By Colin Kellaher

LyondellBasell's board of directors has roughly halved the chemical company's rich dividend amid a prolonged industry downturn.

LyondellBasell on Friday said the board declared a quarterly dividend of 69 cents, down from a prior payout of $1.37.

LyondellBasell's dividend yield of 9.9% was the highest of any company in the S&P 500, and the company's deteriorating performance had led to speculation that a dividend cut could be in the offing.

LyondellBasell, which swung to a loss of $738 million last year from a profit of around $1.37 billion in 2024, said it expects markets will remain challenged, and that the dividend reduction will better position the company to thrive once markets recover.

The company's new quarterly payout, equal to $2.76 a year, still offers an annual yield of nearly 5% based on Thursday's closing price of $55.33.

LyondellBasell said the reduced dividend is payable March 9 to shareholders of record March 2.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 20, 2026 06:57 ET (11:57 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.