15 new in the latest 10-Q
Paragraphs with nothing like them in last year's 10-K
No new paragraphs in Risk Factors, or fewer than two 10-Ks to compare.
Paragraphs in the 10-Q filed Oct 30, 2026 that were not in the one before
15 paragraphs in the 10-Q filed Oct 30, 2026 with nothing like them in the 10-Q filed Jul 31, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Millions of dollars, except shares and par value data September 30, December 31,
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September 30, Millions of dollars 2026 2025 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Cash flows from operating activities: Net income (loss) $ 1,442 $ (598) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 1,059 1,005 Impairments 89 1,234 Amortization of debt-related costs 9 8 Share-based compensation 80 70 Equity investments— Equity income (54) — Distributions of earnings, net of tax 42 30 Deferred income tax benefit (37) (193) Loss on sale of business 734 6 Changes in assets and liabilities that provided (used) cash: Accounts receivable (1,440) 131 Inventories (514) 64 Accounts payable 744 (583) Other, net 45 (419) Net cash provided by operating activities 2,199 755 Cash flows from investing activities: Expenditures for property, plant and equipment (842) (1,428) Cash contribution to disposed businesses (310) — Payment for acquisition of equity method investments — (11) Proceeds from settlement of net investment hedges — 902 Payments for settlement of net investment hedges — (877) Other, net 46 41 Net cash used in investing activities $ (1,106) $ (1,373)
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September 30, Millions of dollars 2026 2025 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Cash flows from financing activities: Repurchases of Company ordinary shares $ — $ (201) Dividends paid - common stock (672) (1,321) Issuance of long-term debt — 499 Payments of debt issuance costs — (5) Repayment of long-term debt (577) — Other, net (25) (18) Net cash used in financing activities (1,274) (1,046) Effect of exchange rate changes on cash (33) 77 Decrease in cash and cash equivalents and restricted cash (214) (1,587) Cash and cash equivalents and restricted cash at beginning of period 3,449 3,388 Cash and cash equivalents and restricted cash at end of period $ 3,235 $ 1,801
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Guaranteed Notes due 2026 - In September 2026, we repaid the € 500 million ($ 577 million) 0.875 % guaranteed notes due 2026.
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With respect to a property damage claim arising from a 2016 incident at our Mt. Belvieu facility, we anticipate that any potential losses would be covered by our insurance program, subject to applicable terms and limits.
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Show the other 10
Income (loss) from continuing operations before income taxes $ 963 $ (856) $ 1,908 $ (573)
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During the three and nine months ended September 30, 2025, we recognized $ 1,182 million of impairment charges driven by the prolonged downturn in, and outlook for, the European petrochemical and global automotive industries, combined with the sustained decline in our market capitalization. These charges impacted both our O&P-EAI and APS segments and are presented in Goodwill impairments and Other impairments on the Consolidated Statements of Income (Loss). The fair value measurements used to determine the impairment inputs are considered Level 3 inputs within the fair value hierarchy. Additionally, other impairment charges related to property, plant and equipment totaled $ 9 million and $ 11 million in our O&P-Americas and O&P-EAI segments, respectively, for the three months ended September 30, 2025, and $ 9 million and $ 43 million, respectively, for the nine months ended September 30, 2025. These charges are included in Other impairments on the Consolidated Statements of Income (Loss).
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On October 29, 2026, we entered into an equity purchase agreement with a subsidiary of Valero Energy Corporation to sell our wholly owned subsidiary, Houston Refining, L.P., which owns the site of the former Houston refinery and related assets, for a purchase price of $ 321 million. As of September 30, 2026, the carrying values of the assets and liabilities of Houston Refining L.P. were approximately $ 15 million and $ 315 million, respectively. The sale is expected to close in the fourth quarter of 2026, subject to regulatory and other customary closing conditions.
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During the first nine months of 2025, we recognized impairment charges of $1,234 million, including $972 million of Goodwill impairments and $262 million of Other impairments. These impairment charges were largely due to the prolonged downturn in, and outlook for, the European petrochemical and global automotive industries, particularly affecting our O&P-EAI and APS segments, combined with the sustained decline in our market capitalization.
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Financial derivatives designated as cash flow hedges, primarily our commodity swaps, led to an increase in Comprehensive income (loss) of $39 million in the third quarter of 2026 compared to the second quarter of 2026 reflecting commodity price volatility.
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During the third quarter of 2025, we recognized a $400 million goodwill impairment charge related to a prolonged downturn in, and outlook for, the European petrochemical industry.
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Third quarter of 2026 versus second quarter of 2026 - Higher oxyfuels and related products results increased EBITDA by 93% driven equally by improved margins from stronger gasoline crack spreads and higher volumes following the restart of the Bayport PO/TBA site after a second quarter outage.
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First nine months of 2026 versus first nine months of 2025 - In the third quarter of 2025, we recognized impairment charges of $782 million related to a prolonged downturn in, and outlook for, the global automotive industry. There were no similar charges recognized in 2026. The remaining change was driven by improved margins primarily related to higher average sales prices due to industry supply constraints driven by the Middle East conflict.
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In September 2026, we repaid the €500 million ($577 million) 0.875% guaranteed notes due 2026.
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Conditions in the Middle East are likely to remain fluid and a potential return to pre-conflict conditions is likely to be non-linear and take longer than anticipated. Customer buying patterns have been impacted by inventory levels and price volatility, however polyethylene domestic and export demand is strong and polymer pricing improved through the end of the third quarter. Additionally, oxyfuels margins and demand remain strong. As markets continue to adjust, reliable supply and operational flexibility are expected to remain important differentiators.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 30, 2026 against Item 1A of the 10-K filed Feb 20, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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There have been no material changes to the risk factors associated with our business previously disclosed in “Item 1A. Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2025.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.