利安德巴塞爾 (LYB) 2025 Q2 法說會逐字稿

Hello, and welcome to the LyondellBasell Teleconference. At the request of LyondellBasell, this conference is being recorded for instant replay purposes. (Operator Instructions)

您好，歡迎參加利安德巴塞爾電話會議。應利安德巴塞爾公司的要求，本次會議將被錄製以供即時重播。（操作員指示）

I would now like to turn the conference over to Mr. David Kinney, Head of Investor Relations. Please go ahead, sir.

現在，我想將會議交給投資者關係主管 David Kinney 先生。先生，請繼續。

Thank you, operator, and welcome, everyone, to today's call. Before we begin the discussion, I would like to point out that a slide presentation accompanies the call and is available on our website at investors.lyondellbasell.com. Today, we will be discussing our second-quarter results while making reference to some forward-looking statements and non-GAAP financial measures.

謝謝接線員，歡迎大家參加今天的電話會議。在開始討論之前，我想指出的是，電話會議附帶一份幻燈片演示，可在我們的網站 investors.lyondellbasell.com 上取得。今天，我們將討論第二季業績，並參考一些前瞻性聲明和非公認會計準則 (Non-GAAP) 財務指標。

We believe the forward-looking statements are based upon reasonable assumptions and the alternative measures are useful to investors. Nonetheless, the forward-looking statements are subject to significant risk and uncertainty. We encourage you to learn more about the factors that could lead our actual results to differ by reviewing the cautionary statements in the presentation slides and our regulatory filings, which are also available on our Investor Relations website.

我們相信前瞻性陳述是基於合理的假設，且替代措施對投資者有用。儘管如此，前瞻性陳述仍存在重大風險和不確定性。我們鼓勵您透過查看簡報幻燈片中的警告聲明和我們的監管文件（也可在我們的投資者關係網站上找到）來了解更多可能導致我們的實際結果不同的因素。

Comments made on this call will be in regard to our underlying business results using non-GAAP financial measures, such as EBITDA and earnings per share, excluding identified items. Additional documents on our Investor website provide reconciliations of non-GAAP financial measures to GAAP financial measures, together with other disclosures, included in the earnings release and our business results discussion.

本次電話會議的評論將涉及我們使用非公認會計準則財務指標（例如 EBITDA 和每股收益，不包括已確定的項目）的基本業務結果。我們投資者網站上的附加文件提供了非 GAAP 財務指標與 GAAP 財務指標的對賬，以及收益報告和業務結果討論中包含的其他揭露。

A recording of this call will be available by telephone beginning at 1 PM Eastern Time today until September 1 by calling (877) 660-6853 in the United States and 201-612-7415 outside the United States. The access code for both numbers is 13746-206. Joining today's call will be Peter Vanacker, Lyondell's Chief Executive Officer; our CFO, Agustin Izquierdo, Kim Foley, our Executive Vice President of Global Olefins and Polyolefins, Aaron Ledet, our EVP of Intermediates and Derivatives and Torkel Rhenman, our EVP of Advanced Polymer Solutions.

從今天美國東部時間下午 1 點開始，即可透過電話取得本次電話會議的錄音，有效期至 9 月 1 日，美國境內撥打電話 (877) 660-6853，美國境外撥打電話 201-612-7415。這兩個號碼的接入碼都是 13746-206。參加今天電話會議的有利安德執行長 Peter Vanacker、財務長 Agustin Izquierdo、全球烯烴和聚烯烴執行副總裁 Kim Foley、中間體和衍生物執行副總裁 Aaron Ledet 以及先進聚合物解決方案執行副總裁 Torkel Rhenman。

With that being said, I would now like to turn the call over to Peter.

話雖如此，我現在想把電話轉給彼得。

Thank you, Dave, and welcome to all of you. We appreciate you joining us today as we discuss our second-quarter results.

謝謝你，戴夫，歡迎大家。感謝您今天加入我們討論第二季的業績。

Let's begin with slide 3, where we highlight our continued leadership in safety performance at LYB. Our operational success starts with our core focus on safety. This is demonstrated by our June year-to-date top decile total recordable incident rate of 0.12, and we're proud of our improving safety records. Having maintained this track record during one of our largest turnarounds at our Channelview complex despite significantly higher staffing levels underscores our commitment to safety and the fantastic performance of our team. Our best safety performance enables our employees and contractors to return home safely day after day, keep our operations reliable, and underpins financial value.

讓我們從投影片 3 開始，其中我們重點介紹 LYB 在安全性能方面的持續領導地位。我們的營運成功始於對安全的核心關注。今年 6 月迄今為止，我們的最高十分位數總可記錄事故率為 0.12，這證明了這一點，我們為不斷提高的安全記錄感到自豪。儘管人員配備水準顯著提高，但我們在 Channelview 綜合設施最大的一次檢修中仍保持了這一記錄，這凸顯了我們對安全的承諾以及我們團隊的出色表現。我們的最佳安全表現使我們的員工和承包商能夠日復一日地安全回家，保持我們營運的可靠性，並支撐財務價值。

On slide 4, we highlight the strategic criteria to grow and upgrade the core, which we outlined at our Capital Markets Day in March 2023. You may recall that growing and upgrading our core businesses is one of the three pillars of our strategy. To earn a place in our growth portfolio, assets should have leading market positions, exposure to growing end markets, and offer an attractive rate of return.

在第 4 張投影片中，我們重點介紹了成長和升級核心的策略標準，這些標準是我們在 2023 年 3 月的資本市場日上概述的。您可能還記得，發展和升級我們的核心業務是我們策略的三大支柱之一。為了在我們的成長投資組合中佔有一席之地，資產應該具有領先的市場地位、接觸不斷增長的終端市場、並提供有吸引力的回報率。

We're focusing our portfolio around assets with low-cost feedstocks in the United States and the Middle East while increasing our access to circular and renewable feedstocks in Europe and other regions, to support our strategy to grow our profitable circular and low-carbon solutions business. Over the past three years, we have established a track record of shaping our portfolio through acquisitions, divestitures and shutdowns in line with these consistent strategic priorities. We have been steadily transforming our company. And we're confident we are taking the appropriate steps to build a stronger and more resilient LYB.

我們的投資組合主要集中在美國和中東的低成本原料資產上，同時增加我們在歐洲和其他地區獲取循環和可再生原料的管道，以支持我們發展盈利的循環和低碳解決方案業務的策略。在過去三年中，我們透過收購、資產剝離和關閉等方式，根據這些一致的策略重點塑造了我們的投資組合。我們一直在穩步地改變我們的公司。我們有信心採取適當的措施，建立一個更強大、更有韌性的 LYB。

On slide 5, we give an overview of how we are repositioning our portfolio to enhance our cost advantage across key global reels through focused investments that increase our efficiency while preserving our long-term competitiveness and optionality. As shown in the chart on the top right, North America and the Middle East enjoy structural advantages with access to low-cost NGLP feedstocks and energy costs that can serve global markets supporting attractive returns throughout the cycle. At the bottom right chart illustrates that operating rates are expected to remain high and stable in these advantaged regions. This is where LYB is growing its capacity in a disciplined way.

在第 5 張投影片中，我們概述瞭如何重新定位我們的投資組合，透過有針對性的投資來提高我們在全球主要領域的成本優勢，從而提高我們的效率，同時保持我們的長期競爭力和選擇性。如右上角的圖表所示，北美和中東享有結構性優勢，能夠獲得低成本的 NGLP 原料和能源成本，從而服務於全球市場，並在整個週期內提供可觀的回報。右下圖顯示，這些優勢地區的開工率預計將保持在高位且穩定。LYB 正以此為契機，以規範的方式提升自身能力。

We expect our capacity share in these regions will continue to increase and exceed 70% as we begin the next decade. In Europe, high feedstock and energy costs, coupled with insufficient regulatory support has challenged the region's global competitiveness. Closures amounting to more than 20% and of European Italy capacity have been announced since the beginning of the decade. Capacity rationalization will help improve regional supply and demand balances, but will not change the fundamentals.

我們預計，在下一個十年開始時，我們在這些地區的運力份額將繼續增加並超過 70%。在歐洲，高昂的原料和能源成本，加上監管支援不足，對該地區的全球競爭力構成了挑戰。自本世紀初以來，義大利已宣布關閉歐洲地區超過 20% 的運力。產能合理化將有助於改善區域供需平衡，但不會改變基本面。

LYB strategy in Europe is to increasingly focus our production on recycled and renewable feedstocks to produce profitable and sustainable solutions to serve the local markets. Recycled and renewable feedstocks sourced in Europe are expected to be cost advantaged relative to other regions in the world. We also expect markets for circular plastics to be dominated by local drivers rather than global ones. We are rightsizing our European asset base and alignment with our strategy and focusing our resources on innovation and growth in sustainable solutions that create value.

LYB 在歐洲的策略是將我們的生產重點越來越多地放在回收和可再生原料上，以提供有利可圖且可持續的解決方案來服務當地市場。預計歐洲的再生和可再生原料相對於世界其他地區具有成本優勢。我們也預期循環塑膠市場將由本地驅動而非全球驅動主導。我們正在調整我們的歐洲資產基礎並與我們的策略保持一致，並將我們的資源集中在創造價值的永續解決方案的創新和成長上。

An example of this is our commercial scale MoReTec 1 chemical recycling plants currently under construction in Germany, which uses LYB's proprietary advanced recycling technology to meet the current and growing demand for circular plastics. The rapid growth of petrochemical capacity in China has created much concern regarding the impact of overproduction on global markets. With high cost of production, Chinese polyethylene has not been globally competitive and growing capacity in China has been accompanied by falling local operating rates. We're closely following the latest actions from the NDRC in China that potentially could lead to closures of the least competitive assets.

例如，我們目前正在德國建造的商業規模 MoReTec 1 化學回收工廠，該工廠採用 LYB 專有的先進回收技術來滿足當前日益增長的循環塑膠需求。中國石化產能的快速成長引發了人們對產能過剩對全球市場影響的擔憂。由於生產成本高，中國聚乙烯在全球缺乏競爭力，而且中國聚乙烯產能的成長也伴隨著當地開工率的下降。我們正密切關注中國國家發改委的最新舉措，這些舉措可能會導致競爭力最弱的資產被關閉。

Despite a significant growth in capacity, China has shown over the past several years that China remains a net importer of Polyethylene from cost-advantaged regions. Our strategy in China is to ensure our access to this important global markets by maintaining a strong technical and commercial presence with a relatively light asset footprint that includes APS and circular solutions to effectively support our local customers. These regional trends reinforce our strategy, to maintain and grow our presence in cost-advantaged regions, optimize our European footprint and ensure strong market access in Asia.

儘管產能大幅成長，但過去幾年中國仍表現為從成本優勢地區進口聚乙烯的淨進口國。我們在中國的策略是確保我們能夠進入這個重要的全球市場，透過保持強大的技術和商業影響力以及相對較輕的資產足跡，包括APS和循環解決方案，有效地支援我們的本地客戶。這些區域趨勢強化了我們的策略，即維持和擴大我們在成本優勢地區的影響力，優化我們在歐洲的影響力，並確保在亞洲擁有強大的市場准入。

Turning to slide 6. Let's review the cumulative cash impact of our actions to conserve and strengthen cash flows into 2026. During last quarter's call, we introduced our cash improvement plan, which is focused on delivering near-term enhancements to cash flow. For 2025, we are targeting approximately $200 million of reductions in working capital driven by the traditional levers of inventory and payables management. But we also have unique opportunities to improve cash flow, such as the monetization of excess precious metals inventories made possible by the innovation of a new catalyst for our vinyl acetate production.

翻到幻燈片 6。讓我們回顧一下我們為保護和加強現金流而採取的行動對 2026 年產生的累積現金影響。在上個季度的電話會議上，我們介紹了我們的現金改善計劃，該計劃的重點是短期內改善現金流。到 2025 年，我們的目標是透過傳統的庫存和應付管理手段減少約 2 億美元的營運資本。但我們也有改善現金流的獨特機會，例如透過創新用於醋酸乙烯酯生產的新催化劑，將過剩的貴金屬庫存貨幣化。

In parallel, our fixed cost reduction initiatives remain on track to deliver at $200 million through organizational streamlining. We've also decided to delay activities on selected growth investments until market conditions improve. For 2025, this will result in an additional $100 million reduction in CapEx and bring our 2025 CapEx guidance down to $1.7 billion. This reflects a $200 million reduction from our initial guidance for 2025.

同時，我們的固定成本削減計畫仍有望透過組織精簡實現 2 億美元的目標。我們也決定推遲選定的成長投資活動，直到市場狀況改善為止。到 2025 年，這將導致資本支出再減少 1 億美元，並使我們 2025 年的資本支出指引降至 17 億美元。這比我們對 2025 年的初步預期減少了 2 億美元。

We will continue to invest in sustaining capital to ensure our assets run safely and reliably when the cycle inevitably rebounds. These actions mean that our cash improvement plan is on track to achieve a run rate of $600 million and incremental cash flow for 2025 compared to the $500 million we announced last quarter. And we're taking further steps to maximize our cash flows into 2026. We're identifying measures to free up an additional $200 million through working capital and fixed cost reductions by the end of 2026.

我們將繼續投資維持資本，以確保我們的資產在周期不可避免地反彈時安全可靠地運作。這些行動意味著，我們的現金改善計畫預計將實現 6 億美元的運行率，並且到 2025 年將實現增量現金流，而我們上個季度宣布的增量現金流為 5 億美元。我們正在採取進一步措施，以最大限度地提高 2026 年的現金流。我們正在製定措施，到 2026 年底透過削減營運資金和固定成本再釋放 2 億美元。

In addition, we expect that a timely and successful closing of the sale of our European assets will further free up cash. We're also reducing our 2026 CapEx by $300 million from 2025 levels down to $1.4 billion, largely by deferring construction of our Flex 2 project. Economics for the Flex 2 projects continue to be highly attractive and our strategic rationale remains intact. We will reassess timing once market conditions inevitably improve, preserving this real option for profitable growth.

此外，我們預計及時成功完成歐洲資產的出售將進一步釋放現金。我們也將 2026 年的資本支出從 2025 年的水準減少 3 億美元至 14 億美元，主要是透過延後 Flex 2 計畫的建設。Flex 2 專案的經濟效益仍然極具吸引力，我們的策略原則仍然完好無損。一旦市場條件不可避免地改善，我們將重新評估時機，保留這個獲利成長的真正選擇。

In total, these incremental actions combined with the original cash improvement plan are expected to increase cash flow by at least $1.1 billion during 2025 and 2026 to further protect our resilient balance sheet, navigate the cycle, and preserve maximum financial flexibility. Our liquidity position remains strong, and our debt maturity profile is very favorable.

總體而言，這些漸進式措施與原有的現金改善計劃相結合，預計將在 2025 年和 2026 年期間增加至少 11 億美元的現金流，以進一步保護我們具有韌性的資產負債表、引導週期並保持最大的財務靈活性。我們的流動性狀況依然強勁，債務到期狀況非常有利。

Please turn to slide 7 as we review the financials for the quarter. Earnings were $0.62 per share with EBITDA of $715 million. EBITDA improved sequentially with less downtime and lower feedstock costs. As expected, cash generation resumed this quarter. Cash returns to shareholders remain robust at more than $500 million as we increased our ordinary dividend and continued our opportunistic share repurchases.

請翻到投影片 7，我們將回顧本季的財務狀況。每股收益為 0.62 美元，息稅折舊攤提前利潤為 7.15 億美元。由於停機時間減少和原料成本降低，EBITDA 連續改善。正如預期的那樣，本季現金產生恢復。由於我們增加了普通股息並繼續進行機會性股票回購，股東現金回報仍然強勁，超過 5 億美元。

I will now hand over the call to Agustin to elaborate on our capital allocation strategy and financial progress.

現在我將把電話交給阿古斯丁，讓他詳細說明我們的資本配置策略和財務進展。

Thank you, Peter, and good morning, everyone. On slide 8, we start with a longer-term view of our CapEx. We continually assess our capital allocation strategy as we navigate the ups and downs of the petrochemical cycle. This is not an activity we started this year.

謝謝你，彼得，大家早安。在第 8 張投影片上，我們首先從長期角度看待我們的資本支出。在經歷石化週期的起伏時，我們會不斷評估我們的資本配置策略。這不是我們今年開始的活動。

These assessments are part of our continual efforts to optimize our business. As you can see from the chart, we have reduced our cumulative CapEx budget by approximately $2.4 billion relative to the plans we described at Capital Markets Day in March of 2023, supporting cash shareholder returns. Our first priority for capital investment is to always maintain safe and reliable operations across our existing asset base. This commitment ensures we maintain flexibility and readiness to capture the commercial opportunities when market conditions improve.

這些評估是我們不斷努力優化業務的一部分。從圖表中可以看出，相對於我們在 2023 年 3 月資本市場日所描述的計劃，我們已將累積資本支出預算減少了約 24 億美元，以支持現金股東回報。我們資本投資的首要任務是始終維持現有資產基礎的安全可靠營運。這項承諾確保我們保持靈活性並隨時準備在市場條件改善時抓住商業機會。

Following the planned sale of our European assets in 2026, we expect to invest approximately $1.1 billion per year on sustaining capital for our asset base. In addition, investment in our MoReTec One chemical recycling asset in Cologne, Germany continues as planned. Construction is going well, and we look forward to operating this innovative technology at scale and contributing to our profitability. Outside of these two key priorities, we are making significant adjustments to our CapEx profile.

繼 2026 年計劃出售我們的歐洲資產後，我們預計每年將投資約 11 億美元用於維持我們的資產基礎資本。此外，我們對位於德國科隆的 MoReTec One 化學回收資產的投資仍在按計劃進行。施工進展順利，我們期待大規模運作這項創新技術並為我們的獲利能力做出貢獻。除了這兩個關鍵優先事項之外，我們還在對我們的資本支出狀況進行重大調整。

Following board approval in November last year, we remain confident that Flex 2 is an attractive project that helps address our monomer balances while generating strong returns. However, having finalized front engineering and design, but not yet started construction, we have made the decision to defer this project until market conditions improve. We have also decided to defer a final investment decision on MoReTec 2. This project would be a second commercial scale chemical recycling plant using our proprietary MoReTec technology to be built on the site where we previously operated the Houston refinery.

繼去年 11 月獲得董事會批准後，我們仍然相信 Flex 2 是一個有吸引力的項目，它有助於解決我們的單體餘額，同時產生豐厚的回報。然而，由於前期工程和設計已經完成，但尚未開始施工，我們決定推遲該項目，直到市場條件改善。我們也決定推遲對 MoReTec 2 的最終投資決定。該項目將是第二個商業規模的化學回收工廠，採用我們專有的 MoReTec 技術，建在我們先前營運的休士頓煉油廠的所在地。

We continue to believe that the combination of our proprietary MoReTec technology and our existing infrastructure will provide LYB with a material competitive advantage as we establish ourselves as a profitable leader in the circular economy. But given uncertainty in the timing of the market recovery, we will postpone this investment decision until market conditions improve. This delay allows our teams the necessary time to ensure that offtake commitments from brand owners are in place prior to a final investment decision. Updates to our capital plan and other modeling information are described in the appendix to this slide deck.

我們始終相信，我們專有的 MoReTec 技術與我們現有的基礎設施相結合將為 LYB 提供實質的競爭優勢，使我們成為循環經濟領域的獲利領導者。但鑑於市場復甦時機的不確定性，我們將推遲這項投資決定，直到市場狀況好轉。這種延遲使我們的團隊有足夠的時間確保在做出最終投資決定之前品牌所有者的承購承諾到位。本投影片的附錄中描述了我們的資本計畫和其他建模資訊的更新。

Now let's continue with slide 9 and examine a broader overview of our capital allocation in the second quarter. We are navigating this prolonged cyclical downturn while continuing to advance our strategic initiatives to build a stronger and more resilient LYB. As Peter mentioned, we made significant progress on our portfolio management in Europe. The value enhancement program remains on track, and our cash improvement plan is on target to add $600 million of cash flow to fund our progress.

現在讓我們繼續第 9 張投影片，更廣泛地概述一下我們第二季的資本配置。我們正在應對這一長期的周期性衰退，同時繼續推進我們的策略舉措，以建立更強大、更有彈性的 LYB。正如彼得所說，我們在歐洲的投資組合管理方面取得了重大進展。價值提升計劃仍在按計劃進行，我們的現金改善計劃預計將增加 6 億美元現金流來資助我們的進步。

During the quarter, positive cash from operations helped fund capital investments, dividends, and share buybacks as we continued to repurchase our shares at attractive prices. We are taking clear actions to ensure that we can continue to navigate the cycle successfully with a commitment to our investment-grade credit rating as the foundation of our disciplined capital allocation framework.

在本季度，由於我們繼續以有吸引力的價格回購股票，來自經營活動的正現金幫助資助了資本投資、股息和股票回購。我們正在採取明確的行動，以確保我們能夠繼續成功度過這個週期，並致力於將我們的投資等級信用評級作為我們嚴謹的資本配置框架的基礎。

Please turn to slide 10 as we outline our cash generation. Our team converted EBITDA into cash at a rate of 75% over the past 12 months, close to our long-term target of 80%, while our average since 2020 remains well above our through-cycle target.

請翻到第 10 張投影片，我們將概述我們的現金產生狀況。在過去 12 個月中，我們的團隊將 EBITDA 轉換為現金的比例為 75%，接近我們 80% 的長期目標，而自 2020 年以來，我們的平均水平仍遠高於我們的整個週期目標。

In the second quarter, we maintained strong shareholder returns with dividends and share repurchases totaling $2.1 billion over the last 12 months. At the end of the second quarter, our cash balance was $1.7 billion. This is higher than our cash balance of $1.5 billion, and we have sufficient financial flexibility to navigate lower levels if necessary.

在第二季度，我們維持了強勁的股東回報，過去 12 個月的股息和股票回購總額達到 21 億美元。第二季末，我們的現金餘額為17億美元。這高於我們的 15 億美元現金餘額，我們擁有足夠的財務靈活性，可以在必要時降低現金餘額。

Now let's turn to slide 11, and I'll provide a brief overview of our segment results. Our business portfolio generated $715 million of EBITDA during the second quarter. Lower feedstock costs provided a modest tailwind for our global olefins and polyolefins and intermediates and derivatives segments. Profitability in Olefins and Polyolefins Americas improved with less downtime following the successful completion of several turnarounds at our Channelview complex in the second quarter.

現在讓我們翻到第 11 張投影片，我將簡要概述我們的分部業績。我們的業務組合在第二季創造了 7.15 億美元的 EBITDA。較低的原料成本為我們的全球烯烴、聚烯烴、中間體和衍生物部門提供了適度的順風。繼第二季 Channelview 綜合設施成功完成數次檢修後，美洲烯烴和聚烯烴業務的獲利能力有所提高，停機時間減少。

With that, I will turn the call over to Kim.

說完這些，我將把電話轉給金。

Thank you, Agustin. Let's begin the segment discussions on slide 12 with the performance of Olefins and Polyolefins Americas segment. Second quarter O&P Americas EBITDA was $318 million, a more than 25% improvement relative to the first quarter, largely due to the higher integrated polyethylene margins following less downtime. Planned maintenance continued in the second quarter as we completed safe and successful turnarounds at our Channelview complex on time and on budget in April.

謝謝你，阿古斯丁。讓我們從投影片 12 上的烯烴和聚烯烴美洲分部的表現開始分部討論。第二季 O&P Americas 的 EBITDA 為 3.18 億美元，較第一季成長超過 25%，這主要歸功於停工時間減少導致的綜合聚乙烯利潤率上升。我們在第二季度繼續進行計劃維護，並於 4 月按時按預算安全成功地完成了 Channelview 綜合設施的檢修。

Our second-quarter operating rate was in line with guidance at 85% with our crackers running at approximately 90%. During the second quarter, the American polyolefins industry experienced volatility as markets adapted to an evolving tariff landscape. Tariff announcements pressured export volumes and drove a decrease in April polyethylene contract prices. In May, higher domestic demand, declining inventories and improving export volumes generated positive momentum resulting in a successful price increase during June.

我們第二季的開工率與預期一致，為 85%，其中裂解裝置的開工率約為 90%。第二季度，隨著市場適應不斷變化的關稅格局，美國聚烯烴產業經歷了波動。關稅公告對出口量帶來壓力，導致四月聚乙烯合約價格下跌。5月份，國內需求增加、庫存下降以及出口增加產生了積極勢頭，導致6月份價格成功上漲。

Second quarter domestic sales for the US and Canada polyethylene industry rebounded to the highest volumes since the second quarter of 2022, effectively bridging this prolonged downturn. And despite rising production, Producers' inventories for the North American PE industry declined by three days of sales during the second quarter. In the near term, we expect continued steady demand and a June price increase to provide tailwinds for the integrated polyethylene margins during the third quarter. Our operating rates are expected to remain strong with higher cracker operating rates following our Channelview turnaround, and we are targeting 85% utilization across the segment during the third quarter.

美國和加拿大聚乙烯產業第二季國內銷售反彈至2022年第二季以來的最高水平，有效緩解了這一長期低迷狀態。儘管產量上升，但第二季北美 PE 產業生產商的庫存卻下降了三天的銷售量。短期內，我們預計持續穩定的需求和六月價格的上漲將為第三季的綜合聚乙烯利潤率帶來推動力。隨著 Channelview 轉型，裂解裝置開工率將提高，預計我們的開工率將保持強勁，我們的目標是第三季整個部門的利用率達到 85%。

Please turn to slide 13 as we review the results of our Olefins and Polyolefins Europe, Asia and International segment. During the second quarter, the segment generated EBITDA of $46 million. Segment EBITDA improved as lower naphtha and LPG feedstock costs drove margin improvements, rising seasonal demand provided pricing support.

請翻到第 13 張投影片，我們將回顧歐洲、亞洲和國際烯烴和聚烯烴部門的表現。第二季度，該部門的 EBITDA 為 4,600 萬美元。由於石腦油和液化石油氣原料成本下降推動利潤率提高，季節性需求上升提供價格支撐，部門 EBITDA 有所改善。

We continue to make progress on our strategic objectives, and we're pleased to announce the proposed sale of our four European O&P assets in June. The significant milestone is another example of our progress over the past three years to optimize our portfolio as we grow and upgrade the core. In the early weeks of the third quarter, our order books reflect steady summer demand for olefins and polyolefins. Nevertheless, we remain watchful for the potential effects of volatile trade policies. We are targeting operating rates at approximately 75% during the third quarter.

我們繼續在戰略目標上取得進展，並很高興地宣布我們計劃在 6 月出售四項歐洲 O&P 資產。這個重要里程碑是我們過去三年來在發展和升級核心業務的同時優化產品組合所取得進展的另一個例證。在第三季的最初幾週，我們的訂單反映了夏季對烯烴和聚烯烴的穩定需求。儘管如此，我們仍對不穩定的貿易政策的潛在影響保持警惕。我們的目標是第三季的營運率達到約 75%。

With that, I will turn it over to Aaron.

說完這些，我將把麥克風交給 Aaron。

Thank you, Kim. Please turn to slide 14 as we look at the Intermediates and Derivatives segment. In the second quarter, segment EBITDA was $290 million, an increase of $71 million, primarily driven by improved margins for styrene and propylene oxide. Starting margins benefited from lower benzene feedstock costs as well as short-term supply disruptions across the industry.

謝謝你，金。請翻到投影片 14，我們來看看中間體和衍生物部分。第二季度，該部門的 EBITDA 為 2.9 億美元，增加了 7,100 萬美元，主要由於苯乙烯和環氧丙烷利潤率的提高。起始利潤率受益於苯原料成本的降低以及整個產業的短期供應中斷。

In contrast, oxyfuels margins remain near winter lows as low crude prices, weak gasoline crack spreads, and trade volatility limited typical summertime seasonal improvements. As we move through the third quarter, planned industry outages and oxyfuels could provide some margin improvement, although margins are likely to remain low compared to normal summertime levels. Styrene margins are likely to decline as industry operating rates return to typical levels following unplanned downtime.

相較之下，由於原油價格低迷、汽油裂解價差疲軟以及貿易波動限制了典型的夏季季節性改善，含氧燃料利潤率仍接近冬季低點。隨著我們進入第三季度，計劃中的行業停工和富氧燃料可能會帶來一些利潤率的提高，儘管與正常夏季水平相比利潤率可能仍然較低。隨著行業開工率在非計劃停機後恢復到正常水平，苯乙烯利潤率可能會下降。

In September, we will begin a planned turnaround of our La Porte acetyls assets. The turnaround includes initiatives to begin converting our vinyl acetate monomer, or VAM, production to an innovative LYB catalyst that improves margins and reduces our utilization of costly precious metals. Sales of precious metal inventories have contributed at least $50 million towards our cash improvement plan during 2025.

9 月份，我們將開始按計劃扭轉拉波特乙醯資產的頹勢。此次轉型包括將我們的醋酸乙烯酯單體（VAM）生產轉換為創新的 LYB 催化劑，以提高利潤率並減少昂貴貴金屬的使用。貴金屬庫存的銷售為我們 2025 年的現金改善計畫貢獻了至少 5,000 萬美元。

As we continue to match our production with market demand and start our planned maintenance, we expect to operate our IND assets at a weighted average rate of approximately 80% during the third quarter.

隨著我們繼續使生產與市場需求相符並開始計劃維護，我們預計第三季我們的 IND 資產的加權平均營運率將達到約 80%。

With that, I will turn the call over to Torkel.

說完這些，我將把電話轉給托克爾。

Thank you, Aaron. Please turn to slide 15 as we review results for the Advanced Polymer Solutions segment. Second quarter EBITDA was $40 million, similar to the improved profitability levels we delivered in the first quarter despite ongoing challenges in automotive markets. Automotive production volumes remains sluggish, and our volumes slightly declined due to lower demand from construction and electronics.

謝謝你，亞倫。請翻到第 15 張投影片，我們將回顧先進聚合物解決方案部門的表現。第二季的 EBITDA 為 4,000 萬美元，儘管汽車市場持續面臨挑戰，但我們的獲利水準與第一季持平。汽車產量仍然低迷，由於建築和電子需求下降，我們的產量略有下降。

Looking ahead, we expect demand in our key regions and sectors to remain soft. Auto production is expected to decline due to typical third quarter downtime. However, we expect our cost-saving measures will improve cash generation during the third quarter. Despite the challenging market backdrop, we remain steadfast in transforming our APS business.

展望未來，我們預期重點地區和產業的需求將保持疲軟。由於第三季典型的停工，預計汽車產量將下降。不過，我們預期我們的成本節約措施將會提高第三季的現金產生率。儘管市場環境充滿挑戰，我們仍堅定不移地推進 APS 業務轉型。

We have already made strong progress on increasing win rates with customers and gaining new project qualifications. Additionally, we are focusing on cost reductions to improve the resilience of the business. We are on the right track to deliver on our long-term goals to profitably transform the APS business.

我們在提高客戶成功率和獲得新專案資格方面已經取得了長足的進步。此外，我們也致力於降低成本以提高業務的彈性。我們正朝著實現長期目標的正確軌道前進，以實現 APS 業務的獲利轉型。

With that, I'll return the call to Peter.

說完這些，我就回電給彼得。

Thank you, Torkel. Please turn to slide 16, and I will discuss the results for the Technology segment on behalf of Jim Seward. Second-quarter EBITDA of $34 million was lower than the guidance we provided during our first quarter call. Catalyst volumes improved, but margins declined due to inventory cost adjustments and changes in sales mix.

謝謝你，托克爾。請翻到第 16 張投影片，我將代表 Jim Seward 討論技術部門的結果。第二季的 EBITDA 為 3,400 萬美元，低於我們在第一季電話會議上提供的預期。催化劑銷售量有所提高，但由於庫存成本調整和銷售組合變化，利潤率下降。

Second-quarter licensing profitability remained flat as polyolefin licensing activity across the industry remained subdued, showing a substantially low depth of new petrochemical capacities. We expect third quarter results for the Technology segment will be similar to the second quarter results as margins improve on Catalyst sales mix offset by the low activity in licensing markets.

由於整個產業的聚烯烴許可活動依然低迷，第二季的許可獲利能力保持平穩，顯示新石化產能的深度相當低。我們預期科技部門第三季的業績將與第二季的業績相似，因為 Catalyst 銷售組合的利潤率提高被授權市場活動低迷所抵銷。

Now let me share our views on our key regional and product markets on slide 17. As we enter the third quarter, we expect global 3 flows will continue to adapt to a dynamic tariff and trade policy landscape.

現在，讓我在第 17 張投影片上分享我們對主要區域和產品市場的看法。進入第三季度，我們預計全球貿易流量將繼續適應動態的關稅和貿易政策格局。

We're hopeful that the trade environment will stabilize and enable higher consumer confidence and trade flows. In the Americas, solid domestic and export demand is expected to drive improved pricing. Notably, polyethylene prices rose in June, reflecting the strengthening market environment and providing tailwinds for third quarter profitability. Second quarter US and Canada domestic sales volumes the polyethylene industry were the highest since the beginning of this downturn in the second quarter of 2022. Our producer inventories are falling as we enter the peak months of the US hurricane season. Within Europe, favorable costs for naphtha and other feedstocks coupled with steady summertime seasonal demands are supporting modest improvements in integrated polyethylene margins.

我們希望貿易環境能穩定下來，增強消費者信心和貿易流量。在美洲，強勁的國內和出口需求預計將推動價格上漲。值得注意的是，6月份聚乙烯價格上漲，反映出市場環境的加強，並為第三季的獲利提供了順風。第二季美國和加拿大聚乙烯產業國內銷售量達到2022年第二季經濟衰退開始以來的最高水準。隨著美國進入颶風季節的高峰期，我們的生產商庫存正在下降。在歐洲，石腦油和其他原料的優惠成本加上穩定的夏季季節性需求支持了聚乙烯綜合利潤率的適度提高。

Additionally, capacity rationalizations across the region continue to improve supply and demand balances across the industry. In Asia, near-term capacity additions are still pressuring regional supply and demand balances. That said, we're cautiously optimistic on China's stimulus programs and longer-term rationalization efforts, which could provide support in future quarters. In packaging markets, global demand remained steady even amid broader economic uncertainty as consumer needs for packaged foods and other essential products support underlying resilience.

此外，整個地區的產能合理化持續改善整個產業的供需平衡。在亞洲，近期產能增加仍對區域供需平衡造成壓力。儘管如此，我們對中國的刺激計劃和長期合理化努力持謹慎樂觀的態度，這些計劃和努力可能會為未來幾季提供支持。在包裝市場，即使在更廣泛的經濟不確定性中，全球需求仍然保持穩定，因為消費者對包裝食品和其他必需品的需求支撐了潛在的彈性。

However, in building and construction markets, demand remains constrained, with new housing starts and existing home sales showing continued weakness. Within automotive markets, we continue to monitor the impact of tariff volatility, which is contributing to ongoing uncertainty.

然而，在建築市場，需求仍然受到限制，新屋開工和現有房屋銷售持續疲軟。在汽車市場，我們持續監測關稅波動的影響，這加劇了持續的不確定性。

Late summer downtime across the industry typically pressures third quarter production volumes. Finally, oxyfuels this summer driving season has not generated expected margin improvements. Margins are expected to remain low for the remainder of the summer season due to low crude prices and weak gasoline crack spreads. Our disciplined approach to optimizing operations across our global network ensures we are well positioned to capitalize on market dynamics. We are closely monitoring evolving tariffs and global trade flows and we continue to evaluate both the risks and opportunities they present to our business.

整個產業的夏末停工通常會對第三季的產量造成壓力。最後，今年夏季駕駛季節的氧氣燃料並未帶來預期的利潤率提高。由於原油價格低迷和汽油裂解價差疲軟，預計今年夏季剩餘時間利潤率仍將維持在低點。我們嚴謹地優化全球網路運營，確保我們能夠充分利用市場動態。我們正在密切關注不斷變化的關稅和全球貿易流量，並繼續評估它們對我們的業務帶來的風險和機會。

Now as we turn to slide 18, let me summarize how we continue to navigate the cycle while executing on our long-term strategy. As we move through the cycle, we are focused on execution and staying disciplined in how we operate. Last quarter, we introduced our cash improvement plan, and we are now on track to deliver $600 million in 2025, above our original target of $500 million. We are achieving this by optimizing our organizational structure, improving working capital efficiency and reducing CapEx.

現在我們翻到第 18 張投影片，讓我總結一下我們如何在執行長期策略的同時繼續駕馭這個週期。在我們經歷整個週期的過程中，我們專注於執行並保持營運的紀律。上個季度，我們推出了現金改善計劃，目前我們預計在 2025 年實現 6 億美元的現金流，高於我們最初 5 億美元的目標。我們透過優化組織結構、提高營運資金效率和降低資本支出來實現這一目標。

This disciplined approach extends to the actions we are taking into 2026 as we make purposeful decisions to preserve cash and protect our balance sheet while supporting shareholder returns. As I previously mentioned, we have made the decision to delay building our Flex 2 project to reduce near-term capital outlays, while preserving real options for future growth. At the same time, we continue to prioritize sustaining capital and reliability investments. These are non-negotiable and ensure the stability of our operations and the safety of our people.

這種嚴謹的方法延伸到了我們在 2026 年採取的行動，因為我們做出有目的的決定來保留現金並保護我們的資產負債表，同時支持股東回報。正如我之前提到的，我們決定推遲建造 Flex 2 項目，以減少近期資本支出，同時為未來的成長保留真正的選擇。同時，我們繼續優先考慮維持資本和可靠性投資。這些都是不可談判的，並確保了我們營運的穩定和員工的安全。

We've also taken strategic actions across our portfolio to strengthen long-term profitability. Our VEP continues to remain on track to meet our 2025 targets. And in addition, the planned sale of our four European assets will reduce recurring CapEx and other costs in the region. We are rebalancing our global footprint towards more cost advantaged regions while aligning our growth investments with market realities.

我們也在整個投資組合中採取了策略行動，以增強長期獲利能力。我們的 VEP 將繼續穩步實現我們的 2025 年目標。此外，我們計劃出售四項歐洲資產，這將減少該地區的經常性資本支出和其他成本。我們正在重新平衡我們的全球佈局，轉向更具成本優勢的地區，同時使我們的成長投資與市場現實保持一致。

Together, these steps reflect our discipline as we navigate this cycle. I am proud to lead this dedicated team as we continue taking strategic actions to create value, reshape LYB and position our company for sustainable future success.

總的來說，這些步驟體現了我們在這週期中遵循的紀律。我很自豪能夠領導這個敬業的團隊，我們將繼續採取策略行動來創造價值，重塑 LYB 並為公司未來的永續成功做好準備。

Now with that, we're pleased to take your questions.

現在，我們很高興回答您的問題。

(Operator Instructions) Patrick Cunningham, Citi.

（操作員指示）花旗銀行的 Patrick Cunningham。

So the first half in O&P America is affected by planned and unplanned downtime, price declines in polyethylene. And given the operating leverage and price increases, lower feedstock costs running through, what sort of sequential lift should we be triangulating based on current visibility? And does anything in your view support additional price increases that are out in the market?

因此，O&P America 上半年受到計劃內和計劃外停工以及聚乙烯價格下跌的影響。考慮到經營槓桿和價格上漲，以及原料成本的降低，我們應該根據當前的可見度來確定哪種連續的提升？您認為市場上是否有支持進一步漲價的因素？

Thanks, Patrick. Very good question to start the Q&A session with. As you rightfully said, and we said it in the prepared remarks as well, in O&P Americas, we will have less downtime because we have the scheduled turnaround in Channelview that was extremely well executed. Actually, there were three turnarounds, which had an impact of $85 million.

謝謝，派崔克。這個問題問得非常好，可以用來開始問答環節。正如您正確指出的，而且我們在準備好的發言中也提到了這一點，在 O&P Americas，我們的停機時間將會減少，因為我們在 Channelview 有預定的周轉時間，而且執行得非常好。事實上，出現了三次扭轉局面的現象，影響金額達 8,500 萬美元。

You may expect that $85 million improvement to see in Q3. We mentioned also the operating rates that we are planning for North America, which is 85%. So we continue to navigate in a prudent way in the markets. We expect improved olefins margins also that are benefiting from higher co-product contributions.

您可能預計第三季會出現 8500 萬美元的成長。我們也提到了我們計劃在北美實現的營運率，即 85%。因此，我們繼續以審慎的方式在市場上航行。我們預期烯烴利潤率也會提高，這得益於更高的副產品貢獻。

On the pricing level, I will hand over to Kim.

在定價層面，我將交給 Kim。

Peter, thanks for the question. Let me start by -- historically, this industry does not see back-to-back price increases unless there's a major supply disruption. So think of like a winter storm or hurricane. That being said, there are a lot of positive indicators in the market today.

彼得，謝謝你的提問。首先，從歷史上看，除非出現嚴重的供應中斷，否則該行業不會出現連續的價格上漲。想像冬季風暴或颶風。話雖如此，當今市場上仍有許多正面指標。

You've seen export demand improved significantly over the last two months as some trade and tariff uncertainty has been resolved or paused. Domestic demand is up year-on-year, quarter-on-quarter and month-on-month, hence, the support for the June increase. You see GDP numbers that are higher than we thought in China and in the US, that there may be some noise in the US number.

由於一些貿易和關稅不確定性已解決或暫停，過去兩個月出口需求顯著改善。國內需求較去年同期、季比、季均有所成長，為6月份的成長提供了支撐。你會看到中國和美國的 GDP 數字高於我們的預期，美國的數字中可能會有一些噪音。

And most importantly, you also see global inventories very low, and we are in the middle of hurricane season. So there are several signs of positive momentum. And if these tariff uncertainties get resolved in the next few weeks, there's absolutely potential for price increase in the third quarter.

最重要的是，你還會看到全球庫存非常低，而且我們正處於颶風季節。因此，有幾個跡象表明情況正在好轉。如果這些關稅不確定性在未來幾週內得到解決，那麼第三季價格絕對有可能上漲。

It's becoming fashionable in the chemical industry given this extended downturn to -- for companies to cut their dividends. Obviously, you saw that you had raised your dividend not that long ago, and then you were doing some buybacks. I'm curious, given that you're not really earning in terms of operating cash flow, the shareholder returns in form of dividend and buybacks. If you could expand upon your thoughts on the dividend and the safety of it at LyondellBasell.

鑑於經濟長期低迷，削減股利已成為化學工業的流行做法。顯然，您發現不久前您已經提高了股息，然後您進行了一些回購。我很好奇，考慮到你實際上並沒有從經營現金流中獲利，股東回報是以股息和回購的形式獲得的。如果您可以詳細說明您對利安德巴塞爾公司的股息及其安全性的看法。

A good one, of course. Let me just be clear. I mean, first of all, I mean we'll pay out our Q3 dividend of $1.37 per share and that is, of course, consistent with Q2, and that payer will be on September 2. Now to your general question, with a sharp focus on cash conversion and disciplined investments, we were able to start, as you remember, 2025 with very high levels of cash on hand.

當然是好的。讓我說清楚一點。我的意思是，首先，我們將支付每股 1.37 美元的第三季股息，這當然與第二季一致，支付時間為 9 月 2 日。現在回答您的一般性問題，透過專注於現金轉換和嚴謹的投資，正如您所記得的那樣，我們能夠在 2025 年開始擁有非常高的現金水平。

I still remember, I mean, a couple of years ago, that people actually were challenging us why we had such high level of cash on hand. It's a good thing to have in today's environment. So we started with $3.4 billion, which is the same amount we held at the beginning of 2024. Now we continue to target also a minimum cash balance of $1.4 billion, but we can and we have managed at lower balances through the cycle.

我還記得，幾年前，人們實際上在質疑我們為什麼我們手頭上有如此高的現金水平。在當今環境下這是一件好事。因此，我們以 34 億美元開始，這與 2024 年初我們持有的金額相同。現在，我們繼續將最低現金餘額定為 14 億美元，但我們可以並且已經在整個週期中設法保持較低的餘額。

Our total liquidity, as we outlined, remains strong at $6.35 billion and the foundation of our capital allocation strategy has also not changed, and that is our investment-grade rating. So in that context, we continue to recognize the importance of the dividend has a significant component of our returns to shareholders and our actions continue to focus on securing our dividends while maintaining the benefits of our investment-grade rating. We're also not planning any further share buybacks over 2025 and 2026. We did some, as you know, in Q1, we did some in Q2.

正如我們所概述的，我們的總流動性仍然強勁，達到 63.5 億美元，我們的資本配置策略的基礎也沒有改變，這就是我們的投資等級。因此，在這種背景下，我們繼續認識到股息的重要性，它是我們股東回報的重要組成部分，我們的行動將繼續專注於確保我們的股息，同時保持我們的投資級評級的優勢。我們也不打算在 2025 年和 2026 年進行任何進一步的股票回購。如你所知，我們在第一季做了一些，在第二季度也做了一些。

And our cash improvement plan is on track to improve our cash flow over the years 2025 and 2026 asset by at least, I mean, $1.1 billion. In addition to that, I mean, we believe the cycle will eventually rebound. I have mentioned that in earlier calls as well, this is the longest downturn in my 35 years in the industry. And with our strategic and also intentional portfolio management as well as our proactive cash management, we remain confident that we will navigate this cycle and emerge even stronger as a more sustainable and a more profitable leader for our industry.

我們的現金改善計畫預計在 2025 年和 2026 年將現金流改善至少 11 億美元。除此之外，我們相信週期最終會反彈。我在之前的電話會議中也提到過，這是我從業 35 年以來經歷的最長的低迷期。憑藉我們策略性和有針對性的投資組合管理以及積極主動的現金管理，我們堅信我們將度過這一周期，並變得更加強大，成為我們行業中更具可持續性和更有利可圖的領導者。

Could you just quickly clarify whether the 2026 CapEx forecast of $1.4 billion, does that include the potential benefit of the $110 million -- EUR110 million reduction that you would get if the European asset sale closes. And then my actual question is if you could talk a little bit about the precious metals opportunity in IND. It seemed like it was a benefit of maybe $35 million in the quarter and some of the comments on this call seem to suggest that the new VAM technology would allow some type of benefit to continue. So if you could just talk about what that continuation benefit would be in potentially size and I appreciate it.

您能否快速澄清一下，2026 年資本支出預測為 14 億美元，其中是否包括歐洲資產出售完成後您將獲得的 1.1 億美元至 1.1 億歐元減免的潛在收益。我真正的問題是，您能否談談印度的貴金屬機會。這似乎意味著本季度的收益可能為 3500 萬美元，而這次電話會議中的一些評論似乎表明，新的 VAM 技術將允許某種類型的收益繼續存在。因此，如果您能談談這種延續效益的潛在規模，我將不勝感激。

Thank you, Vincent. Good questions. The first one, I'm going to give to Agustin.

謝謝你，文森。好問題。第一個，我要給阿古斯丁。

Sure, Peter. Thank you, Vincent, for the question. Yes, to clarify, the $1.4 billion CapEx for 2026. This is with our existing base.

當然，彼得。謝謝文森特提出的問題。是的，需要澄清的是，2026 年的資本支出為 14 億美元。這是我們現有的基礎。

As you properly mentioned, the $110 million that is associated with the European assets, we will see that happening or that reduction further once that transaction closes and going forward.

正如您所提到的，與歐洲資產相關的 1.1 億美元，一旦交易完成並繼續進行，我們將看到這種情況發生或進一步減少。

Yes, maybe from -- thanks Agustin, and thanks for the question. Maybe from a VAM perspective, we are in the process of transitioning to a silica-based catalyst. We have three reactors at our VAM unit in La Porte and we will start that process towards the end of this year with our turnaround in La Porte and then we'll continue transitioning the other reactors through 2028. So you won't see that materially impact us in 2026.

是的，也許來自於－感謝阿古斯丁，也感謝您的提問。也許從 VAM 的角度來看，我們正處於向基於二氧化矽的催化劑過渡的過程中。我們在拉波特的 VAM 裝置上擁有三座反應堆，我們將在今年年底開始這一過程，在拉波特進行轉變，然後我們將繼續轉變其他反應堆，直到 2028 年。因此，你不會看到這在 2026 年對我們產生實質影響。

And yes, just to clarify, it was $35 million of precious metal sales in the second quarter.

是的，需要澄清的是，第二季的貴金屬銷售額為 3,500 萬美元。

Your cash flow from operations for the first six months was a deficit of a little less than $230 million. And last year in the first half, I think you had $1.2 billion in cash flow from operations. Now I understand that you wish to improve your cash flow generation. But can you comment on the general level of cash flow generation that you expect for 2025.

貴公司前六個月的營運現金流虧損略低於 2.3 億美元。我認為去年上半年你們的經營現金流為 12 億美元。現在我明白您希望提高現金流的產生。但是您能否評論一下您預計的 2025 年現金流產生的總體水平？

I don't know assuming $3 billion in EBITDA or a little bit less than that. And can you talk about the factors that are pushing down your cash flow generation, whether it's the refinery or it's accounts payable or whatever it is. And then how's the price increase and polyethylene for July looking?

我不知道假設 EBITDA 為 30 億美元還是略低於這個數字。您能否談談導致現金流產生下降的因素，無論是煉油廠還是應付帳款還是其他什麼？那麼7月聚乙烯的價格上漲情況如何？

Okay. Great. I mean, good questions, of course, Jeff, thanks for the question. I mean, I hand over immediately to Agustin on the first question.

好的。偉大的。我的意思是，當然是好問題，傑夫，謝謝你的提問。我的意思是，我立刻將第一個問題交給阿古斯丁。

And then Kim can also further elaborate.

然後 Kim 還可以進一步闡述。

Sure. Thank you. Jeff, happy to take your question. So I think that the main difference, as you correctly point out in the first half of 2024, our cash flow from operations was much stronger.

當然。謝謝。傑夫，很高興回答你的問題。因此，我認為主要的區別是，正如您在 2024 年上半年正確指出的那樣，我們的營運現金流更加強勁。

Now if you Recall what happened here in the first quarter of 2025 when our cash flow from operation was negative. This was couple of factors. It was a big working capital build, but we also had the effect of having the additional tax payments from Hurricane Barrel. And that's mainly what brought us down to that $579 million.

現在，如果您回想一下 2025 年第一季發生的事情，當時我們的營運現金流為負。這是幾個因素。這是一次巨大的營運資金積累，但我們也受到了颶風桶帶來的額外稅收的影響。這就是我們把金額降至 5.79 億美元的主要原因。

Now for second quarter, our cash flow from operations is positive at $359 million, so that's a swing of $930 million, and our working capital was also a release of $117 million. So we're trending in the right direction. And I would also further point that our cash generation and cash conversion is usually much stronger in the second half of the year. So we are expecting -- if you recall, last year, the second half had a cash generation or cash conversion of 167% and just in Q4 alone, more than 280%.

現在就第二季而言，我們的營運現金流為正 3.59 億美元，因此波動幅度為 9.3 億美元，我們的營運資金也釋放了 1.17 億美元。因此我們正朝著正確的方向發展。我還要進一步指出，我們的現金產生和現金轉換通常在下半年會更加強勁。因此，我們預計——如果您還記得的話，去年下半年的現金產生率或現金轉換率為 167%，僅在第四季度就超過了 280%。

So we are on target for strong cash conversion as well on the second half of the year. We expect positive cash flow from operations also in the second half of the year, and we are still on target to have our 80% cash conversion full year. So we'll continue to be very disciplined on working capital. As you have heard before from the cash improvement plan, not only on this year, but the next.

因此，我們也預計在下半年實現強勁的現金轉換。我們預計下半年營運現金流也將為正，我們仍有望實現全年 80% 的現金轉換率。因此，我們將繼續嚴格控制營運資金。正如您之前所聽到的，現金改善計劃不僅針對今年，還針對明年。

And then you should also see the positive effects of the fixed cost reduction, both the run rate this year and what we will accomplish in '26.

然後你也應該看到固定成本降低的正面影響，包括今年的運行率以及我們將在26年實現的目標。

I think as it relates to price, I'll just reiterate. Historically, the industry hasn't seen back-to-back price increases unless there's been a major supply disruption.

我認為這與價格有關，我只想重申。從歷史上看，除非出現嚴重的供應中斷，否則該行業不會出現連續的價格上漲。

I guess, when you put the puts and takes, you got -- you do have some pricing momentum in polyethylene at least in June, might get them in July. Oxyfuel seems a little bit challenged sequentially. Do you think earnings could be up or down or just general direction given everything that you see now? And then longer term, I guess, mid-cycle potential for EBITDA, has it changed? Is it simply delayed probably delayed given what the difficult trough here. but just general thoughts there, longer term, what Lyondell's earnings potential can get back you over time.

我想，當你把看跌期權和看漲期權放在一起時，你就會得到——至少在 6 月份，聚乙烯確實有一些定價勢頭，可能會在 7 月份得到它們。氧燃料似乎在連續性方面面臨一些挑戰。從您現在看到的情況來看，您認為收益會上升還是下降，或者只是整體方向？那麼從長期來看，我猜 EBITDA 的中期潛力改變了嗎？這是否只是延遲了，考慮到這裡的困難低谷，可能已經延遲了。但只是一般的想法，從長遠來看，Lyondell 的獲利潛力可以隨著時間的推移為您帶來回報。

Thank you, Michael, for your question. Let me go, I mean, through the different segments. I mean, first of all, as we mentioned, we started already Q3 with that $85 million of improvements in O&P Americas from less downtime, and that is following the completion -- the successful completion of the Channelview turnarounds. We also started Q3 in O&P Americas, with improved polyethylene chain margins.

邁克爾，謝謝你的提問。讓我來看一下不同的部分。我的意思是，首先，正如我們所提到的，我們已經在第三季度開始對 O&P Americas 進行 8500 萬美元的改進，減少了停機時間，這是在 Channelview 順利完成改造之後。我們也開始了 O&P Americas 第三季的業務，聚乙烯鏈利潤率有所提高。

Remember the success of price risk that was implemented. And also you may expect to see already the results out of our cash improvement plan in fixed cost reductions. That not just, of course, in O&P, but across, I mean, the portfolio. If I switch and then in O&P Americas, what we continue to see is, we see a resilient packaging business.

記住實施價格風險的成功。您可能已經看到我們的現金改善計畫在降低固定成本方面所取得的成果。當然，這不僅在 O&P 領域，而是在整個投資組合中。如果我轉換一下，然後在 O&P Americas，我們繼續看到的是，我們看到一個有彈性的包裝業務。

We see strong export demand. What we also start seeing actually is something that you saw in the pandemic as well is that consumer behavior is changing. So people are going less out for dinner or lunch in restaurants, but there is more consumption at home, which automatically also supports packaging business, packaging demand. If I shift gears, I mean to the European region, also here, I mean, improved polymer chain results, favorable naphtha prices still, I mean, a favorable exchange rates.

我們看到強勁的出口需求。我們其實也開始看到您在疫情中也看到的現象，那就是消費者行為正在改變。因此，人們外出用餐或去餐廳吃午餐的次數減少了，但在家消費的次數增加了，這也自然而然地支持了包裝業務和包裝需求。如果我換個話題，我的意思是轉到歐洲地區，這裡也是，我的意思是，聚合物鏈結果改善，石腦油價格仍然有利，我的意思是，匯率有利。

We also will have, in addition to that, the operating rates increased because in Q2, we had in Westling, I mean, the large cracker on the 6. We had an outage there. We had some operational constraints at that facility. So we believe that is now behind us.

除此之外，我們的營運率也將提高，因為在第二季度，我們在 Westling 擁有 6 號大型裂解裝置。我們那裡停電了。我們在該設施的運作上遇到了一些限制。因此我們相信這已經是過去的事了。

In the I&D business, yes, we don't expect just like Aaron said in the prepared remarks, we don't expect, I mean, that margins would improve. If you look at where low crude is currently and we're cracker operating rates, I mean, 80%, which is a bit lower, but that is mainly related to a scheduled turnaround that we have in La Porte. And then on the other side, we also alluded to the fact that APS business and the technology business, Q3 over Q2 should be pretty much flat.

在 I&D 業務中，是的，正如 Aaron 在準備好的演講中所說的那樣，我們並不期望利潤率會提高。如果你看目前原油價格低的地方，我們的裂解裝置開工率是 80%，這個數字略低，但這主要與我們在拉波特的預定週轉有關。另一方面，我們也提到，APS 業務和技術業務第三季與第二季相比應該基本持平。

Maybe for Aaron. Can you talk through the third quarter dynamics that you see in the Intermediates and Derivatives segment. You had a nice earnings improvement sequentially in the second quarter. But as I listen to your commentary, in MTB and styrene, it does sound a little bit more cautious margin-wise.

也許對亞倫來說。您能否談談中間體和衍生物領域的第三季動態？您在第二季的獲利連續成長。但是當我聽到您的評論時，在 MTB 和苯乙烯方面，聽起來確實在利潤方面更加謹慎。

And you do have the turnaround. So maybe frame that out. Do you expect down sequentially? And how would you put that into the context of your view of the cycle shape for the segment?

你確實有轉機。所以也許可以將其框起來。您預計會繼續下降嗎？您如何將其放入您對該段循環形狀的看法中？

Yes. Thank you, Kevin. I appreciate the question. I guess I'd go back to the first quarter to second quarter increase that you're referring to in your question.

是的。謝謝你，凱文。我很感謝你提出這個問題。我想我會回到您在問題中提到的第一季到第二季的成長。

And really, that included some onetime costs associated with our exit of the PO 11 asset, the JV that we have with Covestro in Q1. So that was one of the reasons for the big step-up in the second quarter. I would say, as I look ahead to the third quarter, I don't see any material improvements over really any of our businesses. If you look at the PLN and derivative chain, most of our customers, specifically in the polyolefins segment, are quoting year-over-year declines of at least 10% at this point.

實際上，這包括我們在第一季退出 PO 11 資產（我們與科思創成立的合資企業）的一些一次性成本。所以這是第二季大幅成長的原因之一。我想說，展望第三季度，我並沒有看到我們的任何業務有任何實質的改善。如果你看一下波蘭茲羅提和衍生品鏈，我們大多數客戶，特別是聚烯烴領域的客戶，都表示目前的年減幅度至少為 10%。

If I look at our acetyls business, you referred to our turnaround, which begins really in the middle of September. So it will include both third quarter and fourth quarter impacts. However, I do expect the Channelview methanol unit, which was down for the majority of the second quarter for unplanned outages to be back up and running. So that should help offset some of that impact that we're going to see with the turnaround in La Porte.

如果我看一下我們的乙醯業務，您提到了我們的轉機，這實際上始於 9 月中旬。因此它將包括第三季和第四季的影響。不過，我確實希望 Channelview 甲醇裝置能夠恢復運行，該裝置在第二季度的大部分時間都因意外停機而處於停工狀態。因此，這應該有助於抵消拉波特好轉所帶來的一些影響。

And then with Oxyfuel is no different than most petchems. It's an oversupplied market right now, specifically in the U.S. Gulf Coast. Some of that is related to our own capacity.

然後，氧燃料與大多數石化產品沒有什麼不同。目前市場供應過剩，特別是美國墨西哥灣沿岸。其中一些與我們自身的能力有關。

We're now running our PO/TBA unit at above benchmark rates and with additional volume coming out of China to the West Coast of Latin America, that is displacing some of the US Gulf Coast volume that is having to be cleared into other markets. So if I look from the second quarter to the third quarter, again, relatively flat.

我們目前正以高於基準的速率運行我們的 PO/TBA 單位，並且有額外的貨物從中國運往拉丁美洲西海岸，這取代了部分必須清關到其他市場的美國墨西哥灣沿岸貨物量。因此，如果我從第二季度看第三季度，同樣會發現相對穩定。

Yes, relatively flat. And that means your expectation, Aaron, on oxygen margins is relatively flat, I mean, for Q3 compared to Q2.

是的，比較平坦。這意味著 Aaron，您對氧氣利潤率的預期相對平穩，我的意思是，第三季與第二季相比。

You mentioned China's new program to help improve their chemical industry. You've got a number of joint ventures there, both polyethylene and propylene oxide. Do you expect any of your JVs are going to get merged with other companies or some other restructuring?

您提到了中國幫助改善化學工業的新計劃。你們在那裡擁有多家合資企業，包括聚乙烯和環氧丙烷。您是否預期您的合資企業將會與其他公司合併或進行其他重組？

Thank you, John, for your question. And you're probably also here talking about these what is being called today, the China anti involution measures. Yes, of course, I mean we've noticed at the NDRC. I mentioned it in the prepared remarks, is asking for detailed information on all our chemical assets.

謝謝你，約翰，提出這個問題。你們可能也在這裡談論今天所謂的中國反過密化措施。是的，當然，我的意思是我們已經注意到國家發展委員會了。我在準備好的演講中提到過，要求提供有關我們所有化學資產的詳細資訊。

And that, of course, includes also petchem still a large -- relatively large number of nonintegrated non flexible, older and smaller crackers in China. We exit it will take some time to get more visibility and real action stake and something we've also witnessed in several chemical sectors in China in the past, but we do expect that it will lead to real actions since the majority of petchem assets or losing cash in China. Of course, I mean, and as you can see from our actions, we don't speculate on what is going to happen. I mean, in China.

當然，這也包括石化，中國仍有大量未整合、不靈活、老舊和規模較小的裂解裝置。我們退出需要一些時間來獲得更多的知名度和實際行動，這也是我們過去在中國的幾個化學工業所見證過的事情，但我們確實預計它將導致真正的行動，因為大多數石化資產或在中國虧損。當然，我的意思是，正如你從我們的行動中看到的，我們不會猜測會發生什麼。我是說在中國。

We focus on what we can control. That means that, for example, our Bora asset is running at minimum technical rates as we speak.

我們專注於我們能夠控制的事情。這意味著，例如，我們的 Bora 資產正在以最低技術速率運作。

Peter, on MoReTec 2 and the decision to delay FID, was that due solely to the market dynamics? Or is there an element of trying to conserve cash as well? And secondly, what does this do to the -- your targets in your circular strategy here in terms of realize those EBITDA numbers you put out there?

彼得，關於 MoReTec 2 和推遲 FID 的決定，這是否僅僅是由於市場動態？或者是否也存在試圖節省現金的因素？其次，就實現您提出的 EBITDA 數字而言，這對您的循環策略目標有何影響？

Thank you, David, for your question. Remember, I mean, MoReTec 1 continues to move ahead. So construction is proceeding well. That is a unit that we're in our site in Westling.

謝謝你，大衛，提出這個問題。記住，我的意思是，MoReTec 1 繼續前進。施工進展順利。這是我們位於韋斯特林的一個單位。

We also see that regulation in Europe with PPWR as well as the current discussions around SPD mass balancing is moving in the right direction, creating an attractive market. Their capacity in Europe, in Westling, MoReTec 1 is 50,000 tonnes. MoReTec 2, just to remind everybody, is planned to be built in our sites, the refinery sites in Houston and that would have a capacity of 100,000 tonnes. So we will complete the front-end engineering and design of the MoReTec 2 projects by the end of this year.

我們也看到，歐洲對 PPWR 的監管以及目前圍繞 SPD 品質平衡的討論正在朝著正確的方向發展，從而創造了一個有吸引力的市場。其位於歐洲 Westling 的 MoReTec 1 工廠的產能為 50,000 噸。需要提醒大家的是，MoReTec 2 計畫建在我們位於休士頓的煉油廠，產能為 10 萬噸。因此，我們將在今年年底前完成 MoReTec 2 專案的前端工程和設計。

We continue to be excited about the project's potential. We're also continuing to collaborate with brand owners to understand, I mean, their needs in North America and ensure that we have their commitment before moving forward. We have a final investment decision. But we have adopted -- adapted our development plans to the pace of development in the markets and especially also the prudent allocation of capital.

我們繼續對該項目的潛力感到興奮。我們也將繼續與品牌所有者合作，以了解他們在北美的需求，並確保在繼續前進之前獲得他們的承諾。我們已經做出了最終的投資決定。但我們已經根據市場的發展速度調整了我們的發展計劃，特別是審慎的資本配置。

We believe completing front-end engineering and design and stopping the projects, taking a hold after that phase, we can then relatively quickly activate it again if on 1 hand side, we see that it fits with our capital allocation plans. And then on the other hand side, we see that commitment is coming firm commitments from brand owners.

我們相信，完成前端工程和設計並停止項目，在該階段之後暫停，然後如果一方面我們發現它符合我們的資本配置計劃，我們可以相對快速地再次啟動它。另一方面，我們看到承諾來自品牌所有者的堅定承諾。

I just wanted to follow up on the pyrolysis market. Can you just describe the current state of it how have margins changed sort of in the middle of this more stressful environment? And any expectations on how polyolefins based economics for recycling could change over the next 12, 18 months?

我只是想跟進熱解市場的情況。能否描述一下目前的狀況？在這種更緊張的環境下，利潤率又發生了什麼樣的變化？您對未來 12 至 18 個月內基於聚烯烴的回收經濟狀況將如何變化有何預測？

Yes. Thank you, Alex. I mean, polyolefin's margins continue to be extremely high above what we have seen or what we have communicated at our Capital Markets Day in 2023, and that is simply due to the fact that there is more demand than there is supply. There has been a lot of delays, I mean, in start-up companies. Some start-up companies actually went belly up as well.

是的。謝謝你，亞歷克斯。我的意思是，聚烯烴的利潤率仍然遠高於我們所看到的或我們在 2023 年資本市場日所傳達的水平，這僅僅是因為需求大於供應。我的意思是，新創公司出現了很多延誤。有些新創公司其實也破產了。

And therefore, we continue to believe that this will be a growth market. I alluded already, I mean to the regulation environment, regulatory environment in Europe. We see positive momentum also in the regulatory environment in the United States, which is mainly on a state level. So as we have said in the past, I mean, this is a business that we continue to believe in that will have price setting based upon value-based pricing and not so much supply and demand simply because suppliers are going to lack in demand for quite a long period of time.

因此，我們仍然相信這將是一個成長型市場。我已經提過，我指的是監管環境，歐洲的監管環境。我們也看到美國監管環境呈現正面勢頭，主要是在州一級。所以，正如我們過去所說的那樣，我的意思是，我們繼續相信，這個行業的定價將基於價值定價，而不是供需關係，因為供應商在相當長的一段時間內都會缺乏需求。

I actually kind of have to, if you'll allow me. So you ran O&P Americas at like 90% rates in the second quarter but are targeting 85% in 3Q. At the same time, you're expecting better rates in the third quarter. Can you just flesh this out and why you'd be running rates like below what looks like 90% for the industry, at least at the end of June.

如果你允許的話，我確實必須這麼做。因此，您在第二季以 90% 的比率營運 O&P Americas，但目標是在第三季達到 85%。同時，您預計第三季利率將會提高。您能否詳細說明一下，為什麼您的運行利率低於行業平均水平的 90%（至少在 6 月底是這樣）。

And then in technology, EBITDA declined $19 million quarter-over-quarter year-over-year despite what looked like higher volumes. And there's some -- is that just margins are down? Or is there a mix shift? And then why would Catalyst margins be down if that's the case?

在科技領域，儘管交易量看似增加，但 EBITDA 則是環比下降了 1,900 萬美元。還有一些——這只是利潤率下降了嗎？或存在混合轉變？那麼，如果情況確實如此，Catalyst 的利潤率為什麼會下降呢？

Give the first question, I mean, Kim, on utilization rates?

第一個問題，我的意思是，Kim，關於利用率？

Absolutely. this one of the things that always gets confusing a little bit in Open. So the 90% operating rate that you're referring to is the crackers okay? The $85 million is the segment. So you have to think crackers, olefins, polyethylene and then polypropylene.

絕對是如此。這是在 Open 中總是有點令人困惑的事情之一。那麼，您提到的 90% 的開工率是指餅乾的開工率嗎？8500萬美元是其中的一部分。所以你必須考慮裂解物、烯烴、聚乙烯和聚丙烯。

So what we're saying is we're going to run the third quarter higher olefins and maybe lower polypropylene. So that's why you see the average the same, but we think we'll have higher earnings. The other thing I would say on Olefins earnings and Peter alluded to it earlier, you've got new derivative capacity in North America that just came online. You've got ethylene exports that have been re-established and you have high polyethylene demand.

因此，我們的意思是，我們將在第三季生產高碳烯烴，甚至低碳聚丙烯。所以這就是為什麼你看到的平均收入相同，但我們認為我們的收入會更高。關於烯烴收益，我想說的另一件事是，彼得之前也提到過，你們在北美剛剛上線了新的衍生產能。乙烯出口已經恢復，聚乙烯需求也很高。

So you're seeing ethylene price already start to increase early in the quarter, and we're just beginning hurricane season. So I think a lot of the upside could also be on the olefins side in the third quarter.

因此，您會看到乙烯價格在本季初就已開始上漲，而我們才剛開始颶風季節。因此我認為第三季烯烴方面也可能有很大上漲空間。

On the technology question, I mean, first of all, if you look at the technology business units, something that we have forecasted already last year is that I would call it dramatically lower demand for licenses. So you see across the world, there are hardly any demand, I mean, for licenses, which is normal because if you see how much has been built and is in process of being built, especially, I mean, in China, then it's logical that there is a correction that is now coming. Now on the catalyst side, there was an impact that we had on an inventory correction as well as a fixed cost -- sorry, an exchange rate correction that influenced, I mean, the results that we had in Q2. So you're not we are not expecting to see that for the future.

關於技術問題，我的意思是，首先，如果你看一下技術業務部門，我們去年已經預測到的情況是，許可證需求將大幅下降。所以你看，在世界各地，幾乎沒有任何許可證需求，這是正常的，因為如果你看看有多少已經建成和正在建設中，特別是在中國，那麼現在出現調整是合乎邏輯的。現在從催化劑方面來看，我們對庫存調整以及固定成本產生了影響 - 抱歉，匯率調整影響了我們在第二季度的業績。所以你不是，我們並不期望在未來看到這種情況。

It's approximately, if you ask me how much, I mean, I would say it's a low double million EBITDA impact in Q2.

如果你問我大約是多少，我的意思是，我會說這對第二季的 EBITDA 的影響是低兩百萬。

I was wondering if you could talk a little bit about -- or share your thoughts around, I guess, some of the European frameworks that have been coming out there. It's maybe some recycling of some older frameworks, but around energy support, reducing regulatory burden and other things to protect the industry? Do you see any of that as meaningful for the industry? And just given the shift in your portfolio, is any of that meaningful Lyondell at this point?

我想知道您是否可以稍微談論一下——或者分享您對一些已經推出的歐洲框架的看法。這也許是一些舊框架的回收利用，但圍繞著能源支持、減少監管負擔和其他保護行業的事情？您認為這對產業有意義嗎？考慮到您投資組合的轉變，這對 Lyondell 來說還有什麼意義嗎？

Thank you, Josh. Good question on Europe. I mean, on one hand side, I mean, what we do see in terms of a certain markets being built up, not just, I mean, the general statements that you may expect coming out of the European Commission, but you see detailed regulation that has already been put in place. And the implementation hack on the mass balancing is now in its final steps to then be finally upon and as such, just the PPW R creating that market with high percentages of recycled material.

謝謝你，喬希。關於歐洲的問題問得好。我的意思是，一方面，我們確實看到某些市場正在建立，這不僅僅是您可能期望歐盟委員會發表的一般性聲明，而且您還會看到已經實施的詳細監管。目前，質量平衡的實施已進入最後階段，PPW R 將最終創造出具有高比例再生材料的市場。

But then you also have clarity on what kind of regulation will be there, what is accounted for on the mass balancing side. So there, I see clear actions. I see quite a lot of progress. And there is documentation, which is then in about, what, 16 months from now is going to be legally enforceable in the member states.

但同時你也要清楚將會有什麼樣的監管，以及在質量平衡方面需要考慮到什麼。因此，我看到了明確的行動。我看到了很多進步。並且還有文件，大約 16 個月後該文件將在成員國具有法律效力。

We've seen more attention also coming on the general support, I mean, for the chemical industry, from the European Commission. We see that as a positive sign, but the devil is in the details. So we're going to have to see that being articulated in much more details with respective regulation with respective support, I mean, for energy costs and so on. So it does not change our strategy and view that we have in Europe.

我們也看到歐盟委員會對化學工業的整體支持給予了更多的關注。我們認為這是一個積極的信號，但魔鬼卻藏在細節中。因此，我們必須看到有關能源成本等方面的更詳細的規定和支持。因此，這不會改變我們在歐洲的戰略和觀點。

So it does not change our view and pushing forward on closing the sale of the four respective assets in the context of our European assessment.

因此，這不會改變我們的觀點，並將根據我們的歐洲評估推動完成四項資產的出售。

I completely understand it's a tough macro. And right now, the focus for you guys and much of the industry is conserving cash, over the last couple of years, you guys embarked on sort of acquiring sort of smaller recycling companies. So with valuations having come down across the board, are there more of those things that you could potentially look at in the near to medium term? And generally speaking, what is your thought process today about expanding further in that arena?

我完全理解這是一個艱難的宏。目前，你們以及大部分行業的重點是節省現金，在過去的幾年裡，你們開始收購一些規模較小的回收公司。那麼，隨著估值全面下降，您是否有可能在中短期內考慮更多此類事情？總的來說，您今天對於進一步拓展該領域有何想法？

Actually, your question allows me then eventually to actually present a bit of bigger picture than just I mean, on the recycling side. Remember, I mean, during the last five years, LYB has invested above depreciation levels. So we've invested in a new PO/TBA plant. We've embarked on profitable growth, I mean, for the APS business.

實際上，您的問題最終讓我能夠展示出比回收方面更大的圖像。請記住，我的意思是，在過去五年中，LYB 的投資已經超過了折舊水準。因此我們投資了一個新的 PO/TBA 工廠。我的意思是，我們已經開始實現 APS 業務的獲利成長。

We've invested in Hyperzone, the Sasol joint venture. We've launched our value enhancement program. We are well underway in building up that profitable CN LCS business, investing in MRT. We have our investments in Saudi Arabia with our joint venture with Allogene, the Netpac joint venture, we have a potential to further expand that joint venture.

我們投資了 Sasol 的合資企業 Hyperzone。我們已經啟動了價值提升計劃。我們正在順利建立盈利的 CN LCS 業務，並投資 MRT。我們與 Allogene 成立了合資企業 Netpac，在沙烏地阿拉伯進行了投資，我們有潛力進一步擴大該合資企業。

We've embarked on joint venture discussions and have the allocation for a big investment that then is a smart from a CapEx point of view and cash point of view, smart investments with our partner in Sipchem. And Aaron also mentioned on the acetyls business by including new technology, which leads also to some debottlenecking of the existing capacity. So we also -- I mean, based upon where we are in the cycle, we have not fully run our assets at nameplate capacity. So that gives us -- I mean, a lot of potential, I mean, for growth, even if for now, we have delayed an investment in Flex 2 have delayed an investment in MRT 2.

我們已經開始合資討論，並已分配了一筆大投資，從資本支出和現金的角度來看，這筆投資是與我們的合作夥伴 Sipchem 進行的明智之舉。Aaron 也提到乙醯基業務中引進了新技術，這也在一定程度上消除了現有產能的瓶頸。因此，我們也是——我的意思是，基於我們所處的周期階段，我們還沒有完全按照額定容量來運行我們的資產。所以這給了我們——我的意思是，很大的成長潛力，即使現在，我們已經推遲了對 Flex 2 的投資，也推遲了對 MRT 2 的投資。

Of course, we continue to monitor the markets but there is nothing concrete that I can say in terms of M&A.

當然，我們會繼續關注市場，但在併購方面我還不能透露任何具體消息。

Ladies and gentlemen, this concludes our time allowed for questions. I'll turn the floor back to Mr. Vanacker for any final comments.

女士們、先生們，我們的提問時間到此結束。我將把發言權交還給 Vanacker 先生，請他發表最後的評論。

Great, thank you again for all your thoughts and questions. LYB continues to be financially well positioned to progress with the implementation of our strategy and that despite the challenging market conditions. Our sharp focus on cash conversion, disciplined investments, strategic portfolio management and our strong balance sheet are key to successfully navigate this prolonged downturn and ensure that we emerge even stronger. We remain confident that the cycle will eventually rebound.

太好了，再次感謝您的所有想法和問題。儘管市場條件嚴峻，LYB 仍保持良好的財務狀況，以推動我們的策略實施。我們高度重視現金轉換、嚴謹的投資、策略性投資組合管理和強勁的資產負債表，這些是成功度過這場長期低迷並確保我們變得更加強大的關鍵。我們仍然相信，週期最終會反彈。

LYB is well positioned to capture market tailwinds and create durable long-term value for our shareholders through a consistent execution of our strategy. We hope you all have a great weekend, stay well and stay safe. Thank you.

LYB 完全有能力抓住市場順風，透過持續執行我們的策略為股東創造持久的長期價值。我們希望大家度過一個愉快的週末，身體健康，注意安全。謝謝。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。