Commodities Mentioned:
Plastics, PVC, Polyethylene, Polypropylene, PU, PC, PET, Clean Energy Minerals, Carbon Dioxide, Hydrogen, Natural Gas/NGLs, Crude/Naphtha, Solar, Wind, Lithium, Batteries, EVs, Biofuels, LNG, Biopolymers
Companies Mentioned:
Nova Chemicals, Dow, ExxonMobil, Chevron Phillips Chemical, Westlake, LyondellBasell, Shin-Etsu, Oxy, Formosa Plastics, Olin, Braskem, Ineos, Pinnacle Polymers, Albemarle, Livent, SQM, Pilbara Minerals, ICL Group, Lanxess, 3M, Borealis, Evonik, Covestro, Saint-Gobain, Aether Industries, Symrise, Petro Rabigh, Wacker, Sasa Polyester, Honeywell UOP, Citroniq Chemicals, Mitsui & Co., Reliance, UPL, Vitol, Freeport LNG, SK Geo, Plastic Energy, Baker Hughes, Siemens, NextEra Energy, OCP, Trafigura, Nayara Energy, Summit Plastics, OQ Chemicals, Halliburton, Greenland Resources, Air Liquide, Sasol, Shell, Enterprise Products, Flint Hills, Methanex, Univar, Henkel, Avantium, Azelis, Schlumberger, Hess, Phillips 66, Pertamina, Pemex, Grupa Azoty, Technip Energies, Aramco, Maire Tecnimont, Woodside Energy, PKN Orlen, Sempra Energy, Siam Cement Group, Orion Engineered Carbons, Lonza, Emerson, ProAmpac, Tesla, Mura Technology, Chevron, bp, Gevo, Aemetis, Fulcrum BioEnergy, Ford, BASF, Sherwin-Williams, PPG, AkzoNobel, Axalta, Valero, Xcel Energy, Hexcel, Eastman, Exolon Group, Tesco, Eni, Sonatrach, Cargill, Vertex Hydrogen, Tata Chemicals, Apex Clean Energy, Murphy Oil, Berry Global, Atlas Copco, Cepsa, Enagas, Novozymes, Cabot, Fairbrics, Plug Power, ADM, Mastercard, Trinseo, TotalEnergies, Imperial Oil, Topsoe, Steeper Energy, Syzygy Plasmonics, Origin Materials, Ørsted, Eversource, Equinor, OCI NV, Tetra Tech, Nucor, Chem One, Hasbro, Intel, Airbus, Posco, Shrieve Chemical
C-MACC Sunday Thematic & Weekly Recap 153
Surprise Surprise! This Earnings Season Features Catching Knives
- In chemicals and energy, we were dealing with the effect of large numbers and rapidly moving prices and margins in 4Q 2022 – most estimates have been missed.
- In the chemical sector, we are likely witnessing the effect of too much hope and disbelief that things can fall apart as quickly as they have in Europe and Asia.
- In energy, the fluctuations in oil and gas prices, as well as refining margins, have made very large numbers hard to model – as shown with the Chevron “miss”.
- We are beginning to see chemical companies admit to plant closures in the US aimed and containing oversupply – Eastman’s ethylene plant, for example.
- Otherwise, we look at a very optimistic view of the lithium market by Albemarle, US oil and gas exports, and some macro indicators that generally have weak signals.
Last week we discussed 22 Chemicals and Related Products and 130 Companies.
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