Lyondellbasell Industries Said In Connection With Planned Exit From Houston Refinery Business, Recorded Liabilities Of $262M As Of March 31, 2024; Estimate That Houston Refinery's Asset Retirement Obligations Are In The Range Of $150M To $450M
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LyondellBasell Industries plans to exit its Houston refinery business, recording liabilities of $262M as of March 31, 2024. The estimated asset retirement obligations for the Houston refinery range from $150M to $450M, according to an SEC filing.
April 26, 2024 | 6:02 pm
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LyondellBasell Industries records $262M in liabilities due to its planned exit from the Houston refinery business, with asset retirement obligations estimated between $150M and $450M.
Exiting the Houston refinery business and the associated financial liabilities and obligations are likely to have a negative short-term impact on LyondellBasell's stock price. The substantial financial burden disclosed could concern investors about future profitability and cash flows, leading to potential downward pressure on the stock.
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