Tue, Jul. 28, 7:07 AM
Mon, Jul. 27, 5:30 PM
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Mon, Jul. 27, 8:18 AM
Fri, Jul. 17, 10:32 AM
- Two explosions at a LyondellBasell (LYB -2.8%) plant in southern France earlier this week were criminal acts, French authorities say, although a motive has not been established.
- The pair of blasts Tuesday struck 1,600 ft. apart and set fire to two tanks at the petrochemical plant in Berre-L’Etang; investigators discovered devices nearby that could be used to set a fire as well as holes in the fence surrounding the plant.
- The complex, one of two LYB sites in southern France, covers nearly 2,500 acres near Marseille and employs more than 1,000 people.
Fri, May 8, 8:30 AM
Fri, May 8, 7:45 AM
- LyondellBasell (NYSE:LYB) +1% premarket after announcing a new share repurchase agreement for up to 10% of its shares and an increase in its quarterly dividend to $0.78/share from $0.70.
- LYB says it has bought back ~110M shares since starting a program in 2013; it now has ~473M shares outstanding.
- Separately, hourly workers striking against LYB's Houston refinery voted late yesterday to ratify a new four-year contract, clearing a key hurdle on the way to ending a three-month-long strike.
Mon, Apr. 27, 8:21 AM| Mon, Apr. 27, 8:21 AM | Comment!
Fri, Apr. 24, 11:30 AM
- LyondellBasell (LYB +2.8%) is higher after recording a strong Q1 earnings beat, although evenues fell a worse than expected 26.5%.
- LYB says cheap raw materials, a tight market for some of its chemicals, and increased production, helped it offset lower prices for the products it makes and sells; for example, the price of ethylene fell by $0.13/lb, the company says.
- LYB says its olefins and polyolefins segment in the Americas, which makes products such as ethylene, posted Q1 operating income of $934M, up from $656M in the year-ago quarter; operating profit at its refining segment totaled $74M, vs. $86M a year earlier.
- The spread between the cost of feedstock and the price of refined products has narrowed since Q1, slicing in to LYBl’s margins, but the margins are still healthy, CEO Bob Patel says.
Fri, Apr. 24, 7:08 AM
Thu, Apr. 23, 5:30 PM
Mon, Apr. 6, 8:14 AM
- Striking United Steelworkers at Marathon Petroleum’s (NYSE:MPC) Catlettsburg oil refinery in Kentucky are expected to return to work today for the first time in more than two months after workers approved a new labor agreement Friday.
- Catlettsburg was among the first seven USW refinery locals that went on strike beginning Feb. 1 - which later grew to 12 sites accounting for ~20% of U.S. refining capcity - after talks between the union and oil companies broke down without a new national oil bargaining pattern; a tentative national agreement, subject to ratification by local union chapters, was reached on March 12.
- Negotiations over local issues such as policies on overtime have delayed returns to work, and local unions and companies are still negotiating at BP sites in Indiana and Ohio, MPC's Galveston Bay refinery in Texas City, Texas, and LyondellBasell’s (NYSE:LYB) site, in Houston.
Tue, Mar. 24, 12:47 PM
- LyondellBasell (LYB -0.2%) says it will more than double production capacity to 50M lbs./year at its ethylene oxide and ethylene glycol plant in Pasadena, Tex.
- LYB says the site will be one of the largest sites in the U.S. specifically geared to making tri-ethylene glycol, which is used to remove water from natural gas and is an additive in hydraulic and brake fluids.
- Separately, LYB continues to square off with the United Steelworkers employees over premium pay issues, as workers maintain their strike despite some other union members returning to work.
Wed, Mar. 18, 5:43 PM
Wed, Mar. 18, 12:44 PM
- United Steelworkers union members who have been on strike at the Motiva recovery in Port Arthur, Tex. - the largest in the U.S. - ratified a final contract last night, and workers are expected to return to their jobs next week after walking off their jobs on Feb. 21.
- The union also says workers at three Tesoro (TSO +2.1%) refineries on the west coast have made progress in finalizing contracts, with return-to-work agreements - usually the final step before ratification votes - under discussion.
- Union negotiators reached an industry-wide agreement to settle the strike with lead refinery rep Royal Dutch Shell (RDS.A, RDS.B) last Thursday; Shell is a co-owner of Motiva.
- The union says BP, Lyondell Basell (NYSE:LYB) and Marathon Petroleum (NYSE:MPC) "continue fights on tough local issues."
Mon, Mar. 16, 4:59 PM
- A tentative national agreement to end the six-week U.S. refinery strike has struggled to win ratification at eight plants as workers and companies try to settle local issues, union reps say.
- The deal reached Thursday by the United Steelworkers and lead industry negotiator Royal Dutch Shell (RDS.A, RDS.B) to end the biggest walkout of its kind in 35 years appears to be showing signs of quick passage at just four plants.
- Workers at four plants that are owned or co-owned by Shell, which include three Motiva Enterprises refineries, have scheduled or are expected to hold votes this week to ratify the agreement and could be back at work next week, but local labor talks are stalled at other plants.
- Other relevant tickers: TSO, BP, MPC, LYB, OTCQB:HUSKF
Thu, Mar. 12, 3:59 PM
- Negotiators for the United Steelworkers union have tentatively accepted a deal from Shell Oil (RDS.A, RDS.B) to settle the six-week-long strike that has affected refineries and chemical plants across the U.S., a USW statement says.
- The deal still requires approval of the union’s international policy committee and the local union representing workers at Shell’s Deer Park, Tex., refinery before it goes to a vote of union members nationwide.
- The union and Shell, which is representing the industry in the talks, had been in talks since Monday.
- Relevant tickers: TSO, BP, MPC, LYB, OTCQB:HUSKF.
LYB vs. ETF Alternatives
LyondellBasell Industries NV is a plastics, chemical and refining company. The Company produces polypropylene and polypropylene compounds, propylene oxide, polyethylene, ethylene and propylene. It also provides technology licenses.
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