Wed, Apr. 27, 3:48 PM
- LyondellBasell (LYB -0.3%) is downgraded to Neutral from Buy with an $89 price target at Nomura, which sees key commodity products (ethylene, polyethylene) and key feedstock (ethane) approaching peak conditions in 2016.
- The firm says it is concerned about additions of ethylene and polyethylene capacity globally will outstrip demand in 2016-18, thus it foresees ethylene utilization falling by 3%-4% and polyethylene by 5% through 2018-19.
- Nomura says ethylene and PE margins in Asia are at a nine-year high, and a return to cycle average could mean $0.10-$0.20/lb. downside vs. $0.29/lb. today, and higher capacity in North America likely will result in a lower domestic PE price premium vs. Asian markets.
- Now read Enjoy LyondellBasell's dividend while the company makes adjustments
Fri, Apr. 22, 7:03 AM
Thu, Apr. 21, 5:30 PM
Wed, Apr. 20, 6:27 PM
- Lyondell Basell's (NYSE:LYB) Houston refinery is running at ~32% of its 263K bbl/day capacity while making repairs to four production units, Reuters reports.
- The refinery may operate at ~85K bbl/day for up to a month as repairs are made to a vacuum distillation unit attached to its largest crude distillation unit, and a coking unit is expected to remain shut for three months following an April 8 fire, according to the report.
- The source of the fire is believed to be a failure of piping on the coking unit and not a rupture in a seal on a pump, but LYB reportedly may be forced to replace piping throughout the unit to prevent additional failures if the piping was a type not suited for use on the coker.
Fri, Apr. 8, 2:22 PM
- Today's massive fire at LyondellBasell's (LYB -0.1%) Houston refinery on Friday will force the company to cut output by as much as 25%, since it will take up to a month to fix a coker that was damaged in the blaze, Reuters reports.
- The fire reportedly has been extinguished, with no reports of injuries.
- The fire was the second in less than 24 hours at a major Houston-area plant following yesterday's fire at Exxon's Baytown refinery.
- Now read Exxon Mobil's secret weapon against low oil prices
Fri, Apr. 8, 12:58 PM
- Firefighters are battling a huge fire at LyondellBasell's (LYB +0.2%) 263K bbl/day refinery in Houston; LYB shares, which had sported a 2% gain before the news, are now hugging the flatline.
- Reuters reports that the fire ignited in a gas plant on an old 42K bbl/day delayed coker unit; sources on the scene say the fire is "very bad" and that inventory in the gas plant likely will need to burn out.
Wed, Feb. 17, 9:14 AM
Wed, Feb. 3, 11:31 AM
- Dow Chemical (DOW +2.8%) is upgraded to Top Pick from Outperform with a $60 price target, raised from $51, at RBC Capital, citing catalysts such as strong above-market volume growth, sustainable margin expansion, solid growth pipeline, and more than two years years of self-help from cost cutting and DuPont merger synergies.
- RBC also believes yesterday's news that CEO Andrew Liveris will be stepping down next year clears a path for Ed Breen and potential new management to drive upside to synergy targets.
- RBC also downgrades LyondellBasell (LYB -2.8%) to Outperform from Top Pick with a $95 price target, lowered from $105, as compression in the oil-to-gas ratio and oncoming capacity now appear to be primary drivers of the stock.
- Despite the downgrade, the firm likes LYB's industry-leading buybacks and organic growth, and says the stock still represents good value at 7.9x its estimated 2017 EPS.
Tue, Feb. 2, 7:07 AM
- LyondellBasell (NYSE:LYB): Q4 EPS of $2.20 beats by $0.06.
- Revenue of $7.07B (-31.3% Y/Y) misses by $530M.
Mon, Feb. 1, 5:30 PM
Fri, Jan. 22, 7:11 PM
- Few catalysts remain on the horizon to boost Dow Chemical (NYSE:DOW), especially as the merger with DuPont (NYSE:DD) and eventual split could take up to three years, says Citigroup’s P.J. Juvekar, who rates DOW at Neutral with a $45 price target.
- Even with the recent market selloff, Juvekar sees no near-term catalysts to push the stock, and weakness in oil prices and the Chinese economy are likely to persist throughout the year.
- The merger is expected to close in H2 2016 while the eventual split into three parts could take an additional 18-24 months - "a long time for investors to wait, as Dow’s fortunes are now tied to DD’s results, particularly in ag" Juvekar writes, adding that LyondellBasell (NYSE:LYB) is better positioned to benefit from a rebound in oil prices.
Dec. 8, 2015, 3:18 PM
- It's been a rough run for value stocks over the past few years, but the metric used to determine value - price/book - may not be the right one, says Citi's Robert Buckland. Free-cash-flow yield is better, he argues. noting this metric tracked traditional value in the 1990s and 2000s, but has easily outperformed over the past decade.
- It's a sign of the times, he says, as FCF is a "capex-suspicious metric," and investors are concerned about the economic outlook, and cynical about capital allocation decisions of managements.
- The list of 28 U.S. value (as defined by FCF yield) plays: BHI, VIAB, WFM, ANTM, HPQ, ABC, LBTYA, M, AAPL, CTL, XRX, LYB, CMI, ETN, MRK, VLO, CSCO, WRK, IBM, LVS, ESRX, IP, CAH, ADM, INTC, CAT, ABBV, EMN
Nov. 30, 2015, 3:45 PM
- LyondellBasell (LYB +0.7%) agrees to acquire the polypropylene compounding assets of India-based Zylog Plastalloys for an undisclosed sum, as the company increases its presence in India's growing automotive industry.
- LYB says the deal will double its automotive customer base in India and make it the third largest producer of polypropylene compounds in the country with an annual capacity of 97M lbs.
- Earlier this year, LYB bought SJS Plastiblends, which also manufactures polypropylene compounds to build plastic automotive parts in India.
Nov. 19, 2015, 2:43 PM
- LyondellBasell (LYB -1%) says it plans to build the world's largest propylene oxide and tertiary butyl alcohol plant near Houston, in the company’s largest-ever capital investment.
- The plant would produce 900M lbs./year of propylene oxide and 2B lbs./year of tertiary butyl alcohol and its derivatives; propylene oxide is a chemical used to make everything from antifreeze to cosmetics, and tertiary butyl alcohol is a byproduct used as a solvent to make chemicals and gasoline additives.
- LYB says it will soon begin front-end engineering design work and file environmental permit applications, with a final investment decision upon completion.
- LYB is planning to spend up to $B in capital through 2020 along the Gulf Coast, and recently completed completed ethylene expansion projects at its La Porte and Channelview sites in Texas, with a third ethylene expansion project underway in Corpus Christi.
Nov. 6, 2015, 10:49 AM
- LyondellBasell (LYB +0.3%) names Thomas Aebischer as its new CFO effective Jan. 1.
- Aebischer joins LYB after serving in various of positions, including CFO, over a nearly 20-year career with Holcim, with merged with Lafarge earlier this year.
Nov. 5, 2015, 9:01 AM
- LyondellBasell (NYSE:LYB) declares $0.78/share quarterly dividend, in line with previous.
- Forward yield 3.27%
- Payable Dec. 7; for shareholders of record Nov. 23; ex-div Nov. 19.
LyondellBasell Industries NV engages in the refinery and production of chemicals and plastics. It operates through the following segments: Olefins and Polyolefins-Americas (O&P-Americas), Olefins and Polyolefins-Europe, Asia, International (O&P-EAI), Intermediates and Derivatives (I&D), Refining... More
Sector: Basic Materials
Industry: Specialty Chemicals
Country: United States
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