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Nova Chemical

Nova Chemicals has two major operating segments: Olefins/Polyolefins is sub-divided into 3 segments: Joffre Olefins, Corunna Olefins, and Polyethylene. At Joffre, Nova produces ethylene and co-products propylene, crude C4 and crude C5 hydrocarbons, and hydrogen off-gas. At Corunna, Nova produces ethylene and co-products propylene, crude C4 hydrocarbons, C5 dienes, dicyclopentadiene, aromatics, C9 resin oils, hydrogen and fuels. The Corunna cracker is a flexible cracker in that it can change its feedstock mix to maximize profitability. The Polyethylene sub-segment produces Linear Low Density Polyethylene (LLDPE), Low Density Polyethylene (LDPE), and High Density Polyethylene (HDPE). The Performance Styrenics segment relies on raw materials of benzene and ethylene to produce the chemical intermediate ethylbenzene. (06 Feb 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.
Focused

Nova Chemical 3Q18: In Discussions With Dow

Earnings Note: 09 Nov 2018, 5:02 AM ET - Nova noted that it is in discussions with Dow Chemical to resolve all outstanding litigation between the parties. The $1.05 bn payment will be delayed as a result, and the company will appeal the payment while negotiating with Dow.

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
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NCX 2Q18: Legal Adverse Payment Resilience

Earnings Note: 09 Aug 2018, 12:08 AM ET - Nova Chemicals delivered solid 2Q18 results driven by polyethylene more than offsetting olefins and Expandable Styrenics. However, we expect credit metrics to deteriorate in the near term due to a $1.05 bn adverse legal payment. 
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NCX 1Q18: Negative Legal Outcome|Positive Results

Earnings Note: 30 May 2018, 8:19 PM ET - Nova reported  positive results in 1Q18 with EBITDA growth of 16%, excluding the recent acquisition of The Geismar Business.  However, a $1.05 bn adverse legal payment will deteriorate the company's credit metrics in the near term.

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..
Focused

NCX 4Q17: Joint Venture Getting Closer

Earnings Note: 04 Mar 2018, 10:54 PM ET -  Nova Chemicals delivered good 4Q17 as the recent acquisition, Geismar business, performed well. The company recently signed definitive agreements with Borealis and Total to increase capacity. 

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 
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Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Chemicals 2018 Outlook (Part 4): Fertilizers

Sector Outlook: 24 Jan 2018, 11:05 AM ET - The fertilizers' industry remains oversupplied and we expect the trend to persist over the next twelve months. Stable prices are expected as new capacity is coupled with supply management.

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.

Chemicals 2018 Outlook (Part 1): Specialty Chems

Sector Outlook: 17 Jan 2018, 11:12 PM ET - M&A is likely to play a large role for Specialty Chem names in 2018 as they seek exposure to higher margin products and emerging markets while rising raw materials costs may make it tricky for margins to navigate the year unscathed.
Focused

NCX 3Q17: Acquisition Completed | Mixed Results

Earnings Note: 01 Nov 2017, 12:39 AM ET - NOVA Chemicals completed the acquisition of Williams Partners’ Geismar Business for $2.08 bn in the quarter. 

Olin 3Q17: Chlor-Alkali Drives Growth

Earnings Note: 31 Oct 2017, 7:42 PM ET - We reiterate our Outperform recommendation on Olin due to the positive trends in Chlor-Alkali Vinyls (CAV) as well as the near term focus on reducing leverage.

US IG Strategy Basic Industries: After the Storms

Sector Weightings: 14 Sep 2017, 4:44 AM ET - We present a review of Basic Industries returns, as well as some commentary around the impact of Harvey and Irma. 
Focused

NOVA Chemicals 2Q17: Relative Underperformance

Earnings Note: 13 Aug 2017, 8:48 PM ET - Nova posted lower EBITDA numbers yoy, while peers LYB and Ineos were able to report improving operating profits. 

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