Key Takeaways Westlake reported a Q4 net loss of $544M as sales fell 10.9% year over year.WLK's adjusted loss of 25 cents beat estimates despite lower prices and higher costs.WLK targets improved PEM EBITDA and expects HIP boost from ACI acquisition.Westlake Corporation (WLK) reported a loss of $544 million or $4.22 per share for the fourth quarter of 2025. This compares to a profit of $7 million or 6 cents per share in the year-ago quarter.Barring one-time items, adjusted loss per share came in at 25 cents ...

4Q25 & FY25 Earnings Call J a n u a r y 3 0 , 2 0 2 6 Forward-looking Statements 1 Value-first commercial approach continues to preserve ECU values 2 Announced Braskem long-term agreement, upgrading our export EDC values 3 Successful Epoxy volume growth amid European capacity closures 4 Winchester reduced commercial production accelerating destocking 5 Generated $321M of operating cash flow, keeping net debt flat year-over-year Chlor Alkali Products & Vinyls Segment Performance This presentation includes fo ...

Core Insights - Olin Corporation reported a net loss of $85.7 million for Q4 2025, a significant decline from a net income of $10.7 million in Q4 2024, reflecting ongoing market challenges and operational disruptions [1][2] - The company's adjusted EBITDA for Q4 2025 was $67.7 million, down from $193.4 million in Q4 2024, indicating a substantial decrease in operational profitability [1][27] - Total sales for Q4 2025 were $1,665.1 million, slightly lower than $1,671.3 million in Q4 2024, showing a stable revenue stream despite adverse conditions [1][21] Financial Performance - The full year 2025 reported a net loss of $42.8 million, compared to a net income of $108.6 million in 2024, highlighting a year-over-year decline in profitability [1][21] - Operating cash flow for Q4 2025 was $321.2 million, demonstrating effective cash generation despite the net loss [2] - The company ended 2025 with net debt of approximately $2.7 billion, maintaining a net debt to adjusted EBITDA ratio of 4.1 times, indicating a stable leverage position [12][32] Segment Performance - Chlor Alkali Products and Vinyls segment reported sales of $856.4 million in Q4 2025, down from $953.7 million in Q4 2024, primarily due to lower pricing [6][7] - The Epoxy segment saw sales increase to $359.3 million in Q4 2025 from $282.2 million in Q4 2024, driven by higher volumes, although it still reported a segment loss of $19.2 million [8] - Winchester segment sales were $449.4 million in Q4 2025, up from $435.4 million in Q4 2024, with military sales offsetting declines in commercial ammunition [9] Strategic Initiatives - The company is focused on its "Optimize the Core" strategic priorities, which include enhancing operational reliability and achieving structural cost reductions through the Beyond250 initiative, which has already realized $44 million in cost savings in 2025 [2][3] - Olin plans to close its epoxy resin manufacturing facility in Guarujá, Brazil, in Q1 2026, expecting to achieve annual structural cost savings of approximately $10 million [11] - The company anticipates that its Epoxy business will return to profitability in 2026, supported by new supply agreements and ongoing cost reduction efforts [3]

Core Insights - Warren Buffett will retire at age 95 after over 60 years of running Berkshire Hathaway, making a significant investment in OxyChem for $9.7 billion just before his departure [1][2] Group 1: Acquisition Details - Berkshire Hathaway is acquiring OxyChem, a petrochemicals business from Occidental Petroleum, marking its most significant acquisition since 2022 [2] - The acquisition price of $9.7 billion is considered a bargain, with OxyChem being valued at about eight times its projected 2025 EBITDA, especially in a weak chemical industry [3] - OxyChem is a stable cash generator producing essential products like chlorine, caustic soda, and PVC, which are crucial for various industries [4] Group 2: Financial Implications - The structure of the deal benefits both companies, with Occidental Petroleum receiving $9.7 billion in cash, planning to use $6.5 billion to reduce its debt below $15 billion, thus improving its balance sheet [5] - This debt reduction is expected to save Occidental $350 million to $400 million annually in interest payments, enhancing Berkshire's existing 28.2% ownership and providing additional protection against energy price volatility [5]

Core Viewpoint - Olin Corporation has revised its fourth quarter 2025 adjusted EBITDA outlook to approximately $67 million, significantly lower than the previous estimate of $110 to $130 million, primarily due to issues in the Chlor Alkali Products and Vinyls business [1][2]. Company Overview - Olin Corporation is a leading vertically integrated global manufacturer and distributor of chemical products, including chlorine, caustic soda, vinyls, and various other chemicals, as well as a major U.S. manufacturer of ammunition [3]. Financial Performance - The adjusted EBITDA for the fourth quarter 2025 is now expected to be around $67 million, a decrease from the earlier forecast of $110 to $130 million [1]. - The earnings shortfall is attributed to an extended planned maintenance turnaround and unplanned downtime at the Freeport, Texas operations, along with lower-than-expected pipeline chlorine demand [1][2]. Operational Challenges - The Chlor Alkali Products and Vinyls segment faced a significant decline in chlorine demand and operational issues at the Freeport site, which included a planned turnaround and interruptions in raw material supply from a third party [2]. - The Freeport site has since returned to normal operations, but the impact of these challenges has affected the overall financial outlook [2].

RESPONSIBLE CARE® OUR COMMITMENT TO SUSTAINABILITY Refer to the Appendix for additional notices of caution regarding forward looking information. 2 TSX: CHE.UN 2026 Guidance 2026 Guidance: 2026 GUIDANCE Chemtrade Logistics Income Fund (TSX: CHE.UN) January 8, 2026 CAUTION REGARDING FORWARD- LOOKING STATEMENTS Certain statements contained in this presentation constitute forward-looking statements within the meaning of certain securities laws, including the Securities Act (Ontario). Forward-looking statements ...

Core Insights - Olin Corporation's shares have faced significant challenges, with a 48.69% decline over the past year, attributed to factors such as subsidized imports from Asia and Europe [4][9] - Teresa M. Vermillion, the VP & Treasurer, sold 4,500 shares through an option exercise, resulting in a 20.74% reduction in her direct ownership [7][9] - The company is focusing on its core chemical and ammunition segments, with a recent strategic partnership with Braskem aimed at enhancing growth in its vinyls business [10][11] Company Overview - Olin Corporation operates in the chemicals and ammunition sectors, generating revenue of $6.8 billion and a net income of $53.80 million [4][5] - The company has a dividend yield of 3.9% and has seen a 1-year price change of -48.69% [4] Transaction Details - The transaction involved the sale of shares at a weighted average price of approximately $20.86, with a total transaction value of around $93,850.20 [2][7] - Post-transaction, Vermillion holds 17,199 shares, valued at approximately $353,783.43 [2][7] Market Context - The company's stock performance has been negatively impacted by subdued global demand in the epoxy market and lower-than-expected ammunition sales [10] - The recent insider transaction is viewed as administrative rather than indicative of the company's future performance [7][9]

Core Viewpoint - Warren Buffett will step down as CEO of Berkshire Hathaway at the end of the year, but before his departure, the company plans to make a significant acquisition of OxyChem from Occidental Petroleum for $9.7 billion in cash [1][2]. Company Acquisition Details - Berkshire Hathaway is acquiring OxyChem, a leading petrochemical company known for producing caustic soda, potash, chlor-alkali, and PVC, with 23 facilities globally [5]. - The acquisition is valued at $9.7 billion, which is approximately 8 times OxyChem's expected EBITDA for 2025, aligning with valuations of other chemical stocks despite the industry facing lower earnings multiples [7]. Industry Context - The petrochemical industry is currently experiencing pressure, with weak pricing for caustic soda and PVC leading to disappointing pre-tax earnings of $213 million in the second quarter, prompting management to revise full-year pre-tax income expectations to between $800 million and $900 million [5][6]. - Occidental's management anticipates that supply-side pricing pressures will ease next year, projecting $1 billion in incremental pre-tax cash flow from non-oil and gas sources by 2026, aided by modernization efforts at OxyChem facilities [6]. Strategic Timing - Berkshire Hathaway's acquisition comes at a time when the petrochemical industry is near a cyclical trough, allowing the company to capitalize on a favorable buying opportunity [8].

Core Viewpoint - Occidental Petroleum is undergoing a transformational transaction with Berkshire Hathaway acquiring its chemicals subsidiary, OxyChem, for $9.7 billion, which will significantly reshape Occidental's business and financial profile [1][2][6]. Group 1: Transaction Details - Berkshire Hathaway is purchasing OxyChem for $9.7 billion in cash, which is a global manufacturer of essential commodity chemicals [3]. - OxyChem operates 23 facilities worldwide and produces key items such as caustic soda and PVC [3]. - The acquisition is expected to enhance OxyChem's profitability, with an anticipated $325 million increase in annualized EBITDA by 2026 due to ongoing investments [4]. Group 2: Financial Implications for Occidental - Occidental plans to use $6.5 billion of the proceeds from the sale to repay debt, aiming to reduce its principal debt below $15 billion [6][9]. - Achieving this debt reduction will save Occidental over $350 million annually in interest expenses, thereby boosting its free cash flow [9]. - The remaining $1.5 billion will enhance Occidental's financial flexibility, allowing for opportunistic share repurchases and additional debt repayments [9]. Group 3: Strategic Focus - The sale of OxyChem will allow Occidental to sharpen its focus on oil and gas production, unlocking significant low-cost resources [10][11]. - This strategic shift is expected to create long-term growth potential for Occidental as it concentrates on developing its vast oil and gas resources [11].

Core Insights - Berkshire Hathaway is acquiring Occidental Petroleum's chemical unit, OxyChem, for $9.7 billion in cash, marking its largest deal in three years just before Warren Buffett's retirement as CEO [1][9] - Berkshire has significantly increased its stake in Occidental Petroleum, reaching 32.7% by August 2025, making it the sixth-largest holding in its portfolio [2] - The acquisition focuses solely on OxyChem, a key manufacturer of chemicals, rather than full control of Occidental [3] Financial Performance - OxyChem generated $1.1 billion in operating income for the fiscal year ending December 31, 2024, contributing approximately 16% to Occidental's total income [6] - Occidental's capital expenditures for OxyChem are projected to rise by $200 million to $900 million in 2025, indicating a commitment to growth in this segment [6] Debt and Financial Strategy - The sale of OxyChem will provide Occidental with $6.5 billion to repay debt, enhancing its balance sheet and allowing for potential share repurchases and dividend growth [7] - Occidental's debt concerns have been exacerbated by its $12 billion acquisition of CrownRock in 2024, primarily financed through borrowing [7] Market Implications - The divestiture of OxyChem will position Occidental as a more focused oil and gas company, increasing its vulnerability to fluctuations in commodity prices [8]