Chemical industry news · Three minutes a day
Thursday, October 29, 2026
Lead Story
Phillips 66 posts record quarterly profit on refining strengthPhillips 66 reported a record third-quarter net income of $5.62 billion, driven by soaring refining margins amid global fuel supply disruptions. Peer refiners Valero and HF Sinclair also posted record profits as US fuel exports hit record levels.
The US PHMSA proposed new rules to expedite LNG project approvals and boost export capacity, targeting $100 million in annual savings. Major exporters like Cheniere are accelerating plans amid the Trump administration's push for energy dominance.
Indian state-owned LPG importers are expected to award a 2.75 million metric ton term tender for 2027 to ADNOC Trading, TotalEnergies, and Chevron following a dozen bids.
EQT plans to acquire Range Resources in a $13 billion all-stock deal, creating the U.S.'s largest natural gas producer. The move targets growing demand from LNG exports and data centers amid industry consolidation.
Adnoc plans to supply Upper Zakum crude via a new Fujairah pipeline starting early 2027, enabling buyers to bypass the threatened Strait of Hormuz. This move supports the UAE's strategy to reduce reliance on the waterway following its exit from OPEC production limits.
Russian Foreign Minister Lavrov visits the US for G20 talks amidst Trump's waiver of Russian energy sanctions to curb fuel prices. Diplomatic efforts address peace talks and the effect of refinery attacks on global energy supply.
Germany's Economy Minister approved a penalty scheme allowing developers to return offshore wind sites amid financial pressures, while state leaders urge legislative changes for retendering as major firms like BP and TotalEnergies struggle with project delivery.
HF Sinclair reported record quarterly profits driven by soaring refining margins and appointed Steve Ledbetter as its new CEO effective January 1. The Dallas-based refiner achieved an adjusted profit of $11.75 per share, exceeding analyst estimates amidst tight global fuel supplies.
Trian Fund Management offered $7.35 per share to take Wendy's private, valuing the chain at $1.4 billion amidst rising commodity costs and competitive pressures.
Diageo's Indian unit United Spirits reported a 2% profit drop and 2.7% revenue decline in Q2 due to weak sales of lower-priced brands amidst tax hikes and regulatory scrutiny in Maharashtra and Karnataka.
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