LyondellBasell Industries NV Class A

LYB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Increasing WLK and LYB Fair Value Estimates on Slightly Wider Margins Following Oil/Gas Price Update

David Wang

Apr 6, 2016

We are slightly increasing our petrochemical fair value estimates following an update to our oil and natural gas price forecasts due to slightly wider margins. Since our midcycle natural gas price forecast falls slightly more (down 25% to $3/mmbtu) than our oil price forecast (down 14% to $60/bbl), North American petrochemical producers should see feedstock costs fall somewhat more than their average selling prices. Midcycle ethylene margins increase to approximately 18 cents per pound versus 17 cents previously.

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LyondellBasell Industries NV Class A

Increasing WLK and LYB Fair Value Estimates on Slightly Wider Margins Following Oil/Gas Price Update

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