We came across a bullish thesis on Braskem S.A. on Penny on the Dollar’s Substack. In this article, we will summarize the bulls’ thesis on BAK. Braskem S.A.'s share was trading at $3.7300 as of February 12th. BAK’s trailing and forward P/E were 8.44 and 9.78 respectively according to Yahoo Finance. Fluence Energy (FLNC) Jumps 21% Alongside Peers as JPMorgan Bares Trillion-Dollar Investment Photo by RawFilm on Unsplash Braskem S.A., a CCC-rated Brazilian petrochemical giant, trades at $2.86 per ADR, givi ...

Core Insights - OQ Group has initiated a front-end engineering design (FEED) tender for a natural gas liquids (NGL) extraction facility at Saih Nihayda, which will process up to 48 million cubic meters of natural gas per day [1][3] Group 1: Project Overview - The new facility will produce butane, propane, ethane, and C5+ condensates for the petrochemical and manufacturing industries in Oman and regional markets [2] - The project will integrate upstream extraction at Saih Nihayda with downstream infrastructure in the Special Economic Zone at Duqm (SEZAD), including a 230 km² pipeline and a fractionation complex [1][2] - The facility is designed to separate approximately one million tonnes per annum (mtpa) of gas components during its initial phase [4] Group 2: Strategic Importance - The project is fully owned by OQ and aims to enhance the value extracted from Oman's natural gas resources, supporting government economic diversification efforts [3] - OQ has signed a 20-year gas supply agreement with the Integrated Gas Company to secure long-term access to natural gas volumes necessary for operations [5] - The facility is expected to strengthen Oman's industrial base and reinforce SEZAD's role as an investment hub, contributing to economic growth and attracting strategic partnerships [6]

在吴凯的推动下，大连石化转型升级项目正积极谋划多条降碳路径：探索绿电替代、尝试核能蒸汽利 用、实施节能降耗技术改造。他给记者算了一笔"账"：通过系统实施碳排放总量与强度双控，推动能源 流与碳流协同优化，虽然短期投入大，但能为企业赢得未来的生存权和发展权。"我们要做的，是为地 区石化产业绿色低碳转型提供一套可复制、可推广的实践案例，让'绿色'成为最亮的底色。"吴凯说。 在大连石化，吴凯马不停蹄地推动变革。2025年，他力主成立科技创新中心，将其打造为技术攻关的高 地与人才培育的摇篮。他不再满足于传统的合作模式，而是推动企业与大连理工大学、中国科学院大连 化学物理研究所等成立"产学研用"创新联合体，聚焦炼油技术升级、芳烃组分高效利用、树脂及新材 料、合成橡胶、新能源及"双碳"目标、数字化转型等多个方向进行攻关突破。 "不仅要技术新，还要工厂'智'。"今年，吴凯更前瞻性地谋划建设"领航级智能工厂"。他带领技术团队 反复研究，推动AI+生产优化、视觉AI监管等核心技术落地。他对记者说："我们要让数据与业务在数 字智能中产生'化学反应'，实施全流程智能控制，让效率提升看得见、摸得着。" 然而，转型之路并非坦途。"绿色低 ...

CFO Steve Bender reported that Westlake posted a GAAP net loss of $33 million, or a loss of $0.25 per share, on sales of $2.5 billion in the fourth quarter. For the full year, the company reported a net loss of $116 million and EBITDA of $1.1 billion, with sales of $11.2 billion, down 8% from 2024. Management attributed the full-year sales decline to a 5% drop in volume and a 3% decline in average sales price.CEO Jean-Marc Gilson said the restructuring reflects a plan to “reset” Westlake’s cost position ami ...

The chemicals sector has been under pressure lately. Global demand is weak, and feedstock and energy costs remain high, squeezing margins for petrochemical makers. Amid this pressure, LyondellBasell (LYB), a heavyweight in chemicals, just announced a surprise dividend cut. The board declared a quarterly payout of $0.69, down from $1.37 in Q4 2025, about a 50% reduction. That move reflects one of the longest downturns in the industry. For income investors, halving the payout is jarring. Let's dig into wha ...

Core Viewpoint - Westlake Corporation reported disappointing earnings for Q4 2025, with a significant GAAP EPS loss, but adjusted EPS exceeded market expectations, indicating some resilience despite revenue declines [1][5]. Financial Performance - The company reported a GAAP EPS of -$4.22 for Q4 2025, while the adjusted EPS was -$0.25, surpassing the consensus estimate of -$1.44 [1][5]. - Revenue for the period was $2.53 billion, falling short of the estimated $2.57 billion, and represents a decrease from $2.8 billion in both the previous quarter and the same quarter of the previous year [2][5]. - For the full year 2025, net sales totaled $11.2 billion, down from $12.5 billion in 2024, indicating a consistent decline in sales performance [2]. Valuation Metrics - Westlake's trailing twelve-month (TTM) P/E ratio stands at 69.52, reflecting the market's valuation of its positive full-year earnings of $1.22 per share [3]. - The price-to-sales ratio is 1.04, indicating that investors are willing to pay $1.04 for every dollar of sales [3]. - The enterprise value to sales ratio is 1.32, and the enterprise value to EBITDA ratio is 31.41, reflecting the company's valuation relative to its sales and cash flow generation [3]. Financial Ratios - The TTM earnings yield is approximately 1.44%, highlighting the company's positive full-year earnings situation [4]. - The debt-to-equity ratio is 0.54, indicating a moderate approach to leveraging equity [4][5]. - The current ratio is 1.99, suggesting adequate liquidity and the ability to cover short-term liabilities with current assets [4].

Financial Data and Key Metrics Changes - The overall financial performance showed a decline in Adjusted EBITDA year-on-year due to weaker macro conditions, although free cash flow ended positively for the first time in four years, reflecting a more than 100% improvement from the prior period [9][23]. - Net debt ended at $3.8 billion, slightly above the full-year target, but the company remains on track to achieve net debt below $3.7 billion by year-end [7][22]. - Gross margin declined by 6%, impacted by a 17% lower Rand oil price and continued pressure in chemicals pricing, partially offset by stronger refining margins and higher sales volumes [23]. Business Line Data and Key Metrics Changes - In the mining segment, EBITDA was lower due to the phase-out of export coal sales, but additional income was realized from leasing coal terminal capacity [26]. - Fuels EBITDA increased, supported by higher refining margins and improved operational performance at Secunda and Natref [27]. - Chemicals EBITDA generation remains under pressure across Africa and America due to lower prices and weaker margins, while Eurasia saw margin improvement [27]. Market Data and Key Metrics Changes - The Brent crude oil price decreased by 14% year-on-year, contributing to a 17% decline in the Rand oil price [16]. - The oil market remains in surplus, with supply growth outpacing demand, leading to expectations of continued price volatility [17]. - Chemicals markets are facing global overcapacity and softer demand, which are weighing on pricing and margins [18]. Company Strategy and Development Direction - The company is focused on a two-pillar strategy: strengthening the foundation business and positioning for long-term growth and transformation [2][3]. - Progress has been made in renewable energy, with over 1.2 gigawatts secured in South Africa, moving towards a target of 2 gigawatts by 2030 [30][31]. - The company is also pursuing carbon offset initiatives and sustainable fuels, aiming to create additional pathways for growth and value creation [34]. Management's Comments on Operating Environment and Future Outlook - The management acknowledged the volatile business environment and emphasized the importance of safety and operational delivery [4][5]. - There is cautious optimism for recovery in selective end markets, although the pace of decline in chemicals is slowing [18]. - The management remains committed to improving cash generation, disciplined capital allocation, and proactive risk management [28]. Other Important Information - The company invested approximately ZAR 200 million in social programs over the past six months, reflecting its commitment to positive social impact [14]. - The company has secured a EUR 350 million grant for a sustainable aviation fuel project in Germany, supporting its long-term growth strategy [34]. Q&A Session Questions and Answers Question: Synfuels volumes and guidance for the next financial year - Management noted that the annualized run rate in the second quarter was about 7.6 million tons, and while maintenance is scheduled, they are optimistic about achieving top-end guidance sooner than expected [41][43]. Question: Carbon tax suspension proposal - Management emphasized the importance of a carbon tax for protecting local industries and proposed a carbon tax recycling mechanism to support the transition to lower emissions [45]. Question: CapEx and de-gearing guidance - Management confirmed the guidance to reduce net debt below $3.7 billion by year-end, despite challenges in the macro environment, and noted that the increase in CapEx is due to specific projects progressing [56][61].

尽管美国关税政策带来的贸易不确定性仍在持续，但在芯片需求坚挺的推动下，韩国 2 月上旬出口延续 增长势头。韩国海关周一公布的数据显示，经工作日差异调整后，2 月前 20 天出口同比增长47.3%，高 于 1 月整月修正后的 34%增幅。未经调整的数据显示，出口同比增长23.5%，进口增长11.7%，实现贸 易顺差49.5 亿美元。尽管报告期内包含三天春节假期，工作日有所减少，但 2 月整体贸易数据依然强 劲，表明在剔除日历因素后，出口动能仍然旺盛。受 人工智能与 数据中心投资拉动，芯片出口大增 134%，延续强劲涨势；电脑外设出口增长129%，石化产品出口增长11%。与此同时，汽车出口大跌近 27%， 汽车零部件出口下滑约21%，反映出在美国关税政策下行业仍在调整。这一表现显示，韩国出口 引擎仍受全球 AI 周期支撑，缓冲了其他行业的疲软。世界贸易组织总干事上月表示，AI 快速发展有望 在今年支撑全球商品贸易，帮助抵消美国关税带来的压力。 ...

Core Insights - Berkshire Hathaway Inc. significantly reduced its stake in Amazon.com Inc. by over 75% in Q4, while acquiring a new stake in the New York Times Co. valued at $351.7 million [1][2] Investment Actions - Berkshire acquired 5.1 million shares of the New York Times Co. during the last quarter of the year [1] - The company now holds approximately 2.3 million shares of Amazon after the reduction [2] - Berkshire continued to decrease its stakes in Bank of America Corp. and Apple Inc., bringing them to 7.1% and 1.5% respectively [3] - The stakes in oil producer Chevron Corp. and insurance firm Chubb Ltd. were increased to 6.5% and 8.7% respectively [3] Market Reactions - The New York Times shares rose by 1.8% to $75.39 in early trading following the news [2] - Amazon shares increased by 1.3% in the same trading session [2] - Chubb's shares experienced an approximate 11% rise over Q4 after speculation about a potential acquisition of American International Group Inc. [4] Strategic Moves - Buffett, who stepped down as CEO on December 31, has been actively pursuing new investments, including a $9.7 billion deal for Occidental Petroleum Corp.'s petrochemical business and a $5.6 billion stake in Alphabet Inc. [5]

Core Insights - KBR and Petro Rabigh have entered into a strategic 10-year maintenance services contract, with an optional two-year extension, for the Polymer I and II plants in Saudi Arabia [1][3] Group 1: Contract Details - The agreement involves KBR, through its local joint venture KBR Al Yusr, providing a digitally-enabled maintenance program that includes preventive, predictive, corrective, and cycled shutdowns maintenance services [2] - The maintenance program will utilize KBR's AI/ML-driven digital accelerators and reliability frameworks to enhance asset reliability, improve availability, strengthen safety performance, and optimize operational expenditures (OPEX) sustainably [2] Group 2: Strategic Importance - This collaboration marks a significant milestone in Petro Rabigh's business transformation, being the company's first large-scale outsourcing of maintenance services [3] - The program aims to support a structured change-management journey while focusing on safety, risk mitigation, and long-term operational excellence [3] Group 3: Leadership Statements - Othman Al Ghamdi, President and CEO of Petro Rabigh, emphasized that the transition to outsourcing maintenance is crucial for their transformation agenda, prioritizing safety, reliability, risk management, and cost efficiency [4] - Jay Ibrahim, KBR President of Sustainable Technology Solutions, highlighted the combination of KBR's global maintenance expertise with Petro Rabigh's operational leadership to enhance safety and reliability while delivering measurable value [4]