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    United Kingdom Petrochemicals 16 May 22 - INDUSTRY SNAPSHOTS

    May 18, 2022 - Acquisdata Industry Snapshot


      LATEST COMPANY NEWS - UK North Sea Sees Chance for Political Reprieve in Energy Crisis - 14/5/2022

      It's not just the fact that oil and gas prices are higher, the political ground has also shifted. UK Prime Minister Boris Johnson has...

      For the complete story, see:

      Financial Times - LNG glut raises prospect of lower UK energy bills - 13/5/2022

      High import volumes and limited capacity to pipe gas on to Europe create surplus and drive down prices

      For the complete story, see:

      Reuters - BP wins shareholder support for climate strategy - 13/5/2022

      BP (BP.L) shareholders on Thursday backed the energy company's climate strategy, while fewer investors than last year supported a resolution filed by an activist group urging faster action to battle climate change.

      For the complete story, see:

      Other Stories

      Coatings World - New Appointment for AkzoNobel Industrial Coatings - 13/5/2022

      Offshore Wind - BP Answers Dutch Offshore Wind Call - 12/5/2022

      Upstream Online - BP back in the groove at Indonesian LNG project - 11/5/2022

      Financial Times - Rishi Sunak demands oil and gas companies increase UK investments - 11/5/2022

      Wales Online - British Gas customers can claim up to £750 in bill - 8/5/2022

      Media Releases

      BP Oil Ltd. - bp bids for offshore wind in the Netherlands: tailored bids integrate significant flexible, scalable clean energy investments and create a step change in protecting and enhancing North Sea ecology - 12/5/2022

      AkzoNobel - AkzoNobel share buyback (May 2, 2022 - May 6, 2022) - 10/5/2022

      Latest Research

      Prioritizing Stewardship Of Decommissioned Onshore Oil And Gas Wells In The United Kingdom Based On Risk Factors Associated With Potential Long-Term Integrity. - By Aaron Graham Cahill And Paula Sofia Gonzalez Samano.

      Industry Overview

      The Petrochemical Industry

      Overviews of Leading Companies

      AkzoNobel (AEX: AKZA)

      BP Plc (LSE: BP)

      Croda International Plc. (LSE: CRDA)

      Dylon International

      Elementis Plc (LSE: ELM)

      Essar Oil (UK) Ltd.

      Exxon Mobil Corporation (NYSE: XOM)


      Innovia Films (INNFILP)

      Johnson Matthey plc (LSE: JMAT)

      Noble Corporation plc (NYSE: NE)

      Phillips66 (NYSE: PSX)

      Royal Dutch Shell plc (LSE: RDSA, NYSE: RDS.A)

      Synthomer Plc (LSE: SYNT)

      Tata Chemicals Europe (NSE: TTCH)

      Thomas Swan & Co. Ltd.

      Total S.A. (LSE: TTA, NYSE: TOT)

      Valero Energy Ltd (UK) (NYSE: VLO)

      Associate: Donny Stanley

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      News and Commentary - UK North Sea Sees Chance for Political Reprieve in Energy Crisis - 14/5/2022

      It's not just the fact that oil and gas prices are higher, the political ground has also shifted. UK Prime Minister Boris Johnson has...

      For the complete story, see:

      Financial Times - LNG glut raises prospect of lower UK energy bills - 13/5/2022

      High import volumes and limited capacity to pipe gas on to Europe create surplus and drive down prices

      For the complete story, see:

      Reuters - BP wins shareholder support for climate strategy - 13/5/2022

      BP (BP.L) shareholders on Thursday backed the energy company's climate strategy, while fewer investors than last year supported a resolution filed by an activist group urging faster action to battle climate change.

      For the complete story, see:

      Coatings World - New Appointment for AkzoNobel Industrial Coatings - 13/5/2022

      Daniela Vlad has been appointed as Managing Director of AkzoNobel Industrial Coatings.

      For the complete story, see:

      Offshore Wind - BP Answers Dutch Offshore Wind Call - 12/5/2022

      British oil and gas major bp has submitted bids for the Hollandse Kust (west) VI and VII offshore wind farm leases in the Netherlands.

      For the complete story, see:

      Upstream Online - BP back in the groove at Indonesian LNG project - 11/5/2022

      Production restarts from Tangguh Train 2 after mechanical glitch.

      For the complete story, see:

      Financial Times - Rishi Sunak demands oil and gas companies increase UK investments - 11/5/2022

      Chancellor's allies say he wants higher capital spending to boost Britain's self-sufficiency in energy

      For the complete story, see:

      Wales Online - British Gas customers can claim up to £750 in bill - 8/5/2022

      Rapper and mental health campaigner Professor Green has added his voice to the new British Gas Energy Trust campaign.

      For the complete story, see:

      Media Releases

      BP Oil Ltd. - bp bids for offshore wind in the Netherlands: tailored bids integrate significant flexible, scalable clean energy investments and create a step change in protecting and enhancing North Sea ecology - 12/5/2022

      bp submits bids for two individual offshore wind leases in the Netherlands - HKW sites VI and VII - with potential for combined 1.4GW generating capacity.

      Success in the bids will enable a series of additional integrated clean energy investments in the Netherlands of up to €2 billion in line with bp's strategy - including integrating offshore wind with electrification of industry and mobility and green hydrogen production, supporting decarbonisation of refining, aviation and transportation.

      Bid for HKW VI includes commitment to €75 million investment in ecological monitoring and application of technology to enhance North Sea environment and ecology in line with bp's strategic aim for its projects to have a net positive impact on biodiversity.

      bp today submitted bids for two offshore wind leases in the Netherlands that together have the potential for generating capacity of 1.4GW. The bids underpin extensive and transformational plans for a series of further integrated clean energy investments by bp in the Netherlands, applying the breadth of its businesses and experience to support the decarbonisation goals of Rotterdam region and the country more widely.

      bp has bid in the tender process for rights to develop the Hollandse Kust (west) Wind Farm Zone (HKW) sites VI and VII. HKW is located approximately 53 kilometres off the country's west coast and contains two wind farm sites, with a total area of 176 square kilometres.

      Anja-Isabel Dotzenrath, bp's executive vice president of gas and low carbon energy, said: "Delivering a net zero future demands more than just generating renewable power offshore - we need to create an integrated energy system with renewables at its centre. We plan on doing just that in the Netherlands.

      "We will apply bp's integrated energy company strategy to integrate green energy supply and demand across the energy system. This includes using offshore wind power to electrify industry and mobility. And also using renewable power to produce green hydrogen, to help to decarbonize hard-to-electrify sectors such as aviation, refining and heavy-duty mobility. These clean energy developments support the Netherlands' ambitious emissions reduction aims.

      "In addition, we will deploy innovative technology in support of an unprecedented scale and scope of monitoring and analysis to create a step change in collaborative marine ecology research in line with our aim to have a positive impact on the North Sea's ecology."

      Bids for Site VI will be evaluated on eco-innovation criteria, where bp proposes creating innovative solutions to enhance the Dutch North Sea ecosystem. The bid includes an unprecedented scale of innovation with nearly €75 million of committed spend to create a positive impact on the marine habitat, supporting advanced ecosystem data analysis and in establishing a new Netherlands' North Sea Offshore Wind Ecological Innovation Hub to enable further research and collaboration.

      Bids for Site VII will be evaluated on systems integration criteria, and bp's bid focuses on coupling offshore wind power generation with new, flexible demand with focus on the Rotterdam region. Subject to award, the bid proposes to integrate the wind farms with:

      500MW electrolysis to produce ~50,000 tonnes a year of green hydrogen to meet bp's Rotterdam refinery demand and support 10,000 barrels a day production of sustainable aviation fuel,

      a new electric powered boiler and super heater for bp's Rotterdam refinery, and utility scale battery to support the integration of the assets, and

      newly-developed flexible electric vehicle charging stations with integrated batteries and low carbon multi-energy logistics hubs, complemented by demand shifting solutions.

      These investments include the application of additional innovative digital grid optimisation and stabilisation solutions to match the demand for power to the HKW wind power output. bp will develop a skills and entrepreneurship incubator to support the development of the local workforce to meet the demand for skills in these new industries. In total bp anticipates investments of up to €2 billion into the decarbonization of flexible demand in addition to the offshore wind investment.

      AkzoNobel - AkzoNobel share buyback (May 2, 2022 - May 6, 2022) - 10/5/2022

      AkzoNobel (AKZA; AKZOY) has repurchased 184,335 of its own common shares in the period from May 2, 2022, up to and including May 6, 2022, at an average price of €82.03 per share. The consideration of the repurchase was €15.12 million.

      This is part of a repurchase program announced on February 9, 2022. AkzoNobel intends to repurchase common shares up to a value of €500 million. The total number of shares repurchased under this program to date is 1,599,789 ordinary shares for a total consideration of €126.12 million.

      The share buyback is due to be completed by the first quarter of 2023. The company has engaged a third party to manage the program and perform transactions on its behalf. It is intended that the shares will be cancelled following repurchase.

      This share buyback will be implemented within the limitations of the authority granted by the Annual General Meeting (AGM) on April 22, 2022. The share repurchase program will be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014 and the safe harbor parameters prescribed by the Commission Delegated Regulation 2016/1052 for share buybacks.

      In accordance with regulations, AkzoNobel will inform the market about the progress made in the execution of this program through weekly updates and at

      About AkzoNobel

      We supply the sustainable and innovative paints and coatings that our customers, communities - and the environment - are increasingly relying on. That's why everything we do starts with People. Planet. Paint. Our world class portfolio of brands - including Dulux, International, Sikkens and Interpon - is trusted by customers around the globe. We're active in more than 150 countries and have set our sights on becoming the global industry leader. It's what you'd expect from a pioneering paints company that's committed to science-based targets and is taking genuine action to address globally relevant challenges and protect future generations.

      # Acquisdata: Up to date business intelligence reports covering developments in the world's fastest growing industries #

      # Reportal: a vast archive of corporate documents from listed companies around the world #

      Latest Research

      Prioritizing Stewardship Of Decommissioned Onshore Oil And Gas Wells In The United Kingdom Based On Risk Factors Associated With Potential Long-Term Integrity.

      Aaron Graham Cahill And Paula Sofia Gonzalez Samano.


      A portion of decommissioned oil and gas wells develop integrity failure resulting in release of methane, a potent greenhouse gas, into the surrounding soils and atmosphere. As the number of decommissioned wells grows during our transition to NetZero and technologies such as carbon capture and geological storage are implemented, it is essential that strategies for stewardship of this legacy subsurface infrastructure are developed. To formulate an abductive heuristic strategy for ongoing stewardship of onshore legacy wells in the United Kingdom (UK), we reviewed readily available data and identified five risk factors including regulatory frameworks, technologic aspects and construction characteristics, likely to influence long-term integrity. Subsequently we developed a prioritization methodology to segregate wells by ascending Tiers of decreasing potential long-term integrity. The prioritization method, which is supported by independent field observations, identifies 4% ( n = 84), 23% ( n = 501), 40% ( n = 867), 23% ( n = 497) and 9% ( n = 200) of decommissioned wells in the UK as Tiers 1 (i.e., greatest relative integrity) to 5 respectively, while none were assigned as Tier 6 (i.e., lowest relative integrity). Tier 5 wells, which are generally characterized as production wells completed before 1953 and either deviated or completed during a year of intense drilling activity, are found clustered in several locations in England. Overall, we infer that not all decommissioned onshore wells in the UK are equally likely to suffer integrity failure. Consequently, they can be differentiated into groups of varying potential risk in an abductive heuristic manner using basic well data, thereby facilitating effective and efficient stewardship.

      The Industry


      OGUK's Economic Report 2019 reinforces the importance of the UK's oil and gas industry, a sector helping to meet today's energy needs and one that will be a key contributor to tomorrow's energy mix. As our report shows, there is an increasing demand for energy in an expanding global economy. Global energy demand has increased by two-thirds since 1995 and most scenarios show this continuing to grow in the decades to come. Closer to home, the UK's energy landscape is changing at pace. The Committee on Climate Change recommended in May 2019 that the UK should aim to achieve net-zero greenhouse gas emissions by 2050, and 2045 in Scotland. The fact that these recommendations have been adopted at government level is welcomed and supported by OGUK. This industry can play a major role in delivering the UK's net-zero future, given the recognition by the Committee on Climate Change of the importance of oil and gas as part of a diverse energy mix in 2050 and beyond. It can help deliver secure and affordable energy in a safe manner and contribute to the low-carbon solutions that will be required to realise the UK's ambitious climate change goals. Oil and gas companies are already in action, using their skills, expertise and resources and developing their energy portfolios in ways that will help move the UK towards net-zero.

      A positive future for the industry is outlined in Roadmap to 2035: a Blueprint for Net-Zero. This roadmap represents the evolution of industry's Vision 2035 and has been developed following extensive engagement through the Our Vision, Our Future campaign. Roadmap 2035 outlines what is already happening in our sector and what will be undertaken, to ensure a safe, sustainable oil and gas industry that contributes to a net-zero future. The offshore oil and gas industry currently meets 45 per cent of the UK's overall energy needs and will continue to provide energy security for decades to come. Having an indigenous energy resource helps to ensure an energy supply we can control, regulate and access. It also brings with it a range of economic benefits. Production of domestic oil and gas directly accounts for around 1.2 per cent of the UK's GDP and will continue to contribute billions of pounds of taxes in the future, as well as securing hundreds of thousands of skilled jobs. It is an important contribution that is key to the well-being of the UK's economy and one that industry is proud to make. Industry's performance continues to improve and, as a result, the UK sector is more competitive than it has been for many years. New investors are being attracted to the basin, with almost $5.5 billion of assets changing hands so far this year. Fresh opportunities are being unlocked and drilling activity is increasing following record-low levels in recent years. Eighteen exploration and appraisal wells have been drilled so far in 2019, more than the whole of 2018, and the basin is on track to drill over 100 development wells for the first time since 2015.

      In addition, production is higher than it has been since 2011 and production efficiency at its greatest level for a decade. The industry is also building its reputation for decommissioning excellence, which is part of the lifecycle of every asset. Experience in this area is growing and as a result of a sustained focus to improve efficiency, cost estimates continue to fall. Industry is now halfway towards the target of a 35 per cent reduction in total costs by 2022. The international competitiveness of the sector will remain critical to achieving the potential of the UK's domestic resources and ongoing support from government and regulators is needed to maintain the progress made in recent years. Predictability, stability and clarity are all vital in the face of global challenges, and the tripartite arrangement, between government, industry and regulators can continue to serve the UK well in the future.

      The strength of the supply chain is also key to the competitive proposition of the industry. Although the UK market is returning to growth, the sustainability of some companies remains fragile. Both operators and contractors need to work together, constructively, to ensure an appropriate balance of risk and that all companies realise value from their investments. OGUK has developed a new set of Supply Chain Principles with its members, uptake of which can help ensure the ongoing sustainability of the basin. Industry's focus on its environmental performance, including its carbon footprint, is key to achieving a sustainable industry as we look to a net-zero future. In recent years progress has been made in managing emissions intensity from the production of oil and gas, but more can be done.

      Offshore oil and gas production operations currently account for around 3 per cent of the UK's total greenhouse gas emissions, however the majority of emissions from the wider economy are from the use of oil and gas products. The UK's location and geology mean that it has a competitive advantage when it comes to large-scale emissions mitigation programmes such as Carbon Capture, Usage and Storage. The oil and gas industry also has the skills, capabilities and expertise to be a key partner in the development of this technology at scale, however it is important that governments ensure that the correct commercial and regulatory frameworks are in place to allow this. There are also other energy opportunities which oil and gas companies are already actively exploring, supporting and investing in, including hydrogen, wind, wave, solar and geothermal power.


      # Acquisdata: Up to date business intelligence reports covering developments in the world's fastest growing industries #

      # Reportal: a vast archive of corporate documents from listed companies around the world #

      Leading Companies

      AkzoNobel (AEX: AKZA)

      AkzoNobel has a passion for paint. We're experts in the proud craft of making paints and coatings, setting the standard in color and protection since 1792. Our world class portfolio of brands - including Dulux, International, Sikkens and Interpon - is trusted by customers around the globe. Headquartered in the Netherlands, we are active in over 150 countries and employ around 34,500 talented people who are passionate about delivering the high-performance products and services our customers expect.

      AkzoNobel - AkzoNobel delivers double-digit revenue growth in Q1; pricing in line with raw material inflation - 21/4/2022

      Highlights Grow & Deliver (compared with Q1 2021)

      Revenue up 12% and 10% higher in constant currencies 1 , driven by strong pricing (up 17%)

      ROS 2 at 9.1% (2021: 13.6%), resulting from continued raw material and freight costs inflation and supply constraints Adjusted EBITDA at €317 million (2021: €391 million)

      Highlights Q1 2022 (compared with Q1 2021)

      Pricing initiatives more than offset the increase of raw material and other variable costs (including freight), which combined increased €334 million compared with Q1 2021. Volumes 7% lower

      Operating income at €232 million (2021: €303 million), includes €2 million net positive impact from identified items (2021: €4 million net negative impact). OPI margin 9.2% (2021: 13.4%)

      Adjusted operating income 3 at €230 million (2021: €307 million)

      Net cash from operating activities decreased to negative €102 million (2021: negative €31 million)

      Net income attributable to shareholders at €154 million (2021: €217 million)

      EPS from total operations at €0.87 (2021: €1.15); adjusted EPS from continuing operations at €0.86(2021: €1.18)

      AkzoNobel CEO, Thierry Vanlancker, commented:

      "We continued to make good progress, with strong revenue growth in both paints and coatings in the first quarter. Through our vigorous pricing initiatives, we are in line with the unprecedented variable cost inflation that impacted our industry during the quarter.

      "I'm very proud of our organization, and our first quarter results are proof of the ongoing hard work and commitment of all our employees.

      "Although uncertainties remain with regard to amongst others the sanctions on Russia, the COVID-19 resurgence in China and continued supply constraints - especially in North America - we remain confident in realizing our Grow & Deliver strategy."

      Recent highlights

      Cetol products used on eye-catching museum

      Sustainable technology and responsible architecture blend beautifully in this visually stunning museum, which recently opened in Uruguay. Inspired by the shape of an ark and constructed from wood, the futuristic Atchugarry Museum of Contemporary Art (MACA) is surrounded by 40 hectares of greenery. Our Cetol woodcare brand supplied more than 1,000 liters of products for both the interior and exterior, which help to protect the impressive structure. The eye-catching museum is regarded as a prime example of how wood can be used for architectural purposes and not just for decorative applications.

      Sustainability ratings reflect People. Planet. Paint. Commitment

      We're extremely proud to have been awarded Platinum status by EcoVadis - a leading provider of business sustainability ratings. It's the eighth year in a row we've received their highest rating. A key contributing factor was our ambitious science-based sustainability target of halving our carbon footprint across the full value chain by 2030. It follows on from Sustainalytics awarding us our best-ever rating, with our sustainable portfolio, carbon program and reduction in waste and hazardous substance use among the highlighted strengths. Both of these ratings reflect our commitment to ensuring that everything we do starts with People.

      Paint the Future winners sign letters of intent

      Three startups have signed letters of intent to continue working together on sustainable business opportunities with AkzoNobel following our latest global Paint the Future startup challenge. SolCold from Israel, Aerones from Latvia and SprayVision from the Czech Republic received their awards following an intense three-day bootcamp at our head office in Amsterdam, the Netherlands.

      In-house production of resins being scaled-up

      We're investing in the expansion of in-house resin manufacturing as part of the company's Grow & Deliver strategy. The scale-up program, which is already underway, will help build resilience against supply disruptions while making an important contribution to achieving our financial and Scope 3 (upstream) carbon reduction ambitions.

      Taking a quantum leap to fast track innovation

      We've teamed up with Microsoft to explore how quantum computing could help fast track the development of more sustainable paints and coatings. Scientists from both parties will use Microsoft's powerful Azure Quantum ecosystem to co-develop what will effectively be a virtual laboratory. The aim is to conduct experiments using quantum chemistry, which is capable of performing multiple complex processes with lightning quick speed and efficiency.


      AkzoNobel targets to grow at or above its relevant markets, in line with the company's Grow & Deliver strategy. Trends differ per region and segment, with raw material and other cost inflation (including freight) expected to gradually ease during the second half of 2022. AkzoNobel aims to continue to offset raw material and other variable cost inflation (including freight) through pricing initiatives. Market uncertainties have increased due to the sanctions on Russia and the resurgence of COVID-19 in China, among others. Assuming there are no further significant market disruptions, AkzoNobel aims to deliver the €2 billion adjusted EBITDA target for 2023, and an average annual 50 basis points increase in return on sales over the period 2021-2023. AkzoNobel targets a leverage ratio of 1-2 times net debt/EBITDA and is committed to retaining a strong investment grade credit rating.

      The report for the first quarter can be viewed and downloaded

      1 Constant currencies calculations exclude the impact of changes in foreign exchange rates

      2 Return on sales (ROS) is adjusted operating income as percentage of revenue

      3 Adjusted operating income = operating income excluding identified items

      This media release covers the highlights for the quarter. We recommend reading the media release in combination with the full quarterly report. The quarterly report provides additional information, including the IAS34 condensed consolidated financial statements. ROS, adjusted OPI and adjusted EPS are Alternative Performance Measures (APM's). AkzoNobel uses APM adjustments to the IFRS measures to provide supplementary information on the reporting of the underlying developments of the business. A reconciliation of the alternative performance measures to the most directly comparable IFRS measures can be found in the AkzoNobel quarterly report.

      All figures in the media release and in the AkzoNobel quarterly report are unaudited. The interim condensed consolidated financial statements were discussed and approved by the Board of Management and the Supervisory Board. These condensed financial statements have been authorized for issue.

      BP Plc (LSE: BP)

      Our business model

      From the deep sea to the desert, from rigs to retail, we deliver energy products and services to people around the world. We provide customers with fuel for transport, energy for heat and light, power for industry, lubricants to keep engines moving and the petrochemicals products used to make everyday items such as paints, clothes and packaging.

      We have a diverse portfolio across businesses, resource types and geographies. Having upstream, downstream and renewables businesses, along with well-established trading capabilities, helps to mitigate the impact of commodity pricing cycles. Our geographic reach gives us access to growing markets and new resources, as well as diversifying exposure to geopolitical events. We are helping to meet the dual challenge of society's need for more energy while reducing emissions through our 'reduce, improve, create' framework.

      We believe that our long history, well-recognized brands and customer offers, combined with our unique partnership with Rosneft, help differentiate us from our peers.

      Our role in society

      The energy we produce helps support economic growth and improve quality of life for millions of people. We strive to be a world-class operator, a responsible corporate citizen and a great employer.

      We believe the societies and communities we work in should benefit from our presence. We aim to create positive, meaningful and sustainable impacts in those communities through our social investments.

      We contribute to economies around the world by employing local people, helping to develop national and local suppliers, and through the funds we pay to governments from taxes and other agreements.

      Creating value

      Finding oil and gas

      New access allows us to renew our portfolio, discover additional resources and replenish our development options. We focus our exploration activities in the areas that are competitive in the portfolio, and develop and use technology to reduce costs and risks.

      Developing and extracting oil and gas

      We develop the resources that meet our return threshold and produce hydrocarbons that we then sell to the market or distribute to our downstream facilities. Our upstream pipeline of future projects gives us choice about which we pursue. We also seek to grow or extend the life of existing fields - such as our Clair Ridge project, which is helping unlock additional resources from the Clair field in the UK North Sea.

      Transporting and trading

      We move oil and gas through pipelines and by ship, truck and rail. We also trade a variety of products including oil, natural gas, liquefied natural gas, power and carbon products, as well as derivatives and currencies. BP's traders serve more than 12,000 customers across some 140 countries in a year. Our customers range from independent power producers to utilities and municipalities.

      We are the largest trader of natural gas in North America. We use our market intelligence to analyse supply and demand for commodities across our global network.

      Manufacturing and marketing fuels and products

      We produce refined petroleum products at our refineries and supply distinctive fuels and convenience retail services to consumers. Our advantaged infrastructure, logistics network and key partnerships help us to have differentiated fuels businesses and deliver compelling customer offers, including lower carbon products.

      Our lubricants business has premium brands and access to growth markets. It also leverages technology and customer relationships, all of which we believe gives us competitive advantage. We serve automotive, industrial, marine and energy lubricant markets across the world.

      In petrochemicals our proprietary technology solutions deliver leading cost positions compared to our competitors. In addition to our own petrochemicals plants, we work with partners and license our technology to third parties.

      Generating renewable energy

      We have been investing in renewables for many years. Our focus is on biofuels, biopower, wind energy and solar energy. We operate a biofuels business in Brazil, using one of the world's most sustainable and advantaged feedstocks to produce renewable ethanol and power. We also provide renewable power through our significant interests in onshore wind energy in the US, and develop and deploy technology to drive efficiency.

      And in solar energy we target the growing demand for large-scale solar projects worldwide through Lightsource BP.


      We invest in high-tech companies to help accelerate and commercialize new technologies, products and business models. Our focus is on five areas that are core to our strategy for advancing the energy transition: advanced mobility, bio and low carbon products, carbon management, digital transformation and power and storage.

      BP Oil Ltd. - First quarter 2022 results - 3/5/2022

      Performing while transforming

      Reported loss primarily due to decision to exit Rosneft shareholding

      Net debt reduced to $27.5bn; further share buyback announced

      Delivering resilient hydrocarbons: major project start-up in the Gulf of Mexico; deal to create Azule Energy in Angola

      Continued progress in transformation to an IEC - momentum in each of the five transition growth engines

      Financial summary $ million First quarter 2022 Fourth quarter 2021 First quarter 2021 Profit (loss) for the period attributable to bp shareholders (20,384) 2,326 4,667 Inventory holding (gains) losses*, net of tax (2,664) (358) (1,342) Replacement cost (RC) profit (loss)* (23,048) 1,968 3,325 Net (favourable) adverse impact of adjusting items*, net of tax 29,293 2,097 (695) Underlying RC profit* 6,245 4,065 2,630 Operating cash flow* 8,210 6,116 6,109 Capital expenditure* (2,929) (3,633) (3,798) Divestment and other proceeds(a) 1,181 2,265 4,839 Surplus cash flow* 4,089 2,993 1,687 Net issue (repurchase) of shares (1,592) (1,725) - Net debt*(b) 27,457 30,613 33,313 Announced dividend per ordinary share (cents per share) 5.46 5.46 5.25 Underlying RC profit per ordinary share* (cents) 32.00 20.53 12.95 Underlying RC profit per ADS* (dollars) 1.92 1.23 0.78


      Reported loss of $20.4 billion, underlying replacement cost profit of $6.2 billion

      Reported loss for the quarter was $20.4 billion, compared with a profit of $2.3 billion for the fourth quarter 2021. The reported result includes adjusting items* before tax of $30.8 billion.

      Adjusting items include pre-tax charges of $24.0 billion and $1.5 billion as a result of the loss of significant influence and bp's decision to exit its 19.75% shareholding in Rosneft and its other businesses with Rosneft in Russia respectively. As a result, in the first quarter the post-tax charge is $24.4 billion and the total reduction in equity is $14.7 billion. Adjusting items also include fair value accounting effects of $5.8 billion. See page 3 for further details.

      Underlying replacement cost profit* was $6.2 billion, compared with $4.1 billion for the previous quarter. This was driven by exceptional oil and gas trading, higher oil realizations and a stronger refining result, partly offset by the absence of Rosneft from the first quarter underlying result.

      For the first quarter bp has announced a dividend of 5.46 cents per ordinary share payable in June 2022.

      Net debt* reduced to $27.5 billion; further $2.5 billion share buyback announced

      Operating cash flow* of $8.2 billion includes a working capital* build of $4.1 billion (after adjusting for inventory holding gains* and fair value accounting effects*).

      Capital expenditure* in the quarter was $2.9 billion. bp continues to expect capital expenditure of $14-15 billion in 2022.

      bp received divestment and other proceeds of $1.2 billion in the first quarter and continues to expect to receive total proceeds of $2-3 billion during 2022.

      Net debt fell to $27.5 billion at the end of the first quarter.

      During the first quarter bp executed share buybacks of $1.6 billion - $0.5 billion during January to offset the expected full-year dilution of the 2022 vesting of awards under employee share schemes and a further $1.1 billion representing progress against the $1.5 billion programme announced with the fourth quarter 2021 results on 8 February. This programme was completed on 27 April.

      During the first quarter bp generated surplus cash flow* of $4.1 billion and intends to execute a $2.5 billion share buyback prior to announcing its second quarter results.

      Progressing transformation to an Integrated Energy Company

      In resilient hydrocarbons since the start of 2022 bp announced the start-up of the Herschel Expansion major project* in the Gulf of Mexico; signed a final agreement with Eni to create Azule Energy a new independent joint venture in Angola; and advanced its strategy in biofuels producing sustainable aviation fuel at bp's Lingen refinery and entering into a long-term strategic offtake and market development agreement for low-carbon biofuels feedstock with Nuseed.

      In convenience and mobility since the start of 2022 bp has continued to progress its EV charging strategy - launching a strategic partnership with Volkswagen Group and announcing plans to invest £1 billion in the UK over the next decade; signed a global strategic convenience partnership with Uber, aiming to make more than 3,000 retail locations available on Uber Eats by 2025; and signed a strategic collaboration agreement with DHL Express to supply sustainable aviation fuel.

      In low carbon energy since the start of 2022 bp has increased its position in offshore wind with the ScotWind lease option award of 1.45GW net; agreed to form an offshore wind partnership with Marubeni; and advanced its hydrogen strategy, announcing plans to develop H2-Fifty, a 250MW gross green hydrogen plant in Rotterdam and signing an agreement to form a joint venture with Aberdeen City Council to develop a hydrogen hub.

      In a quarter dominated by the tragic events in Ukraine and volatility in energy markets, bp's focus has been on supplying the reliable energy our customers need. Our decision in February to exit our shareholding in Rosneft resulted in the material non-cash charges and headline loss we reported today. But it has not changed our strategy, our financial frame, or our expectations for shareholder distributions. Importantly bp continues to perform and step-by-step we are making progress executing our IEC strategy - producing resilient hydrocarbons to provide energy security while investing with discipline in the energy transition.Bernard Looney,chief executive officer

      Croda International plc (LSE: CRDA)

      Established in 1925, Croda is the name behind high performance ingredients and technologies in some of the world's biggest and most successful brands: creating, making and selling speciality chemicals that are relied on by industries and consumers everywhere.

      We are the name behind the high performance ingredients and technologies in some of the biggest, most successful brands in the world: creating, making and selling speciality chemicals that are relied on by industries and consumers everywhere.

      Founded in 1925, from the beginning we have understood the growing part that science plays in everyday life. We continually build on our heritage with sustainability central to our thinking, turning exciting, often groundbreaking ideas into practical solutions that our customers use to enhance their products.

      Our success is driven by our focus on collaboration, our proactive attitude and ability to think differently. We achieve this by encouraging our people to be curious and seek out creative ways to satisfy unmet needs. They work together as one global team, empowered to use their collective skill and knowledge to grow our business. We take pride in the intimate relationships our people have with our customers and their ability to remain close to them through our local operations. Our work with our peers supports this shared approach, influencing advancements in scientific understanding by taking part in regulatory discussions and partnering with world leading universities.

      Our 4000+ employees work across our 18 manufacturing sites and in offices in over 30 countries. They help our customers anticipate and meet the ever changing demands of their customers through a structure that is flexible and agile in response to specific customer needs. This is supported by the claims validation and efficacy testing package behind the thousands of ingredients that we develop and manufacture for our wide range of business areas: Coatings and Polymers, Crop Care, Geo Technologies, Health Care, Home Care, Industrial Chemicals, Lubricants, Personal Care and Polymer Additives.

      We believe in turning challenges into opportunities, embracing our responsibility to pursue sustainable growth, and ensuring that the ingredients we make and the products they are used in have ever more benefit, with ever less impact. As we continue to evolve, our focus will remain the same; a team of passionate experts dedicated to working alongside our customers, delivering to them sustainable and innovative ingredients that they can build on.

      Croda International Plc - Full year results for the year ended 31 December 2021 - 1/3/2022

      For the full report see:

      Dylon International


      Dylon International is owned by Henkel AG & Co KGaA (XETR: HEN).

      For the link page:

      We live in a colorful world! DYLON celebrates this fact more than most, having brought colour to the wardrobes, homes and lives of people the world over for more than 60 years.


      In 1946 DYLON - 'Dyes of London' - was founded by two young entrepreneurs, Luca Purbeck and Peter Samuel who began selling colourful dyes from a garage in central London. From those humble beginnings DYLON went on to thrive in 'make-do & mend' post war Britain, making fabric dyes to brighten up the homes, wardrobes and spirits of families across the country.


      The company continued to grow throughout the rock and roll years of the 1950s. Over the next few decades DYLON went global, selling coloured dyes to over 70 countries around the world.


      The swinging sixties were a high point for DYLON, this was arguably the most colourful part of the last century. The window displays of DYLON's chic Edgware Road boutique were ever-changing with ideas to inspire the stylish set; whilst teenagers were making their own outfits, shortening hemlines, tie-dyeing t-shirts and wearing exciting new colours.


      DYLON went on to innovate throughout the 70s and 80s, launching a broad range of fabric care products from ironing aids to stain removers to keep colours looking their best. In 1979 even Grace Kelly expressed real interest in the DYLON range at an international exhibition in Monte Carlo.


      During the 1990s DYLON was a firm favourite on TV show Changing Rooms, used by the likes of Laurence Llewelyn-Bowen. At this time DYLON continued to innovate with the launch of super convenient DYLON Wash & Dye.


      Most recently DYLON is again bang on trend as people choose to be less wasteful with their possessions. Recycling is big news and people are choosing to change things rather than chuck them. Another vibrant topic today is personal individuality. With DYLON fabric dyes people can express themselves with their exclusively coloured clothes or home textiles.

      Elementis Plc (LSE: ELM)

      Our Locations

      Elementis employs over 1,600 people at more than 30 locations worldwide.

      We are a UK-listed global specialty chemicals company with operations worldwide. Our Board of Directors is based in London with the Executive Leadership team being based predominantly in New Jersey, USA; Amsterdam, Netherlands; and London, UK.


      Strong financial performance improvement, profit before tax up 165%

      Revenue up 17% (up 12% on an underlying basis*) from COVID-19 impacted H1 2020 ($387m) to $452m driven by improved industrial demand, customer restocking and currency tailwinds.

      Adjusted operating profit up 29% (21% on an underlying basis*) to $54m with strong operational performance and underlying revenue growth partially offset by cost increases. Profit after tax of $28m, up from a loss of $51m in the prior year period due to performance improvement and a $66m reduction in adjusting items1.

      Net debt4 ($415m) in line with 31 December 2020 ($408m) as earnings growth and disciplined working capital management offset $20m EU state aid payment. Leverage ratio5 (3.0x net debt/EBITDA) declining and forecast to reduce further during the second half.

      Further strategic progress, well positioned for sustainable growth and value creation

      Coatings revenue up 15% on an underlying basis* with adjusted operating margins increasing to 17% - reflective of a more efficient and higher quality business with attractive growth potential.

      Good progress on Innovation, Growth and Efficiency strategy to deliver medium term Group performance objectives. Delivered $25m of revenue from new business opportunities, 12 new product launches and increased new products** from 11% to 13% of sales.

      On course for targeted $10m underlying cost savings in 2021, offset by the reversal of $10m of temporary COVID-19 related savings in 2020. India plant on track to start up in Q3 with efficiency benefits in 2022 and beyond.

      Outlook unchanged, in line with expectations; multi-year recovery in progress

      Full year outlook positive and unchanged, with the Group expected to deliver an improved financial performance and a reduction in leverage, in line with expectations.

      The second half of the year is expected to follow a normal level of seasonality, with continued demand recovery and self-help actions offset by short term margin headwinds from accelerating cost inflation and supply chain constraints.

      While the pace of recovery depends on COVID-19 developments, a continued strengthening of demand combined with further strategic progress are expected to drive a material multi-year performance improvement and delivery of the Group's medium term financial objectives.

      Business performance overview

      Personal Care revenue down 5% on an underlying basis* (down 1% on a reported basis) at $89m. Adjusted operating profit down 8% on an underlying basis* (down 4% on a reported basis) to $19m, representing a 21.6% margin, modestly down on the prior year (22.4%).

      Pace of category demand recovery for cosmetics and anti-perspirant deodorants uncertain due to ongoing COVID-19 related social and travel restrictions.

      Margins resilient at 21.6%, with cost savings offset by product mix and lower volumes.

      Coatings revenue, which now includes the Energy business, up 15% on an underlying basis* (21% on a reported basis), from $162m to $197m. Adjusted operating profit of $33m significantly up on prior year ($21m), with adjusted operating profit margins up from 12.7% to 16.7%.

      Strong industrial coatings volume recovery across all geographies and continued resilience in decorative demand.

      Margin improvement reflective of improved product portfolio, new business wins and fixed cost savings from Charleston/St Louis consolidation, partially offset by accelerating raw material cost inflation.

      Talc revenue up 14% on an underlying basis* to $77m (26% on a reported basis). Adjusted operating profit up 18% on underlying basis (27% on a reported basis) to $8m, with margins in l


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