Sunday Thematic & Weekly Recap

Desperate Times…. Some M&A Is Offensive and Some Defensive
July 16, 2023
Commodities Mentioned:
Plastics, PVC, Polyethylene, Polypropylene, PU, PC, PET, Critical Minerals, Carbon Dioxide, Hydrogen, Natural Gas/NGLs, Crude/Naphtha, EV, Battery, Ammonia, Methanol, Renewable Power, Wind, Solar, Hydro, Nuclear, SAF, Synthetic Fuels, Vinyl, Nitrogen Oxide, CCS, Battery Storage
Companies Mentioned:
Versalis, BASF, OMV, LyondellBasell, Dow, Nova Chemicals, BayStar, Heartland Polymers, INEOS, Shell, ExxonMobil, Westlake, Enterprise Products, Navigator Holdings, PPG, Celanese, Chevron Phillips Chemical, Avalon Advanced Materials, Evonik, Johnson Matthey, Unipetrol, SABIC, TOMRA, Maersk, Norsk Hydro, Rio Tinto, Sumitomo, Vanguard Renewables, Sempra, Technip Energies, LanzaTech, Airgas, Grupa Azoty, Yara, Toray Industries, CITGO, Flint Hills Resources, Marathon, Berkshire Hathaway, BP, TREX, Allonia, Lhyfe, Twelve, Amazon, Huntsman, Bunge, ADM, Nutrien, Corteva, Syngenta, LSB Industries, FMC, Conagra, Aramco, Aker Carbon Capture, Sasol, Mitsui Chemicals, Fortum Battery Recycling, Maire Tecnimont, Trinseo, NextDecade, Bechtel, TotalEnergies, Kinder Morgan, Greenland Resources, TROES Corp, Mercuria, Black & Veatch, John W Stone, Plug Power, QatarEnergy, Fastenal, Toshiba, Vestas, Ineos Styrolution, Air Products, NET Power, VinylPlus, Siemens Gamesa, Shin-Etsu, Olin, Methanex, OCI, Mitsui, Denbury, EMS Group, Elkem, CHS Inc., PreZero, Symrise, Energy Transfer, BP Energy Partners, Pemex, Marubeni, Bison Low Carbon Ventures, Röhm, Hempel, BYD, Tesla, Nissan, Mazda, Nordex, Valmont Industries, CF Industries, Orsted, Ameresco

C-MACC Sunday Thematic & Weekly Recap 177

Desperate Times…. Some M&A Is Offensive and Some Defensive

  • Last week ended with the ExxonMobil Denbury deal and with OMV willing to explore a polymers JV with ADNOC.  Things are moving – does anyone care?
  • The challenge of facing both uncertain needs to decarbonize and uncertain expectations for future growth is driving companies to think outside the box
  • We see this continuing in 2023 and perhaps through 2025, as we do not see the decarbonizing challenges getting easier, or the chemical oversupply easing.
  • The discussions around metals, demand, and future supply continue unabated.  Designing and building to limit dependence on China is a long shot in our view.
  • Otherwise, we look at more margin weakness in chemicals, more volume strength for US hydrocarbons, and even more China worries.

Last week we discussed 29 Chemicals and Related Products and 107 Companies.

See PDF below for all charts, tables and diagrams


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