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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“you've just basically offset the closure of Lyondell, Houston.”
LyondellBasell's Houston refinery closure is cited as removing industry refining capacity, a bearish read-through for that asset.
“We thought coming into the year, you'd see less demand with Lyondell going down, but that was kind of offset.”
Valero references LyondellBasell's decision to shut down its Houston-area refinery as a factor behind early-year quality-differential headwinds, implying reduced regional refining capacity for LyondellBasell.
“the Lyondell refinery shutting down in The US Gulf Coast put 200 to 250,000 barrels a day of additional heavy sour barrels on the market”
LyondellBasell's Gulf Coast refinery shutdown removed capacity and pushed additional heavy sour crude barrels onto the market, a competitive supply dynamic Valero cited as bullish for crude differentials.
“Yes, so I think the only thing we can see is you’ve definitely seen the dynamic in the market of Lyondell stopping to buy and they were buying a lot of especially a lot of Canadian. And so, we’ve seen more of those barrels become available to us as they backed off the market.”
LyondellBasell idling refinery capacity and stopping crude purchases (including heavy Canadian barrels) freed up feedstock supply that Valero was able to capture.
“When we look at the Lyondel results in Europe, what we see is that, they don't make any money.”
An analyst compared Dow's European margin pressure to LyondellBasell, noting the peer's European operations appear unprofitable amid the same industry-wide oversupply and high feedstock cost environment.
“We've captured some of the value from our past investments in the new PO/TBA facility, Hyperzone PE, the NATPET joint venture and our value enhancement program.”
LyondellBasell references the NATPET joint venture as a past investment expected to provide upside as markets recover.
“the sale that we have, as said, with very good involvement of AEQUITA in the entire process.”
AEQUITA is the buyer of LyondellBasell's select European assets, with the divestiture expected to close in the first half of 2026.
“having been recognized with supplier excellence awards by customers like Toyota, Nissan and Stellantis, amongst others, we continue to increase our growth funnel and improve our win rates to gain new project qualifications.”
LyondellBasell's APS segment won supplier excellence awards from Stellantis, indicating a positive automotive customer relationship.
“having been recognized with supplier excellence awards by customers like Toyota, Nissan and Stellantis, amongst others, we continue to increase our growth funnel and improve our win rates to gain new project qualifications.”
LyondellBasell's APS segment won supplier excellence awards from Nissan, indicating a positive automotive customer relationship.
“having been recognized with supplier excellence awards by customers like Toyota, Nissan and Stellantis, amongst others, we continue to increase our growth funnel and improve our win rates to gain new project qualifications.”
LyondellBasell's APS segment won supplier excellence awards from Toyota, indicating a positive automotive customer relationship.
“LYB and Sipchem have launched a joint feasibility study for a complex in Jubail that could start up as soon as 2031 pending FID.”
LYB and Saudi partner Sipchem are studying a new Jubail petrochemical complex, extending their joint venture relationship into a new growth project with potential 2031 startup.
“In March, we announced the closure of our Dutch PO joint venture with Covestro.”
LyondellBasell is shutting down its Dutch propylene oxide joint venture with Covestro, ending that shared asset as part of LYB's European portfolio review.
“in November, we announced a second investment in Cyclyx, a joint venture with Agilyx and ExxonMobil reaching final investment decisions to build a second Cyclyx Circularity Center in Fort Worth, Texas. The facility will have the capacity to produce more than 130,000 tons per year of plastic feedstock for advanced and mechanical recycling, and is expected to start up in the second half of 2026.”
LYB expands its Cyclyx circular-plastics joint venture with ExxonMobil and Agilyx, adding a second Circularity Center in Fort Worth, Texas -- a positive read-through for ExxonMobil's plastics recycling and circular-economy investments.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jeff Zekauskas | JPMorgan | 6 (50%) |
| Frank Mitsch | Fermium Research | 6 (33%) |
| Patrick Cunningham | Citigroup | 6 (33%) |
| Vincent Andrews | Morgan Stanley | 5 (0%) |
| Dave Begleiter | Deutsche Bank | 5 (20%) |
| Kevin McCarthy | Vertical Research Partners | 5 (0%) |
| Mike Sison | Wells Fargo | 4 (0%) |
| John Roberts | Mizuho Securities | 3 (0%) |
| Josh Spector | UBS | 3 (0%) |
| Matt Blair | Tudor, Pickering, Holt | 3 (33%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Fermium Research | 1 | 6 (33%) |
| JPMorgan | 1 | 6 (50%) |
| Citigroup | 1 | 6 (33%) |
| Morgan Stanley | 2 |
Full-year 2025 EPS of $1.70 with EBITDA of $2.5 billion reflected industry margins 45% below historical averages, as Q4 EBITDA of $417 million hit the cyclical nadir. The cash improvement plan overdelivered at $800 million versus the $600 million target, and VEP exceeded $1.1 billion with the target extended to $1.5 billion by 2028. The dividend was under intense Board review amid persistent cash pressure.
Competitive Dynamics | Margin | Capital Allocation | Pricing | Demand | Capex Investment | Supply Chain | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 2 | 1 | 1 | 2 | 1 | 1 | 1 |
| 2025Q1 | 2 | 2 | 3 | 1 | 2 | 2 | 1 | 1 |
| 2025Q2 | 1 | 6 | 4 | 1 | 2 | 2 | 1 | 3 |
| 2025Q3 | 5 | 2 | 3 | 1 | 1 | 1 | 1 | |
| 2025Q4 | 5 | 4 | 4 | 2 | 1 | 1 | 2 | |
| 2026Q1 | 5 | 5 | 1 | 6 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Competitive Dynamics | 3 | 2 | 1 | 5 | 5 | 5 |
| Margin | 2 | 2 | 6 | 2 | 4 | 5 |
| Capital Allocation | 1 | 3 | 4 | 3 | 4 | 1 |
| Pricing | 1 | 1 | 1 | 1 | 2 | 6 |
| Demand | 2 | 2 | 2 | 1 | 1 | 2 |
| Capex Investment | 1 | 2 | 2 | 1 | 1 | |
| Supply Chain | 1 | 1 | 1 | 1 | 2 | 1 |
| Innovation & R&D | 1 | 1 | 3 |
| 6 (0%) |
| UBS | 2 | 5 (0%) |
| Deutsche Bank | 1 | 5 (20%) |
| Vertical Research Partners | 1 | 5 (0%) |
| Wells Fargo | 1 | 4 (0%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
LYB LyondellBasell | 4 | -6.3% | |
| ALB Albemarle Corporation | 9 | +32.7% | |
| APD Air Products | 9 | +8.8% | |
| DD DuPont | 6 | -45.2% | |
| ECL Ecolab | 7 | +10.0% | |
| IFF International Flavors & Fragrances | 6 | -3.6% | |
| LIN Linde plc | 9 | +8.3% | |
| PPG PPG Industries | 6 | +6.7% | |
| SHW The Sherwin-Williams Company | 6 | +6.8% |