20 Chemical Giants’ 2024 Performance Summaries!

As of March 1, global chemical giants—including BASF, Dow, Covestro, Arkema, DuPont, Huntsman, Lanxess, Celanese, Syensqo, Trinseo, INEOS, Honeywell, Clariant, Eastman, SABIC, Chemours, LyondellBasell, ExxonMobil, LG Chem, and Avient—have all released their 2024 financial results. Given market conditions in 2024, several companies announced cost-reduction initiatives. Specifically: BASF On February 28, BASF published its full-year 2024 results. Total sales amounted to €6.53 billion (approximately RMB 49.649 billion), down from €6.89 billion in 2023—a decrease of €360 million. EBITDA stood at €6.7 billion, down €500 million year-on-year (€7.2 billion in 2023); EBIT was €2.0 billion, down €206 million; net income reached €1.3 billion, significantly exceeding €225 million in 2023. By year-end 2024, BASF had incurred approximately €900 million in one-time costs related to its cost-savings program. Dow On January 30, Dow Inc. released its latest financial report. Full-year 2024 net sales totaled $43.0 billion, down from $44.6 billion in 2023—a reduction of $1.6 billion. GAAP net income was $1.2 billion, up from $660 million in 2023; operating EBIT was $2.6 billion, down from $2.8 billion the prior year. Operating cash flow from continuing operations amounted to $2.9 billion, down from $5.2 billion in 2023. The report indicated that Dow is implementing measures to cut costs by $1.0 billion, including eliminating 1,500 positions globally. Covestro On February 26, Covestro released its fiscal 2024 results: sales declined 1.4% to €14.2 billion (€14.4 billion in the prior year), primarily due to lower selling prices; EBITDA remained stable, dipping slightly by 0.8% to €1.1 billion—broadly in line with expectations; net profit was -€266 million (compared to -€198 million in the prior year); free operating cash flow stood at €89 million (down from €232 million in the prior year). In Q4 2024 alone, Covestro’s sales rose 0.9% year-on-year to approximately €3.4 billion; EBITDA surged 44.7% year-on-year to €191 million; free operating cash flow jumped 246.6% year-on-year to €253 million. Arkema On February 28, Arkema released its full-year 2024 results: sales totaled €9.5 billion, unchanged year-on-year. Volumes rose 2.4%, driven by growth in Asia’s specialty materials business. EBITDA reached €1.532 billion, with an EBITDA margin of 16.1%, slightly higher than the prior year. Recently, Arkema has invested in several major growth projects—including acquiring PIAM’s polyimide business, acquiring Ashland’s and Dow’s adhesives businesses, and adding new capacity in its Advanced Materials division—to serve attractive markets such as bio-based consumer goods, new energy, electrification, 3D printing, and sports.

Research on the Deferred Compensation Plan in Equity Incentive Phantom Stock Models

Research on the Deferred Compensation Plan in Equity Incentive Phantom Stock Models 1. Concept 1. A Deferred Compensation Plan (also simply called “deferred payment”) refers to a scheme whereby a company deposits part of its executives’ compensation—especially annual bonuses and equity incentive income—into a dedicated deferred compensation account established by the company for each executive. The amount deposited is calculated by converting the cash value into shares based on the company’s stock price on the date of deposit. Payment is then made to the recipient either after a predetermined period or upon retirement—either in company stock or in cash equivalent to the stock’s market price at the time of payout. (Source: Baidu) 2. Literally translated as “Time-Based Unit Plan,” it is also known as a “Performance-Based Option Plan” or “Deferred-Payment Performance Shares.” 3. This long-term incentive model was introduced to Huawei from the United States. 4. Characteristics: First, deferred compensation payouts are closely tied to corporate performance. Executives must pay close attention to the company’s stock market value: only when the share price rises can they safeguard their own interests. Moreover, the underlying agreement may stipulate that if an executive performs poorly or fails in duty—causing harm to the enterprise—their deferred compensation may be reduced or revoked as a penalty. Second, the deferred payment mechanism encourages executives to make decisions aligned with the company’s long-term interests, thereby mitigating short-termism. 5. Advantages and Disadvantages: The deferred compensation approach embodies both paid acquisition and phased realization—i.e., an “incremental + deferred” distribution structure—as well as a fundamental alignment between risk and rights, resulting in pronounced motivational effects. Its advantages include: (1) Converting part of executives’ compensation into company stock—and locking it up for an extended period—raises the cost of departure, incentivizing executives to focus on long-term corporate development, curbing short-term behavior, strengthening long-term motivation, and helping retain and attract talent; (2) This model is operationally straightforward and does not require approval from securities regulators; (3) Since part of executives’ bonuses is awarded in stock form, it offers tax benefits.

Eastman Chemical Director Acquires 1,482 Stock Units via Retainer Deferrals

3 days ago

Eastman Chemical director Damon J. Audia acquired 1,482 phantom stock units through retainer fee deferrals on October 7, 2026. The filing indicates a neutral market impact as units track common share value.

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