First Quarter 2023 Highlights

•Net Income: $474 million, $822 million excluding identified items(a)

•Diluted earnings per share: $1.44 per share; $2.50 per share excluding identified items, an improvement of more than 90% relative to the fourth quarter 2022

•EBITDA: $1.1 billion, $1.5 billion excluding identified items

•Net cash provided by operating activities: $482 million; $5.1 billion over trailing 12 months

•Achieved 89% cash conversion(a) and 12% return on invested capital(a) over trailing 12 months

•Returned $459 million to shareholders through dividends and share repurchases in the first quarter

•Launched new strategy targeting net income(b) of $6.3 billion and $10 billion of normalized EBITDA(a)(b) by 2027

•Successfully started up the world's largest propylene oxide plant

•Achieved 70% of target to procure at least half of global electricity from renewable sources by 2030

Comparisons with the prior quarter and first quarter 2022 are available in the following table:

Excluding Identified Items(a)

Net income excluding identified items			$822			$427			$1,320
Diluted earnings per share excluding identified items			2.50			1.29			4.00
Impairment, pre-tax			252			—			—
Refinery exit costs, pre-tax			124			95			—
EBITDA excluding identified items			1,452			865			2,020

(a) See “Information Related to Financial Measures” for a discussion of the Company’s use of non-GAAP financial measures and Tables 2-9 for reconciliations or calculations of these financial measures. “Identified items” include adjustments for lower of cost or market (“LCM”), impairments and refinery exit costs. Cash conversion is net cash provided by operating activities divided by EBITDA excluding LCM and impairment. Return on invested capital is income from continuing operations divided by two-year average of invested capital.

(b) Reflects a 2022 year-end asset portfolio with 2013-2022 historical average margins and operating rates and the company's strategic initiatives.

LyondellBasell Industries (NYSE: LYB) today announced net income for the first quarter 2023 of $474 million, or $1.44 per diluted share. During the quarter, the company recognized identified items of $348 million, net of tax. These items, which impacted first quarter earnings by $1.06 per share, included a non-cash goodwill impairment related to our Advanced Polymers Solutions segment and costs incurred from plans to exit the refining business. First quarter 2023 EBITDA was $1.1 billion, or $1.5 billion excluding identified items.

Global olefins and polyolefins margins increased during the first quarter driven by lower ethane cost in the U.S., lower energy costs and moderately improving global demand. LyondellBasell increased global operating rates to align with market conditions. Steady demand for fuels continued to support strong oxyfuels and refining margins.

In the first quarter, LyondellBasell generated $482 million in cash from operating activities and ended the quarter with $5.8 billion in available liquidity. The company remains committed to a disciplined approach to capital allocation. During the first quarter, approximately $350 million was reinvested in the business and $460 million was returned to shareholders through dividends and share repurchases. Over the past twelve months, the company returned 107% of free cash flow(c) to shareholders.

At its Capital Markets Day (CMD) in March, LyondellBasell launched a new strategy targeting net income of $6.3 billion and $10 billion of normalized EBITDA by 2027. Prior to the CMD, the company announced several acquisitions and partnerships in line with its new strategy to meet the increasing need from customers and society for sustainable solutions. In less than a year since signing its first power purchase agreement, LyondellBasell achieved 70% of its target to procure at least 50% of its global electricity from renewable sources by 2030.

“We are rapidly advancing our strategy to create significant value by building a profitable Circular & Low Carbon Solutions business and establishing LyondellBasell as the industry leader in sustainability,” said Peter Vanacker, LyondellBasell Chief Executive Officer.

In the near-term, the company expects typical seasonal trends to drive modest improvement in global demand. Increased summer demand for transportation fuels should provide support for oxyfuels and refining margins. Delays in the start of North American polyethylene capacity additions across the industry are expected to reduce new market supply and support polyethylene margins. During the second quarter, LyondellBasell expects to operate Intermediates & Derivatives assets at 80% and modestly increase global olefins and polyolefins operating rates to 85% to match the market outlook. The company remains watchful for the effects of changes in global monetary policies and improving economic conditions in China on petrochemical markets during the second half of 2023.

“LyondellBasell remains focused on delivering our strategy to grow and upgrade our core businesses, build a profitable Circular & Low Carbon Solutions business and step up our performance and culture. We believe the combination of these strategic moves will capture significant value by positioning LyondellBasell as the leading investment in our industry with a more profitable and sustainable growth engine,” said Vanacker.

(c) Free cash flow is net cash provided by operating activities less capital expenditures.

LyondellBasell will host a conference call April 28 at 11 a.m. ET. Participants on the call will include Chief Executive Officer Peter Vanacker, Executive Vice President and Chief Financial Officer Michael McMurray, Executive Vice President of Global Olefins and Polyolefins Ken Lane, Executive Vice President of Intermediates and Derivatives and Refining Kim Foley, Executive Vice President of Advanced Polymer Solutions Torkel Rhenman and Head of Investor Relations David Kinney. For event access, the toll-free dial-in number is 1-877-407-8029, international dial-in number is 201-689-8029 or click the CallMe link. The slides and webcast that accompany the call will be available at www.LyondellBasell.com/earnings. A replay of the call will be available from 1:00 p.m. ET April 28 until May 28. The replay toll-free dial-in numbers are 1-877-660-6853 and 201-612-7415. The access ID for each is 13735436.

We are LyondellBasell (NYSE: LYB) – a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world's largest producer of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit www.LyondellBasell.com or follow @LyondellBasell on LinkedIn.

The statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. When used in this release, the words “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Actual results could differ materially based on factors including, but not limited to, market conditions, the business cyclicality of the chemical, polymers and refining industries; the availability, cost and price volatility of raw materials and utilities, particularly the cost of oil, natural gas, and associated natural gas liquids; our ability to successfully implement initiatives identified pursuant to our value enhancement program and generate anticipated earnings; competitive product and pricing pressures; labor conditions; our ability to attract and retain key personnel; operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, supplier disruptions, labor shortages, strikes, work stoppages or other labor difficulties, transportation interruptions, spills and releases and other environmental risks); the supply/demand balances for our and our joint ventures’ products, and the related effects of industry production capacities and operating rates; our ability to manage costs; future financial and operating results; benefits and synergies of any proposed transactions and our ability to align our assets with our core; legal and environmental proceedings; tax rulings, consequences or proceedings; technological developments, and our ability to develop new products and process technologies; our ability to meet our sustainability goals, including the ability to operate safely, increase production of recycled and renewable-based polymers to meet our targets and forecasts, and reduce our emissions and achieve net zero emissions by the time set in our goals; our ability to procure energy from renewable sources; our ability to build a profitable Circular & Low Carbon Solutions business; the successful shut down and closure of the Houston Refinery, including within the expected timeframe; our ability to successfully implement initiatives identified pursuant to our value enhancement program and generate anticipated earnings; potential governmental regulatory actions; political unrest and terrorist acts; risks and uncertainties posed by international operations, including foreign currency fluctuations; and our ability to comply with debt covenants and to repay our debt.

Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2022, which can be found at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission’s website at www.sec.gov. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change, except as required by law.

This release contains time sensitive information that is accurate only as of the date hereof. Information contained in this release is unaudited and is subject to change. We undertake no obligation to update the information presented herein except as required by law.

This release makes reference to certain non-GAAP financial measures as defined in Regulation G of the U.S. Securities Exchange Act of 1934, as amended.

We report our financial results in accordance with U.S. generally accepted accounting principles, but believe that certain non-GAAP financial measures, such as EBITDA, and EBITDA, net income and diluted EPS exclusive of identified items provide useful supplemental information to investors regarding the underlying business trends and performance of the company's ongoing operations and are useful for period-over-period comparisons of such operations. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP.

We calculate EBITDA as income from continuing operations plus interest expense (net), provision for (benefit from) income taxes, and depreciation and amortization. EBITDA should not be considered an alternative to profit or operating profit for any period as an indicator of our performance, or as an alternative to operating cash flows as a measure of our liquidity. We also present EBITDA, net income and diluted EPS exclusive of identified items. Identified items include adjustments for “lower of cost or market" (“LCM”), impairment and refinery exit costs. Our inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out ("LIFO") inventory valuation methodology, which means that the most recently incurred costs are charged to cost of sales and inventories are valued at the earliest acquisition costs. Fluctuation in the prices of crude oil, natural gas and correlated products from period to period may result in the recognition of charges to adjust the value of inventory to the lower of cost or market in periods of falling prices and the reversal of those charges in subsequent interim periods, within the same fiscal year as the charge, as market prices recover. Property, plant and equipment are recorded at historical costs. If it is determined that an asset or asset group’s undiscounted future cash flows will not be sufficient to recover the carrying amount, an impairment charge is recognized to write the asset down to its estimated fair value. Goodwill is tested for impairment annually in the fourth quarter or whenever events or changes in circumstances indicate that the fair value of a reporting unit with goodwill is below its carrying amount. If it is determined that the carrying value of the reporting unit including goodwill exceeds its fair value, an impairment charge is recognized. In April 2022 we announced our decision to cease operation of our Houston Refinery no later than the end of 2023. In connection with exiting the refinery business, we began to incur costs primarily consisting of accelerated lease amortization costs, personnel related costs, accretion of asset retirement obligations and depreciation of asset retirement costs.

Normalized EBITDA is EBITDA assuming portfolio normalizations including benefits associated with the following strategic initiatives: Grow & Upgrade the Core, Build a Profitable Circular & Low Carbon Solutions Business and Step Up Performance & Culture. Portfolio normalizations reflect a 2022 year-end asset portfolio with 2013-2022 historical average margins and operating rates.

Cash conversion and free cash flow are measures commonly used by investors to evaluate liquidity. For purposes of this presentation, cash conversion equals net cash provided by operating activities divided by EBITDA excluding LCM and impairment. Free cash flow means net cash provided by operating activities minus capital expenditures.

These non-GAAP financial measures as presented herein, may not be comparable to similarly titled measures reported by other companies due to differences in the way the measures are calculated. In addition, we include calculations for certain other financial measures to facilitate understanding. This release contains time sensitive information that is accurate only as of the time hereof. Information contained in this release is unaudited and subject to change.

LyondellBasell undertakes no obligation to update the information presented herein except to the extent required by law.

Additional operating and financial information may be found on our website at www.LyondellBasell.com/investorrelations. These measures as presented herein, may not be comparable to similarly titled measures reported by other companies due to differences in the way the measures are calculated.

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Source: LyondellBasell Industries

Media Contact: Kimberly Windon +1 713-309-7575

Investor Contact: David Kinney +1 713-309-7141

Table 2 - Reconciliations of Net Income to Net Income Excluding Identified Items and to EBITDA Including and Excluding Identified Items
						Three Months Ended
Millions of U.S. dollars						March 31, 2023						December 31, 2022						March 31, 2022
Net income						$	474					$	353					$	1,320
add: Identified items
Impairment, after-tax (a)						252						—						—
Refinery exit costs, after-tax (b)						96						74						—
Net income excluding identified items						$	822					$	427					$	1,320
Net income						$	474					$	353					$	1,320
Loss from discontinued operations, net of tax						1						2						1
Income from continuing operations						475						355						1,321
Provision for income taxes						167						34						316
Depreciation and amortization (c)						396						334						311
Interest expense, net						93						69						72
add: Identified items
Impairment (a)						252						—						—
Refinery exit costs (d)						69						73						—
EBITDA excluding identified items						1,452						865						2,020
less: Identified items
Impairment (a)						(252)						—						—
Refinery exit costs (d)						(69)						(73)						—
EBITDA						$	1,131					$	792					$	2,020

(a) The first quarter of 2023 reflects a non-cash goodwill impairment charge in our Advanced Polymers Solutions segment.

(b) Refinery exit costs, after-tax, include accelerated lease amortization costs of $40 million and $43 million, personnel related costs of $12 million and $12 million, accretion of asset retirement obligations of $1 million and $2 million, and depreciation of asset retirement costs of $43 million and $17 million, for the three months ended March 31, 2023 and December 31, 2022, respectively.

(c) Depreciation and amortization includes depreciation of asset retirement costs of $55 million and $22 million expensed during the three months ended March 31, 2023 and December 31, 2022, respectively, in connection with exiting the Refining business.

(d) Refinery exit costs, include accelerated lease amortization costs of $51 million and $55 million, personnel related costs of $16 million and $16 million, and accretion of asset retirement obligations of $2 million and $2 million, during the three months ended March 31, 2023 and December 31, 2022, respectively.

Table 4 - Reconciliation of Net Cash Provided by Operating Activities to EBITDA Including and Excluding LCM and Impairment
						Year Ended						Three Months Ended												Last Twelve Months
Millions of U.S. dollars						December 31, 2022						March 31, 2022						March 31, 2023						March 31, 2023
Net cash provided by operating activities						$	6,119					$	1,502					$	482					$	5,099
Adjustments:
Depreciation and amortization						(1,267)						(311)						(396)						(1,352)
Impairments (a)						(69)						—						(252)						(321)
Amortization of debt-related costs						(14)						(4)						(3)						(13)
Share-based compensation						(70)						(18)						(24)						(76)
Equity loss, net of distributions of earnings						(344)						(5)						(5)						(344)
Deferred income tax provision						(369)						(137)						(6)						(238)
Changes in assets and liabilities that used (provided) cash:
Accounts receivable						(1,005)						629						279						(1,355)
Inventories						91						117						319						293
Accounts payable						464						(724)						(40)						1,148
Other, net						353						271						120						202
Net income						3,889						1,320						474						3,043
Loss from discontinued operations, net of tax						5						1						1						5
Income from continuing operations						3,894						1,321						475						3,048
Provision for income taxes						882						316						167						733
Depreciation and amortization						1,267						311						396						1,352
Interest expense, net						258						72						93						279
add: LCM charges						—						—						—						—
add: Impairments (a)						69						—						252						321
EBITDA excluding LCM and impairment						6,370						2,020						1,383						5,733
less: LCM charges						—						—						—						—
less: Impairments (a)						(69)						—						(252)						(321)
EBITDA						$	6,301					$	2,020					$	1,131					$	5,412

(a) Reflects impairment charges related to the sale of our polypropylene manufacturing facility in Australia, recognized in 2022 and a goodwill impairment charge in our Advanced Polymers Solutions segment, recognized in the first quarter of 2023.

Table 5 - Calculation of Cash Conversion
						Year Ended						Three Months Ended												Last Twelve Months
Millions of U.S. dollars						December 31, 2022						March 31, 2022						March 31, 2023						March 31, 2023
Net cash provided by operating activities						$	6,119					$	1,502					$	482					$	5,099
Divided by:
EBITDA excluding LCM and impairment (a)						6,370						2,020						1,383						5,733
Cash conversion (b)						96		%				74		%				35		%				89		%

(a) See Table 4 for a reconciliation of net cash provided by operating activities to EBITDA including and excluding LCM and impairment.

(b) Cash conversion is the ratio of net cash provided by operating activities to EBITDA excluding LCM and impairment.

(a) Reflects a 2022 year-end asset portfolio with 2013-2022 historical average margins and operating rates and the company’s strategic initiatives.

Table 8 - Calculation of Return on Invested Capital
												Three Months Ended																								Last Twelve Months
Millions of U.S. dollars						March 31, 2022						June 30, 2022						September 30, 2022						December 31, 2022						March 31, 2023						March 31, 2023
Income from continuing operations												$	1,645					$	573					$	355					$	475					$	3,048
Divided by:
Average invested capital:
Shareholders’ equity						12,698																								12,721
Long-term debt						11,175																								10,601
Long-term operating lease liabilities						1,610																								1,507
Current operating lease liabilities						334																								350
Current debt:
Current maturities of long-term debt						8																								432
Short-term debt						141																								343
Invested capital						$	25,966																							$	25,954
2-Yr average invested capital																																				$	25,960
Return on average invested capital (a)																																				12		%

(a) Effective beginning the first quarter of 2023, we revised our calculation of return on invested capital. Return on invested capital is income from continuing operations divided by a two-year average of invested capital. We previously calculated Return on invested capital as income from continuing operations, adjusted for interest expense, net of tax and items affecting comparability between periods divided by a two-year average of invested capital adjusted for items affecting comparability. The change was made to streamline reporting around this metric.

Note: Last twelve months March 31, 2023 is calculated as the sum of the quarters ended June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023.

LyondellBasell manages operations through six operating segments: 1) Olefins and Polyolefins-Americas; 2) Olefins and Polyolefins-Europe, Asia and International; 3) Intermediates and Derivatives; 4) Advanced Polymer Solutions; 5) Refining; and 6) Technology.

This information should be read in conjunction with our Earnings Release for the period ended March 31, 2023, including the forward-looking statements and information related to financial measures. Effective January 1, 2023, our Catalloy and polybutene-1 products, previously reported in our Advanced Polymer Solutions segment, will be reflected in our Olefins and Polyolefins-Americas and Olefins and Polyolefins-Europe, Asia and International segments.

Olefins & Polyolefins-Americas (O&P-Americas) - Our O&P-Americas segment produces and markets olefins & co-products, polyethylene, polypropylene, Catalloy and polybutene-1.

Three months ended March 31, 2023 versus three months ended December 31, 2022 - EBITDA increased $157 million versus the fourth quarter 2022. Fourth quarter 2022 results were impacted by last-in, first-out (LIFO) inventory valuation charges of approximately $15 million. Compared to the prior period, olefins results increased approximately $145 million due to moderately higher margins driven by lower feedstock and energy costs. The company's ethylene crackers operated at about 85% of capacity with the raw materials being 65% ethane and 30% other natural gas liquids. Combined polyolefins results decreased approximately $15 million driven by lower polypropylene margins impacted by increased supply and weak demand for durable goods, partially offset by higher polyethylene margins due to improving U.S. sales prices.

Three months ended March 31, 2023 versus three months ended March 31, 2022 - EBITDA decreased $398 million versus the first quarter 2022. Olefins results decreased approximately $130 million driven by lower margins. Ethylene margins decreased due to lower ethylene sales prices, partially offset by lower feedstock costs and higher co-product prices. Combined polyolefin results decreased approximately $260 million due to lower polyolefins margins driven by declining product prices as a result of soft demand and new industry supply.

Olefins & Polyolefins-Europe, Asia, International (O&P-EAI) - Our O&P-EAI segment produces and markets olefins & co-products, polyethylene, polypropylene, Catalloy and polybutene-1.

Three months ended March 31, 2023 versus three months ended December 31, 2022 - EBITDA increased $225 million versus the fourth quarter 2022. Fourth quarter 2022 results were impacted by LIFO inventory valuation charges of approximately $55 million. Compared to the prior period, olefins results increased $90 million due to improved cracker margins driven by lower energy costs. The company's ethylene crackers operated at 85% of capacity with approximately 30% of the raw materials derived from non-naphtha feedstocks. Combined polyolefins results increased about $40 million compared to the prior period due to higher volumes, partially offset by lower margins. Polyolefins volumes increased from slightly better demand following significant destocking in the prior quarter. Polyolefins margins decreased as European markets remain challenging, especially for durable goods. Joint venture equity income increased approximately $30 million primarily due to a gain on sale of asset.

Three months ended March 31, 2023 versus three months ended March 31, 2022 - EBITDA decreased $137 million versus the first quarter 2022. Olefins results increased $45 million driven by higher margins due to lower feedstock costs, partially offset by lower ethylene prices. Combined polyolefins results decreased about $185 million due to margin compression driven by lower polyolefins spreads reflecting a weak demand.

Intermediates & Derivatives (I&D) - Our I&D segment produces and markets Propylene Oxide & Derivatives, Oxyfuels & Related Products and Intermediate Chemicals, such as styrene monomer, acetyls, ethylene oxide and ethylene glycol.

Three months ended March 31, 2023 versus three months ended December 31, 2022 - EBITDA increased $135 million compared to the fourth quarter 2022. Fourth quarter 2022 results were impacted by LIFO inventory valuation charges of approximately $25 million. Compared to the prior period, results for our Propylene Oxide & Derivatives and Intermediate Chemicals businesses remained relatively unchanged. Oxyfuels & Related Products results increased approximately $70 million due to higher margins driven by higher blend premiums and a tight gasoline market.

Three months ended March 31, 2023 versus three months ended March 31, 2022 - EBITDA decreased $120 million versus the first quarter 2022. Compared to the prior period, Propylene Oxide & Derivatives results decreased $170 million due to lower demand pressuring margins. Intermediate Chemicals results decreased about $110 million driven by lower product prices due to well-supplied markets and slowed demand. Oxyfuels & Related Products increased approximately $140 million due to higher blend premiums and strong gasoline crack spreads.

Advanced Polymer Solutions (APS) - Our Advanced Polymer Solutions segment produces and markets Compounding & Solutions, such as polypropylene compounds, engineered plastics, masterbatches, engineered composites, colors and powders.

Three months ended March 31, 2023 versus three months ended December 31, 2022 - Relative to the fourth quarter 2022, EBITDA decreased $200 million, or increased $52 million excluding a non-cash goodwill impairment of $252 million. Fourth quarter 2022 results were impacted by LIFO inventory valuation charges of approximately $20 million. Compared with the prior period, Compounding & Solutions results increased approximately $35 million due to moderately higher margins driven by improved polypropylene compounds prices.

Three months ended March 31, 2023 versus three months ended March 31, 2022 - Relative to the first quarter 2022, EBITDA decreased $297 million, or $45 million excluding a non-cash goodwill impairment of $252 million. Volumes decreased due to weak demand and margins declined driven by higher production and raw material costs.

Refining - Our Refining segment produces and markets gasoline and distillates, including diesel fuel, heating oil and jet fuel.

Three months ended March 31, 2023 versus three months ended December 31, 2022 - Relative to the fourth quarter 2022, EBITDA decreased $3 million, or $7 million, excluding exit costs of $69 million in the first quarter 2023 and $73 million in the fourth quarter 2022. Fourth quarter 2022 results included LIFO inventory valuation benefits of approximately $40 million. Compared to the prior period, margins increased with higher by-product crack spreads and slightly higher Maya 2-1-1 industry crack spread at about $49 per barrel. The Houston Refinery operated at an average crude throughput of 226,000 barrels per day or about 85% utilization rate.

Three months ended March 31, 2023 versus three months ended March 31, 2022 - Relative to the first quarter 2022, EBITDA increased $98 million, or $167 million, excluding exit costs of $69 million in the first quarter of 2023. Compared to the prior period, margins improved driven by an increase in the Maya 2-1-1 industry crack spread of about $18 per barrel. Crude throughput decreased by approximately 29,000 barrels per day due to unplanned downtime.

Technology - Our Technology segment develops and licenses chemical and polyolefin process technologies and manufactures and sells polyolefin catalysts.

Three months ended March 31, 2023 versus three months ended December 31, 2022 - EBITDA increased $14 million compared to the prior period. Fourth quarter 2022 results were impacted by LIFO inventory valuation charges of approximately $15 million. Stable catalyst volumes were offset by lower licensing revenue.

Three months ended March 31, 2023 versus three months ended March 31, 2022 - EBITDA decreased $30 million relative to the first quarter 2022 due to lower catalyst volumes driven by reduced polymers demand.

Capital expenditures, including growth projects, maintenance turnarounds, catalyst and information technology-related expenditures, were $352 million during the first quarter 2023. Our cash and liquid investment balance was $1.8 billion, which includes cash and cash equivalents, restricted cash and short-term investments. There were 325 million common shares outstanding as of March 31, 2023. The company paid dividends of $389 million and repurchased approximately 0.8 million shares during the first quarter 2023.