CPChem Cuts 130 Jobs as ‘First Step' in Cost-Cutting Campaign
The cuts primarily involve corporate roles including information technology, supply-chain management and logistics rather than chemical plants, according to people familiar with the matter who requested anonymity discussing non-public information. Affected employees were informed in early August, just weeks after CPChem moved into a new 360,000 square-foot headquarters in the Houston suburb of The Woodlands.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Oil price structure narrows, premiums fall as supplies rise, summer demand ends
By Florence Tan, Georgina McCartney and Robert Harvey SINGAPORE/HOUSTON/LONDON (Reuters) -Premiums for prompt benchmark oil prices globally are falling compared with those in future months on rising output from the Middle East, Latin America and Europe, just as peak summer demand ends, traders and analysts said on Thursday. Easing concerns that the U.S. could impose more sanctions on Russia and further disrupt oil supplies are also weighing on oil prices, they said. The six-month time spreads for Brent futures, U.S. West Texas Intermediate futures and Middle East marker Dubai have narrowed by more than $1 a barrel in backwardation since the start of the month. Backwardation refers to a market structure where prompt prices are higher than those in future months, indicating tight supply. A narrowing of the structure indicates a market view that supplies are expected to rise. "Brent and Dubai time spreads are softening mainly on expectations of incremental OPEC+ supply from September and easing fears of Russian disruption after recent steady flows via both Baltic and Black Sea," said Shohruh Zukhritdinov, a Dubai-based oil trader. "U.S. crude supply remains stable, but refinery runs will gradually decline into the shoulder season, easing prompt tightness," he said. U.S. President Donald Trump and Russian President Vladimir Putin will meet in Alaska on Friday to strike a ceasefire deal in Ukraine. Citi analysts said Brent could land in the low-$60s per barrel area, if there is progress towards a U.S.-Russia deal. RISING SUPPLY, END OF SUMMER Traders are bracing for more supplies after the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed to increase September output, just as non-OPEC producers such as Guyana, Brazil and Norway launched new production. Peak oil demand during the Northern Hemisphere summer is also ending, cooling red-hot diesel margins in Europe and reducing the burning of crude for power in Saudi Arabia, the sources said. "We saw a lot of selling in the window, with expectation around crude demand revised down as refinery margins weaken as gasoil/diesel cracks unravel," said Harry Tchilinguirian, group head of research at Onyx Capital Group, referring to physical trade in the North Sea market. "Now that seasonal demand is going to unwind, and we cannot be sure that China will keep up elevated imports (for stockpiling), so where does the extra Saudi barrels go?" Meanwhile, spot premiums for Middle East benchmarks Dubai and Oman hovered at their lowest in more than a month for October-loading supply. [CRU/M] Still, Dubai is relatively stronger than Brent, keeping the price spread between the benchmarks - known as the Exchange of Futures for Swaps - narrow and allowing Atlantic Basin supply to head to Asia. Asian refiners have already snapped up millions of barrels of oil from the United States, Africa and Europe for delivery in September and October. Neil Crosby, analyst at Sparta Commodities, said there is still uncertainty over Russian supply with the world's third-largest oil importer India buying spot cargoes to replace Russian oil in recent weeks. "Some (Russian) Urals will go to China but the story is not over yet and there is still some tail risk over what happens to Russian (oil) that cannot clear which makes the EFS trade short term even trickier than normal," he said.
Yahoo
an hour ago
- Yahoo
U.S. Agricultural Tractor Market Outlook and Company Analysis Report 2025-2033 Featuring John Deere, CNH Industrial, AGCO, KUBOTA,n Mahindra & Mahindra, Claas, Escorts, Titan Machinery
The United States agricultural tractor market is projected to grow from US$ 20.73 billion in 2024 to US$ 32.1 billion by 2033, driven by a CAGR of 4.98%. Rising demand for small, versatile tractors is spurred by increased farm mechanization. Advances in automation and telematics are anticipated to boost the market further. As farm sizes increase, row crop tractors gain popularity. Industry trends are shaped by labor shortages, precision agriculture, and government incentives supporting sustainable practices. Key states like California, Texas, and New York exhibit diverse demands influenced by regional agricultural needs. Leading players include John Deere, CNH Industrial, and AGCO Corporation. U.S. Agricultural Tractor Market Dublin, Aug. 14, 2025 (GLOBE NEWSWIRE) -- The "U.S. Agricultural Tractor Market Analysis: Trends, Demand, and Forecast" report has been added to United States Agricultural Tractor Market is expected to reach US$ 32.1 billion by 2033 from US$ 20.73 billion in 2024, with a CAGR of 4.98% from 2025 to 2033 The U.S. agricultural tractor market varies by state, with high demand in major farming regions like Iowa, California, and Texas, driven by crop diversity, farm size, and mechanization levels influencing tractor sales and usage across different states. The rise of small tractors, which are adaptable and can be tailored to meet the needs of the user, has been fueled by the farm industry's growing mechanization. It is anticipated that technological advancements like the incorporation of automation and telematics into agricultural tractors will propel market expansion. Technological developments in tractors have increased their fuel efficiency, accuracy, and adaptability, allowing them to carry out a variety of jobs from planting and plowing to harvesting. Trends like agricultural consolidation and growing operations scale influence the sector by raising demand for more potent and sophisticated tractors. Additionally, manufacturers are being pushed to create models that are both more efficient and ecologically friendly due to changing consumer expectations for sustainability and agricultural tractor sector in the United States is essential to contemporary farming, promoting production and efficiency throughout the nation's extensive agricultural terrain. Farmers can now cultivate wider regions with less manual effort because to mechanization, which has revolutionized farming operations. Technological developments in tractors have increased their fuel efficiency, accuracy, and adaptability, allowing them to carry out a variety of jobs from planting and plowing to harvesting. Trends like agricultural consolidation and growing operations scale influence the sector by raising demand for more potent and sophisticated tractors. Additionally, manufacturers are being pushed to create models that are both more efficient and ecologically friendly due to changing consumer expectations for sustainability and growers are using row crop tractors more frequently as the average farm size in the nation rises. According to the US Department of Agriculture, for example, the average farm size in the US was 463 hectares in 2022 and grew to 464 hectares in 2023. Over the course of the projected period, this is expected to assist the market's growth. Moreover, AGCO Corporation, which has its headquarters in the United States, presented its AE50 award-winning Fendt 600 Vario Series tractor in North America in August 2024 in response to the increased demand. This most recent model in the Fendt portfolio is intended to give farmers a high-performance, adaptable tractor that can effectively manage a variety of agricultural Factors Driving the United States Agricultural Tractor Market Growth Lack of Workers and Increasing Operating ExpensesWith over 40% of farmers reporting continued challenges in employing adequate workers, the U.S. agricultural sector is dealing with a persistent labor shortage. A 7.2% increase in agricultural labor expenses in 2023 exacerbates this scarcity and puts more financial strain on farming operations. In order to preserve production and lessen their dependency on physical labor, many farmers are now using mechanical equipment, such as tractors. By facilitating quicker and more effective fieldwork, tractors help make up for the shortage of manpower. Furthermore, mechanization makes it possible for farms to function efficiently in spite of labor market difficulties. Agricultural machinery is an essential investment for maintaining and increasing production capacity, which makes this trend more significant as farmers work to satisfy rising food demands while controlling operating Agriculture DevelopmentsBy combining technology like GPS, artificial intelligence (AI), and the Internet of Things (IoT), precision agriculture is changing the face of farming. Thanks to these developments, farmers can now administer insecticides, fertilizer, and water more precisely and effectively. Increased crop yields, less waste, and a smaller environmental effect are the results of this precision. As an illustration of the increasing popularity of technology-driven farming, the USDA reported that 27% of farms in the United States implemented precision agriculture techniques in 2023. Farmers can make better decisions by using data and automation to track weather trends, crop health, and soil conditions in real time. These developments meet growing environmental requirements and customer demands while also promoting sustainable agriculture and increasing Government Grants and IncentivesFarmers' use of sophisticated agricultural equipment, such as tractors, is greatly aided by government incentives and subsidies. Financial aid expanded dramatically in 2023 thanks to federal and state initiatives; government-backed equipment loans for tractors totaled $12.5 billion, a 22% increase from the year before. These initiatives aim to provide farmers, particularly those in small and medium-sized businesses, with access to cutting-edge, effective equipment that would otherwise be prohibitively expensive. These incentives promote the modernization of farming methods by reducing the cost barriers to equipment upgrades, increasing sustainability and productivity. Furthermore, this kind of assistance is in line with more general policy objectives that are meant to increase the resilience of the agriculture sector, guarantee food security, and advance ecologically friendly farming in the United States Agricultural Tractor Market Compliance with Regulations and the EnvironmentGovernments throughout the world are putting more and more pressure on the agricultural equipment sector to adhere to stringent environmental and emissions criteria. To lower pollutants like carbon emissions, nitrogen oxides, and particulate matter, tractor manufacturers must constantly upgrade their engine designs, fuel systems, and exhaust treatment technology. Redesigning production processes to incorporate new components and making expensive investments in research and development are frequently required to meet these compliance requirements. Before new models are released onto the market, compliance testing and certification also add time and cost. Higher manufacturing costs brought on by this regulatory complexity may be passed on to consumers by manufacturers, which could have an impact on affordability and sales. Operations are made more difficult by the need for supply networks and production schedules to be flexible in order to comply with changing Uncertainty and Market VolatilityThe price of raw materials and components, trade regulations, and changes in global commodity prices all have a significant impact on the tractor industry. Farmers frequently face lower incomes and more constrained budgets when commodity prices decline, which makes it harder for them to upgrade or purchase new machinery. Similar to this, modifications to trade agreements or tariffs have the potential to upset supply networks and modify the cost structure for both customers and manufacturers. Tractor prices may rise due to rising input costs, such as those for steel, fuel, and electronic components, which would further reduce demand. Farmers' purchase decisions may also be delayed by economic uncertainty, such as concerns about a recession or shifting interest rates. Because of the market's volatility, producers must be flexible in order to adjust their pricing policies and output levels to meet changing consumer demands and preserve profitability in an uncertain climate. Company Analysis (Overviews, Key Persons, Recent Developments, SWOT Analysis, Revenue Analysis) John Deere's CNH Industrial AGCO Corporation KUBOTA Corporation Mahindra & Mahindra ClaasKGaAmbH Escorts Ltd. Titan Machinery Inc. Key Attributes: Report Attribute Details No. of Pages 200 Forecast Period 2024 - 2033 Estimated Market Value (USD) in 2024 $20.73 Billion Forecasted Market Value (USD) by 2033 $32.1 Billion Compound Annual Growth Rate 4.9% Regions Covered United States Key Topics Covered: 1. Introduction2. Research & Methodology2.1 Data Source2.2 Research Approach2.3 Forecast Projection Methodology3. Executive Summary4. Market Dynamics4.1 Growth Drivers4.2 Challenges5. United States Agricultural Tractor Market5.1 Historical Market Trends5.2 Market Forecast6. Market Share Analysis6.1 By Type6.2 By Horse Power6.3 By Application6.4 By States7. Type7.1 Orchard Tractors7.2 Row-crop Tractors7.3 Other Types8. Horse Power8.1 Lesser than 40 HP8.2 40 HP to 99 HP8.3 100 HP to 150 HP8.4 151 HP to 200 HP8.5 201 HP to 270 HP8.6 271 HP to 350 HP8.7 Greater than 350 HP9. Application9.1 Harvesting9.2 Seed Sowing9.3 Spraying9.4 Others10. Top 10 States10.1 California10.2 Texas10.3 New York10.4 Florida10.5 Illinois10.6 Pennsylvania10.7 Ohio10.8 Georgia10.9 Washington10.10 New Jersey10.11 Rest of United States11. Value Chain Analysis12. Porter's Five Forces Analysis12.1 Bargaining Power of Buyers12.2 Bargaining Power of Suppliers12.3 Degree of Competition12.4 Threat of New Entrants12.5 Threat of Substitutes13. SWOT Analysis13.1 Strength13.2 Weakness13.3 Opportunity13.4 Threats14. Pricing Benchmark Analysis14.1 John Deere's14.2 CNH Industrial14.3 AGCO Corporation14.4 KUBOTA Corporation14.5 Mahindra & Mahindra14.6 ClaasKGaAmbH14.7 Escorts Ltd.14.8 Titan Machinery Inc.15. Key Players Analysis For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment U.S. Agricultural Tractor Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
Oil price structure narrows, premiums fall as supplies rise, summer demand ends
By Florence Tan, Georgina McCartney and Robert Harvey SINGAPORE/HOUSTON/LONDON (Reuters) -Premiums for prompt benchmark oil prices globally are falling compared with those in future months on rising output from the Middle East, Latin America and Europe, just as peak summer demand ends, traders and analysts said on Thursday. Easing concerns that the U.S. could impose more sanctions on Russia and further disrupt oil supplies are also weighing on oil prices, they said. The six-month time spreads for Brent futures, U.S. West Texas Intermediate futures and Middle East marker Dubai have narrowed by more than $1 a barrel in backwardation since the start of the month. Backwardation refers to a market structure where prompt prices are higher than those in future months, indicating tight supply. A narrowing of the structure indicates a market view that supplies are expected to rise. "Brent and Dubai time spreads are softening mainly on expectations of incremental OPEC+ supply from September and easing fears of Russian disruption after recent steady flows via both Baltic and Black Sea," said Shohruh Zukhritdinov, a Dubai-based oil trader. "U.S. crude supply remains stable, but refinery runs will gradually decline into the shoulder season, easing prompt tightness," he said. U.S. President Donald Trump and Russian President Vladimir Putin will meet in Alaska on Friday to strike a ceasefire deal in Ukraine. Citi analysts said Brent could land in the low-$60s per barrel area, if there is progress towards a U.S.-Russia deal. RISING SUPPLY, END OF SUMMER Traders are bracing for more supplies after the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed to increase September output, just as non-OPEC producers such as Guyana, Brazil and Norway launched new production. Peak oil demand during the Northern Hemisphere summer is also ending, cooling red-hot diesel margins in Europe and reducing the burning of crude for power in Saudi Arabia, the sources said. "We saw a lot of selling in the window, with expectation around crude demand revised down as refinery margins weaken as gasoil/diesel cracks unravel," said Harry Tchilinguirian, group head of research at Onyx Capital Group, referring to physical trade in the North Sea market. "Now that seasonal demand is going to unwind, and we cannot be sure that China will keep up elevated imports (for stockpiling), so where does the extra Saudi barrels go?" Meanwhile, spot premiums for Middle East benchmarks Dubai and Oman hovered at their lowest in more than a month for October-loading supply. [CRU/M] Still, Dubai is relatively stronger than Brent, keeping the price spread between the benchmarks - known as the Exchange of Futures for Swaps - narrow and allowing Atlantic Basin supply to head to Asia. Asian refiners have already snapped up millions of barrels of oil from the United States, Africa and Europe for delivery in September and October. Neil Crosby, analyst at Sparta Commodities, said there is still uncertainty over Russian supply with the world's third-largest oil importer India buying spot cargoes to replace Russian oil in recent weeks. "Some (Russian) Urals will go to China but the story is not over yet and there is still some tail risk over what happens to Russian (oil) that cannot clear which makes the EFS trade short term even trickier than normal," he said.
