RadiciGroup doubles production capacity in China

MRC -- RadiciGroup has launched a new industrial facility in Suzhou, China, said the company.

The project has been designed to raise the manufacturing capacity of technopolymers by 100% and significantly bolster its Asian position.

The new EUR 35 M facility is built over a total space of 36,000-sq-m, of which around 50% is intended for manufacturing and research and development, while the rest is reserved for rooms meetings, offices, green areas, car parks and common spaces.

The project has a present workforce of about 120 people.

We remind, RadiciGroup inaugurates new production plant in India. It is the first industrial site owned by RadiciGroup in India, employing over 100 collaborators and situated in the municipality of Halol in the federal state of Gujarat, said the company.

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MRC -- DuPont announced that on 1 Nov 2023 it will complete its previously announced sale of an 80.1% ownership interest in the Delrin acetal homopolymer (H-POM) business to an affiliate of TJC LP (TJC) in a transaction valuing the business at $1.8 bn, said the company.

At close, DuPont will receive pre-tax cash proceeds of approximately $1.28 bn which includes certain customary transaction adjustments, a note receivable of $350 M, and will retain a 19.9% non-controlling common equity interest in the Delrin business.

We remind, DuPont de Nemours Inc. closed the sale of its USD1.75 billion acquisition of medical device manufacturer Spectrum Plastics Group, the company announced. DuPont bought the manufacturer from private equity firm AEA Investors, which acquired Spectrum in 2018.

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MRC -- LyondellBasell, the world’s largest licensor of polyolefin technologies, announced that Indian Oil Corporation Ltd. (IOCL) has selected LyondellBasell’s Hostalen “Advanced Cascade Process” (Hostalen ACP) technology for a new 200 kiloton per year (KTA) high density polyethylene (HDPE) plant, said the company.

The new facility will be built in Panipat, India. “This new license award by IOCL represents the second Hostalen ACP process technology line to be built at Panipat. This is a clear demonstration of the confidence of our customers in our capability, and their trust in our technology” said Neil Nadalin, Senior Director Global Licensing and Services at LyondellBasell. Nadalin added: “The well-known Hostalen ACP resins from LyondellBasell’s low-pressure slurry HDPE process are much appreciated in India, as our technology enables operators to reliably and economically produce resins the Indian market demands“.

The Hostalen ACP process technology manufactures high performance, multi-modal HDPE resins with an industry-leading stiffness/toughness balance, impact resistance, high stress cracking resistance and processing advantages used in pressure pipe, film, blow molding and caps & closure applications.

The Hostalen ACP plant will commence operations using Avant Z501 and Avant Z509-1 catalysts to produce a full range of multi-modal HDPE products. New licensees can take advantage of LyondellBasell’s in-house expertise of continuous production improvement, sustainable product development and catalyst knowhow, by optionally joining our Technical Service program.

We remind, LyondellBasell acquired its 50% share from De Paauw Sustainable Resources (DPSR) CEO Roy de Paauw and ING Corporate Investments, said the company. DPSR is a plastics waste recycling company based out of the Netherlands. The Dutch plastic recycling firm engages in the procurement, processing, and trade of post-consumer and post-industrial plastic packaging waste.

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MRC -- ConocoPhillips had 3Q 2023 earnings of $2.8 bn, a decrease from $4.5 bn in 3Q 2022, said the company.

Excluding special items, 3Q 2023 adjusted earnings were $2.6 bn, compared with 3Q 2022 adjusted earnings of $4.6 bn. Special items in the current quarter mainly consisted of a tax reserve reversal benefit and a gain associated with the divestiture of a Lower 48 equity investment. The operator detailed a 14% increase in its quarterly dividend due to higher-than-expected earnings for the quarter.

The decline in earnings and adjusted earnings from 3Q 2022 was primarily attributed to lower commodity prices. The company's total average realized price was $60.05/boe, 28% lower than the $83.07/boe realized in 3Q 2022. Oil and gas production for the quarter was 1.806 MMboe/d, an increase of 52,000 boe/d from 3Q 2022. After adjusting for impacts from closed acquisitions and dispositions, 3Q 2023 production increased 49,000 boe/d or 3% from the same period a year ago.

Organic growth from Lower 48 and other development programmes more than offset decline and downtime. Lower 48 delivered production of 1.083 MMboe/d, including 722,000 boe/d from the Permian basin, 232,000 boe/d from the Eagle Ford, and 111,000 boe/d from the Bakken. In Canada, Surmont Pad 267 achieved first steam and Montney's CPF2 came online, both in late Sep 2023. Turnarounds were successfully completed in Norway and Alaska. For the quarter, cash provided by operating activities (CFO) was $5.4 bn. Excluding working capital, ConocoPhillips generated CFO of $5.5 bn and received proceeds of $200 M primarily from the sale of a Lower 48 equity investment. In addition, the company funded $2.5 bn of capital expenditures and investments. ConocoPhillips further diversified its LNG portfolio by signing a 15-year throughput agreement for about 1.5 M tonnes/y of regasification at the Gate LNG Terminal in the Netherlands.

ConocoPhillips increased the quarterly ordinary dividend by 14% to $0.58/share, payable 1 Dec 2023, to stockholders of record at the close of business on 14 Nov 2023. The operator paid its 4Q 2023 variable return of cash (VROC) of $0.6/share on 16 Oct 2023, to stockholders of record at the close of business on 28 Sep 2023. Beginning in 1Q 2024, ConocoPhillips plans to pay its quarterly ordinary dividend and VROC concurrently and will announce such payments in the same quarter they will be paid. ConocoPhillips completed the purchase of the remaining 50% interest in asset in Surmont, AB, Canada in Oct 2023.

All guidance has been updated to reflect the acquisition of additional interest in Surmont but excludes any impacts from the previously announced Australia Pacific LNG (APLNG) transaction. 4Q 2023 production is expected to be 1.86-1.9 MMboe/d. Full-year production is expected to be about 1.82 MMboe/d, slightly higher than prior guidance of 1.80-1.81 MMboe/d due to the Surmont, AB acquisition. Full-year guidance for adjusted operating cost was updated to $8.6 bn versus the prior guidance of $8.3 bn, reflecting the increased working interest at Surmont, AB, increased Lower 48 non-operated activity and inflationary impacts primarily in the Lower 48.

We remind, ConocoPhillips said on Friday it was buying the 50% stake in the Surmont oil facility held by TotalEnergies' Canadian subsidiary for about USD3 B, giving it full ownership and elbowing away rival Suncor Energy. Canada's Alberta oil sands hold some of the world's largest crude reserves, which appeal to cash-flush producers looking to bolster production.

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MRC -- LyondellBasell Industries Holdings BV is proceeding with a potential plan to transition subsidiary Houston Refining LP's (HRL) soon-to-be-shuttered 268,000-b/d Houston full-conversion refinery into a hydrogen production site as part of the proposed US government-funded HyVelocity regional hydrogen hub, said the company.

Confirmation of LyondellBasell's possible participation in HyVelocity follows $1.2 bn of $7 bn in federal grants awarded by US President Biden's administration in mid-Oct 2023 to the project, which is sponsored by ExxonMobil Corp, Chevron Corp, Air Liquide SA, Mitsubishi Power Americas, AES Corp, Sempra Infrastructure, and Oersted AS. As development of the Houston refinery-to-hydrogen site remains ongoing, Vanacker said the company will continue to evaluate other projects in line with its circular and low-carbon solutions business involving reuse of the refinery's existing hydrotreaters, including: Using LyondellBasell's proprietary MoReTec advanced recycling technology to upgrade and purify mixed plastic waste into pyrolysis oil that can be used as feedstock for new plastic materials. Using MoReTec advanced recycling technology to upgrade and purify mixed plastic waste into pyrolysis gas that can be shipped via existing pipeline connections from the refinery to LyondellBasell's nearby olefins manufacturing complex in Channelview, TX, for use as feedstock in that site's steam crackers.

Revamping the refinery's existing hydrotreaters to process renewable-based feedstocks for production of renewable hydrocarbons that also could be transported to Channelview, TX, for use as feedstock to the site's steam crackers. With dedicated teams currently analyzing the various potential projects for the future use of the refinery, the company will proceed with normal routes for FID once those studies are completed, according to Vanacker. Previously slated for closure by end-2023, LyondellBasell said in May 2023 that it would delay ceasing operations at the Houston refinery until 'no later' than end-1Q 2025.

We remind, LyondellBasell Industries announced net income for the third quarter 2023 of $0.7 billion, or $2.29 per diluted share, said the company. During the quarter, the company recognized identified items of $57 million, net of tax, which impacted third quarter earnings by $0.17 per share. Third quarter 2023 EBITDA was $1.4 billion.

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