Recent developments
Q1 operating context
Refining and petrochemical earnings were mixed amid price volatility. Neste reported Q1 results with strong refining margins and no direct disruption from the Strait of Hormuz, while bp Q1 2026 results showed higher margins and 96% availability. Dow Q1 2026 results reflected softer merchant olefins on outages; Galp Q1 2026 Results saw weaker Industrial & Midstream; Eni Q1 2026 results raised cash‑flow guidance.
Decarbonization projects advance
Decarbonization moved forward. Worley began FEED for the cogeneration with carbon capture at Dow’s Path2Zero expansion in Alberta; INEOS advanced its Antwerp cracker with lower CO2 intensity; Air Liquide invests $350M+ in Louisiana to supply gases to a low‑carbon steel plant; Eni progressed Enilive with FIDs for biorefineries at Sannazzaro and Priolo.
Technology and process upgrades
Process technologies targeted selectivity, reliability and emissions. Clariant’s CATOFIN 1000 PDH catalyst improves selectivity and cuts tar precursors; Chevron Lummus Global and ART‑Envi launched an enclosed ECHO coke‑handling system; Tianjin Petrochemical’s first domestic slurry pump completed 4,000‑hour verification for UHMWPE service; Sinopec commissioned its first electric intelligent tubular heater for field operations.
Infrastructure and supply chains
Regional infrastructure and channels evolved. China‑Korea Petrochemical completed a 10,000‑ton intelligent floating petrochemical terminal in Wuhan; INEOS expands European polymer distribution with Omya and Snetor; Vega Ploieşti starts 60%‑purity hexane production; Honeywell Q1 Results noted aftermarket delays for catalysts and automation, while reaffirming its 2026 outlook.
Sustainability signals
Borealis awarded EcoVadis Gold 2026, scoring 84/100 and ranking among the top 5% of assessed companies within the legacy business now under Borouge International.