819
Italy
Disaggregation of revenue [Line Items]
Total	393	346	794	722
Japan
Disaggregation of revenue [Line Items]
Total	360	426	594	791
France
Disaggregation of revenue [Line Items]
Total	301	272	558	566
Poland
Disaggregation of revenue [Line Items]
Total	247	223	489	462
The Netherlands
Disaggregation of revenue [Line Items]
Total	214	240	399	473
Other
Disaggregation of revenue [Line Items]
Total	$ 2,356	$ 2,226	$ 4,472	$ 4,384

Accounts Receivable - Narrative

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Allowance for credit losses, receivables	$ 5	$ 6

Inventories - Schedule of Compo

Inventories - Schedule of Components (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 3,317	$ 3,134
Work-in-process	180	182
Raw materials and supplies	1,576	1,449
Total inventories	$ 5,073	$ 4,765

Debt - Long-term debt (Details)

Debt - Long-term debt (Details) € in Millions, $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Mar. 31, 2024	Feb. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)
Long-term debt [Line Items]
Total	$ 11,024				$ 11,115
Less current maturities	(7)				(782)
Long-term debt	11,017				10,333
Senior Notes due 2024, $1,000 million, 5.75%
Long-term debt [Line Items]
Face amount					$ 1,000
Stated interest rate (in percent)			5.75%		5.75%
Total	0				$ 775
Senior Notes due 2055, $1,000 million, 4.625% ($15 million of discount; $10 million of debt issuance cost)
Long-term debt [Line Items]
Face amount	$ 1,000
Stated interest rate (in percent)	4.625%	4.625%
Unamortized discount	$ 15
Unamortized debt issuance cost	10
Total	975				975
Guaranteed Notes due 2027, $300 million, 8.1%
Long-term debt [Line Items]
Face amount	$ 300
Stated interest rate (in percent)	8.10%	8.10%
Total	$ 300				300
Guaranteed Notes due 2043, $750 million, 5.25% ($18 million of discount; $6 million of debt issuance cost) | Issued by LYB International Finance B.V.:
Long-term debt [Line Items]
Face amount	$ 750
Stated interest rate (in percent)	5.25%	5.25%
Unamortized discount	$ 18
Unamortized debt issuance cost	6
Total	726				726
Guaranteed Notes due 2044, $1,000 million, 4.875% ($10 million of discount; $8 million of debt issuance cost) | Issued by LYB International Finance B.V.:
Long-term debt [Line Items]
Face amount	$ 1,000
Stated interest rate (in percent)	4.875%	4.875%
Unamortized discount	$ 10
Unamortized debt issuance cost	8
Total	$ 982				982
Guaranteed Notes due 2026, €500 million, 0.875% ($1 million of discount; $1 million of debt issuance cost) | Issued by LYB International Finance II B.V.:
Long-term debt [Line Items]
Face amount | €		€ 500
Stated interest rate (in percent)	0.875%	0.875%
Unamortized discount	$ 1
Unamortized debt issuance cost	1
Total	525				542
Guaranteed Notes due 2027, $1,000 million, 3.5% ($2 million of discount; $2 million of debt issuance cost) | Issued by LYB International Finance II B.V.:
Long-term debt [Line Items]
Face amount	$ 1,000
Stated interest rate (in percent)	3.50%	3.50%
Unamortized discount	$ 2
Unamortized debt issuance cost	2
Total	$ 581				585
Guaranteed Notes due 2031, €500 million, 1.625% ($4 million of discount; $2 million of debt issuance cost) | Issued by LYB International Finance II B.V.:
Long-term debt [Line Items]
Face amount | €		€ 500
Stated interest rate (in percent)	1.625%	1.625%
Unamortized discount	$ 4
Unamortized debt issuance cost	2
Total	524				542
Guaranteed Notes due 2025, $500 million, 1.25% ($1 million of debt issuance cost) | Issued by LYB International Finance III LLC:
Long-term debt [Line Items]
Face amount	$ 500
Stated interest rate (in percent)	1.25%	1.25%
Unamortized debt issuance cost	$ 1
Total	483				481
Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of debt issuance cost) | Issued by LYB International Finance III LLC:
Long-term debt [Line Items]
Face amount	$ 500
Stated interest rate (in percent)	3.375%	3.375%
Unamortized debt issuance cost	$ 1
Total	121				124
Guaranteed Notes due 2030, $500 million, 2.25% ($2 million of discount; $3 million of debt issuance cost) | Issued by LYB International Finance III LLC:
Long-term debt [Line Items]
Face amount	$ 500
Stated interest rate (in percent)	2.25%	2.25%
Unamortized discount	$ 2
Unamortized debt issuance cost	3
Total	472				474
Guaranteed Notes due 2033, $500 million, 5.625% ($5 million of debt issuance cost) | Issued by LYB International Finance III LLC:
Long-term debt [Line Items]
Face amount	$ 500
Stated interest rate (in percent)	5.625%	5.625%
Unamortized debt issuance cost	$ 5
Total	495				495
Guaranteed Notes due 2034, $750 million, 5.5% ($6 million of discount, $7 million of debt issuance cost)
Long-term debt [Line Items]
Face amount				$ 750
Stated interest rate (in percent)				5.50%
Guaranteed Notes due 2034, $750 million, 5.5% ($6 million of discount, $7 million of debt issuance cost) | Issued by LYB International Finance III LLC:
Long-term debt [Line Items]
Face amount	$ 750
Stated interest rate (in percent)	5.50%	5.50%
Unamortized discount	$ 6
Unamortized debt issuance cost	7
Total	737				0
Guaranteed Notes due 2040, $750 million, 3.375% ($1 million of discount; $7 million of debt issuance cost) | Issued by LYB International Finance III LLC:
Long-term debt [Line Items]
Face amount	$ 750
Stated interest rate (in percent)	3.375%	3.375%
Unamortized discount	$ 1
Unamortized debt issuance cost	7
Total	742				742
Guaranteed Notes due 2049, $1,000 million, 4.2% ($14 million of discount; $10 million of debt issuance cost) | Issued by LYB International Finance III LLC:
Long-term debt [Line Items]
Face amount	$ 1,000
Stated interest rate (in percent)	4.20%	4.20%
Unamortized discount	$ 14
Unamortized debt issuance cost	10
Total	976				976
Guaranteed Notes due 2050, $1,000 million, 4.2% ($6 million of discount; $10 million of debt issuance cost) | Issued by LYB International Finance III LLC:
Long-term debt [Line Items]
Face amount	$ 1,000
Stated interest rate (in percent)	4.20%	4.20%
Unamortized discount	$ 6
Unamortized debt issuance cost	10
Total	978				975
Guaranteed Notes due 2051, $1,000 million, 3.625% ($2 million of discount; $10 million of debt issuance cost) | Issued by LYB International Finance III LLC:
Long-term debt [Line Items]
Face amount	$ 1,000
Stated interest rate (in percent)	3.625%	3.625%
Unamortized discount	$ 2
Unamortized debt issuance cost	10
Total	906				916
Guaranteed Notes due 2060, $500 million, 3.8% ($4 million of discount; $6 million of debt issuance cost) | Issued by LYB International Finance III LLC:
Long-term debt [Line Items]
Face amount	$ 500
Stated interest rate (in percent)	3.80%	3.80%
Unamortized discount	$ 4
Unamortized debt issuance cost	6
Total	480				483
Other
Long-term debt [Line Items]
Total	$ 21				$ 22

Debt - Description of fair valu

Debt - Description of fair value adjustments for guaranteed notes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Gains (Losses)	$ (2)	$ 38	$ 21	$ 1
Cumulative Fair Value Hedging Adjustments Included in Carrying Amount of Debt	168		168		$ 147
Guaranteed Notes due 2025, 1.25%
Debt Instrument [Line Items]
Gains (Losses)	(1)	1	(1)	(1)
Cumulative Fair Value Hedging Adjustments Included in Carrying Amount of Debt	$ 8		$ 8		9
Guaranteed Notes due 2025, 1.25% | Issued by LYB International Finance III LLC:
Debt Instrument [Line Items]
Stated interest rate (in percent)	1.25%		1.25%
Guaranteed Notes due 2026, 0.875%
Debt Instrument [Line Items]
Gains (Losses)	$ 0	0	$ 0	(1)
Cumulative Fair Value Hedging Adjustments Included in Carrying Amount of Debt	$ 8		$ 8		8
Guaranteed Notes due 2026, 0.875% | Issued by LYB International Finance II B.V.:
Debt Instrument [Line Items]
Stated interest rate (in percent)	0.875%		0.875%
Guaranteed Notes due 2027, 3.5%
Debt Instrument [Line Items]
Gains (Losses)	$ 0	6	$ 4	3
Cumulative Fair Value Hedging Adjustments Included in Carrying Amount of Debt	$ 6		$ 6		2
Guaranteed Notes due 2027, 3.5% | Issued by LYB International Finance II B.V.:
Debt Instrument [Line Items]
Stated interest rate (in percent)	3.50%		3.50%
Guaranteed Notes due 2030, 3.375%
Debt Instrument [Line Items]
Gains (Losses)	$ 0	4	$ 3	0
Cumulative Fair Value Hedging Adjustments Included in Carrying Amount of Debt	$ 20		$ 20		17
Guaranteed Notes due 2030, 3.375% | Issued by LYB International Finance III LLC:
Debt Instrument [Line Items]
Stated interest rate (in percent)	3.375%		3.375%
Guaranteed Notes due 2030, 2.25%
Debt Instrument [Line Items]
Gains (Losses)	$ 0	2	$ 3	(1)
Cumulative Fair Value Hedging Adjustments Included in Carrying Amount of Debt	$ 23		$ 23		20
Guaranteed Notes due 2030, 2.25% | Issued by LYB International Finance III LLC:
Debt Instrument [Line Items]
Stated interest rate (in percent)	2.25%		2.25%
Guaranteed Notes due 2031, 1.625%
Debt Instrument [Line Items]
Gains (Losses)	$ 1	1	$ 2	(1)
Cumulative Fair Value Hedging Adjustments Included in Carrying Amount of Debt	$ 5		$ 5		3
Guaranteed Notes due 2031, 1.625% | Issued by LYB International Finance II B.V.:
Debt Instrument [Line Items]
Stated interest rate (in percent)	1.625%		1.625%
Guaranteed Notes due 2050, 4.2%
Debt Instrument [Line Items]
Gains (Losses)	$ (1)	1	$ (3)	(1)
Cumulative Fair Value Hedging Adjustments Included in Carrying Amount of Debt	$ 6		$ 6		9
Guaranteed Notes due 2050, 4.2% | Issued by LYB International Finance III LLC:
Debt Instrument [Line Items]
Stated interest rate (in percent)	4.20%		4.20%
Guaranteed Notes due 2051, 3.625%
Debt Instrument [Line Items]
Gains (Losses)	$ (1)	19	$ 10	2
Cumulative Fair Value Hedging Adjustments Included in Carrying Amount of Debt	$ 82		$ 82		72
Guaranteed Notes due 2051, 3.625% | Issued by LYB International Finance III LLC:
Debt Instrument [Line Items]
Stated interest rate (in percent)	3.625%		3.625%
Guaranteed Notes due 2060, 3.8%
Debt Instrument [Line Items]
Gains (Losses)	$ 0	$ 4	$ 3	$ 1
Cumulative Fair Value Hedging Adjustments Included in Carrying Amount of Debt	$ 10		$ 10		$ 7
Guaranteed Notes due 2060, 3.8% | Issued by LYB International Finance III LLC:
Debt Instrument [Line Items]
Stated interest rate (in percent)	3.80%		3.80%

Debt - Description of long-term

Debt - Description of long-term debt (Details) - USD ($) $ in Millions	1 Months Ended		6 Months Ended
	Mar. 31, 2024	Feb. 29, 2024	Jun. 30, 2024	Jun. 30, 2023	Jul. 01, 2024	Dec. 31, 2023
Long-term debt [Line Items]
Outstanding borrowings			$ 11,024			$ 11,115
Proceeds from issuance of long-term debt			744	$ 500
Repayment of long-term debt			775	$ 0
Senior Revolving Credit Facility
Long-term debt [Line Items]
Maximum borrowing capacity			3,250
Maximum allowed letters of credit			200
Additional borrowing capacity, uncommitted loans			1,000
Outstanding borrowings			0
Outstanding letters of credit			0
Unused availability			3,250
Senior Revolving Credit Facility | Subsequent Event [Member]
Long-term debt [Line Items]
Maximum borrowing capacity					$ 3,750
Guaranteed Notes due 2034
Long-term debt [Line Items]
Face amount		$ 750
Stated interest rate (in percent)		5.50%
Discounted prices at which long-term debt was issued (in percent)		99.20%
Proceeds from issuance of long-term debt		$ 737
Redemption price (in percent)		100%
Senior Notes due 2024, $1,000 million, 5.75%
Long-term debt [Line Items]
Outstanding borrowings			$ 0			775
Face amount						$ 1,000
Stated interest rate (in percent)	5.75%					5.75%
Repayment of long-term debt	$ 775

Debt - Description of short-ter

Debt - Description of short-term debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Description of short-term debt [Line Items]
Short-term debt	$ 166	$ 117
Weighted average interest rate, short-term debt (in percent)	1.30%	1.90%
U.S. Receivables Facility
Description of short-term debt [Line Items]
Maximum borrowing capacity	$ 900
Additional borrowing capacity, uncommitted loans	300
Maximum allowed letters of credit	200
Short-term debt	0
Outstanding letters of credit	0
Unused availability	900
Commercial paper
Description of short-term debt [Line Items]
Maximum borrowing capacity	2,500
Short-term debt	0
Precious metal financings
Description of short-term debt [Line Items]
Short-term debt	$ 165	$ 117

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Summary of derivative and non-derivative financial instruments outstanding measured at fair value on a recurring basis (Details) - Fair value, inputs, level 2 - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	$ 256	$ 229
Derivative liabilities	357	479
Prepaid expenses and other current assets | Commodities | Derivatives designated as hedges:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	2	1
Prepaid expenses and other current assets | Commodities | Derivatives not designated as hedges:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	56	98
Prepaid expenses and other current assets | Foreign currency | Derivatives designated as hedges:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	97	44
Prepaid expenses and other current assets | Foreign currency | Derivatives not designated as hedges:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	11	3
Prepaid expenses and other current assets | Interest rates | Derivatives designated as hedges:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	18	38
Other assets | Commodities | Derivatives designated as hedges:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	1	0
Other assets | Foreign currency | Derivatives designated as hedges:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	71	45
Accrued and other current liabilities | Commodities | Derivatives designated as hedges:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	67	109
Accrued and other current liabilities | Commodities | Derivatives not designated as hedges:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	30	52
Accrued and other current liabilities | Foreign currency | Derivatives designated as hedges:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	9	40
Accrued and other current liabilities | Foreign currency | Derivatives not designated as hedges:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	1	10
Accrued and other current liabilities | Interest rates | Derivatives designated as hedges:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	38	31
Other liabilities | Commodities | Derivatives designated as hedges:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	19	33
Other liabilities | Foreign currency | Derivatives designated as hedges:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	9	32
Other liabilities | Interest rates | Derivatives designated as hedges:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	$ 184	$ 172

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Carrying value and estimated fair value of non-derivative financial instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Estimated fair value and carrying value of non-derivative financial instruments [Line Items]
Precious metal financings, carrying value	$ 166	$ 117
Nonrecurring | Non-derivatives:
Estimated fair value and carrying value of non-derivative financial instruments [Line Items]
Precious metal financings, carrying value	165	117
Long-term debt, carrying value	11,004	10,316
Total liabilities, carrying value	11,169	10,433
Precious metal financings, fair value	167	114
Long-term debt, fair value	9,582	9,225
Total liabilities, fair value	$ 9,749	$ 9,339

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Summary of commodity derivatives (Details) renewableIdentificationNumber-RIN in Millions, ozt in Millions, bbl in Millions, MWh in Millions, MMBTU in Millions	Jun. 30, 2024 renewableIdentificationNumber-RIN MMBTU bbl MWh ozt	Dec. 31, 2023 MWh bbl ozt MMBTU renewableIdentificationNumber-RIN
Derivatives designated as hedges: | Natural gas
Derivative [Line Items]
Derivative, nonmonetary notional amount | MMBTU	72	72
Derivatives designated as hedges: | Ethane
Derivative [Line Items]
Derivative, nonmonetary notional amount	16	18
Derivatives designated as hedges: | Power
Derivative [Line Items]
Derivative, nonmonetary notional amount | MWh	1	1
Derivatives designated as hedges: | Refined products
Derivative [Line Items]
Derivative, nonmonetary notional amount	0	1
Derivatives not designated as hedges: | Crude oil
Derivative [Line Items]
Derivative, nonmonetary notional amount	6	12
Derivatives not designated as hedges: | Refined products
Derivative [Line Items]
Derivative, nonmonetary notional amount	16	16
Derivatives not designated as hedges: | Precious metals
Derivative [Line Items]
Derivative, nonmonetary notional amount | ozt	1	1
Derivatives not designated as hedges: | Renewable Identification Numbers
Derivative [Line Items]
Derivative, nonmonetary notional amount | renewableIdentificationNumber-RIN	29	59

Financial Instruments and Fai_6

Financial Instruments and Fair Value Measurements - Summary of interest rate hedges (Details) - Interest rates - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Cash flow hedges
Derivative [Line Items]
Fair value hedges	$ 0	$ 200
Fair value hedges
Derivative [Line Items]
Fair value hedges	$ 2,164	$ 2,171

Financial Instruments and Fai_7

Financial Instruments and Fair Value Measurements - Summary of foreign currency hedges (Details) - Foreign currency - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivatives designated as hedges: | Net investment hedges
Derivative [Line Items]
Notional Amount	$ 3,289	$ 3,289
Derivatives designated as hedges: | Cash flow hedges
Derivative [Line Items]
Notional Amount	300	1,150
Derivatives not designated as hedges:
Derivative [Line Items]
Notional Amount	$ 1,207	$ 555

Financial Instruments and Fai_8

Financial Instruments and Fair Value Measurements - Pretax effect of derivative instruments charged directly to income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, gain (loss) [Line Items]
Gain (Loss) Recognized in AOCI	$ 55	$ 1	$ 111	$ (73)
Gain (Loss) Reclassified to Income from AOCI	38	(4)	50	36
Additional Gain (Loss) Recognized in Income	$ 31	(43)	$ 6	(23)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of sales, Interest Expense, Operating, Other income (expense), net, Revenue from Contract with Customer, Excluding Assessed Tax		Cost of sales, Interest Expense, Operating, Other income (expense), net, Revenue from Contract with Customer, Excluding Assessed Tax
Commodities | Derivatives designated as hedges: | Sales and other operating revenues
Derivative Instruments, gain (loss) [Line Items]
Gain (Loss) Recognized in AOCI	$ (1)	0	$ (3)	0
Gain (Loss) Reclassified to Income from AOCI	1	0	2	0
Additional Gain (Loss) Recognized in Income	0	0	0	0
Commodities | Derivatives designated as hedges: | Cost of sales
Derivative Instruments, gain (loss) [Line Items]
Gain (Loss) Recognized in AOCI	31	(3)	(17)	(8)
Gain (Loss) Reclassified to Income from AOCI	35	0	73	19
Additional Gain (Loss) Recognized in Income	0	0	0	0
Commodities | Derivatives not designated as hedges: | Sales and other operating revenues
Derivative Instruments, gain (loss) [Line Items]
Gain (Loss) Recognized in AOCI	0	0	0	0
Gain (Loss) Reclassified to Income from AOCI	0	0	0	0
Additional Gain (Loss) Recognized in Income	16	(1)	(69)	(34)
Commodities | Derivatives not designated as hedges: | Cost of sales
Derivative Instruments, gain (loss) [Line Items]
Gain (Loss) Recognized in AOCI	0	0	0	0
Gain (Loss) Reclassified to Income from AOCI	0	0	0	0
Additional Gain (Loss) Recognized in Income	2	0	77	27
Foreign currency | Derivatives designated as hedges:
Derivative Instruments, gain (loss) [Line Items]
Gain (Loss) Recognized in AOCI	25	(8)	120	(63)
Gain (Loss) Reclassified to Income from AOCI	1	(6)	(27)	14
Additional Gain (Loss) Recognized in Income	14	24	35	38
Foreign currency | Derivatives not designated as hedges:
Derivative Instruments, gain (loss) [Line Items]
Gain (Loss) Recognized in AOCI	0	0	0	0
Gain (Loss) Reclassified to Income from AOCI	0	0	0	0
Additional Gain (Loss) Recognized in Income	16	(13)	24	(24)
Interest rates | Derivatives designated as hedges:
Derivative Instruments, gain (loss) [Line Items]
Gain (Loss) Recognized in AOCI	0	12	11	(2)
Gain (Loss) Reclassified to Income from AOCI	1	2	2	3
Additional Gain (Loss) Recognized in Income	$ (17)	$ (53)	$ (61)	$ (30)

Financial Instruments and Fai_9

Financial Instruments and Fair Value Measurements - Summary of marketable securities narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Amount of marketable securities classified as cash and cash equivalents	$ 1,876	$ 2,432
Interest expense
Derivative [Line Items]
Pre-tax unrealized gain (loss) to be reclassified to earnings over the next twelve months	$ 4

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (in percent)	21.20%	20.80%	21%	22.90%
Exempt income benefit (in percent)	4.10%		4.10%
Varying statutory tax rates, percent	1.10%
Nondeductible expense, goodwill impairment losses (in percent)				2.80%
Audit settlement (in percent)		4.80%		2.40%
Changes in foreign exchange gains (losses) (in percent)			1%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Future environmental remediation costs	$ 142	$ 124
Minimum
Loss Contingencies [Line Items]
Site contingency, accrued liabilities	$ 1
Technology licensing contracts indemnification period (in years)	5 years
Maximum
Loss Contingencies [Line Items]
Site contingency, accrued liabilities	$ 42
Technology licensing contracts indemnification period (in years)	10 years

Shareholders' Equity and Rede_3

Shareholders' Equity and Redeemable Non-controlling Interests - Dividend distributions (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Dividends Payable [Line Items]
Dividend Per Ordinary Share (usd per share)			$ 2.59
Aggregate Dividends Paid			$ 846
March 2024
Dividends Payable [Line Items]
Dividend Per Ordinary Share (usd per share)		$ 1.25
Aggregate Dividends Paid		$ 408
June 2024
Dividends Payable [Line Items]
Dividend Per Ordinary Share (usd per share)	$ 1.34
Aggregate Dividends Paid	$ 438

Shareholders' Equity and Rede_4

Shareholders' Equity and Redeemable Non-controlling Interests - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2024	Feb. 29, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share repurchase authorization [Line Items]
Repurchases of Company ordinary shares					$ 75	$ 170
Cumulative redeemable non-controlling interest stock outstanding (in shares)			113,059		113,059		113,075
Redeemable non-controlling interests, dividends per share (in dollars per share)	$ 15	$ 15	$ 15	$ 15	$ 30	$ 30
Dividends on redeemable non-controlling interests			$ 1	$ 1	$ 3	$ 3
2024 Share Repurchase Authorization
Share repurchase authorization [Line Items]
Stock repurchase program, number of shares authorized to be repurchased (in shares)	34,000,000

Shareholders' Equity and Rede_5

Shareholders' Equity and Redeemable Non-controlling Interests - Share repurchase authorization (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share repurchase authorization [Line Items]
Shares Repurchased (in shares)		1,941,942
Average Purchase Price (usd per share)		$ 89.09
Total Purchase Price, Including Commissions and Fees		$ 173
2022 Share Repurchase Authorization
Share repurchase authorization [Line Items]
Shares Repurchased (in shares)		1,365,898
Average Purchase Price (usd per share)		$ 88.98
Total Purchase Price, Including Commissions and Fees		$ 122
2023 Share Repurchase Authorization
Share repurchase authorization [Line Items]
Shares Repurchased (in shares)		576,044
Average Purchase Price (usd per share)		$ 89.34
Total Purchase Price, Including Commissions and Fees		$ 51
2024 Share Repurchase Authorization
Share repurchase authorization [Line Items]
Shares Repurchased (in shares)	784,505
Average Purchase Price (usd per share)	$ 95.62
Total Purchase Price, Including Commissions and Fees	$ 75

Shareholders' Equity and Rede_6

Shareholders' Equity and Redeemable Non-controlling Interests - Ordinary shares (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	324,483,402
Purchase of ordinary shares (in shares)		(1,941,942)
Ending balance (in shares)	325,078,684
Ordinary Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	324,483,402	325,723,567
Share-based compensation (in shares)	1,203,741	571,224
Employee stock purchase plan (in shares)	176,046	163,234
Purchase of ordinary shares (in shares)	(784,505)	(1,941,942)
Ending balance (in shares)	325,078,684	324,516,083

Shareholders' Equity and Rede_7

Shareholders' Equity and Redeemable Non-controlling Interests - Treasury shares (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Treasury Stock [Roll Forward]
Beginning balance (in shares)	15,939,096
Purchase of ordinary shares (in shares)		1,941,942
Ending balance (in shares)	15,343,814
Treasury shares
Increase (Decrease) in Treasury Stock [Roll Forward]
Beginning balance (in shares)	15,939,096	14,698,931
Share-based compensation (in shares)	(1,203,741)	(571,224)
Employee stock purchase plan (in shares)	(176,046)	(163,234)
Purchase of ordinary shares (in shares)	784,505	1,941,942
Ending balance (in shares)	15,343,814	15,906,415

Shareholders' Equity and Rede_8

Shareholders' Equity and Redeemable Non-controlling Interests - Components of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Equity, Attributable to Parent, Beginning Balance			$ 12,930
Other comprehensive income (loss) before reclassifications			(62)	$ (11)
Tax expense before reclassifications			(30)	19
Amounts reclassified from accumulated other comprehensive loss			58	41
Tax expense			(13)	(10)
Total other comprehensive income (loss), net of tax	$ 9	$ (26)	(47)	39
Equity, Attributable to Parent, Ending Balance	13,449		13,449
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Equity, Attributable to Parent, Beginning Balance			(1,476)	(1,372)
Total other comprehensive income (loss), net of tax	9	(26)	(47)	39
Equity, Attributable to Parent, Ending Balance	(1,523)	(1,333)	(1,523)	(1,333)
Financial Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Equity, Attributable to Parent, Beginning Balance			(226)	(146)
Other comprehensive income (loss) before reclassifications			17	(28)
Tax expense before reclassifications			(5)	8
Amounts reclassified from accumulated other comprehensive loss			50	36
Tax expense			(12)	(9)
Total other comprehensive income (loss), net of tax			50	7
Equity, Attributable to Parent, Ending Balance	(176)	(139)	(176)	(139)
Defined Benefit Pension and Other Postretirement Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Equity, Attributable to Parent, Beginning Balance			(279)	(182)
Other comprehensive income (loss) before reclassifications			0	0
Tax expense before reclassifications			0	0
Amounts reclassified from accumulated other comprehensive loss			8	5
Tax expense			(1)	(1)
Total other comprehensive income (loss), net of tax			7	4
Equity, Attributable to Parent, Ending Balance	(272)	(178)	(272)	(178)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Equity, Attributable to Parent, Beginning Balance			(971)	(1,044)
Other comprehensive income (loss) before reclassifications			(79)	17
Tax expense before reclassifications			(25)	11
Amounts reclassified from accumulated other comprehensive loss			0	0
Tax expense			0	0
Total other comprehensive income (loss), net of tax			(104)	28
Equity, Attributable to Parent, Ending Balance	$ (1,075)	$ (1,016)	$ (1,075)	$ (1,016)

Shareholders' Equity and Rede_9

Shareholders' Equity and Redeemable Non-controlling Interests - Reclassification out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items]
Sales and other operating revenue	$ 10,558	$ 10,306	$ 20,483	$ 20,553
Cost of sales	9,148	8,868	17,911	17,732
Other income (expense), net	13	(7)	18	(2)
Provision for income taxes	249	188	371	355
Total reclassifications, before tax	1,174	905	1,770	1,547
Amounts reclassified out of accumulated other comprehensive income (loss)
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items]
Provision for income taxes	(11)	1	(13)	(10)
Total reclassifications, before tax	42	(2)	58	41
Total reclassifications, after tax	31	(1)	45	31
Financial Derivatives | Amounts reclassified out of accumulated other comprehensive income (loss)
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items]
Provision for income taxes	(11)	1	(12)	(9)
Total reclassifications, after tax	27	(3)	38	27
Financial Derivatives | Amounts reclassified out of accumulated other comprehensive income (loss) | Commodities
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items]
Sales and other operating revenue	1	0	2	0
Cost of sales	35	0	73	19
Financial Derivatives | Amounts reclassified out of accumulated other comprehensive income (loss) | Foreign currency
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items]
Interest expense	1	(6)	(27)	14
Financial Derivatives | Amounts reclassified out of accumulated other comprehensive income (loss) | Interest rates
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items]
Interest expense	1	2	2	3
Amortization of defined pension items: | Amounts reclassified out of accumulated other comprehensive income (loss)
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items]
Provision for income taxes	0	0	(1)	(1)
Total reclassifications, after tax	4	2	7	4
Actuarial loss | Amounts reclassified out of accumulated other comprehensive income (loss)
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items]
Other income (expense), net	4	1	7	3
Prior service cost | Amounts reclassified out of accumulated other comprehensive income (loss)
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items]
Other income (expense), net	$ 0	$ 1	$ 1	$ 2

Per Share Data - Earnings per s

Per Share Data - Earnings per share, basic and diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings per share, basic and diluted [Line Items]
Net income (loss)	$ 924	$ 715	$ 1,397	$ 1,189
Earnings per share, Basic [Abstract]
Basic from continuing operations (in dollars in per share)	$ 2.82	$ 2.19	$ 4.27	$ 3.64
Basic from discontinued operations (in dollars per share)	0	(0.01)	(0.01)	(0.01)
Diluted from continuing operations (in dollars in per share)	2.82	2.19	4.26	3.63
Diluted from discontinued operations (in dollars in per share)	$ 0	$ (0.01)	$ (0.01)	$ (0.01)
Continuing Operations
Earnings per share, basic and diluted [Line Items]
Net income (loss)	$ 925	$ 717	$ 1,399	$ 1,192
Dividends on redeemable non-controlling interests	(1)	(1)	(3)	(3)
Net income attributable to participating securities, Basic	(5)	(4)	(6)	(5)
Net income attributable to participating securities, Diluted	(5)	(4)	(6)	(5)
Net income (loss) attributable to ordinary shareholders - Basic	919	712	1,390	1,184
Net income (loss) attributable to ordinary shareholders - Diluted	$ 919	$ 712	$ 1,390	$ 1,184
Weighted average number of shares outstanding reconciliation [Abstract]
Basic weighted average common stock outstanding (in shares)	326	325	325	326
Effect of dilutive securities (in shares)	0	1	1	1
Potential dilutive shares (in shares)	326	326	326	327
Earnings per share, Basic [Abstract]
Basic from continuing operations (in dollars in per share)	$ 2.82	$ 2.19	$ 4.27	$ 3.64
Diluted from continuing operations (in dollars in per share)	$ 2.82	$ 2.19	$ 4.26	$ 3.63
Discontinued Operations
Earnings per share, basic and diluted [Line Items]
Net income (loss)	$ (1)	$ (2)	$ (2)	$ (3)
Dividends on redeemable non-controlling interests	0	0	0	0
Net income attributable to participating securities, Basic	0	0	0	0
Net income attributable to participating securities, Diluted	0	0	0	0
Net income (loss) attributable to ordinary shareholders - Basic	(1)	(2)	(2)	(3)
Net income (loss) attributable to ordinary shareholders - Diluted	$ (1)	$ (2)	$ (2)	$ (3)
Weighted average number of shares outstanding reconciliation [Abstract]
Basic weighted average common stock outstanding (in shares)	326	325	325	326
Effect of dilutive securities (in shares)	0	1	1	1
Potential dilutive shares (in shares)	326	326	326	327
Earnings per share, Basic [Abstract]
Basic from discontinued operations (in dollars per share)	$ 0	$ (0.01)	$ (0.01)	$ (0.01)
Diluted from discontinued operations (in dollars in per share)	$ 0	$ (0.01)	$ (0.01)	$ (0.01)

Segment and Related Informati_3

Segment and Related Information - Summarized financial information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Summarized financial information concerning reportable segments: [Abstract]
Total	$ 10,558	$ 10,306	$ 20,483	$ 20,553
Income (loss) from equity investments	(19)	(12)	(46)	5
EBITDA	1,644	1,383	2,691	2,514
Gain on sale of business	293	0	293	0
Impairments				252
Capital expenditures	484	301	967	653
O&P- Americas
Summarized financial information concerning reportable segments: [Abstract]
Total	1,871	1,756	3,621	3,483
Income (loss) from equity investments	(1)	12	8	35
EBITDA	670	679	1,191	1,220
Gain on sale of business	0		0
Impairments				0
Capital expenditures	174	102	355	184
O&P- EAI
Summarized financial information concerning reportable segments: [Abstract]
Total	2,659	2,535	5,221	5,245
Income (loss) from equity investments	(16)	(19)	(48)	(18)
EBITDA	70	84	84	161
Gain on sale of business	0		0
Impairments				0
Capital expenditures	107	65	194	119
I&D
Summarized financial information concerning reportable segments: [Abstract]
Total	2,751	2,629	5,278	5,270
Income (loss) from equity investments	(2)	(5)	(6)	(11)
EBITDA	794	472	1,106	898
Gain on sale of business	293		293
Impairments				0
Capital expenditures	150	104	292	283
APS
Summarized financial information concerning reportable segments: [Abstract]
Total	943	956	1,903	1,951
Income (loss) from equity investments	0	0	0	(1)
EBITDA	40	34	75	(192)
Gain on sale of business	0		0
Impairments				252
Capital expenditures	25	14	48	31
Refining
Summarized financial information concerning reportable segments: [Abstract]
Total	2,197	2,293	4,155	4,350
Income (loss) from equity investments	0	0	0	0
EBITDA	(7)	47	48	293
Gain on sale of business	0		0
Impairments				0
Capital expenditures	6	0	31	2
Technology
Summarized financial information concerning reportable segments: [Abstract]
Total	137	137	305	254
Income (loss) from equity investments	0	0	0	0
EBITDA	84	79	202	152
Gain on sale of business	0		0
Impairments				0
Capital expenditures	20	15	44	32
Other
Summarized financial information concerning reportable segments: [Abstract]
Total	0	0	0	0
Income (loss) from equity investments	0	0	0	0
EBITDA	(7)	(12)	(15)	(18)
Gain on sale of business	0		0
Impairments				0
Capital expenditures	2	1	3	2
Intersegment
Summarized financial information concerning reportable segments: [Abstract]
Total	0	0	0	0
Intersegment | O&P- Americas
Summarized financial information concerning reportable segments: [Abstract]
Total	1,055	971	2,176	2,052
Intersegment | O&P- EAI
Summarized financial information concerning reportable segments: [Abstract]
Total	183	194	366	376
Intersegment | I&D
Summarized financial information concerning reportable segments: [Abstract]
Total	44	33	103	74
Intersegment | APS
Summarized financial information concerning reportable segments: [Abstract]
Total	5	4	10	6
Intersegment | Refining
Summarized financial information concerning reportable segments: [Abstract]
Total	148	166	280	299
Intersegment | Technology
Summarized financial information concerning reportable segments: [Abstract]
Total	22	17	46	39
Intersegment | Other
Summarized financial information concerning reportable segments: [Abstract]
Total	(1,457)	(1,385)	(2,981)	(2,846)
Operating segments
Summarized financial information concerning reportable segments: [Abstract]
Total	10,558	10,306	20,483	20,553
Operating segments | O&P- Americas
Summarized financial information concerning reportable segments: [Abstract]
Total	2,926	2,727	5,797	5,535
Operating segments | O&P- EAI
Summarized financial information concerning reportable segments: [Abstract]
Total	2,842	2,729	5,587	5,621
Operating segments | I&D
Summarized financial information concerning reportable segments: [Abstract]
Total	2,795	2,662	5,381	5,344
Operating segments | APS
Summarized financial information concerning reportable segments: [Abstract]
Total	948	960	1,913	1,957
Operating segments | Refining
Summarized financial information concerning reportable segments: [Abstract]
Total	2,345	2,459	4,435	4,649
Operating segments | Technology
Summarized financial information concerning reportable segments: [Abstract]
Total	159	154	351	293
Operating segments | Other
Summarized financial information concerning reportable segments: [Abstract]
Total	$ (1,457)	$ (1,385)	$ (2,981)	$ (2,846)

Segment and Related Informati_4

Segment and Related Information - Narrative (Details) T in Millions, $ in Millions	1 Months Ended	3 Months Ended			6 Months Ended		30 Months Ended
	May 31, 2024 USD ($) T	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment reporting information [Line Items]
Proceeds from sale of business					$ 700	$ 0
Gain on sale of business		$ 293	$ 0		293	0
Equity investments		4,290			4,290		$ 4,290	$ 3,907
Ethylene Oxide & Derivatives (“EO&D”) Business | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Segment reporting information [Line Items]
Proceeds from sale of business	$ 700
Gain on sale of business	293
National Petrochemical Industrial Company (NATPET)
Segment reporting information [Line Items]
Equity investments	$ 500
Equity investment, ownership percentage	35%
Production manufacturing joint venture capacity | T	0.4
APS
Segment reporting information [Line Items]
Gain on sale of business		0			0
Goodwill, impairment loss				$ 252
Refining
Segment reporting information [Line Items]
Gain on sale of business		0			0
Exit costs incurred		42	111		78	235	599
Refining | Personnel costs
Segment reporting information [Line Items]
Exit costs incurred		10	27		16	43	156
Refining | Asset retirement cost depreciation
Segment reporting information [Line Items]
Asset retirement obligation, liabilities incurred					264
Refining | Accelerated lease amortization costs
Segment reporting information [Line Items]
Exit costs incurred		10	$ 38		18	$ 89	219
Refining | Minimum
Segment reporting information [Line Items]
Restructuring and related cost, expected cost		560			560		560
Refining | Minimum | Personnel costs
Segment reporting information [Line Items]
Restructuring and related cost, expected cost		15			15		15
Refining | Minimum | Other restructuring
Segment reporting information [Line Items]
Restructuring and related cost, expected cost		20			20		20
Refining | Minimum | Asset retirement cost depreciation
Segment reporting information [Line Items]
Restructuring and related cost, expected cost		150			150		150
Refining | Minimum | Accelerated lease amortization costs
Segment reporting information [Line Items]
Restructuring and related cost, expected cost		10			10		10
Refining | Maximum
Segment reporting information [Line Items]
Restructuring and related cost, expected cost		1,000			1,000		1,000
Refining | Maximum | Personnel costs
Segment reporting information [Line Items]
Restructuring and related cost, expected cost		70			70		70
Refining | Maximum | Other restructuring
Segment reporting information [Line Items]
Restructuring and related cost, expected cost		60			60		60
Refining | Maximum | Asset retirement cost depreciation
Segment reporting information [Line Items]
Restructuring and related cost, expected cost		450			450		450
Refining | Maximum | Accelerated lease amortization costs
Segment reporting information [Line Items]
Restructuring and related cost, expected cost		$ 40			$ 40		$ 40

Segment and Related Informati_5

Segment and Related Information - Schedule of costs incurred (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		30 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
Segment reporting information [Line Items]
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag			Refinery exit costs	Refinery exit costs
Refining
Segment reporting information [Line Items]
Exit costs incurred	$ 42	$ 111	$ 78	$ 235	$ 599
Accelerated lease amortization costs | Refining
Segment reporting information [Line Items]
Exit costs incurred	10	38	18	89	219
Personnel costs | Refining
Segment reporting information [Line Items]
Exit costs incurred	10	27	16	43	156
Asset retirement obligation accretion | Refining
Segment reporting information [Line Items]
Exit costs incurred	2	2	4	4	15
Asset retirement cost depreciation | Refining
Segment reporting information [Line Items]
Exit costs incurred	$ 20	$ 44	$ 40	$ 99	$ 209

Segment and Related Informati_6

Segment and Related Information - Reconciliation of EBITDA to income (loss) from continuing operations before income taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
EBITDA:
Total segment EBITDA	$ 1,651	$ 1,395	$ 2,706	$ 2,532
Other EBITDA	(7)	(12)	(15)	(18)
Less:
Depreciation and amortization expense	(387)	(391)	(752)	(787)
Interest expense	(120)	(115)	(247)	(231)
Add:
Interest income	37	28	78	51
Income from continuing operations before income taxes	$ 1,174	$ 905	$ 1,770	$ 1,547