The Q3 financial results of the world’s top 50 chemical companies are out! BASF, Dow, Hengli, Wanhua, and others…

Solvay’s net sales for Q3 2021 amounted to €2.573 billion (approx. USD 2.9 billion), up from €2.103 billion in the same period last year. Its Q3 EBITDA stood at €599 million, versus €473 million a year earlier. Net profit reached €273 million, compared with €176 million in Q3 2020. Henkel Group reported a 1.9% nominal sales growth in Q3 2021, reaching €5.092 billion. For the first nine months of 2021, nominal sales rose 3.7% to €15.019 billion. Arkema Group recorded Q3 2021 sales of €2.398 billion (approx. USD 2.7 billion), up from €1.908 billion a year earlier. Its EBITDA was €474 million, versus €307 million in Q3 2020. Adjusted net profit totaled €258 million, up sharply from €109 million in the prior-year quarter. DSM’s Q3 2021 sales reached €2.299 billion (approx. USD 2.59 billion), up from €1.961 billion in Q3 2020. Adjusted EBITDA for the quarter was €449 million, versus €383 million a year earlier. LANXESS delivered strong Q3 2021 results, with sales rising 33.5% year-on-year to €1.951 billion (approx. USD 2.2 billion). Johnson Matthey reported its half-year results ended September 30, 2021: revenue totaled £8.586 billion, up 23% from £6.979 billion a year earlier; operating profit fell 71% to £20 million, down from £68 million in the prior-year period. Wacker Chemie achieved group sales of €1.66 billion in Q3 2021—a 40% increase year-on-year; EBITDA surged over 100% to €434 million; net profit reached €249 million. Clariant’s Q3 sales totaled CHF 1.096 billion (approx. RMB 7.6765 billion), up 23% year-on-year; EBITDA reached CHF 180 million (approx. RMB 1.2607 billion), up 41% year-on-year. Syngenta Group’s revenue for the first nine months of 2021 totaled USD 21.0 billion, up 25% year-on-year; EBITDA reached USD 3.5 billion, up 18%. In Q3 alone, revenue hit USD 6.5 billion (+27% YoY); EBITDA reached USD 800 million (+13% YoY). Specifically: Syngenta Crop Protection revenue was USD 3.1 billion (+18% YoY); ADAMA revenue was USD 1.4 billion (+22% YoY); Syngenta Seeds revenue was USD 800 million (+42% YoY); Syngenta Group China revenue was USD 1.7 billion (+54% YoY). Yara’s Q3 2021 revenue totaled USD 4.486 billion, up from USD 3.083 billion a year earlier. Net loss for the quarter was USD 143 million, versus net profit of USD 340 million in Q3 2020. Bayer Group’s Q3 2021 sales rose 14.3% (adjusted for currency and portfolio changes) to €9.781 billion. EBITDA before special items increased 16.4% to €2.089 billion.

Major international oil giants saw sharp declines in Q3 profits—each seeking survival amid the industry’s ‘winter.’ What explains this trend?

Despite severe year-on-year profit declines, senior executives at major energy and petrochemical companies all offered positive assessments of their performance. Although market conditions remain complex, leadership expressed strong confidence in their strategic direction. II. Divergence across business segments: upstream under pressure, downstream showing highlights From a business-segment perspective, upstream operations were most directly impacted by falling oil prices. ExxonMobil’s upstream profit stood at USD 5.679 billion—slightly higher than Q2 but still down year-on-year. Shell’s adjusted upstream profit totaled USD 1.804 billion, below USD 2.443 billion a year earlier. In contrast, some companies’ downstream businesses emerged as bright spots. TotalEnergies’ downstream segment posted adjusted net income of USD 1.067 billion—up 76% year-on-year from USD 605 million. Its refining & chemicals division reported adjusted net income of USD 687 million—up a staggering 185% year-on-year. Chemicals-related businesses faced particularly severe challenges. ExxonMobil’s chemicals profit plunged 79%, dropping from USD 2.457 billion a year earlier to just USD 515 million in Q3 2021. Shell’s chemicals business posted adjusted Q3 profit of USD 550 million—up from USD 463 million a year earlier—but its cumulative profit for the first three quarters of 2021 totaled only USD 1.117 billion, far below USD 3.163 billion in the same period last year. New energy businesses show early signs of potential. Shell’s Renewables & Energy Solutions segment turned profitable—posting USD 92 million in net income after a USD 162 million loss a year earlier. TotalEnergies’ Integrated Power segment reported adjusted net income of USD 571 million, up 17.7% year-on-year. III. Multiple factors jointly squeezed profit margins Falling oil prices were the primary driver behind declining profits. In Q3 2025, international crude oil prices declined significantly year-on-year: Brent crude futures averaged USD 68.17 per barrel—a 13.4% drop—and directly weighed on upstream profitability across companies. Falling natural gas prices also severely impacted performance. ExxonMobil CFO Kathy Mikells stated: “Our largest annual impact stems from margins—particularly natural gas margins and refining margins—which have both retreated from historic highs.” Weakening refining margins further intensified margin pressure. Chevron CEO Mike Wirth noted: “The issue isn’t just oil prices—it’s also refining margins, which deteriorated sharply in Q3 2021 versus the prior year.” Weak demand for chemical products was another key drag on performance. ExxonMobil’s chemicals segment saw profit plunge 79%. Dow Chemical’s net profit fell from USD 240 million to USD 124 million—a 48% decline year-on-year. Challenges across the chemical sector were pervasive—with virtually no company spared. Insufficient global economic momentum remains the core constraint on industry development. Global economic growth remained sluggish in Q3, limiting upside for oil and gas demand. OPEC+ accelerated production increases to safeguard market share—further intensifying downward pressure on oil prices. Already teetering on the edge, the industry received yet another heavy blow. IV. Response strategies: boost output, cut costs, and execute share buybacks Companies adopted output-increase strategies to offset the impact of falling prices.

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