陶氏化學 (DOW) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Dow Fourth Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I will now turn it over to Dow Investor Relations Vice President, Andrew Riker, Mr. Riker, you may begin.

大家好，歡迎參加陶氏 2024 年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我將把話題交給陶氏投資者關係副總裁 Andrew Riker，Riker 先生，您可以開始啦。

Good morning. Thank you for joining today. The accompanying slides are provided through this webcast and posted on our website. I am Andrew Riker, Dow's Investor Relations Vice President. Leading today's call are Jim Fitterling, Chair and Chief Executive Officer; Jeff Tate, Chief Financial Officer; and Dow's recently appointed Chief Operating Officer, Karen S. Carter.

早安.感謝您今天的加入。隨附的幻燈片透過此網路廣播提供並發佈在我們的網站上。我是陶氏投資者關係副總裁安德魯‧賴克 (Andrew Riker)。今天的電話會議主持人是董事長兼執行長 Jim Fitterling；傑夫·泰特（Jeff Tate），財務長；以及陶氏最近任命的營運長Karen S. Carter。

Please note our comments contain forward-looking statements and are subject to the related cautionary statements contained in the earnings news release and slides. Please refer to our public filings for further information about principal risks and uncertainty.

請注意，我們的評論包含前瞻性陳述，並受收益新聞稿和幻燈片中包含的相關警告聲明的約束。有關主要風險和不確定性的更多信息，請參閱我們的公開文件。

Unless otherwise specified, all financials, where applicable, exclude significant items. We will also refer to non-GAAP measures. A reconciliation of the most directly comparable GAAP financial measure and other associated disclosures are contained in the earnings news release that is posted on our website.

除非另有說明，所有財務數據（如適用）均不包括重大項目。我們也將參考非公認會計準則指標。最直接可比較的 GAAP 財務指標和其他相關揭露的對帳包含在我們網站上發布的收益新聞稿中。

On slide 2 is our agenda for today's call. Jim will review our fourth quarter and full year results, Karen will provide an overview of our operating segment performance, and Jeff will share an update on the macroeconomic environment and our modeling guidance for the first quarter. Jim will then provide details on the intentional actions Dow is taking to navigate the prolonged economic downturn and close out the call. Following that, we will take your questions. Now let me turn the call over to Jim.

第二張投影片是我們今天電話會議的議程。吉姆(Jim) 將回顧我們第四季度和全年的業績，凱倫(Karen) 將概述我們的營運部門業績，傑夫(Jeff) 將分享宏觀經濟環境的最新情況和我們第一季的模型指導。隨後，吉姆將詳細介紹陶氏為應對長期經濟衰退而採取的有意措施，並結束電話會議。接下來我們將回答大家的提問。現在讓我把電話轉給吉姆。

Thank you, Andrew. Beginning on slide 3. There's a lot to unpack in our results this quarter. So let me first walk through the headlines. In the fourth quarter, Team Dow delivered our fifth consecutive quarter of year-over-year volume growth despite continued weak macroeconomic conditions.

謝謝你，安德魯。從投影片 3 開始。本季的業績中有很多內容有待解讀。首先讓我來回顧一下新聞標題。第四季度，儘管宏觀經濟狀況持續疲軟，陶氏團隊仍連續第五個季度實現銷售量年增。

Net sales were $10.4 billion, which is down 2% versus the year ago period and reflects pricing pressure seen across the industry in the quarter. Local price was down 3% year-over-year and sequentially, with declines across all our operating segments. Operating EBITDA was $1.2 billion which is approximately flat compared to the same period last year.

淨銷售額為 104 億美元，較去年同期下降 2%，反映了本季整個產業面臨的價格壓力。當地價格年減 3%，我們所有營運部門的價格均出現下降。營業 EBITDA 為 12 億美元，與去年同期基本持平。

Cash flow from continuing operations was $811 million, resulting in free cash flow of $44 million. Returns to shareholders totaled $492 million of dividends in the quarter, and our total CapEx spend was $767 million. As you saw in our numbers this quarter, we also had a noncash tax adjustment impacting net income and EPS. Jeff will provide more details on that later in this call.

持續經營產生的現金流為 8.11 億美元，產生 4,400 萬美元的自由現金流。本季股東回報總計 4.92 億美元股息，我們的總資本支出為 7.67 億美元。正如您在本季的數據中所看到的，我們也進行了影響淨收入和每股盈餘的非現金稅收調整。傑夫將在稍後的電話會議中提供更多詳細資訊。

Throughout the quarter, we announced additional actions that continue to support the optimization of our global portfolio for growth while maintaining a best owner mindset. For example, we continue to ramp up operating rates at our Texas-8 cracker and Glycol-2 unit.

在整個季度中，我們宣布了其他行動，繼續支持優化我們的全球投資組合以實現成長，同時保持最佳所有者心態。例如，我們繼續提高德克薩斯-8裂解裝置和乙二醇-2裝置的運作率。

We completed the sale of our flexible packaging laminating adhesives business to Arkema for an enterprise value of approximately $150 million, and we just signed a definitive agreement with Macquarie Asset Management for the sale of a minority stake in select US Gulf Coast infrastructure assets for which we expect to receive cash proceeds of up to $3 billion.

我們以約1.5 億美元的企業價值將我們的軟包裝層壓粘合劑業務出售給阿科瑪，並且我們剛剛與麥格理資產管理公司簽署了一項最終協議，出售我們在美國墨西哥灣沿岸部分基礎設施資產的少數股權。

And driven by persistently weak global macroeconomic conditions, we announced a strategic review of select European assets, primarily in our polyurethanes business, where demand has been structurally challenged over the past five years, making it the highest cost region for several of our key businesses.

在全球宏觀經濟持續疲軟的推動下，我們宣布對部分歐洲資產進行策略審查，主要是聚氨酯業務，該業務的需求在過去五年中受到結構性挑戰，使其成為我們幾項關鍵業務成本最高的地區。

We are also postponing a maintenance turnaround at one of our ethylene crackers in Europe. This decision will result in us idling this asset starting in the second quarter until market dynamics improve. And today, we announced targeted actions to reduce our costs by $1 billion and our CapEx by $300 million to $500 million. Collectively, the additional actions are focused on reinforcing our long-term competitiveness as we continue to navigate this prolonged economic downturn.

我們也延後了位於歐洲的一座乙烯裂解裝置的維護檢修。這項決定將導致我們從第二季開始閒置該資產，直到市場動態改善為止。今天，我們宣布了有針對性的行動，將成本削減 10 億美元，將資本支出削減 3 億至 5 億美元。總的來說，當我們繼續應對這場長期的經濟衰退時，這些額外行動都集中在增強我們的長期競爭力。

Turning to slide 4. In 2024, team Dow continued to advance both our near-term priorities and our long-term strategy to become a stronger, more innovative company. We delivered net sales of $43 billion, operating EBIT of $2.6 billion and year-over-year volume growth of 3%, excluding merchant hydrocarbon sales.

翻到幻燈片 4。2024年，陶氏團隊繼續推進我們的近期重點和長期策略，以成為一家更強大、更具創新力的公司。我們的淨銷售額為 430 億美元，營業息稅前利潤為 26 億美元，不包括商業碳氫化合物銷售額，銷量較去年同期成長 3%。

Earlier in 2024, we began construction at our Path2Zero investment in Fort Saskatchewan, Alberta. When complete, the project is expected to generate approximately $1 billion in incremental EBITDA annually by 2030.

2024 年初，我們開始在阿爾伯塔省薩斯喀徹溫堡投資的 Path2Zero 計畫進行建造。工程竣工後，預計到 2030 年每年將產生約 10 億美元的增量 EBITDA。

Dow is also recognized externally through industry-leading awards and certifications. Last year, we earned 12 Edison Awards for Innovation and Great Place to Work and Fortune named Dow as one of the Top 25 World's Best Workplaces.

陶氏還通過行業領先的獎項和認證獲得了外部認可。去年，我們獲得了 12 項愛迪生創新獎和最佳工作場所獎，而《財富》雜誌將陶氏評為全球 25 家最佳工作場所之一。

Team Dow navigated several challenges over the past year, including weather-related and supply chain disruptions and continued uncertainty in many regions and markets that we serve. And in response to evolving market dynamics and sluggish demand recovery in Europe, we demonstrated our best owner mindset with more than 20 proactive actions to address higher cost assets.

陶氏團隊在過去的一年克服了多重挑戰，包括天氣中斷、供應鏈中斷以及我們服務的許多地區和市場的持續不確定性。為了因應不斷變化的市場動態和歐洲需求復甦緩慢的情況，我們採取了 20 多項主動行動來應對高成本資產，展現了最佳所有者心態。

I remain confident in our company's ability to foster a sustainable future, achieve long-term profitable growth and enhanced shareholder returns.

我對我們公司培育永續未來、實現長期獲利成長和提高股東回報的能力充滿信心。

Now I'm pleased to turn it over to Karen S. Carter, Dow's Chief Operating Officer, who will provide an overview of our operating segment performance on slide 5.

現在，我很高興將麥克風交給陶氏營運長凱倫卡特 (Karen S. Carter)，她將在第 5 張幻燈片上概述我們的營運部門業績。

Thank you, Jim. I'm pleased to join you all today. And before I begin, I'd like to mention what an honor it is to be named Dow's Chief Operating Officer. I look forward to engaging with many of you, our owners, in the near future.

謝謝你，吉姆。我很高興今天能和大家在一起。在開始之前，我想說一下，被任命為陶氏首席營運長是我的榮幸。我期待在不久的將來與你們多位我們的業主合作。

In my more than 30 years at Dow, I have progressed through the organization to most recently leading P&SP, the company's largest operating segment, and I have worked across a broad range of businesses and functions, including global leadership positions within the building and construction and consumer electronics end markets as well as Dow's polyethylene franchise. This has given me a deep appreciation for our company's competitive advantages. The strength of our innovation engine and our commitment to delivering profitable growth.

我在陶氏公司工作了 30 多年，在公司內部不斷晉升，最近擔任公司最大的營運部門 P&SP 的負責人，並在多個業務和職能部門工作過，包括建築和施工部門的全球領導職位以及消費電子終端市場以及陶氏的聚乙烯特許經營權。這讓我深刻體會到我們公司的競爭優勢。我們的創新引擎的強大以及我們實現獲利成長的承諾。

As COO, my priorities are to further strengthen our customer engagement, accelerate the commercialization of Dow's innovation pipeline and enhance reliability and productivity. I am committed to driving business and operational results, while progressing our strategic priorities to deliver long-term value for our shareholders.

作為首席營運官，我的首要任務是進一步加強客戶參與度、加速陶氏創新管道的商業化以及提高可靠性和生產力。我致力於推動業務和營運成果，同時推進我們的策略重點，為股東創造長期價值。

Now, let's move to our operating segment results. In the Packaging and Specialty Plastics segment, we entered the fourth quarter with a challenging backdrop of ample industry supply, high feedstock cost, and a typical seasonal slowdown in demand.

現在，讓我們來看看我們的經營分部業績。在包裝和特種塑膠領域，我們進入第四季度時面臨著行業供應充足、原料成本高企以及典型的季節性需求放緩的嚴峻形勢。

Segment results reflected a decrease in local price both year-over-year and sequentially. This was primarily driven by lower functional polymers and polyethylene prices as a result of the October price decline reflected in the market indices and other competitive price pressures throughout the quarter.

分部業績反映當地價格年比及季均下降。這主要是由於功能性聚合物和聚乙烯價格下跌所致，而十月價格下跌反映在市場指數中，以及整個季度的其他競爭價格壓力。

Despite higher demand for flexible food and specialty packaging in all regions except Latin America, volume for the segment was down 1% year-over-year. This was primarily driven by lower third-party hydrocarbon sales and nonrecurring licensing revenue.

儘管拉丁美洲以外所有地區對軟食品和特殊包裝的需求都有所增加，但該領域的銷量比去年同期下降了 1%。這主要是由於第三方碳氫化合物銷售額和非經常性許可收入下降所致。

Operating EBIT was $447 million, a decrease of $217 million compared to the year ago period. This was primarily driven by lower integrated margins and licensing revenue.

營業息稅前利潤為 4.47 億美元，較去年同期減少 2.17 億美元。這主要是由於綜合利潤率和許可收入較低所致。

Moving to the Industrial Intermediates and Infrastructure segment, we benefited from strong global energy demand as well as stable consumer and pharma demand. We also experienced typical seasonal improvements for deicing, while agricultural and coatings applications saw normal seasonal declines.

轉向工業中間體和基礎設施領域，我們受益於強勁的全球能源需求以及穩定的消費者和製藥需求。我們也經歷了除冰應用的典型季節性改善，而農業和塗料應用則出現了正常的季節性下降。

Looking at fourth quarter results, Local price declined 1% year-over-year, while volume was up 1% year-over-year. This was driven by improved supply availability in our Industrial Solutions business, as we finish ramping up our Glycol-2 unit ahead of schedule. Those gains were partly offset by continued softness in the polyurethanes and construction chemicals business. Operating EBIT for the segment increased $59 million versus the year ago period. Results were primarily driven by higher operating rates and improved supply availability in the Industrial Solutions business.

從第四季的業績來看，當地價格年減 1%，而銷量較去年同期成長 1%。這是由於我們工業解決方案業務的供應情況改善所致，因為我們提前完成了乙二醇-2 裝置的擴產。這些收益被聚氨酯和建築化學品業務的持續疲軟部分抵消。該部門的營業息稅前利潤比去年同期增加了 5,900 萬美元。業績主要得益於工業解決方案業務的更高營運率和更好的供應可用性。

And in the Performance Materials and Coatings segment, volume was up 5%, with strong gains across both architectural coatings and downstream silicones. We achieved this despite global weakness in building and construction end markets as high interest rates continued to pressure spending and residential markets.

在性能材料和塗料領域，銷量成長了 5%，建築塗料和下游有機矽均實現了強勁成長。儘管全球建築和施工終端市場疲軟，高利率持續對消費和住宅市場造成壓力，但我們還是實現了這個目標。

Operating EBIT increased $52 million compared to the year ago period, driven by volume gains and lower fixed costs.

由於銷量增加和固定成本降低，營業息稅前利潤與去年同期相比增加了 5,200 萬美元。

Now I'll turn the call over to Jeff, who will provide an overview of the macros and our outlook.

現在我將電話轉給傑夫，他將概述宏觀情況和我們的展望。

Thank you, Karen, and good morning to everyone joining our call today. Moving to slide 6. While global GDP is expected to grow at similar levels to 2024, recent economic activity is primarily being led by the strength in service-related sectors. In contrast, global manufacturing PMI is at contractionary levels with output and new orders declining in December.

謝謝你，凱倫，大家早安，今天參加我們電話會議的各位。移至幻燈片 6。雖然預計全球 GDP 將以與 2024 年相似的水平成長，但近期的經濟活動主要受到服務業相關產業的強勁推動。相較之下，全球製造業PMI處於收縮水平，12月產出和新訂單均出現下降。

Ongoing affordability challenges also continued to pressure spending in housing and durable good sectors. These dynamics have created a two-speed economy, and we continue to monitor key indicators for signs of positive inflection in more challenged end markets. Notably, this includes the pace of interest rate cuts in the US and Europe and recent stimulus actions in China for any impact on inflation as well as end market demand. In addition, we are watching for any impact from ongoing geopolitical volatility, including potential tariffs.

持續的負擔能力挑戰也持續對住房和耐久財領域的支出造成壓力。這些動態創造了雙速經濟，我們將繼續監測關鍵指標，尋找更具挑戰性的終端市場出現積極拐點的跡象。值得注意的是，這包括美國和歐洲的降息步伐以及中國最近的刺激措施對通膨以及終端市場需求的影響。此外，我們正在關注持續的地緣政治動盪（包括潛在的關稅）所帶來的影響。

Now looking across our four market verticals. In packaging, we continue to see demand growth, especially in North America, with resilient domestic and export polyethylene demand throughout the year. In China, manufacturing activity remains tepid and overall demand in Europe continues to be soft. Infrastructure demand remains weak globally, particularly in residential construction.

現在回顧我們的四個垂直市場。在包裝方面，我們繼續看到需求成長，尤其是在北美，全年國內和出口聚乙烯需求都保持強勁。在中國，製造業活動依然低迷，歐洲整體需求持續疲軟。全球基礎設施需求仍然疲軟，尤其是住宅建設方面。

In the US, mortgage rates are now back up above 7%, representing the highest level since May despite lower Fed interest rates. This is driving ongoing affordability issues with US building permits remaining below their three-year average. China new home prices also declined year-over-year for the 18th consecutive month.

在美國，儘管聯準會利率下調，但抵押貸款利率目前已回升至7%以上，達到自5月以來的最高水準。這導緻美國建築許可證數量仍低於三年平均水平，從而導致負擔能力問題持續存在。中國新建住宅價格也連續18個月年減。

Consumer spending continues to be constrained by persistent inflation in the US and Europe with consumer confidence levels declining in December. In China, overall retail sales were up in December, although year-over-year growth in furniture sales decelerated from the prior month. And in mobility, higher auto sales in the US and China were driven by discounts to clear elevated inventories and government stimulus actions, respectively.

消費者支出持續受到美國和歐洲持續通膨的限制，12 月消費者信心水準下降。在中國，12 月整體零售額有所上漲，儘管家具銷售額年增率較上月放緩。在交通運輸方面，美國和中國的汽車銷售成長分別受到清除庫存的折扣和政府刺激措施的推動。

We also saw new car registrations in the EU declined 13% in the second half of 2024 compared to the first half of the year.

我們也發現，2024 年下半年歐盟的新車註冊量與上半年相比下降了 13%。

Now turning to our outlook on slide 7. We expect first quarter earnings to be approximately $1 billion, down $200 million quarter-over-quarter. This is largely due to higher anticipated feedstock costs, which have increased due to the severe cold snap. We expect this to pressure margins as we start the quarter.

現在轉到第 7 張投影片上的展望。我們預計第一季獲利約 10 億美元，季減 2 億美元。這主要是由於預期原料成本上漲，而嚴重的寒流導致原料成本上漲。我們預計這會在本季開始時給利潤率帶來壓力。

We will also have higher planned maintenance activity in the first quarter across our three operating segments, but expect full year planned maintenance activity to be roughly in line with the prior year. In addition we anticipate our operational tax rate to be in the range of 25% to 29% in line with our historical range. This reflects an improvement versus the fourth quarter, which was elevated largely due to higher than expected noncash tax adjustments. These tax items were primarily related to Argentina, which was amplified by inflation. Audit remeasurements in currency were also drivers for the fourth quarter tax rate.

我們三個營運部門的第一季計畫維護活動也將增加，但預計全年規劃維護活動將與去年大致持平。此外，我們預計我們的營業稅率將在 25％至 29％ 之間，與我們的歷史範圍一致。這反映出與第四季相比有所改善，第四季度的成長主要是由於非現金稅收調整高於預期。這些稅項主要與阿根廷有關，且因通貨膨脹而加重。貨幣審計重估也是第四季稅率的驅動因素。

Next, I'll turn to our outlook and first quarter guidance by segment. In Packaging and Specialty Plastics, we expect higher feedstock and energy costs to outpace price increases from a timing perspective in the quarter. As a result, global integrated margins are expected to be lower sequentially. In addition, we anticipate headwinds of approximately $50 million from higher planned maintenance activity, primarily along the West Gulf Coast.

接下來，我將按部門介紹我們的展望和第一季指引。在包裝和特殊塑膠方面，我們預計本季從時間角度來看原料和能源成本的上漲將超過價格上漲的速度。因此，預計全球綜合利潤率將季減。此外，我們預計，由於計劃維護活動增加，主要在西墨西哥灣沿岸，將帶來約 5,000 萬美元的逆風。

In the Industrial Intermediates and Infrastructure segment, we anticipate lower margins in our polyurethane business from higher energy costs as well as lower catalyst sales in our Industrial Solutions business. In the quarter, we have planned maintenance activities scheduled at our ethylene oxide asset in Seadrift Texas, which will enable the startup of additional alkoxylation capacity in the US Gulf Coast.

在工業中間體和基礎設施部門，我們預計，由於能源成本上升以及工業解決方案業務中的催化劑銷售額下降，聚氨酯業務的利潤率將下降。本季度，我們計劃對位於德克薩斯州西德里夫特的環氧乙烷資產進行維護活動，這將使美國墨西哥灣沿岸的額外烷氧基化產能得以啟動。

This new capacity is one of the near-term growth investments we outlined at our last Investor Day and should support higher sales beginning in the second quarter. And in the Performance Materials and Coatings segment, building and construction end markets remain soft with high mortgage rates in the US and sector weakness in China continuing to weigh on demand. However, we expect the seasonal demand uptick in first quarter to provide a tailwind of approximately $75 million.

這項新產能是我們在上次投資者日概述的近期成長投資之一，應該會支持第二季開始的銷售成長。在性能材料和塗料領域，建築和建築終端市場仍然疲軟，因為美國的高抵押貸款利率和中國的行業疲軟繼續影響需求。不過，我們預計第一季季節性需求上升將帶來約 7,500 萬美元的順風。

In addition, our regular yearly maintenance at our monomers assets in the US Gulf Coast is expected to be a sequential headwind of approximately $25 million. On a final note, last week, the US Gulf Coast was impacted by a powerful winter storm. Our manufacturing sites have managed well, but we continue to monitor any further developments, both at our sites as well as across the industry. The current guidance does not include any impact favorable or unfavorable stemming from the storm.

此外，我們位於美國墨西哥灣沿岸的單體資產的年度定期維護預計將帶來約 2500 萬美元的連續逆風。最後要說的是，上週，美國墨西哥灣沿岸遭受了強烈冬季風暴的影響。我們的製造基地管理良好，但我們將繼續監控我們基地以及整個行業的任何進一步發展。目前的指導不包括風暴帶來的任何有利或不利的影響。

Now I'll turn the call back over to Jim.

現在我將把電話轉回給吉姆。

Thank you, Jeff. On slide 8, in the midst of the prolonged downturn and slower-than-expected economic recovery that our industry is experiencing, Dow is taking several key actions to further reduce our costs and reinforce our long-term competitiveness through the economic cycle.

謝謝你，傑夫。在第 8 頁幻燈片中，在我們行業經歷的長期低迷和慢於預期的經濟復甦中，陶氏正在採取多項關鍵措施，進一步降低成本並增強我們在經濟週期中的長期競爭力。

First and foremost, we're taking additional targeted actions aimed at improving our margins. We announced today that we will implement cost reductions of $1 billion on an annual run rate basis by 2026. These actions will be primarily focused on third-party contract labor and purchased services.

首先，我們正在採取額外的有針對性的行動來提高我們的利潤率。我們今天宣布，到 2026 年，我們將按年度運行率削減 10 億美元成本。這些行動將主要針對第三方合約勞務和購買服務。

In addition, we are targeting the elimination of approximately 1,500 Dow roles. Last quarter, we announced that we would kick off a strategic evaluation of our European asset footprint, and we're on track to provide an update on this work by mid-2025. Lastly, as we complete our in-flight higher-return growth projects this year, we're also taking actions to preserve our strong financial foundation.

此外，我們還計劃裁減約 1,500 個陶氏職位。上個季度，我們宣布將啟動對我們的歐洲資產足跡進行策略評估，並計劃在 2025 年中期之前提供這項工作的最新進展。最後，在今年完成飛行中高回報成長項目的同時，我們也採取行動來維護我們強大的財務基礎。

We intend to recalibrate our CapEx deployment to match the current demand and macroeconomic conditions and we will do so by reducing our 2025 spending by $300 million to $500 million compared to our previously disclosed target of $3.5 billion. We will keep CapEx spending roughly at these levels until we see a clear recovery materialize across broad portions of the end markets that we serve.

我們打算重新調整我們的資本支出部署，以適應當前的需求和宏觀經濟條件，我們將透過將2025 年的支出從先前披露的35 億美元的目標減少3 億美元至5 億美元來實現這一目標。我們將把資本支出保持大致在這些水平，直到我們看到我們所服務的終端市場的廣泛領域出現明顯復甦。

Turning to slide 9. We continue our ongoing practice of reviewing our global portfolio. Last month, Dow entered into a definitive agreement to sell 40% equity stake in select infrastructure assets to Macquarie Asset Management, a leading global infrastructure investor. We anticipate the transaction will close by mid-2025. This newly formed infrastructure-focused company named Diamond Infrastructure Solutions is comprised of assets that support a wide range of services at five of Dow's manufacturing sites along the US Gulf Coast.

翻到第 9 張投影片。我們將繼續審查我們的全球投資組合。上個月，陶氏化學公司達成最終協議，將部分基礎建設資產 40% 的股權出售給全球領先的基礎設施投資者麥格理資產管理公司。我們預計交易將於 2025 年中期完成。這家新成立的專注於基礎設施的公司名為 Diamond Infrastructure Solutions，其資產為美國墨西哥灣沿岸的五個陶氏製造工廠提供廣泛的服務支援。

The new company will operate within Dow and has a dedicated management team with priorities in support of Diamond Infrastructure Solutions strategy. Importantly, Dow will maintain operational control to ensure our standards for safe and reliable operations are upheld. This transaction is expected to generate approximately $2.4 billion of initial cash proceeds for Dow.

新公司將在陶氏公司內部運營，並擁有專門的管理團隊，專注於支援鑽石基礎設施解決方案策略。重要的是，陶氏將保持營運控制，以確保維護我們安全可靠的營運標準。預計此交易將為陶氏帶來約24億美元的初始現金收益。

Macquarie Asset Management has the option to increase their minority equity stake to 49% within six months of closing, which would increase cash proceeds to approximately $3 billion for Dow, if exercised. The long-term partnership leverages Dow's operational excellence and Macquarie Asset Management's world-leading infrastructure positions to generate incremental operational efficiencies as well as future growth opportunities with existing and new customers.

麥格理資產管理公司有權在交易完成後的六個月內將其少數股權增至 49%，如果行使該權利，陶氏的現金收益將增加至約 30 億美元。這項長期合作關係利用陶氏的卓越營運和麥格理資產管理公司世界領先的基礎設施地位，與現有和新客戶一起提高營運效率並創造未來成長機會。

With enhanced financial flexibility from this partnership, Dow is in a strong position to continue to invest in growth and deliver enhanced returns to our shareholders, particularly as market conditions improve.

此次合作增強了陶氏的財務靈活性，使其能夠繼續投資於成長並為股東帶來更高的回報，尤其是在市場條件改善的情況下。

Closing on slide 10. As we navigate a challenging near-term environment, we are committed to a disciplined and balanced approach to delivering our cash and capital allocation priorities. Our ability to proactively manage in an extended economic downturn will position Dow well for long-term success.

結束於投影片 10。在應對充滿挑戰的短期環境時，我們致力於採取嚴謹、平衡的方式來實現我們的現金和資本配置優先事項。我們積極應對長期經濟衰退的能力將為陶氏的長期成功奠定良好的基礎。

As I mentioned earlier, last week, we postponed a maintenance turnaround at one of our ethylene crackers in Europe. This decision will result in us idling this asset starting in second quarter until market dynamics improve. This reduction in planned turnaround spending will keep 2025 turnaround spending levels in line with the prior year. We will continue to match supply with profitable demand until margins improve. We continue to take proactive strategic actions to optimize our global footprint, drive operational performance and reduce our costs and capital expenditures.

正如我之前提到的，上週我們延後了歐洲一座乙烯裂解裝置的維護檢修。這項決定將導致我們從第二季開始閒置該資產，直到市場動態改善為止。計劃中的扭轉支出的減少將使 2025 年的扭轉支出水準與上一年保持一致。我們將繼續使供應與有利可圖的需求相匹配，直到利潤率提高。我們繼續採取積極的策略行動，優化我們的全球影響力，提高營運績效並降低成本和資本支出。

In 2025, our additional cost actions and reduced CapEx spending will help us to enhance near-term cash flow, margins, and earnings growth while remaining committed to our long-term strategic priorities. In addition, our signed agreement with Macquarie Asset Management further strengthens Dow's financial flexibility and the potential to generate up to $3 billion in cash proceeds in 2025.

2025 年，我們的額外成本行動和減少的資本支出將幫助我們提高近期現金流、利潤率和獲利成長，同時繼續致力於我們的長期策略重點。此外，我們與麥格理資產管理公司簽署的協議進一步增強了陶氏的財務靈活性和在2025年產生高達30億美元現金收益的潛力。

This transaction is consistent with Dow's best owner mindset and track record of delivering unique to Dow cash flow levers to mitigate cyclical volatility. We're optimistic that we will continue to see demand growth in attractive end markets such as packaging, energy, and electronics. And once completed, our near-term growth investments, representing higher return and quicker payback projects will enable improved underlying earnings and margins across the cycle.

此交易符合陶氏的最佳所有者心態以及提供陶氏獨有的現金流槓桿來緩解週期性波動的記錄。我們樂觀地認為，我們將繼續看到包裝、能源和電子等有吸引力的終端市場的需求成長。一旦完成，我們的近期成長投資（代表著更高的回報和更快的回報項目）將能夠提高整個週期的潛在收益和利潤率。

With a differentiated portfolio and proactive actions to support our solid financial foundation, we are confident in our ability to deliver on all of our capital allocation priorities, including our industry-leading dividend. At the same time, we will continue to maintain our focus on operating and financial discipline to drive long-term shareholder value to ensure that we remain well positioned for the cycle recovery.

憑藉差異化的投資組合和積極主動的行動來支持我們穩固的財務基礎，我們有信心實現所有資本配置優先事項，包括行業領先的股息。同時，我們將繼續專注於營運和財務紀律，以推動長期股東價值，確保我們在周期復甦中保持有利地位。

With that, I'll turn it back to Andrew to get us started with the Q&A.

接下來，我會把話題轉回給安德魯，讓他帶領我們開始問答環節。

Thank you, Jim. Now let's move on to your questions. I would like to remind you that our forward-looking statements apply to both our prepared remarks and the following Q&A. Operator, please provide the Q&A instructions.

謝謝你，吉姆。現在我們來回答您的問題。我想提醒您，我們的前瞻性陳述既適用於我們準備好的評論，也適用於以下問答。接線員，請提供問答說明。

(Operator Instructions)

（操作員指令）

Just before we get to the first question, I wanted to make a few brief comments about the tragic incident that occurred near Washington, D.C. last night. We were saddened by the news of yesterday evening's passenger plane crash. As a company with values centered on people, our hearts are heavy for all those who have been affected by this tragic event. Our thoughts and deepest sympathies are with the passengers, crew members, and their families during this incredibly difficult time.

在我們開始第一個問題之前，我想就昨晚華盛頓特區附近發生的悲劇事件做幾點簡短的評論。我們對昨天晚上發生的客機失事的消息感到非常悲痛。作為一家以人為本的公司，我們為所有受到這場悲劇事件影響的人們感到沉痛的哀悼。在這極為艱難的時刻，我們向乘客、機組人員及其家人表達最深切的慰問和慰問。

Operator, do we have the first question?

接線員，我們有第一個問題嗎？

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

Thank you and.

謝謝你，。

Jim, if I could just ask you to revisit the three bridge items we talked about on the last call, one of which was sort of operating rate or macro improvement. The second was the year-over-year delta in planned maintenance, which sounds like it's going to be neutral now. And then third was just sort of the start-up of Dow projects that were going to contribute. So if you could just update us on where you see those for 2025 at this point.

吉姆，我可以請你重新討論我們在上次通話中談到的三個橋樑項目嗎？第二個是計畫維護的同比增量，現在聽起來好像是中性的。第三是啟動陶氏即將做出貢獻的計畫。所以如果你能告訴我們你目前對 2025 年的看法的話。

Sure. Look, on operating rate, I would say in fourth quarter, we saw some improvements in the overall company operating rate, but on industry operating rate, we're still not in an expansionary level yet. Europe has been a big weight on that. Europe continues to be for the industry, about 20% below pre-COVID levels across the board. And if you get into other sectors like housing-related polyurethanes, it can even be lower than that.

當然。就營運率而言，我想說在第四季度，我們看到公司整體營運率有所改善，但就行業營運率而言，我們仍未處於擴張水平。歐洲對此負有很大責任。歐洲繼續成為該產業的中心，全境比疫情前的水平低約 20%。如果你進入其他領域，例如與住房相關的聚氨酯，這個價格甚至可能更低。

I'd say the operating rates in the Americas continue to be relatively strong. So you're talking about high 80%s, low 90%s types of operating rates. The ethylene chain, stronger than the propylene chain. Housing and automotive drive a lot in the propylene chain and downstream silicones obviously doing better than siloxane. So siloxane rates are a drag on it, mainly from capacity adds in China.

我想說美洲的開工率仍然相對強勁。所以你談論的是高 80%、低 90% 類型的營運率。乙烯鏈比丙烯鏈更強。住房和汽車在丙烯鏈中起著很大的推動作用，而下游有機矽的表現明顯優於矽氧烷。因此，矽氧烷價格對其造成拖累，主要由於中國產能增加。

Year-over-year, we've trimmed things. Obviously, it won't show up in first quarter, but we're targeting to be flat year-over-year on turnarounds, and that was a big part of the decision to defer the maintenance on one of the crackers in Europe. Probably people don't realize that we have kind of an integration between Terneuzen, Stade and Tarragona. And so in addition to managing the ethylene part of the chain, we have to balance the propylene part of the chain as well.

與上一年相比，我們已經削減了一些內容。顯然，這不會在第一季出現，但我們的目標是實現週轉率與去年同期持平，這也是決定延後對歐洲其中一座裂解裝置進行維護的重要原因。人們可能沒有意識到我們在泰爾訥、施塔德和塔拉戈納之間有某種整合。因此，除了管理鏈中的乙烯部分之外，我們還必須平衡鏈中的丙烯部分。

And so deferring that maintenance will allow us to save some costs this year. It will also tighten up things from a balance standpoint around the region. So we think that will be a net positive.

因此，推遲維護將使我們今年可以節省一些成本。這也將使整個地區的局勢更加平衡。因此我們認為這將會產生正面的影響。

And then the start-up of the Dow projects in this year, we have several projects that are in flight. We have projects in polyethylene, which are on track to start up by the middle of the year. We have a couple of projects in Industrial Solutions that are on track to start up. And then longer term, we've got our Path2Zero project in Alberta, which is still on schedule for the end of 2027.

然後今年陶氏計畫的啟動，我們有幾個計畫正在進行中。我們有聚乙烯項目，預計將在今年年中啟動。我們在工業解決方案領域有幾個項目正在按計劃啟動。從長遠來看，我們在阿爾伯塔省開展了 Path2Zero 項目，該項目仍按計劃於 2027 年底完成。

Michael Sison, Wells Fargo.

富國銀行的麥可·西森。

Hey, good morning. I guess what we've heard so far is 2026 overall macro demand, unfortunately, it doesn't seem like it's going to be much better than '25 versus '24. You've got some headwinds here for higher feedstock costs and energy. You've got some cost savings. So if demand is unfortunately similar in '25 versus '24, I mean, directionally, should EBITDA be up, down, flat? I mean, how do you sort of look at that this year?

嘿，早安。我想我們目前聽到的是 2026 年的整體宏觀需求，不幸的是，它似乎不會比 2025 年和 2024 年好多少。由於原料成本和能源成本上漲，你們面臨一些阻力。您節省了一些成本。因此，如果不幸 25 年和 24 年的需求相似，那麼從方向上看，EBITDA 應該是上升、下降還是持平？我的意思是，今年您如何看待這一點？

Good morning, Michael, good question. On '25 versus '24, obviously, a big part of the $1 billion of cost actions we're taking are to underpin improved EBITDA in 2025. So we've got volume growth, and I mentioned the projects that we'll have starting up this year, which all of them will be able to be sold out and be accretive from the point that they start up. So you'll have that.

早安，邁克爾，這個問題問得好。相對於 2024 年和 2025 年，顯然，我們採取的 10 億美元成本行動中很大一部分是為了支撐 2025 年 EBITDA 的提高。因此，我們的銷量有所增長，我提到了我們今年將啟動的項目，這些項目從啟動之日起都將全部售出並實現增值。所以你會擁有它。

We're obviously not counting on a tremendous amount, although we've shown five consecutive quarters of volume growth. So we're still going to keep taking advantage of our low-cost position and get our share. But I think it's pricing power is the real question. And that's the reason for the cost action is to underpin the improvement in EBITDA.

儘管我們的銷量已連續五個季度增長，但顯然我們並沒有指望會有巨大的成長。因此，我們仍將繼續利用我們的低成本優勢來獲取我們的份額。但我認為定價權才是真正的問題。這就是採取成本行動以支撐 EBITDA 改善的原因。

I would say you also have to think about the markets and a lot will depend on demand in the markets. In P&SP, well, I'd say in the ethylene chain in general, P&SP and ethylene oxide derivatives have continued to be strong. You see that strength in Industrial Solutions. You see that strength, although we had some pricing slip in the fourth quarter.

我想說你還必須考慮市場，很多事情都取決於市場需求。在 P&SP 中，我想說，在乙烯鏈中，P&SP 和環氧乙烷衍生物總體上持續保持強勁。您可以在工業解決方案中看到這種優勢。儘管第四季我們的價格有所下滑，但你仍然看到了這種實力。

Overall, you see that strength in the integrated margins of P&SP. So I think that will continue to be a positive sign. I think we'll continue to take the actions that we need to take in Europe to tighten things up there. I don't want to be doom and gloom about Europe, but I think we have to be realistic that downstream demand is not coming back.

總體而言，您會看到 P&SP 的綜合利潤率優勢顯著。所以我認為這將繼續是一個積極的信號。我認為我們將繼續在歐洲採取必要的行動來加強那裡的秩序。我不想對歐洲的情況感到悲觀，但我認為我們必須現實地認識到下游需求不會復甦。

And so we're going to have to take actions there to tighten things up. And then, of course, cash, we're going to manage very carefully, which is why you saw the CapEx reductions that we announced to try to stay in a better cash flow position and keeping our dividend strong is one of the number 1 priorities.

所以我們必須採取行動來加強監管。當然，我們會非常謹慎地管理現金，這就是為什麼你看到我們宣布削減資本支出，以努力保持更好的現金流狀況，並保持強勁的股息是首要任務之一。

Hassan Ahmed, Alembic Global.

哈桑·艾哈邁德（Hassan Ahmed），Alembic Global。

Morning, Jim. A question on P&SP. I'm just trying to sort of reconcile the guidance that you guys gave and what sort of polyethylene pricing you guys are baking in there? You're clearly looking for a bit of a margin squeeze over there. And we have a variety of sort of polyethylene price hikes on the table in the US contract-wise. And obviously, ethane prices have gone up as well. So I guess a two-part question, what polyethylene prices are you baking in? And what sort of ethane pricing environment are you baking in?

早安，吉姆。關於 P&SP 的一個問題。我只是想協調你們給的指導和你們所製定的聚乙烯定價？很顯然，您正在尋找一些能夠擠壓利潤的空間。美國正在考慮各種聚乙烯價格上漲就合約而言。顯然，乙烷價格也上漲了。所以我想這個問題分成兩個部分，你們預期聚乙烯的價格是多少？你們處在什麼樣的乙烷定價環境中？

Hassan, great lead-in for me to welcome Karen to the call and ask her to cover P&SP in those two parts.

哈桑，非常高興地歡迎凱倫參加電話會議，並請她負責這兩個部分的 P&SP。

Thank you for the question. I think it's important to go back to fourth quarter and really look at what happened from a pricing perspective. As you know, we saw market prices go down in October by $0.03 per pound. And then prices continued to decline throughout the quarter, really driven by not market moves, but also contract resets that occur generally at that time of the year.

感謝您的提問。我認為回顧第四季度並從定價角度認真審視發生的事情非常重要。如您所知，我們發現十月市場價格每磅下跌了 0.03 美元。然後價格在整個季度持續下跌，這實際上不是受市場走勢驅動，也是每年這個時候普遍發生的合約重置所致。

So we're coming into 2025 with low prices. But at the same time, as you indicated, we saw input costs increase almost immediately as we got into the year. So we do have $0.12 per pound on the table for price increases in the fourth quarter, $0.07 in January and $0.05 in February. And as you indicated, we are seeing both ethane and natural gas costs come up. And so those costs are outpacing the rate at which price increases are being implemented.

因此，我們將以低價進入2025年。但同時，正如您所說，我們看到，進入新年後，投入成本幾乎立即增加。因此，我們計劃在第四季度漲價 0.12 美元/磅，一月份漲價 0.07 美元/磅，二月漲價 0.05 美元/磅。正如您所說，我們看到乙烷和天然氣的成本都在上升。因此，這些成本的成長速度超過了價格上漲的速度。

But I just want to reiterate that it is really important that we are going to stand firm on our price increases. Margins have reached a place that they are unsustainable. So you should expect to see that we are going to be resolute in getting those price increases through.

但我只想重申，堅持漲價立場確實非常重要。利潤率已達到難以為繼的程度。所以你應該會看到，我們將堅決推動這些價格上漲。

I also think, Hassan, that while the short-term moves and cost increases happen this time of year when the first blast of winter hits and everybody gets a little dose of reality, they also soften typically as the quarter goes on and you move into second quarter.

哈桑，我還認為，雖然短期的變化和成本增加發生在每年這個時候，當冬天的第一股寒流來襲，每個人都會面對一點現實，但隨著季度的推移，這些變化通常也會減弱，你會進入第二季。

Natural gas production is strong. It was 106 billion cubic feet per day last year. We don't see any change in that. The ethane frac spread is $0.50 a million Btu. That's a very good rate. I would say the only other thing is that propane naphtha advantage that slipped a bit at the back half of the year in Europe. I think it's going to start to come back a little bit, but not dramatically. So it's another reason to balance things out in the cracker fleet in Europe.

天然氣產量強勁。去年的日均產量為1060億立方英尺。我們沒有看到任何變化。乙烷壓裂價差為每百萬英熱單位 0.50 美元。這是一個非常好的比率。我想說的唯一一件事是歐洲丙烷石腦油的優勢在今年下半年下滑。我認為它會開始有所回升，但不會大幅回升。因此，這是平衡歐洲裂解裝置隊伍的另一個原因。

Jeff Zekauskas, JPMorgan.

摩根大通的 Jeff Zekauskas。

Thanks very much.

非常感謝。

The global commodity polyethylene industry is oversupplied. And between you and CPChem, you're adding another 8 billion pounds in North America. And Dow is adding half of that between now and 2030. Do you really want to add that? Or is your plan to close down your European assets so that there's no net addition? When we look at the Lyondell results in Europe, what we see is that they don't make any money. I assume that, that -- they make little money, I assume that's the same for you. So the first question is, do you really want a net addition? Or are you going to balance additions with closure?

全球商品聚乙烯產業供應過剩。而且您和 CPChem 將在北美額外增加 80 億英鎊的收入。而陶氏公司將在現在到2030年之間將這一數字增加一半。您確實要添加它嗎？或者您計劃關閉您的歐洲資產，這樣就不會出現淨增加？當我們查看利安德爾在歐洲的表現時，我們看到的是他們沒有賺到任何錢。我認為，他們賺的錢很少，我認為你也是一樣的。因此第一個問題是，你真的想要淨增量嗎？或者你要平衡新增內容和關閉內容？

And then for Jeff, what happened to the cash flow? That is cash flow is a couple of billion lower than it was last year. EBITDA is flat. Is that a onetime event? And how many shares are going to be issued for management comp this year to add to the share base?

那麼對傑夫來說，現金流發生了什麼變化呢？也就是說現金流比去年少了幾十億美元。EBITDA 持平。這是一次性活動嗎？今年管理階層將發行多少股票來增加股本？

Jeff, thanks for that. I'll take the first part on ethylene, and then I'll have Jeff comment on cash flow. On supply/demand, I think it's important to remember that what we're adding in Alberta is 2 million metric tons of zero Scope 1 and 2 emissions, ethylene and derivatives and we'll convert 1.5 million tons to zero emissions. So 3.5 million tons of zero Scope 1 and 2 emissions ethylene. And we're in negotiations now positively moving forward with customers for the offtake for that material. So it is a different part of the mix than what's available today.

傑夫，謝謝你。我將討論第一部分關於乙烯的問題，然後讓傑夫評論現金流。關於供需，我認為重要的是要記住，我們在阿爾伯塔省增加的是 200 萬公噸零範圍 1 和 2 排放，乙烯及其衍生物，我們將把 150 萬噸轉化為零排放。因此，範圍 1 和 2 的零排放乙烯為 350 萬噸。目前，我們正在與客戶積極協商，爭取取得該資料的承購權。因此，它是與今天可用的混合物不同的部分。

I do think your point is valid. We're seeing actions in Europe across the industry, which would tend towards reducing capacity in Europe, which is high cost, and there aren't any signs. I mean there's been a lot of good discussion in Europe around the Draghi report and competitiveness, but there have been no actions that indicate that energy costs or competitive positions are going to improve. So I think you're going to see some contraction there.

我確實認為你的觀點是正確的。我們看到歐洲整個產業都在採取行動，傾向於減少歐洲的產能，這是高昂的，但還沒有任何跡象。我的意思是，歐洲就德拉吉報告和競爭力進行了很多很好的討論，但沒有任何行動表明能源成本或競爭地位將會改善。所以我認為你會看到那裡出現一些收縮。

And I think we have to look around the world at places that are not cost competitive and tighten up there. Our investments are in cost-advantaged regions, like we said in Alberta, you're talking about putting a cracker in the first quartile that has zero Scope 1 and 2 emissions. There's nothing of that scale anywhere in the world, for those brand owners and those customers who want that product.

我認為，我們必須放眼全球，看看哪些地方不具備成本競爭力，然後加強那裡的競爭力。我們的投資集中在具有成本優勢的地區，就像我們在阿爾伯塔省所說的那樣，你說的是將裂解裝置放置在範圍 1 和 2 排放量為零的第一個四分位數。對於品牌所有者和想要該產品的客戶來說，世界上任何地方都沒有這種規模的東西。

Jeff, do you want to cover the cash flow?

傑夫，你想彌補現金流嗎？

Yeah. Thanks, Jim. A couple of things here on the cash flow. In the fourth quarter, we did generate $800 million in cash from operations. And our cash conversion rate was approximately 67%. One of the things that we did intentionally do in the fourth quarter is because of our first quarter 2025 heavy turnaround activity, we did purposely and intentionally build some additional inventory, especially as some of those turnarounds are going to be in some of our high-growth areas from a business perspective. So some of that was very intentional, Jeff, in terms of the build of the inventory that we saw.

是的。謝謝，吉姆。這裡有幾件關於現金流的事情。第四季度，我們確實從營運中產生了 8 億美元的現金。我們的現金轉換率約為67%。我們在第四季度有意做的一件事是，由於我們 2025 年第一季的重度週轉活動，我們確實有意地建立了一些額外的庫存，特別是因為其中一些週轉將發生在我們的一些高從商業角度來看，成長領域。所以傑夫，就我們所看到的庫存構建而言，有些事情是故意為之的。

In addition to that, we continue to maintain a really strong cash conversion cycle that we've taken out 8 days since spin, and we continue to be very disciplined in our approach to maintaining that ability to not only get the eight days out, but look for opportunities to get maybe another one or two days moving forward.

除此之外，我們繼續保持非常強勁的現金轉換週期，自分拆以來我們已經用了 8 天，我們繼續非常嚴格地保持這種能力，不僅可以用 8 天，而且尋找機會再向前推進一兩天。

David Begleiter, Deutsche Bank.

德意志銀行的 David Begleiter。

Jim, on the cost savings you announced today, on the direct costs, are those permanent? Or are they somewhat temporary? And of the 1,500 roles that are being reduced or eliminated, what regions are they? I presume mainly Europe? And what businesses and functions are they attached to?

吉姆，你今天宣布的直接成本節約是永久性的嗎？或者說它們只是暫時的？那麼，被減少或取消的1,500個職位都位於哪些地區？我猜主要是歐洲？它們隸屬於哪些業務和職能？

David, on the cost saves, we're trying to get the structural costs down and keep them at a low level. So we're trying to make them as permanent as we can. It's about 75% third-party cost saves. It's about 25% direct, which is a little bit lower on the direct percent than typical. I'd say on the third-party cost saves, we feel pretty good about our ability to get that done.

大衛，關於節省成本，我們正在努力降低結構性成本並將其保持在較低水平。因此我們正在努力使它們盡可能永久存在。第三方成本節省約75%。直接投資佔比約 25%，比典型的直接投資比例略低一些。我想說，就第三方成本節省而言，我們對自己完成這項工作的能力感到非常滿意。

We expect to be at about a 60% run rate by fourth quarter and a full run rate by mid next year. Regions, I would say it's a combination of regions and functions and businesses. So regions that are under economic pressure, obviously, Europe and Asia is a focus. Functions where we've not seen productivity improvements is a focus. And then we haven't announced a lot of site closures here. Our European asset review is still underway. We'll have updates on that by midyear. But this is not loaded with site closure costs or anything like that, which is why the charge is relatively light.

我們預計到第四季運行率將達到約 60%，到明年年中將達到滿載運行率。地區，我想說它是地區、職能和業務的結合。因此，面臨經濟壓力的地區，顯然歐洲和亞洲是重點。我們尚未看到生產力提升的功能是重點。我們還沒有宣布關閉很多站點。我們的歐洲資產審查仍在進行中。我們將在年中之前發布最新消息。但這並不包括場地關閉費用或類似費用，因此收費相對較輕。

Steve Byrne, Bank of America.

美國銀行的史蒂夫伯恩。

Yeah, thank you very much. It's Salvador Tiano. This is in for Steve. Just wanted to go back a little bit to the full year expectations. And I wonder, are there any other discrete items besides the maintenance spend that will be flat year-on-year, such as the benefit of having the EG2 unit operating for the full year that can help or be a headwind for '25 versus '24?

是的，非常感謝。他是薩爾瓦多·蒂亞諾。這對史蒂夫來說是件好事。只是想稍微回顧一下全年預期。我想知道，除了維護支出之外，是否還有其他單獨項目將與去年同期持平，例如 EG2 裝置全年運營的好處，這對“25 對 ”有幫助還是不利？ 24？

And can you go back also on the polyethylene price increases that you spoke earlier? Just for January because there will be a nonmarket adjustment based on some trade publishers, how do you expect that to actually impact realizations in January versus December against the proposed contract price increases?

您能再重複一下您之前談到的聚乙烯價格上漲的問題嗎？僅就 1 月而言，因為會根據一些貿易出版商做出非市場調整，您預計這會對 1 月與 12 月擬議的合約價格上漲產生什麼影響？

Yeah. So let me take a shot at the first half of your question, which is on the full year and the things that we should take a look at as we're looking at full year outlook. And then I'll ask Karen to talk about the polyethylene prices part.

是的。所以，讓我來回答一下你問題的前半部分，也就是關於全年的情況，以及我們在展望全年時應該關注的事情。然後我會請凱倫談談聚乙烯價格部分。

So first quarter margins are going to be squeezed, as we said. I would expect the exit rate of the quarter in the first quarter to be higher as we land those polyethylene prices through the quarter and as some of the feedstock costs come off. So something in the ballpark of $1.4 billion a quarter from second quarter to fourth quarter could be more in line with how we performed if you looked at the last year's results and the market backdrop that we've got.

因此，正如我們所說，第一季的利潤率將受到擠壓。我預計，隨著本季聚乙烯價格的下降以及部分原料成本的下降，第一季的退出率將會更高。因此，如果查看去年的業績和我們所掌握的市場背景，那麼從第二季度到第四季度，每季約 14 億美元的銷售額可能更符合我們的業績。

And then you've got about $300 million of cost reductions that we outlined today. Then you have the growth levers that we remain focused on. So we've got Texas-8 ramped back up. We've got our Glycol-2 unit back up in the market. It reached full growth rates or full production rates in the fourth quarter. You see that in the results in the fourth quarter.

然後你就得到了我們今天概述的約 3 億美元的成本削減。然後你就有了我們繼續關注的成長槓桿。因此我們已讓 Texas-8 重新升溫。我們的乙二醇-2裝置已重新投入市場。第四季度達到了全面成長率或全面生產力。您可以從第四季度的業績中看到這一點。

And then on top of that, we're counting on a little bit of help from GDP to get there. So I think we will -- I think we will see things improve. We have a bit of -- in addition to the compression in first quarter on pricing, in P&SP, we've got the turnaround, but the full year turnaround number will be flat. Karen, do you want to talk a little bit about price and what you expect on the non-market side?

除此之外，我們也指望 GDP 能為我們帶來一點幫助，以實現這一目標。所以我認為我們會看到事情有所改善。除了第一季在定價和銷售價格方面的壓縮外，我們還遇到了一些麻煩，儘管全年的周轉率將保持穩定。凱倫，你想談談價格以及你對非市場方面的期望嗎？

Yes. So in the first quarter, a little bit what we saw in December is we'll continue to see some contract resets. But then also, we also expect to see some nonmarket moves as well. But I think the key thing as you think about first quarter from a margin compression perspective is really that those feedstock costs are outpacing the rate of price increases.

是的。因此，在第一季度，我們會看到與 12 月份類似的一些合約重新設定的情況繼續出現。但同時，我們也預期會看到一些非市場舉措。但我認為，從利潤壓縮的角度考慮第一季度，關鍵問題是原料成本的上漲速度超過了價格上漲的速度。

And so if you think about it this way, we have price increases that we are going to implement over the January and February time frame, but the higher feedstock costs occurred right at the beginning of the year. So you are right. We will continue to see some market, non-market move, but again, a few more contract resets as we continue to grow our share on our volume. And then the other headwind that Jim just mentioned is that we are going to have a few more turnarounds on the energy side, but also in Functional Polymers.

如果你這麼想的話，我們將在一月和二月期間實施價格上漲，但原料成本的上漲是在年初發生的。所以你是對的。我們將繼續看到一些市場和非市場的變動，但隨著我們交易量的份額不斷增加，將會有更多的合約重置。吉姆剛才提到的另一個不利因素是，我們將在能源方面面臨更多的轉變，而且在功能聚合物方面也面臨同樣的轉變。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特（Josh Spector）

Yeah. Hi, good morning. I was wondering if you could talk about the risk and potential mitigation activities you could do around tariffs, specifically around Canada. I mean I think -- I assume that a lot of the tons from your facilities in Canada come into the U.S. versus export markets. I guess, first, can you clarify what that mix is? And if that is right, what can you do to mitigate the impact? Or how do you plan around this?

是的。嗨，早安。我想知道您是否可以談談圍繞關稅，特別是在加拿大可以採取的風險和潛在的緩解措施。我的意思是，我認為——我假設你們加拿大工廠生產的大部分產品都銷往了美國市場，而不是出口市場。我想，首先，你能解釋一下這種混合物是什麼嗎？如果這是正確的，您可以做些什麼來減輕影響？或者您如何計劃解決此問題？

Yes. Good question, Josh. I mean I think the most important thing is what we're doing right now, which is engaged with the administration on providing data for ourselves and also for the industry to understand the situation. And we're starting to see every day like more refinement on what's happening.

是的。問得好，喬希。我的意思是，我認為最重要的是我們現在正在做的事情，即與政府合作，為我們自己提供數據，同時也讓業界了解情況。我們開始看到每天發生的事情變得更加精細。

I think it's pretty clear in the near term, the discussion is around getting control over immigration and the flow of fentanyl into the United States. We're relatively balanced with Canada. We trade both ways with Canada, a little bit more coming into the U.S. from a finished product standpoint, but we have product that moves both ways.

我認為短期內很明顯，討論的重點是控制移民和芬太尼流入美國。我們與加拿大相對平衡。我們與加拿大進行雙向貿易，從成品角度來看，進口到美國的量稍微多一些，但我們的產品是雙向流動的。

So trying to just have an overall picture of what the energy complex and the petrochemicals complex looks like there so that we don't create unintended consequences. And I don't think it's the administration's view to do something that's going to hurt the global economy. I think they want to try to create the situation where we continue to have growth and investment here.

因此，我們試圖對那裡的能源綜合體和石化綜合體有一個總體了解，這樣我們就不會產生意想不到的後果。我也不認為政府會採取任何損害全球經濟的行動。我認為他們想努力創造一種讓我們在這裡繼續成長和投資的局面。

Chris Parkinson, Wolfe Research.

克里斯·帕金森（Chris Parkinson），沃爾夫研究公司。

Great. Thank you so much. Jim, I just want to dive a little deeper. I think we did it last time, just how you're thinking about some of the EU assets by country. And I think last time we were going over the Netherlands and Germany. And there are a lot of strategic reviews going on in Intercontinental Europe right now. So just trying to think about the -- how you fit into like the larger picture in terms of these developments and how they're basically panning out over the next several years. Thank you.

偉大的。太感謝了。吉姆，我只是想深入一點。我想我們上次就是這樣做的，就像你如何考慮按國家劃分的一些歐盟資產。我認為上次我們討論的是荷蘭和德國。目前歐洲洲際正在進行大量戰略評估。所以試著思考一下——就這些發展而言，你如何融入更大的圖景，以及它們在未來幾年基本上如何展開。謝謝。

Sure. That's a great question, Chris. If you look at the EU, obviously, the number 1 challenge is energy competitiveness. And so relatively speaking, Spain has a decent advantage right now from an energy standpoint. So there, we're looking with our partners at Repsol and how do we reduce the combined cost between the two of us on operations in Spain.

當然。這是一個很好的問題，克里斯。如果你看看歐盟，顯然最大的挑戰是能源競爭力。因此相對而言，西班牙目前從能源角度具有相當大的優勢。因此，我們正在與 Repsol 的合作夥伴一起研究如何降低兩家公司在西班牙營運的綜合成本。

When you get to the Netherlands, while we announced idling of a cracker and to avoid the turnaround cost this year, I don't want you to assume that that's the answer to the European strategic review, that really is just something that we have the ability to do this year to manage through the short-term situation. The Netherlands has been pretty competitive throughout, and our cost positions have been pretty good there.

當你到達荷蘭時，雖然我們宣布關閉一座裂解廠，以避免今年的周轉成本，但我不希望你認為這就是歐洲戰略評估的答案，這實際上只是我們擁有的東西今年能否渡過短期困境。荷蘭的競爭力一直很強，我們的成本優勢也一直很好。

We just have to look at the market for ethylene. We're a net merchant ethylene seller. We got to look at those balances, and we've got to look at the propylene market and balances, and that will drive what we decide to do there. I'd say the Netherlands as a country still very focused on energy and discussions recently, they still have a focus themselves on adding nuclear power generating capability, which I think is going to help them with their energy costs.

我們只需關注乙烯市場。我們是乙烯淨銷售商。我們必須關注這些平衡，我們必須關注丙烯市場和平衡，這將推動我們決定在那裡做什麼。我想說，荷蘭作為一個國家仍然非常關注能源和最近的討論，他們仍然專注於增加核電發電能力，我認為這將有助於他們降低能源成本。

Germany, a lot is going to depend on this election at the end of February. I think it's shaping up that there will be a change in the German government. And if you look at what happened post COVID, Germany moved fast to take action when the Russian supply on gas was stopped, and now has five LNG import facilities operating and it's really shifted the balance on LNG imports.

在德國，很多事情都取決於二月底的選舉。我認為德國政府即將發生變動。如果你看看新冠疫情之後發生的情況，你會發現當俄羅斯天然氣供應中斷時，德國迅速採取了行動，目前德國已有五個液化天然氣進口設施投入運營，這確實改變了液化天然氣進口的平衡。

However, the LNG import costs are $10 to $15 a million Btu into Europe. So longer term, we have to look at what else can we do in Germany structurally to get the cost down. I think it's going to require state action to make it happen. I don't think the EU is going to do something that drives this. I think it's going to require the states pushing back, and there's no state that has more heft in this discussion than Germany.

然而，歐洲進口液化天然氣的成本為每百萬英熱單位10至15美元。因此，從長遠來看，我們必須研究在德國還能採取哪些結構性措施來降低成本。我認為這需要國家採取行動才能實現。我不認為歐盟會採取任何行動來推動這項進程。我認為這需要各州的反擊，而在這場討論中，沒有哪個國家比德國更有影響力。

Frank Mitsch, Fermium Research.

米奇 (Frank Mitsch)，鋤研究機構。

Good morning and Congratulations, Karen, on your new role. Jim, I want to ask about the III segment in terms of the first quarter. You're calling out $100 million sequential headwinds, mostly from one-offs, excluding higher energy. Can you talk about what you're seeing in terms of the pace of business between the Polyurethanes and Construction and Industrial Solutions segments? One would have thought this US Gulf Coast freeze would be fantastic for your deicing business, et cetera. So can you give us -- absent kind of these one-offs, what is really going on in those businesses as we sit here in the first quarter?

早上好，恭喜 Karen 獲得新的職位。吉姆，我想問第一季的 III 部分。您指出，連續 1 億美元的逆風主要來自一次性事件，不包括高耗能產品。您能否談談聚氨酯和建築與工業解決方案部門之間的業務發展速度？人們可能會認為，美國墨西哥灣沿岸的寒流對除冰業務等來說將是件好事。那麼您能否告訴我們，除了這些一次性事件之外，第一季這些業務的實際進展如何？

Karen, why don't you unpack that?

凱倫，你為什麼不把它打開呢？

Yeah. No, thanks for that question. So if I look at the first quarter, and I'll take polyurethanes and construction chemicals first. We're not really seeing any signs of demand recovering despite the interest rate cuts in the U.S. and Europe. And as you know, we have several applications in that business that are really sensitive to interest rates.

是的。不，謝謝你的提問。因此，如果我看第一季度，我會先考慮聚氨酯和建築化學品。儘管美國和歐洲都下調利率，但我們並沒有看到任何需求復甦的跡象。如您所知，我們在該業務中有幾個應用程式對利率非常敏感。

So whether you're talking about bedding and furniture, but also obviously, in the housing applications as well. And if you think about US home affordability, it remains at historic lows, but then also interest rates there are above 7%. We also saw in the fourth quarter, automotive start to slow. And if you think about that from a US perspective, those inventories are at 10-year highs. And so that's one of the reasons that we announced on the last earnings, the strategic review of our European footprint, really where we're looking at our polyurethanes in particular.

因此，無論您談論的是床上用品和家具，但顯然也包括住房應用。如果你考慮美國的住房負擔能力，它仍然處於歷史低位，但那裡的利率卻超過了 7%。我們也看到第四季汽車產業開始放緩。如果你從美國的角度來考慮，這些庫存已經達到了十年來的最高水準。這就是我們在上次收益報告中宣布對我們的歐洲足跡進行策略評估的原因之一，我們特別關注聚氨酯。

And so then if I pivot to DIS there, what I would say is that overall demand really does remain stable. We are seeing some green shoots in global energy demand and also pharma demand, which is really good for us. Deicing, as you indicated, is a seasonal tailwind. So we'll see if the cold weather continues to persist. But then one of the things that's notable in the first quarter around DIS is that we do have increased turnaround there. We're taking our unit in Seadrift down. So that will result in a tailwind for us.

因此，如果我轉向 DIS，我想說的是整體需求確實保持穩定。我們看到全球能源需求和製藥需求出現了一些復甦跡象，這對我們來說確實是件好事。正如您所說的，除冰是季節性的順風。所以我們將看看寒冷天氣是否會持續。但是，第一季 DIS 方面值得注意的一件事是，我們的周轉率確實有所提高。我們正在撤出 Seadrift 的部隊。所以這會帶給我們順風。

So I would say, overall, on the polyurethane side, just continuing to see challenging market demand -- market macros. But then also on the Industrial Solutions side, with the continued ramp of Glycol-2 that's now fully back, we should see a tailwind there. But again, some of that is being muted with the turnaround that we see in first quarter.

因此，我想說，總體而言，就聚氨酯方面而言，市場需求和宏觀市場仍面臨挑戰。但在工業解決方案方面，隨著乙二醇-2 的持續增長（現已完全恢復），我們應該看到那裡的順風。但同樣，隨著我們在第一季看到好轉，其中一些跡像已被減弱。

I would just add, Frank, on automotive, the shape of automotive last year was a pretty strong start to the year in terms of production units. And you saw automotive, I think, being positive as they move through the middle of the year and then towards the end of the year, a lot of pull down in inventory in automotive.

我想補充一點，弗蘭克，關於汽車，就生產單位而言，去年汽車業的開局相當強勁。我認為，您會看到汽車行業呈現積極態勢，因為在年中和年末，汽車庫存大幅下降。

So dealer discounts and things happening, you saw China moving product in advance of the end of the year because they wanted to get ahead of tariffs. And so we -- I don't know, but we could see something similar happen this year where automotive starts strong again, and we just have to keep an eye on what happens with inventories there and demand in the automotive sector.

因此，經銷商折扣和事情發生，你會看到中國在年底前轉移產品，因為他們想搶在關稅之前。因此，我不知道，但我們可能會看到今年發生類似的事情，汽車產業再次強勢起步，我們只需要專注於汽車產業的庫存和需求。

Patrick Cunningham, Citi.

花旗銀行的派崔克‧坎寧安 (Patrick Cunningham)。

Hi, good morning. On the lower siloxane pricing environment, which is impacting PM&C, are China oversupply issues getting better or worse into 2025? And with the focus on more downstream specialties, would you anticipate taking any further actions on upstream assets? Or do you anticipate others to take actions on capacity here?

嗨，早安。在影響PM&C的較低矽氧烷價格環境下，2025年中國供應過剩問題會改善還是惡化？隨著對更多下游專業的關注，您是否預計會對上游資產採取進一步行動？或者您是否預期其他人會在此採取行動？

Patrick, good question. I'd say it's getting better, but it's -- the pace of getting better is slow. And I'd say the business is taking a look at the upstream side and what they want to do in that space. The downstream demand has been good. Karen, maybe you make a few comments about how you're seeing things there.

派崔克，好問題。我想說情況正在好轉，但好轉的步伐很慢。我想說的是，企業正在關注上游，以及他們想在這個領域做什麼。下游需求良好。凱倫，也許你可以就你對那裡的看法發表一些評論。

Yeah. So thanks, Jim. I mean downstream continues to grow for us quite significantly. And if you look at even last quarter, we grew above GDP, and we expect that to continue to occur as we get into 2025. I mean we are seeing really good downstream growth in markets like electronics, but also in home and personal care.

是的。所以謝謝你，吉姆。我的意思是下游業務對我們來說繼續大幅成長。如果你看看上個季度，我們的成長就超過了 GDP，我們預計到 2025 年這種情況還會繼續發生。我的意思是，我們看到電子等市場的下游成長非常好，而且家庭和個人護理市場也是如此。

And so on the upstream, as you indicated, we did see pretty significant capacity additions, primarily in China in the 2022, 2023 time frame. That has slowed significantly, but we're continuing to see an overcapacity situation there. Over time, though, with the higher than GDP growth in those end market segments, we do expect it to come into balance, but we are staying squarely focused on continuing to grow those downstream applications in silicones.

因此在上游，正如您所說，我們確實看到了相當大的產能增加，主要是在 2022 年、2023 年期間在中國。雖然這一速度已明顯放緩，但我們仍然看到產能過剩的情況。不過，隨著時間的推移，隨著這些終端市場的成長高於 GDP 的成長，我們確實預期它會達到平衡，但我們仍將專注於繼續發展有機矽的下游應用。

Kevin McCarthy, Vertical Research Partners.

凱文·麥卡錫（Kevin McCarthy），垂直研究夥伴。

Jeff, I was wondering if you'd walk through your view of nonoperating sources of cash flow and uses in 2025. Specifically, I'm thinking about after-tax cash proceeds from your infrastructure deal. I think you have some pending litigation with Nova, if I'm not mistaken. And then any cash sources or uses associated with your new restructuring announced today as well as the strategic review of your asset base in Europe and other items that you may care to call out?

傑夫，我想知道您是否可以介紹一下 2025 年非經營性現金流來源和用途的看法。具體來說，我正在考慮您基礎設施交易的稅後現金收益。如果我沒記錯的話，我認為您與 Nova 之間有一些未決的訴訟。那麼，今天宣布的新重組、歐洲資產基礎的策略審查和其他您可能想提及的項目相關的現金來源或用途有哪些？

Kevin, if you look at our cash flow for 2025, a couple of things to consider here. If you take whatever the expectations are from an EBITDA perspective for the year, I would assume right now an approximately 70% cash conversion rate over the course of the year.

凱文，如果你看看我們 2025 年的現金流，這裡有幾件事要考慮。如果從 EBITDA 角度來衡量今年的預期，我目前認為全年的現金轉換率約為 70%。

We just provided a guide on the CapEx now in the range of $3 billion to $3.2 billion. So on average midpoint there, $3.1 billion. I would make the assumption there of $2 billion. And as we mentioned on the call, from an infrastructure proceeds perspective, that could be anywhere from a minimum of $2.4 billion up to $3 billion during the course of the year.

我們剛剛提供了一份資本支出指南，目前範圍在 30 億美元到 32 億美元之間。因此平均中位數為 31 億美元。我假設這個數字是 20 億美元。正如我們在電話會議上提到的，從基礎設施收益的角度來看，全年的收益可能在至少 24 億美元到 30 億美元之間。

Our net interest expense guide is approximately $600 million on a full year basis. We are continuing to make good progress on the Nova judgment situation there, and we should have more to say about that throughout the course of the year. So I would say, Kevin, those are the primary puts and takes as you think about the cash flow walk from the beginning of the year through the end of 2025.

我們的全年淨利息支出預期約為 6 億美元。我們在 Nova 判斷情況方面繼續取得良好進展，並且我們應該在今年內對此有更多的報導。因此我想說，凱文，當你考慮到從年初到 2025 年底的現金流變化時，這些就是主要的優點和缺點。

John Roberts, Mizuho Securities.

瑞穗證券的約翰‧羅伯茲 (John Roberts)。

How much EBITDA is involved with the new JV with Macquarie? And your minority interest for 2024 was only $85 million. If Macquarie goes to 49%, how high does that minority interest line item go to?

與麥格理成立的新合資公司涉及多少 EBITDA？而你 2024 年的少數股權僅為 8,500 萬美元。如果麥格理的持股比例上升到 49%，那麼少數股權專案會上升到多少呢？

John, I'll take that one. This is Jeff. There is no EBITDA impact because this enterprise will be consolidated as part of our normal reporting results. But the impact will be more on the noncontrolling interest line once the transaction closes. And obviously, the dividend impact on the cash flow statement will be the other sizable change that you will see over time.

約翰，我要這個。這是傑夫。沒有 EBITDA 影響，因為該企業將作為我們正常報告結果的一部分進行合併。但交易一旦結束，對非控制權益的影響將更大。顯然，隨著時間的推移，股息對現金流量表的影響將是您會看到的另一個巨大的變化。

So we'll have more guidance to share once the transaction closes and you'll be able to quantify the potential impact of that at that particular point. And again, we expect by midyear to have the transaction close.

因此，交易完成後我們將提供更多指導，您將能夠在特定時間點量化該交易的潛在影響。我們再次預計該交易將在年中完成。

Duffy Fischer, Goldman Sachs.

高盛的達菲費雪 (Duffy Fischer)。

Yeah, good morning. Two more questions on cash flow. So Jeff, I think you talked earlier about building some inventory for your planned turnarounds in the first half. But working capital ate about $0.5 billion last year when sales and COGS were down pretty meaningfully. So how much release do you think you can get on a full year basis from working capital this year? And then the second one is that other assets and liabilities line was a negative [$1.1 billion] in cash flow last year. What's in that? And does some of that come back eventually?

是的，早安。關於現金流的另外兩個問題。傑夫，我想你之前談過為上半年計劃的周轉建立一些庫存。但去年銷售額和銷貨成本大幅下降，營運資本卻損失了約 5 億美元。那麼您認為今年全年營運資金可釋放多少呢？第二個是其他資產和負債去年的現金流量為負 [11 億美元]。那裡面有什麼？其中的一些最終會回歸嗎？

Sure. Duffy, in regards to the first question around working capital, right now for 2025, we would make the assumption of a use of cash in the $300 million to $400 million range on a full year basis. Then if we look at the other liabilities line, and assets, right now, we're down about $900 million year-over-year, and that's really primarily driven by some of the long-term tax payables and related tax audit reassessments that we had throughout the course of the year.

當然。達菲，關於第一個有關營運資本的問題，目前，對於 2025 年，我們假設全年現金使用量在 3 億至 4 億美元之間。然後，如果我們看看其他負債和資產，目前，我們比去年同期下降了約 9 億美元，這主要是由於我們全年都如此。

Michael Leithead, Barclays.

巴克萊銀行的麥可萊特黑德 (Michael Leithead)。

I'll probably just put a bow on the cash questions. There's obviously been a lot of investor focus lately around the dividend, just given the ongoing trough in your current cash generation. And Dow is obviously quite proud of maintaining an industry-leading dividend based on your earlier comments and some of the actions you're taking to free up cash.

我可能只會對現金問題表示贊同。鑑於當前現金創造能力持續處於低谷，最近許多投資者顯然將注意力集中在股息上。根據您之前的評論以及您為釋放現金而採取的一些行動，陶氏顯然對保持行業領先的股息感到非常自豪。

So can you maybe just lay out why Dow believes maintaining this level of dividend is sort of the best priority of cash here versus, say, using that cash for balance sheet support or even further organic growth investment?

那麼，您能否解釋一下，為什麼陶氏認為維持這一水平的股息是現金的最佳優先事項，而不是使用這些現金來支持資產負債表或進行進一步的有機成長投資？

I'll take a shot at it, and I'll ask Jeff if he wants to add anything. But north of 65% of our owners count on that dividend. And so we listen very carefully to what they want to see. And we have a lot of experience on how important the dividend is to our shareholders. And so that's why it's a top priority for us.

我會嘗試一下，然後問傑夫是否想添加什麼。但我們的 65% 以上的股東都指望著那筆股利。因此，我們非常仔細地傾聽他們想看到什麼。我們對於股利對股東的重要性有豐富的經驗。這就是為什麼這對我們來說是首要任務。

Yes. The only other thing I would add, Jim, is that we don't have any substantive debt maturities due until 2027. And the ones that we have in 2025, approximately about $0.5 billion, we're in a good position to be able to support those debt repayments during the course of this year.

是的。吉姆，我唯一想補充的是，我們沒有任何實質的債務在 2027 年之前到期。我們在 2025 年擁有的債務約為 5 億美元，我們完全有能力在今年內償還這些債務。

Aleksey Yefremov, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Aleksey Yefremov。

I wanted to clarify if your $1 billion cost reduction target includes the European actions that you will be discussing in the middle of 2025? Or would those European actions be in addition to the $1 billion?

我想澄清一下，您提出的 10 億美元成本削減目標是否包括您將在 2025 年中期討論的歐洲行動？或者歐洲的這些行動是 10 億美元以外的額外行動嗎？

You'll have them in addition. I think there are some things that will probably have a little bit of overlap, but the asset discussions will be in addition to what we've just announced.

您還會擁有它們。我認為有些事情可能會有一點重疊，但資產討論將是我們剛剛宣布的內容的補充。

Ladies and gentlemen, that concludes the Q&A session for today. I would now like to turn the call over to Andrew Riker for closing remarks.

女士們、先生們，今天的問答環節到此結束。現在，我想請安德魯·賴克 (Andrew Riker) 致最後總結。

Thank you, everyone, for joining our call, and we appreciate your interest in Dow. For your reference, a copy of our transcript will be posted on Dow's website within 48 hours. This concludes our call.

感謝大家參加我們的電話會議，我們感謝您對陶氏的關注。供您參考，我們的成績單副本將於48小時內發佈在陶氏的網站上。我們的通話到此結束。

Ladies and gentlemen, that concludes today's meeting. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。