Eastman increases oxos prices on 15 Feb 2024

Effective 15 Feb 2024, or as contracts allow, Eastman Chemical Company is announcing an off-list price Increase in NAR and LAR for the following product: Eastman 2-Ethylhexanol, all grades and packages: USD0.04/lb (USD0.09/kg).

We remind, Leading North American recycler, Rumpke Waste & Recycling (Rumpke) and molecular recycling pioneer Eastman, announced a groundbreaking partnership to help address the global plastic waste crisis. Later this year, Rumpke will begin collecting and sorting hard-to-recycle and colored PET packaging waste, materials that are largely unaddressed in today’s recycling ecosystem and will provide 100 percent of this waste stream as feedstock to Eastman’s molecular recycling process.

Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. The company’s innovation-driven growth model takes advantage of world-class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end markets such as transportation, building and construction, and consumables.

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ExxonMobil Corporation on 2 Feb 2024 announced 4Q 2023 earnings of USD7.6 bn, or USD1.91/share assuming dilution, said the company.

Earnings excluding identified items were USD10.0 bn, or USD2.48/share assuming dilution. For the full year 2023, the company reported earnings of USD36.0 bn, or USD8.89/share assuming dilution.

“Our consistent strategy and execution excellence across the business delivered industry-leading earnings and enabled us to return more cash to shareholders than our peers in 2023 1,” said Darren Woods, chairman and chief executive officer.

“These results demonstrate the fundamental improvements we’ve made to our business, reflecting our progress in high-grading our portfolio through investments in advantaged projects and select divestments, while, at the same time, driving a higher level of efficiency and effectiveness throughout the business. The foundation of our success comes from the resiliency, hard work and commitment of our people. As I reflect on our industry-leading results over the past year, I have a great sense of pride in what our people accomplished.”

We remind, QatarEnergy and ExxonMobil are on track to commence LNG production at their Golden Pass LNG export terminal, situated on the US Gulf Coast near Sabine Pass, Texas, during the first half of 2025. QatarEnergy, a state-owned entity, holds a substantial 70 percent stake in the Golden Pass project, which boasts a capacity exceeding 18 million metric tons per annum (mtpa). Notably, QatarEnergy will offload 70 percent of the terminal's capacity. In parallel, ExxonMobil, a prominent US-based energy firm, possesses a 30 percent share in the venture.

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Linde plc reported 4Q 2023 results. Europe, Middle East & Africa (EMEA) sales of $2100 M were up 4% versus prior year, said the company.

Compared with 4Q 2022, underlying sales grew 2%, driven by 6% higher pricing partially offset by 4% lower volumes.

Operating profit of $615 M was 29.3% of sales, 420 basis points above prior year and 350 basis points higher when excluding the effects of cost pass-through.

We remind, Linde announced it has signed a record number of new small on-site projects during 2023, its fourth consecutive year of growth, said the company. Linde signed 53 new small on-site projects with capex totaling $270 million for the supply of nitrogen and oxygen during 2023. Small on-site projects use Linde’s proprietary ECOVAR technology, which is designed to be highly efficient, flexible and reliable while helping customers minimize their environmental impact.

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With the German government's temporary seizure of Russian oil firm Rosneft's, opens new tab assets in Germany set to expire, Berlin is looking at nationalising them, said Reuters.

Moscow criticised the potential nationalisation and said it would defend its interests. Following Russia's invasion of Ukraine in 2022, the European Union, the United States, Japan and Canada froze some $300 billion of Russian central bank assets, while Moscow moved to seize some Western assets.

Germany's economy ministry told Rosneft on Tuesday that if Russia regained control over the companies, which include Berlin's main PCK Schwedt refinery, the refineries' operations would be jeopardized because contractual partners would refuse to cooperate, law firm Malmendier Legal said in a statement published on LinkedIn.

Reuters reported on Wednesday that Berlin was preparing for a possible nationalisation of Rosneft's German activities, including its 54.17% stake in Schwedt refinery, which the German government put under a trusteeship in September 2022 in the wake of Russia's invasion of Ukraine.

We remind, Rosneft-owned Tuapse oil refinery on the Black Sea will not resume operations this month, at the very least, sources, familiar with the maintenance schedule. Rosneft, Russia's largest oil producer, did not reply to a request for immediate comment. Russia has been beset in the past month by a number of refinery outages triggered by fires or suspected drone attacks, prompting authorities to reduce fuel exports to safeguard the domestic market.

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Huhtamaki announced its financial results for 4Q 2023 and full year 2023. For full year 2023, its net sales decreased 7% to EUR4169 M (full year 2022: EUR4479 M), said the company.

Adjusted EBIT was EUR 393 M (EUR 395 M); reported EBIT was EUR381 M (EUR405 M). Adjusted earnings per share (EPS) was EUR2.32 (EUR 2.49); reported EPS was EUR1.97 (EUR 2.65).

Comparable net sales growth at Group level was -2% and -4% in emerging markets. The impact of currency movements on the Group's net sales was EUR -153 M and EUR -15 M on EBIT.

Capital expenditure was EUR319 M (EUR318 M). Free cash flow was EUR321 M (EUR11 M). The Board of Directors proposes a dividend of EUR1.05/share (EUR1.00/share).

We remind, Huhtamaki, a leading global provider of sustainable packaging solutions for consumers around the world, is making a significant investment in its Paris, Texas facility in the U.S, said the company. The investment consists of an expansion of its manufacturing capacity as well as a consolidation of an external warehouse. The investment into production assets is approximately USD 30 million, and the warehouse and manufacturing facility will be leased.

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