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Daily Wire

  

PetroChem Wire's Daily Wire provides closing prices and a summary of the day's trading activity for US ethylene, proylene, polymers and upstream NGLs markets. Begun in 2007, its olefins and polyolefins prices serve as benchmarks for a number of physical and swap contracts that trade on the CME/NYMEX Clearport system.

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ExxonMobil: Beaumont PE expansion on track for mid-year startup

HOUSTON, February 1, 2019 (PCW) -- ExxonMobil remains on track for a mid-year startup of its Beaumont, TX LLDPE project, company executives confirmed today in an earnings-related call.

ExxonMobil also expects a final investment decision this year on the expansion of linear alpha olefins and propylene-based elastomers, which are marketed under the Vistamaxx trade name. Those projects would be located in Baytown, TX.

The Beaumont facility will have a PE capacity of 650,000 mt/yr (1.43 billion lbs/yr).

The company said margins in its chemical business, which includes PE and PP, are expected to remain under pressure in 2019 due to supply length from recent capacity additions.

ExxonMobil's chemical earnings in 2018 fell to $3.351 billion, down from $4.518 billion in 2017, driven mainly by a $910 million impact from lower margins.

Increased sales from new assets added $320 million to earnings, while a 4Q Singapore turnaround resulted in a negative earnings impact of $90 million. -- David Barry

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