Chemicals Industry Wrap-Up: 3Q Earnings, Another PFAS Lawsuit

Oct. 30, 2023
Low commodity prices impact petrochemical earnings; 3M, DuPont face new PFAS-related lawsuits.

The following is a wrap-up of the latest chemical-industry news from our partner publications at Endeavor Business Media and various media outlets.  

Maine Sewer District Files PFAS Lawsuit  Against 3M, DuPont

SL Environmental Law Group filed a lawsuit on behalf of the York Sewer District in Maine against manufacturers of per- and polyfluoroalkyl substances (PFAS), including 3M Company and E.I. DuPont de Nemours Inc., according to Wastewater Digest. The lawsuit came after detecting contamination in wastewater samples, primarily originating from household residential sources since the area lacks significant industrial activity. Read more in

Exxon Mobil 3Q Chemical Products Earnings Down $828 million

Exxon Mobil reported 2023 earnings of $9.1 billion, up from second-quarter earnings of $7.9 billion, Oil & Gas Journal reports. However, the company’s chemical products third-quarter earnings fell to $249 million, down from $828 million in this year’s second quarter. Industry margins were impacted by higher feedstock costs and lower price realizations as industry supply outpaced rising demand. The Baytown chemical expansion project started up in the third quarter, adding 750 kilotonnes/year of performance chemicals production capacity. On Oct. 25, Exxon celebrated the start-up of a new specialty polymer unit and a linear alpha olefins unit in Baytown, Texas, according to the Baytown Sun. The specialty polymers unit has the capacity to produce 400,000 barrels a day of specialty polymers Vistamaxx and Exact.

Chevron's 3Q Profit Drops on Lower Commodity Prices

Chevron Corp. earned $6.5 billion in the third quarter, down from $11.2 billion in the year-earlier period. The decline was primarily due to lower upstream realizations and lower margins on international refined product sales. International downstream earnings fell to $307 million, down from $1.24 billion a year ago, primarily due to lower margins on refined product sales and lower favorable foreign currency effects. Read more at Oil & Gas Journal.

Olin Corp. Earnings Drop on Lower Chlor Alkali and Vinyls Prices

Olin Corp. said third-quarter net income was $104.1 million, or 82 cents per diluted share, which compares to third-quarter 2022 reported net income of $315.2 million, or $2.18 per diluted share, according to an earnings release. Chlor Alkali products and vinyls sales for the third quarter 2023 were $969.6 million, compared to $1.26 billion in the previous-year period. The decrease was primarily due to 6% lower volumes, lower pricing and a less favorable mix.

Explosion at Arxada Chemical Plant

An explosion at an Arxada plant in Rochester, New York, Oct. 29 caused significant damage to a building and equipment at the company’s manufacturing complex, ABC affiliate WHAM reports. There were no injuries reported or chemicals released beyond the property.

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