Frank Mitsch

Ledet cautioned against simply adding the $250M back, citing POSM-to-PO/TBA mix shifts and uncertain crude prices and gasoline crack spreads, but expects improved PO and MTBE volumes.

Aaron noted they will run all available capacity at full rates once Bayport returns but cautioned against using the 95-100% figure literally due to La Porte acid unit limitations. Peter added he visited Bayport 10 days ago and confirmed all hands on deck with target restart by end of Q2.

Peter noted shutting the refinery avoided ~$1.5B in deferred turnaround CapEx. Other US refineries can process Venezuelan crude. Plan for refinery site continues as previously communicated (MoReTec-2 when market/cash conditions allow). Remains open to options for existing assets.

Peter did not explicitly confirm or deny continued dividend payments beyond near-term, instead emphasizing cash conversion focus, execution track record, and team alignment. On Q4: deliberate decision to pull forward maintenance to avoid 2026 downtime. PE price increases on table. Aaron noted MTBE premiums carried from September into October with 20% of USGC capacity still offline into November. Peter added gasoline inventories materially lower than seasonal norms.

Peter confirmed Q3 dividend of $1.37/share. Emphasized LYB started 2025 with $3.4B cash (same as beginning of 2024). Targeting minimum $1.4B cash balance but can manage lower through cycle. Total liquidity $6.35B. Halted further share buybacks for 2025-2026. Cash improvement plan on track for $1.1B over 2025-2026.

Peter confirmed 14 consecutive years of dividend increases, believes LYB well positioned to continue. Agustin noted $110M Q1 buybacks more than offset dilution. Peter hinted buybacks likely continued at depressed share prices post-Q1.

Kim Foley noted $0.05-0.06/lb ethylene cost increase, 7 and 5 cent PE price increases announced, and 5% of industry crackers coming offline. Expressed confidence in Q1 price improvement given tight supply.

Franzen explained $20M assumes 90-day pause holds through year-end, with some EU/India tariffs added but latest news not yet incorporated.

Koch confirmed investigation suspended and closed with no further investigations or dialogue.

Franzen confirmed strong April orders, 75% book-to-bill starting point for IndustrialsCo with normal seasonal pickup in orders.

Koch maintained full-year targets (Healthcare high-single, Water mid-to-high-single) with Q1 outperformance partly from favorable comps.

Koch attributed the beat primarily to Electronics strength, with Water and medical packaging also exceeding expectations, plus a lower Q4 tax rate.

Koch confirmed early 2025 trends are tracking to expectations, a brief but direct confirmation of momentum.

Carter and Tate explained the June $0.15 PE price decline and unplanned events hit P&SP, offset by stronger II&I margins and a land sale, landing near the updated guide.

Fitterling said Sadara damage limited, most intercepted. Restructuring with Aramco ongoing as leverage/balance sheet issue not operating problem. Update expected midyear. Tate confirmed Q1 equity loss $115M, full-year estimate approximately $400M from Sadara.

Fitterling described end-to-end process reengineering beyond AI: intelligent data hub enabling automation, legal patent/discovery savings, drones/crawlers replacing scaffolding in turnarounds. Growth side refocuses sales in growing geographies.

Carter attributed miss roughly 50/50 between the $0.03/lb April price decline and operating rate reductions driven by tariff-related export disruption.

Tate noted $2.4B Macquarie proceeds in Q2 but similar working capital use. Carter highlighted downstream silicones growth in electronics and AI applications. Fitterling noted positive siloxane pricing moves into Q2.

Carter noted no recovery in polyurethanes despite rate cuts, auto inventories at 10-year highs. Industrial Solutions stable with green shoots in energy and pharma.

Direct, distinguishing step-change share gains in auto OEM from incremental singles and doubles in Refinish.

Morales noted cash from ops up about $50 million vs prior year with capital spending lower than prior year. Cash forecast unchanged from January. Knavish provided proxy: cash flow approximately 10% of sales. Priorities: dividend, organic investments (aerospace), selective M&A, and share repurchases (10 straight quarters). Morales retiring after approximately 80 conference calls.

Knavish clarified H1 phasing: Q1 flattish EPS growth, Q2 low single digits, ramping to stronger H2. Progression reflects refinish destocking fading through the year.

Morales said early April saw customer concerns but normal patterns returned through the quarter. No pull-forward into Q2. FX: negative Q1, less negative Q2, back half expected to offset Q1, year-to-date near zero.

Knavish confirmed total company low-single-digit organic growth, Performance Coatings mid-single-digits for full year. Industrial share gains ($100M) on track, some pulled forward. Morales noted Performance Coatings faces harder H2 comps while Industrial gets easier comps.

Morales confirmed proceeds received late Q4 2024 being deployed via $400M Q1 buyback. Knavish clearly stated accretive and discussed M&A strategy remaining disciplined.

Kemp declined to give a quarterly advanced-node rate but said broad commercialization across logic and memory leaders is driving it; portfolio at ~40% advanced nodes.

Goss gave a specific industry view: MSI high single digits and PCB mid-to-high single digits for 2026.

Kemp attributed upside to ICS strength exceeding seasonal patterns plus mature logic restocking. Goss added strong order books and chance to do even better if conditions improve.

Goss confirmed healthy working capital metrics with inventory turns around 6x. Expects AR to grow modestly with sales but overall in good shape.

Magro said new products are essentially flat on price with volume up, while off-patent molecules under generic pressure in Brazil drove the cut.

Judd confirmed share gains in corn and soy with strong PowerCore/Vorceed and Brevant retail success. Chuck said 2026 likely sees slight shift back to soybeans from corn but both will be planted heavily.

David attributed Q4 inventory draw to clearing higher-cost CP inventory from prior year and strong Q4 volumes. 2025 working capital expected to be ~$100M headwind, back to normal levels.