Occidental announces 3Q 2023 results

MRC -- Occidental announced net income attributable to common stockholders for 3Q 2023 of $1.2 bn, and adjusted income attributable to common stockholders of $1.1 bn, said the company.

3Q 2023 after-tax items affecting comparability of $22 M were primarily comprised of after-tax gains on sales of $111 M related to certain non-core proved and unproved properties in the Permian Basin and $40 M for the sale of 5.1 M Western Midstream Partners LP (WES) limited partner units, partially offset by derivative losses in marketing of $63 M, preferred stock redemption premiums of $42 M and other equity method investment charges of $27 M. Oil and gas pre-tax income for 3Q 2023 was $2.0 bn, compared to pre-tax income of $1.1 bn for 2Q 2023.

We remind, Occidental Petroleum’s carbon capture, utilisation and sequestration (CCUS) subsidiary, 1PointFive, has been selected to receive a grant from the US Department of Energy (DOE) for the development of its South Texas Direct Air Capture (DAC) Hub in Kleberg county, south of Corpus Christi. The hub is expected to include the world’s first DAC plant designed to remove up to 1m tonnes/year of carbon dioxide (CO2). The funding by the DOE's Office of Clean Energy Demonstrations will support the development of the DAC hub, Occidental said on Friday without disclosing financial details.

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MRC -- The Board of Directors of Westlake Corporation declared a regular dividend distribution of 50 cents per share for the third quarter of 2023, said the company.

This dividend will be payable on December 6, 2023, to stockholders of record on November 21, 2023.

This is the 77th successive quarterly dividend that Westlake has declared since completing its initial public offering in August 2004.

The statements in this release that are not historical facts, including statements regarding future repurchases of common stock, are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to, the ultimate timing, outcome and results of integrating the operations of recent acquisitions; general economic and business conditions; the cyclical nature of the chemical and building products industries; availability, cost and volatility of raw materials and utilities; uncertainties associated with the United States, European and worldwide economies, including those due to political tensions and unrest; uncertainties associated with pandemic infectious diseases; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to Westlake’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC in February 2023, and Westlake’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023, which were filed with the SEC in May and August 2023, respectively.

We remind, Westlake Chemical Partners LP reported net income attributable to the Partnership in the third quarter of 2023 of $13.2 million, or $0.37 per limited partner unit, compared to third quarter 2022 net income of $14.8 million. The reduction in Partnership net income in the third quarter of 2023 compared to the third quarter of 2022 was the result of higher interest expense attributable to higher interest rates on floating rate debt.

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MRC -- AdvanSix's nylon sales stood at $86,056,000, or 27% of total sales, for 3Q 2023 versus $141,017,000, or 29% of total sales, for 3Q 2022, said the company.

Caprolactam sales stood at $68,794,000, or 21% of total sales, for 3Q 2023 versus $90,818,000, or 19% of total sales, for 3Q 2022.

Chemical intermediates sales stood at $83,460,000, or 26% of total sales, for 3Q 2023 versus $115,268,000, or 24% of total sales, for 3Q 2022. Ammonium sulfate sales stood at $84,597,000, or 26% of total sales, for 3Q 2023 versus $131,666,000, or 28% of total sales, for 3Q 2022.

We remind, US integrated nylon producer AdvanSix has ended its alliance with biaxially oriented polyamide (BOPA) film maker Oben Group but will continue to support Oben as a resin supplier. Under the alliance, formed in 2019, Oben took on the role of producing BOPA film while AdvanSix managed its commercialisation and distribution in the US and Canada.

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MRC -- Covestro has entered into a strategic cooperation agreement with five partners in China's photovoltaic (PV) value chain, inaugurating a new innovation platform dedicated to advancing sustainability within the industry, said the company.

By capitalizing on Covestro's diversified solutions and robust research and development capabilities, this collaboration aspires to facilitate the integration of circular economy principles in the solar power sector's manufacturing phase, ultimately forging a sustainable path forward for the industry itself. This milestone was inked at Covestro's booth during the China International Import Expo (CIIE), an annual event dedicated to promoting imports into China and fostering international trade and cooperation.

The other partners are Jolywood (Suzhou) Sunwatt Co Ltd, Zhejiang Deyilong Technology Co Ltd, Changzhou Fusion New Material Co Ltd, Shanghai Institute of Microsystem and Information Technology of the Chinese Academy of Sciences, and COSCO Kansai Paint & Chemical Co Ltd. In alignment with China's "double carbon" goals, the country continues to advance the reform of its industrial and energy structure, dedicating significant efforts to bolster clean energy, notably solar power. Leveraging its material expertise, Covestro plays a dynamic role in PV module production, elevating their efficiency and introducing alternative raw materials.

This approach enables Covestro and collaborators to tackle technical challenges and advance the green transformation of the PV industry itself, while remaining attuned to evolving industry trends. As a fresh and dynamic entrant in the PV industry, Covestro is poised to offer a wide array of material solutions through the newly launched platform. These solutions aim to enhance power generation efficiency, reduce module weight, and extend the service life of PV modules. Meanwhile, they empower customers to innovate and develop new products, all the while contributing to a reduction in their carbon footprint. For instance: Covestro's coatings raw material solution can ensure that two-sided coated backsheets achieve a light transmittance exceeding 93%, enable bi-facial PV modules to reduce their weight by 20% and increase power generation by 1.29%.

Additionally, these modules exhibit outstanding aging resistance, guaranteeing a service life of over 25 years. Covestro's low-temperature photovoltaic silver paste polymer solution, integrated into next-generation cell technology, excels in enhancing photoelectric conversion efficiency. Furthermore, its capability to cure at temperatures below 200 degC contributes to a notable reduction in energy consumption. Decovery, a bio-based waterborne coating raw material, is a viable choice for coating containerized energy storage systems. By replacing conventional fossil-based solvent-borne materials, it reduces carbon emissions by more than 20% and effectively diminishes emissions of volatile organic compounds. Importantly, its application doesn't require any modifications to the painting process, thus preserving work efficiency.

This represents a step forward as Covestro extends its material applications from photovoltaic modules to encompass related energy storage systems for the first time. Polyurethane composite frames for PV modules, made of Covestro's Baydur resin, boast remarkable mechanical properties, featuring an axial tensile strength over five times that of aluminium alloy frames.

We remind, Covestro is expanding its production capacities for thermoplastic polyurethane (TPU) Films in the Platilon® range, as well as the associated infrastructure and logistics. To this end, the company is investing a low double-digit million euro amount in its German center of excellence for the aforementioned films in Bomlitz, Lower Saxony.

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MRC -- AkzoNobel launches industry’s first architectural powder coating that can be cured at temperatures as low as 150°C while still being Qualicoat class one certified, said Specialchem.

Curing at temperatures 30°C lower than traditional powder coatings means that Interpon D1036 Low-E can help customers cut energy consumption by as much as 20%.

It can also cure up to 25% faster than conventional powders, allowing for more products to be coated in less time. The product’s sustainability credentials are backed up by an Environmental Product Declaration (EPD), an independently verified assessment of a product's environmental impact across its whole lifespan.

“At a time when every business is looking to play its part in reducing energy and accelerating sustainability, Interpon D1036 Low-E will support our customers in reducing their carbon emissions as well as helping us to achieve our own target of a 50% carbon reduction across the value chain by 2030,” said Jeff Jirak, director of the company’s Powder Coatings business.

“We’re proud to be innovating solutions that are helping to tackle some of the shared issues around sustainability and energy conservation that coaters, applicators and our own business are facing,” continued Jirak.

The new range is suited to many areas of the built environment, inside and out, from building facades and windows to railings and doors or any application where an architectural certified product is typically applied. Its key features include excellent levels of durability to protect color integrity and performance.

“As we progress on the journey towards our net zero carbon ambitions, we’ll continue to work closely with our customers to understand their needs and give them the products they require so we can build a more sustainable future together,” added Jirak.

As well as committing to generating 50% fewer carbon emissions across the value chain by 2030, AkzoNobel also aims to achieve 100% circular use of materials by the end of the decade and deliver 50% of revenues from sustainable solutions.

We remind, AkzoNobel supplies bio-based paint to KIA Motors for the inside of its new EV9 electric SUV. It’s the first time the vehicle manufacturer has specified an interior bio-based coating.

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