Monday, February 13, 2023

C&EN: 2022 earnings for chemical companies don't look great

Via C&EN's Alex Tullo: 

Earnings reports for 2022 are coming out from major US chemical makers, and so far they paint a picture of an industry that faced many obstacles, particularly in the second half of the year.

It was a “very challenging year characterized by a war in Ukraine, evolving responses to the COVID pandemic, energy volatility, inflation, and rapidly changing monetary policies,” LyondellBasell Industries CEO Peter Vanacker told analysts on a conference call.

The company posted a sales increase of 9.3% but a profit decline of 32.7% for 2022.

Its olefins and polyolefins business saw slumping demand, particularly in Europe, where the unit’s plant operating rates were 60% in the fourth quarter and it lost $152 million before taxes. Europe has been mired in an energy crisis stemming from the war in Ukraine and the resulting disruption to natural gas supplies.

Of Dow, DuPont, Eastman, LyondellBasell and Trinseo, only DuPont posted an increase in earnings. 

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