Company Reports

We are transferring coverage of BASF, Dow, and LyondellBasell, which are some of the largest global commodity chemical producers. These firms primarily create value by converting oil and natural gas liquids into higher-value plastics, polymers, foams, and additives for a wide range of end markets.

Most of Dow’s owned production capacity resides in North America, where it benefits from low-cost natural gas-based feedstocks. This allows Dow to share an edge with other North American producers, generally outcompeting its international counterparts, who rely on higher-cost crude oil-based feedstocks to make the same products. Commodity chemicals are generally priced off the marginal cost of production, which is linked to crude oil-based production.

Dow generated strong second-quarter results as double-digit revenue growth drove profit margin expansion. Management also raised its cost savings guidance.

Dow Inc. is one of the largest chemicals producers in the world, producing key components for a broad range of industrial and consumer chemical and plastic products. The company’s history spans over 125 years and features an evolving product portfolio. In its current form, Dow is the commodity chemicals company created in 2019 from the DowDuPont merger and subsequent separations.

Dow's first-quarter results reflected the continued weak demand environment for commodity chemicals to begin the year. Management guided to a sharp sequential recovery in the second quarter, driven by the Middle East conflict-related supply shock.

Dow Chemical is one of the largest chemicals producers in the world, producing key components for a broad range of industrial and consumer chemical and plastic products. The company’s history spans over 125 years and features an evolving product portfolio. In its current form, Dow is the commodity chemicals company created in 2019 from the DowDuPont merger and subsequent separations.

Dow announced that current CEO Jim Fitterling will become executive chair of the board on July 1. At the same time, current COO Karen Carter will become CEO.

Dow Chemical is one of the largest chemicals producers in the world, producing key components for a broad range of industrial and consumer chemical and plastic products. The company’s history spans over 125 years and features an evolving product portfolio. In its current form, Dow is the commodity chemicals company created in 2019 from the DowDuPont merger and subsequent separations.

The US and Iran agreed to a two-week ceasefire as part of a broader negotiation to end the conflict, which included Iran reopening the Strait of Hormuz to shipping traffic. US chemicals stocks Celanese, Dow, Eastman, and LyondellBasell were down 1% to 12% at the time of writing.

US chemicals producer stocks ranged from down 1% to up 2% at the time of writing on March 2, following the closure of the Strait of Hormuz and the news that QatarEnergy is temporarily shutting down its natural gas production.

Dow Chemical is one of the largest chemicals producers in the world, producing key components for a broad range of industrial and consumer chemical and plastic products. The company’s history spans over 125 years and features an evolving product portfolio. In its current form, Dow is the commodity chemicals company created in 2019 from the DowDuPont merger and subsequent separations.

Dow Chemical's full-year results showed a sales decline and margin compression, amid weak demand. The company unveiled a new cost-cutting program that it expects will result in higher operating EBITDA over the next three years. Dow shares were slightly down at the time of writing on Jan. 29.

European electricity prices for households and industry are well above those in China, the US, and pre-energy-crisis levels. The gap is set to endure, as network costs and levies continue to increase.

Dow's third-quarter results reflected a continued cyclical bottom amid weak end-market demand as sales declined across all segments versus the prior-year quarter. Yet, Dow shares rallied 12% at the time of writing on Oct. 23, driven by falling unit costs and improved cash flow generation.

Dow Chemical is one of the largest chemicals producers in the world, producing key components for a broad range of industrial and consumer chemical and plastic products. The company’s history spans over 125 years and features an evolving product portfolio. In its current form, Dow is the commodity chemicals company created in 2019 from the DowDuPont merger and subsequent separations.

We've updated our midcycle Brent oil price assumption to $65 per Barrel from $60. Our long-term forecast marries our bullish in-house oil demand view with Rystad's supply projections.

Dow Chemical is one of the largest chemicals producers in the world, producing key components for a broad range of industrial and consumer chemical and plastic products. The company’s history spans over 125 years and features an evolving product portfolio. In its current form, Dow is the commodity chemicals company created in 2019 from the DowDuPont merger and subsequent separations.

Dow reported a second-quarter loss, with sales declining across all segments year over year. Dow cut its dividend by 50% given a prolonged downturn. Shares were down 17% on the day as the market reacted to the weak results and dividend cut.

Since the US announcement of global tariffs on April 2, US chemicals stocks vastly underperformed the Morningstar US Total Return Index and Morningstar US Basic Materials Index, even after the US and China announced tariff reductions on May 12.

Dow Chemical reported lower profits due to reduced unit margins despite companywide volume growth. The company announced it will reduce capital expenditures and operating expenses in response to a softening demand outlook. Dow shares were up 3% at the time of writing.