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LyondellBasell Industries N.V. (LYB)

- NYSE
  • Mon, Feb. 9, 4:59 PM
    • Royal Dutch Shell (RDS.A, RDS.B) says it will resume negotiations tomorrow with the United Steelworkers union over a new labor contract for U.S. refinery workers.
    • Worker walkouts affecting 11 plants including nine refineries that account for 13% of U.S. refining capacity today stretched into their ninth day.
    • Over the weekend, walkouts widened to include BP's Whiting, Ind., refinery and its joint venture refinery with Husky Energy (OTCQB:HUSKF) in Toledo, Ohio; other facilities affected so far are owned by Tesoro (NYSE:TSO), Marathon Petroleum (NYSE:MPC) and LyondellBasell (NYSE:LYB).
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  • Sat, Feb. 7, 8:25 AM
    • BP says United Steelworkers members plan to go on strike at two of its refineries beginning at midnight tonight at its Whiting, Ind., refinery and a smaller plant it owns with Husky Energy (OTCQB:HUSKF) near Toledo, Ohio.
    • The move follows the union's rejection Thursday of a sixth contract offer from Shell (RDS.A, RDS.B), the lead negotiator in talks with the union on wages, benefits and safety issues at dozens of oil facilities across the U.S.
    • The nine plants already on strike plus the two refineries account for ~13% of U.S. refining capacity; a full strike of USW members employed at more than 200 U.S. refineries, fuel terminals, pipelines and chemical plants, would threaten to disrupt nearly two-thirds of U.S. fuel output.
    • Facilities now hit by the strike are owned by BP, Shell, Tesoro (NYSE:TSO), Marathon Petroleum (NYSE:MPC) and LyondellBasell (NYSE:LYB).
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  • Thu, Feb. 5, 7:12 PM
    • The United Steelworkers union has rejected the latest offer from U.S. refiners, continuing the strike at nine plants over wages, benefits and safety issues.
    • The nine affected sites include seven refineries that account for ~10% of U.S. fuel-making capacity, but the union’s action could be expanded if its terms aren’t met, as the United Steelworkers represent hourly workers at 65 refineries as well as dozens of other plants.
    • The plants hit by the strike are owned by Royal Dutch Shell (RDS.A, RDS.B) - the lead negotiator in talks with the union - Tesoro (NYSE:TSO), Marathon Petroleum (NYSE:MPC) and LyondellBasell (NYSE:LYB), and are located in Washington, California, Texas and Kentucky.
    | 17 Comments
  • Tue, Feb. 3, 6:24 PM
    • Tesoro (NYSE:TSO) has been hit the hardest in the strike at U.S. oil refiners, with workers walking out of three of its plants, as the United Steelworkers union targets the company, according to a Bloomberg report.
    • More than 1,400 TSO employees were called to strike, more than a third of the total workers who walked out nationally, and that's no accident: TSO won a reputation in negotiations with local union members three years ago for being an especially hard bargainer, which has put a bullseye on the company during the current negotiations.
    • The union also called for strikes at two plants owned by Shell (RDS.A, RDS.B), two refineries and a co-generation unit owned by Marathon Petroleum (NYSE:MPC), and a LyondellBasell (NYSE:LYB) refinery; modern refineries are highly automated, and plant owners say they will be able to sustain normal operations during the strike by using non-union workers.
    • Negotiations are resuming tonight between union leaders and Shell, the lead negotiator for the refineries, amid increasingly strident language.
    | 15 Comments
  • Tue, Feb. 3, 7:06 AM
    • LyondellBasell (NYSE:LYB): Q4 EPS of $2.48 beats by $0.33.
    • Revenue of $10.29B (-7.6% Y/Y) misses by $560M.
    • Press Release
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  • Mon, Feb. 2, 5:30 PM
  • Mon, Feb. 2, 8:19 AM
    • One of the nine U.S. oil refineries and chemical plants where union workers are striking has shut down, but the other refineries so far are running normally as operators initiated contingency plans, calling on trained managers as replacement workers.
    • Tesoro (NYSE:TSO) says its 166K bbl/day Martinez, Calif., refinery, was being shut because it was in the midst of planned maintenance work; TSO says management was operating its refinery in Carson, Calif., and that managers were set to take over from union workers at its plant in Anacortes, Wash.
    • Other companies hit by the strike so far are Royal Dutch Shell (RDS.A, RDS.B), Marathon Petroleum (NYSE:MPC) and LyondellBasell (NYSE:LYB).
    • If a new agreement isn’t hammered out this week and the strike spreads, “You can forget about $2 gasoline,” says Carl Larry, director of oil and gas at the Frost & Sullivan consulting firm. “People are going to be freaked out."
    • Crude oil prices are rising this morning, as investors focus on the falling U.S. rig count that signals lower production ahead; WTI +0.5% at $48.50/bbl, Brent +1.1% at $53.60.
    | 6 Comments
  • Dec. 19, 2014, 10:58 AM
    • Surging U.S. operations for LyondellBasell (NYSE:LYB) and Dow Chemical (NYSE:DOW) have made them two of the biggest beneficiaries of the shale boom, but now they could be among the biggest losers of the ongoing oil price crash, Credit Suisse says.
    • Chemical companies have been sharply expanding their U.S. production to take advantage of plentiful supply, but they are suffering along with energy companies as prices for natural gas liquids - which include ethane, propane, butane, isobutane and natural gasoline - have all plummeted this year.
    • Prices for the fuels are closely linked to oil, so the ~45% drop in crude prices has pressured NGLs; also, many U.S. petrochemicals companies were counting on access to cheap supplies of naphtha, an oil product, to gain an advantage over international competitors, but naphtha prices also have fallen.
    | 21 Comments
  • Dec. 19, 2014, 8:57 AM
    • Malaysia's Petronas says it has selected LyondellBasell's (NYSE:LYB) process technologies for its planned 900K metric tons/year polypropylene plant.
    • LYB is preparing the front-end engineering and design work to develop a detailed scope, execution plan and cost estimate for the plant and is expected to complete it by February.
    • The plant is part of Petronas' Pengerang Integrated Complex project that could cost as much as $27B.
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  • Dec. 18, 2014, 8:05 AM
    • LyondellBasell (NYSE:LYB) names Bhavesh Patel as its new CEO, effective Jan. 12, succeeding James Gallogly, who had previously announced his plans to retire.
    • Patel has served as executive VP for Olefins and Polyolefins Europe, Asia & International and Technology since Oct. 2013 after joining LYB in 2010.
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  • Dec. 1, 2014, 11:49 AM
    • LyondellBasell (LYB -3.2%) is downgraded to Hold from Buy with an $85 price target, down from $110, at Jefferies as oil volatility increases.
    • The recent downdraft in oil prices implies a flatter petrochemical cost curve, less demand for NGVs, a downshift in energy infrastructure capex, and a margin tailwind for downstream chemicals, Jefferies says, adding "tilt towards the consumer, away from the cracker, and stay wary of whipsaws in soy (biodiesel) and corn (ethanol)."
    | 8 Comments
  • Oct. 24, 2014, 6:09 AM
    • LyondellBasell (NYSE:LYB): Q3 EPS of $2.45 beats by $0.15.
    • Revenue of $12.06B (+8.2% Y/Y) beats by $200M.
    • Press Release
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  • 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.
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  • 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.
    | 4 Comments
  • 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
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI
    | 1 Comment
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Company Description
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.