Chemical Industry Weekly Roundup — July 22–29, 2026

• Dow (July 24): The company beat estimates with adjusted EPS of $1.44 vs. the forecasted $1.25 EPS. Revenue was up 20% year-over-year to $12.1 billion; net income was $802 million compared with an $801 million loss in the year-earlier period. The company saved more than $300 million in "self-help" cost benefits in the quarter, said new CEO Karen Carter, who took over July 1 from Jim Fitterling. Carter was apparently referring to Dow’s cost-cutting initiative announced in January, which included the elimination of 4,500 jobs.
• BASF (July 28–29): Net income reached €4.1 billion, up €79 million in the year-earlier period, though inflated by a €3.5 billion after-tax gain from the completed Carlyle coatings sale. EBITDA rose 54% year-over-year, with full-year guidance raised to €6.9–7.7 billion. EBITDA before special items of chemicals and surface technologies came in significantly below the average analyst estimates for the respective segments. Free cash flow is likely to amount to minus €0.2 billion in the second quarter of 2026 (Q2 2025: plus €0.5 billion), mainly due to higher capital tied up as a result of higher raw material prices.
• Solvay (July 29): A weaker quarter resulted in sales dropping 7.4% organically and EBITDA falling 19.5% due to soda ash price weakness and the Middle East conflict.
• Methanex (July 28): Expected to benefit from methanol price spikes tied to Hormuz-linked supply disruption. During Q2 the company delivered record adjusted EBITDA, primarily due to higher pricing in line with tighter global supplies related to the conflict.

Middle East Conflict: Fragile Pause, Real Damage

• Fighting between the US and Iran resumed after a brief pause. Crude futures fell, but Strait of Hormuz traffic remains a fraction of normal (fewer than 10 ships over the weekend vs. ~100/day pre-war).
• US naval forces turned away or boarded 12 vessels near Hormuz as of July 25.

Operational/Portfolio Moves

• BASF’s Ludwigshafen site headcount has fallen to its lowest level since 1954, according to CEO Markus Kamieth. “This is an important and necessary step toward restoring the site’s competitiveness,” Kamieth said. This serves as a reminder that European chemical restructuring (Evonik's 3,200-job cuts, Lanxess's 550-job cuts, both announced earlier this year) is still working through the system.