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- LyondellBasell (NYSE:LYB) may not successful in making a quick sale of its Houston oil refinery as several other refineries also compete for buyers, Reuters reports.
- Lyondell's sales efforts are continuing, according to the report, but the company put the 263K bbl/day plant on the market for a second time last fall and then-CEO Bhavesh Patel predicted a deal within a quarter or two.
- Chevron (NYSE:CVX), Marathon Petroleum (NYSE:MPC) and Motiva Enterprises have been interested in the full conversion refinery at times, the report says, although it is not clear that interest has been maintained.
- The cost advantage for heavy, sour crude has narrowed as OPEC has tightened production, leading some analysts to say the refinery is less attractive, but John Auers of refining consultancy Turner Mason tells Reuters that heavy-conversion plants could regain favor as OPEC opens up marginal supply.
- LyondellBasell is "reducing its debt and maintaining a strong balance sheet while supporting a healthy and growing dividend," Gen Alpha writes in a bullish analysis posted on Seeking Alpha.