Oct. 23, 2014, 5:30 PM
Sep. 29, 2014, 5:13 PM
- LyondellBasell (NYSE:LYB) says CEO James Gallogly will retire in early 2015 while continuing to serve as CEO and chairman until a successor is found.
- Gallogly, who helped pull the struggling chemical company out of bankruptcy, joined LYB in 2009 after holding executive positions at ConocoPhillips and predecessor entities since 1980.
Sep. 24, 2014, 4:35 PM
- LyondellBasell (NYSE:LYB) says it is evaluating an expansion project that would boost ethylene capacity at its Channelview chemical plant on the Texas Gulf coast by 550M lbs./year.
- Preliminary engineering work has begun to determine the feasibility of the project; if LYB decides to proceed, the expansion could be finished by 2017.
- Work already is underway at Channelview to install two large cracking furnaces that would increase ethylene production by 250M lbs./year; LYB recently completed a project at La Porte to add 800M lbs. of capacity, and the same amount of capacity is being added to its Corpus Christi plant.
Aug. 26, 2014, 3:25 AM
- U.S. District Judge Gray Miller has thrown out an order to seize the tanker carrying $100M worth of Kurdish crude still anchored in the Gulf of Mexico.
- The high-stakes dispute has heated up over the past month, bringing to the forefront Iraqi Kurdistan's right to produce and sell its natural resources.
- The current ruling opens up the possibilities of importing the controversial crude, with refiners such as LyondellBasell (NYSE:LYB) saying it would resume purchases once the dispute was settled.
- Previously: Kurdish crude oil status to be determined today
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Aug. 25, 2014, 11:24 AM
- LyondellBasell (LYB +0.9%) says it will build a new chemical plant in southeastern Texas to produce 900M lbs. of propylene oxide and 2B lbs. of tertiary butyl alcohol and its derivatives annually.
- LYB is not yet revealing exact costs for the plant, which is expected to become operational in 2019, but such projects often exceed $1B.
Aug. 13, 2014, 9:45 AM| Comment!
Aug. 1, 2014, 2:18 AM
- LyondellBasell (NYSE:LYB) has suspended purchases of Iraqi crude until further notice after coming under fire for buying modest quantities of the controversial oil the last few months.
- "This Iraqi crude is apparently now the subject of an ownership dispute," says the company. "We have cancelled further purchases and will not accept delivery of any of the affected crude until the matter is appropriately resolved."
Jul. 25, 2014, 9:15 AM
- LyondellBasell (NYSE:LYB) +3% premarket after Q2 earnings surged to a quarterly record on higher revenues, with both numbers easily exceeding analyst estimates.
- Olefins and polyolefins in the Americas posted operating income of $898M, up 3% Y/Y, while the segment's Europe, Asia and international operations improved slightly to $190M.
- In the intermediates and derivatives segment, operating income rose 32% to $375M, while the refining segment swung to an operating profit of $95M vs. $16M loss in the year-ago quarter.
- Warns Q3 results will be held back by the delayed start-up of its La Porte ethylene plant.
Jul. 25, 2014, 6:52 AM| Comment!
Jul. 24, 2014, 5:30 PM
Jul. 10, 2014, 11:24 AM
- After Axiall's (AXLL -3.1%) second straight negative earnings pre-announcement, Citigroup says investor patience is running thin and that an activist or an acquirer could take a look at the company.
- Citi thinks LyondellBasell (LYB) “could afford” to take a look at AXLL, but notes that LYB has stated its preference for returning cash to shareholders over acquisitions; the firm cuts its AXLL price target to $48 from $49 and keeps a Neutral rating on the stock.
- Cowen analysts say they would use any weakness in AXLL following the pre-announcement as a buying opportunity, seeing stronger PVC prices heading into Q3, due in part to competitor ethylene outages that could constrain PVC production.
Jun. 27, 2014, 8:16 AM
- DuPont (DD) -3.1% premarket after cutting its Q2 and FY 2014 earnings outlook, pointing to slower than expected sales growth in its agriculture and performance chemicals units.
- DD said in a conference call that it expects Q2 operating earnings in its agriculture business to fall in the low teens in percentage terms, with corn pricing in North America expected to be slightly lower than its previous estimate and returns of unused corn seeds in Brazil to be higher than anticipated.
- Dow Chemical (DOW) -0.7% premarket; chemical peers FMC, SYT, MON, LYB, CE and HUN also will be on watch today.
May. 1, 2014, 6:17 PM
- Dow Chemical's (DOW) strategy of integrating petrochemicals with higher-value products is reducing earnings by at least $2.5B/year, Dan Loeb's Third Point hedge fund says in a letter to investors.
- Loeb, who has called for Dow to break itself into separate petrochemical and specialty products companies, says the company also needs to increase transparency in how it transfers costs between its petrochemical businesses and specialty units.
- Loeb contrasts Dow Chemical with rival Lyondell Basell (LYB), and wonders why, despite Dow's far higher production capacity, the two companies generate essentially the same EBITDA in their respective basic chemicals businesses.
Apr. 29, 2014, 6:54 AM| Comment!
Apr. 28, 2014, 5:30 PM
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Apr. 16, 2014, 10:59 AM
- LyondellBasell (LYB +1.3%) ends talks to sell its Berre refinery in France, saying the bid failed to offer acceptable commercial terms and showed no guarantee of a restart for the refinery.
- Oil products trading company Sotragem reportedly made an offer last month to buy the refinery near Marseille, a deal that would have run counter to the trend that European refineries are closing due to overcapacity.
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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