Financial Data and Key Metrics Changes - Assets under management (AUM) reached a record $144.5 billion, up 5% from Q3 and over 30% year-over-year [5] - Adjusted revenues for Q4 were $147.4 million, a 17% increase from Q3 and approximately 33% year-over-year [8] - Adjusted net income for the quarter was $41.2 million, or $0.29 per share [9] Business Line Data and Key Metrics Changes - European-listed products saw AUM increase from $30.7 billion to $53.3 billion, supported by over $6 billion of net inflows [6] - U.S. AUM increased to a record $88.5 billion, with $1.4 billion of net inflows for the year [7] - Digital assets platform AUM reached approximately $770 million at year-end, reflecting strong inflows into the digital money market fund [7] Market Data and Key Metrics Changes - Global AUM today stands at $160.8 billion, up $16 billion or 11% from year-end, driven by favorable market conditions and almost $2 billion of net inflows [8] - European inflows were led by $4.3 billion into the UCITS franchise, particularly from the European Defence ETF launch [6] Company Strategy and Development Direction - The company aims to continue delivering differentiated products and has launched over 30 new strategies across various themes [17] - Focus remains on expanding the digital assets platform and private markets, with the Ceres acquisition enhancing revenue streams [19] - The company is positioned to capture growth in metals and thematic investments, reflecting a multi-year growth story [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve financial and business goals despite macroeconomic volatility [3] - The company anticipates continued organic growth and margin expansion, with a focus on maintaining expense discipline [15] - Management highlighted the importance of diversification across asset classes and geographies for resilience and growth [22] Other Important Information - The company expects a compensation to revenue ratio of 26%-28% for 2026, reflecting planned hires and compensation adjustments [10] - Discretionary spending guidance is forecasted to range from $80 million-$86 million, driven by marketing and sales-related expenses [11] Q&A Session Summary Question: What are the biggest opportunities for WisdomTree in 2026 and 2027? - Management highlighted strong growth in thematic investments, particularly in Europe, and the potential for market share gains in commodities [25][26] Question: What are the major categories for discretionary spending? - Discretionary spending is largely driven by marketing and sales-related expenses tied to growth initiatives [32] Question: Can you provide insights on the digital asset strategy and user types? - The digital asset strategy focuses on serving clients already familiar with on-chain operations, including stablecoin issuers and businesses using stablecoins for treasury management [52][63] Question: What lessons have been learned from the Ceres acquisition? - The integration of Ceres has gone smoothly, confirming the strategic fit and potential for synergies in distribution and product offerings [60][62] Question: How does macroeconomic volatility affect WisdomTree's business? - The company is well-positioned to benefit from macroeconomic volatility due to its diversified product offerings across asset classes [48][50]

Financial Data and Key Metrics Changes - Chevron reported fourth quarter earnings of $2.8 billion or $1.39 per share, with adjusted earnings of $3 billion or $1.52 per share, reflecting a decrease of roughly $600 million compared to the previous quarter [9][10] - Cash flow from operations was $10.8 billion for the quarter, including a $1.7 billion drawdown in working capital [9] - Adjusted free cash flow for the year was $20 billion, with a record cash return to shareholders [10][15] Business Line Data and Key Metrics Changes - Upstream earnings decreased primarily due to lowered liquids prices, while downstream earnings were lower due to reduced chemicals earnings and refining volumes [10] - Production reached record levels globally and in the U.S., with net oil-equivalent production growth at the top end of the 6%-8% guidance range for 2025 [11][12] - The company achieved over 35% year-over-year growth in adjusted free cash flow, despite a nearly 15% decline in oil prices [5] Market Data and Key Metrics Changes - Chevron's operations in Venezuela have increased production by over 200,000 barrels per day since 2022, with potential for an additional 50% growth in the next 18-24 months [5][30] - The Eastern Mediterranean assets are expected to contribute to a doubling of current earnings and free cash flow, with Leviathan reaching FID for expansion [6][42] Company Strategy and Development Direction - Chevron is focused on free cash flow growth and capital discipline, with a break-even below $50 Brent [14][15] - The company aims to continue its structural cost reduction program, targeting $3 billion-$4 billion in savings by the end of 2026 [14] - Chevron is strategically positioned to leverage its diversified portfolio and maintain shareholder returns, having returned over $100 billion in dividends and buybacks over the last four years [15][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 from a position of strength, with expectations for continued growth in cash flow driven by low-risk production growth and ongoing cost savings [8][10] - The company is committed to maintaining a disciplined approach to capital allocation, focusing on high-value opportunities while managing through cycles [15][66] Other Important Information - Chevron's balance sheet remains strong, with a net debt coverage ratio of 1x, providing resilience and flexibility for future investments [10][15] - The company has restructured its operating model to enhance efficiency and streamline processes, with a focus on leveraging technology across its operations [14][49] Q&A Session Summary Question: TCO volumes and maintenance schedule - Management discussed the recent power distribution issue at TCO and the proactive measures taken to resume production, with expectations for optimized maintenance schedules to reduce downtime [20][22] Question: Venezuela operations and resource potential - Management confirmed uninterrupted operations in Venezuela, with production currently at around 250,000 barrels per day and potential for significant growth, emphasizing the importance of stability and fiscal predictability in the region [30][32] Question: Tengiz compensation cuts and production expectations - Management indicated that historical trends suggest TCO production is less likely to be impacted by compensation cuts, although specific future agreements are uncertain [37] Question: Eastern Mediterranean developments - Management highlighted ongoing projects in the Eastern Mediterranean, including Tamar and Leviathan, with expectations for increased production and cash flow growth [41][42] Question: Cost reduction progress and organizational changes - Management reported $1.5 billion in savings from the cost reduction program, with expectations for further efficiencies as the new organizational model is fully implemented [47][49] Question: Permian strategy and capital efficiency - Management confirmed that the Permian is expected to maintain production at 1 million barrels per day, with ongoing improvements in capital efficiency and cash generation [53][54] Question: Opportunities in Libya and Iraq - Management acknowledged ongoing discussions in Libya and Iraq, emphasizing the need for competitive fiscal terms and attractive investment opportunities [59][60] Question: LNG portfolio and future opportunities - Management stated that while Chevron has a smaller LNG portfolio compared to peers, the company remains open to opportunities that deliver competitive returns [61]

Financial Data and Key Metrics Changes - The company generated over CAD 1.9 billion in cash flow from operations in Q4 2025 and CAD 6.7 billion for the full year [5] - Cash on hand at year-end 2025 exceeded CAD 1.1 billion after funding capital programs and returning CAD 2.1 billion to shareholders in Q4 [5] - Net income for Q4 was CAD 492 million, down CAD 257 million from Q4 2024, primarily due to lower upstream realizations [13] - Fourth quarter cash flows from operating activities were CAD 1.918 billion, with normalized cash flow at about CAD 1.585 billion [16] Business Line Data and Key Metrics Changes - Upstream production averaged 444,000 oil equivalent barrels per day in Q4, down 18,000 from Q3 and down 16,000 from Q4 2024 [19] - Upstream earnings lost CAD 2 million in Q4, down CAD 730 million from Q3, while downstream earnings were CAD 519 million, up CAD 75 million from Q3 [14] - Chemical business generated earnings of CAD 9 million, down CAD 12 million from Q4 2024 [14] Market Data and Key Metrics Changes - Refinery throughput averaged 408,000 barrels per day in Q4, with a utilization rate of 94% [26] - The company refined an average of 408,000 barrels per day, down 17,000 barrels from Q3 due to maintenance [26] - Distillate refining margins were strong in Q4, contributing to robust refining earnings [51] Company Strategy and Development Direction - The company aims to maximize the value of existing assets and continue delivering industry-leading shareholder returns [10] - Focus on optimizing production across the asset base, progressing towards volume and cost targets, and enhancing efficiency [28] - The restructuring plan announced in September is progressing as planned, aimed at maximizing asset value [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate operational challenges and maintain production targets despite weather-related impacts [34] - The company remains focused on delivering reliable and growing dividends, with a commitment to return surplus cash in a timely manner [45] - The outlook for Canadian heavy oil remains stable, with no significant changes observed despite external market fluctuations [60] Other Important Information - The company declared a dividend of CAD 0.87 per share, marking a 20% increase, the largest nominal dividend increase in company history [10] - A one-time charge of CAD 320 million was recorded due to the decision to cease production at the Norman Wells asset [8] - The company completed a comprehensive review of inventory practices, identifying opportunities for enhanced efficiency [9] Q&A Session Summary Question: Discussion on Kearl's production impacts due to wet conditions - Management acknowledged the significant impact of exceptionally wet conditions on production and outlined plans to improve operational efficiency in similar future scenarios [32][34] Question: Background on the Mahihkan SA-SAGD project - The Mahihkan project will utilize similar technology to the successful Grand Rapids operation, targeting a production ramp-up to 30,000 barrels per day by 2029 [39][40] Question: Thoughts on shareholder returns and potential NCIB - Management confirmed that the dividend increase reflects confidence in long-term strategies and that NCIB remains a complementary part of their capital allocation approach [44][46] Question: Insights on refining earnings and market conditions - Management highlighted strong refining margins and the ability to adjust production to capture high-value markets, ensuring resilience in the downstream business [48][51] Question: Optimization of materials and supplies inventory - The company is implementing a standardized approach to inventory management informed by best practices, aiming for significant efficiency improvements [57][58] Question: Outlook for Western Canadian heavy oil - Management noted no significant changes in the market fundamentals for Canadian heavies despite external risks, maintaining a focus on their integrated business model [60][62]

Financial Data and Key Metrics Changes - Full year sales for 2025 were $2.1 billion, consistent with the previous year [6][11] - Full year operating income was $287 million, with earnings per share at $5.52 [7][11] - Operating margin decreased to 13.9% from 14.9% in the prior year, primarily due to lower volume [12][11] Business Line Data and Key Metrics Changes - Consumer and Specialties segment sales for Q4 were $274 million, with Household and Personal Care sales at $133 million, up 2% sequentially but down 1% year-over-year [13] - Specialty Additives sales were $142 million, down 2% from the prior year, impacted by lower residential construction demand [14] - Engineered Solutions segment sales grew 2% year-over-year to $245 million, with High Temperature Technologies sales at $178 million, up 1% [17] Market Data and Key Metrics Changes - Sales in the Consumer and Specialties segment for the full year were $1.1 billion, with a 3% decline in Household and Personal Care sales overall [14] - Specialty Additives sales for the full year were $585 million, down 4% from the prior year, affected by a slowdown in residential construction [15] - Engineered Solutions segment sales for the full year were $975 million, with record operating income of $163 million and an operating margin of 16.7% [18] Company Strategy and Development Direction - The company is focused on organic growth through investments in higher growth markets, innovative products, and geographic expansion [7][8] - Significant investments were made in pet litter facilities, natural oil purification operations, and paper and packaging satellite plants [8][9] - The company aims to leverage regulatory changes to drive demand for local mineral supply and enhance revenue streams [30] Management's Comments on Operating Environment and Future Outlook - The management noted a challenging year in 2025 due to geopolitical uncertainty and softer market demand [5][6] - For 2026, the company expects stable market conditions with potential growth driven by new business and investments made in 2025 [24][26] - Management expressed confidence in achieving mid-single-digit growth in 2026, supported by new product launches and market recovery [20][24] Other Important Information - The company returned $73 million to shareholders through dividends and share repurchases while maintaining a strong balance sheet [9][19] - Full-year free cash flow was $87 million, with expectations for 6%-7% of sales in 2026 [19][20] Q&A Session Questions and Answers Question: Regarding the Consumer and Specialties segment's operating margin performance - Management indicated that the performance was in line with expectations, impacted by lower residential construction demand and fixed cost absorption issues [35][36] Question: Insights on the paper PCC business and market conditions - Management highlighted growth opportunities in Asia, with a focus on increasing market penetration and new technologies [40][41] Question: Capital deployment strategy for 2026 - The company plans to maintain a balanced approach, allocating 50% of free cash flow to shareholders while keeping some for organic and inorganic growth opportunities [46][48]

Financial Data and Key Metrics Changes - Full year sales for 2025 were $2.1 billion, consistent with the previous year [4] - Operating income for the year was $287 million, with earnings per share at $5.52 [5][10] - Operating margin decreased to 13.9% from 14.9% in the prior year, primarily due to lower volume [11][19] - Fourth quarter sales were $520 million, reflecting a slight increase from the prior year, driven by a 2% growth in engineered solutions [9] Business Line Data and Key Metrics Changes - Consumer and specialties segment sales for the fourth quarter were $274 million, with household and personal care sales at $133 million, showing a 2% sequential increase but 1% decline year-over-year [12] - Specialty additives sales were $142 million, down 2% from the prior year, impacted by a slowdown in residential construction [12][15] - Engineered solutions segment sales grew 2% year-over-year to $245 million, with high temperature technologies sales at $178 million, up 1% [17] Market Data and Key Metrics Changes - Sales in the consumer and specialties segment for the full year were $1.1 billion, with household and personal care sales down 3% overall but improving by 5% in the second half [13] - Specialty additives sales for the full year were $585 million, down 4% from the previous year, affected by lower volumes in residential construction [15] - Engineered solutions segment sales for the full year were $975 million, with environmental and infrastructure product line sales up 2% [18] Company Strategy and Development Direction - The company is focused on organic growth through expanding into higher growth markets, positioning in faster growing geographies, and introducing innovative products [6][7] - Investments include upgrades to pet litter facilities, expansion of natural oil purification operations, and new paper and packaging satellite plants in Asia [7][26] - The company aims to leverage regulatory changes driving demand for sustainable products, particularly in edible oil and renewable fuel purification [25] Management's Comments on Operating Environment and Future Outlook - The management noted that 2025 was a challenging year due to geopolitical uncertainty and softer market demand [3] - For 2026, the company expects stable market conditions with potential growth driven by investments made in 2025 [24][29] - Management expressed confidence in achieving mid-single-digit growth in 2026, supported by new business secured in cat litter and other consumer-oriented products [20][25] Other Important Information - The company returned $73 million to shareholders through dividends and share repurchases while maintaining a strong balance sheet with over $700 million in liquidity [8][19] - Free cash flow for the year was $87 million, with expectations for 2026 to be in the range of 6%-7% of sales [19] Q&A Session Summary Question: Consumer and specialties segment margin performance - Management indicated that the fourth quarter margin was in line with expectations, impacted by lower residential construction demand and fixed cost absorption issues [35][36] Question: Growth in paper PCC business and market conditions - Management highlighted growth opportunities in Asia, with a focus on increasing market penetration and new technologies [39][40] Question: Capital deployment and share repurchase plans - The company plans to allocate 50% of free cash flow to shareholders while maintaining a strong balance sheet for potential acquisitions [46][48] Question: Visibility into fabric care and pet care markets - Management expressed optimism about volume growth in fabric care and a strong outlook for pet litter, expecting high single-digit growth [55][58]

Financial Data and Key Metrics Changes - The company reported record long-term inflows of $118.6 billion, up 40% from the prior quarter and 22% from the prior year quarter [7] - Long-term net inflows were $28 billion, with assets under management (AUM) ending the quarter at $1.68 trillion, reflecting an increase due to long-term net inflows and the acquisition of Apera [8] - Adjusted Operating Income was $437.3 million, influenced by lower performance fees and higher average AUM [19] Business Line Data and Key Metrics Changes - Public markets generated positive net flows totaling $30.4 billion, with equity net inflows of $19.8 billion for the quarter [9] - Fixed Income delivered its eighth consecutive quarter of positive net flows, with net inflows of $2.6 billion driven by Franklin Templeton Fixed Income [9] - Private markets saw $274 billion in alternative AUM, with $10.8 billion raised during the quarter, including $9.5 billion in private market assets [10] Market Data and Key Metrics Changes - The institutional pipeline of long, but unfunded mandates remains strong at $20.4 billion, indicating sustained demand for investment capabilities [9] - The ETF platform reached a new high with $58 billion in AUM, generating $7.5 billion in net flows, marking its 17th consecutive positive quarter [15] - Multi-asset AUM is nearly $200 billion, with net inflows of $4 billion during the quarter, reflecting clients' increasing preference for diversified solutions [14] Company Strategy and Development Direction - The company is focused on delivering integrated solutions and long-term strategic relationships, aligning with client needs for resilience in portfolios [6] - Recent M&A activity emphasizes the importance of alternative assets, with strategic acquisitions aimed at enhancing capabilities and geographic reach [12] - The company aims to double the size of fiduciary services in its five-year plan, focusing on both organic and inorganic growth [36] Management's Comments on Operating Environment and Future Outlook - Management highlighted the ongoing transition for investors amid significant market turbulence and economic uncertainty, emphasizing the need for durable returns and risk management [4] - The company is well-positioned to capture long-term trends reshaping the industry across public and private markets, with a focus on innovation and efficiency [20] - Management expressed confidence in achieving a margin of over 30% by fiscal 2027, supported by disciplined expense management and strategic investments [46][66] Other Important Information - The company is advancing its AI initiatives, including the launch of Intelligence Hub, aimed at modernizing distribution and enhancing client experience [17] - Digital assets are becoming increasingly important, with $1.8 billion in digital asset AUM, including tokenized funds and crypto ETFs [17] - The company has been recognized as one of the best places to work in money management, reflecting its commitment to employee engagement and client service [20] Q&A Session Questions and Answers Question: Cost Flexibility and Savings - Management indicated that expenses are expected to remain in line with 2025 guidance, with ongoing cost savings initiatives contributing to margin expansion in the latter half of the year [23][24] Question: M&A Activity and Contingent Liabilities - Management confirmed that contingent consideration related to recent transactions is minimal, with no significant liabilities expected from closed deals [27][30] Question: Long-term Margin Expectations - Management projected that operating margins could exceed 30% by fiscal 2027, with ongoing integration efforts and strategic initiatives contributing to profitability [46][66] Question: AI's Impact on Consolidation - Management noted that AI could drive consolidation in the asset management industry, as smaller managers may struggle to compete without the scale and data resources required for effective model training [76][80] Question: Blockchain and Tokenization Strategy - Management highlighted the efficiency of blockchain technology, noting significant cost savings compared to traditional systems, and expressed optimism about the future adoption of tokenized funds [86][88]

Financial Data and Key Metrics Changes - The company generated CAD 1.9 billion in cash flow from operations in Q4 2025 and CAD 6.7 billion for the full year [5] - Cash on hand at year-end 2025 exceeded CAD 1.1 billion after funding capital programs and returning CAD 2.1 billion to shareholders in Q4 [5] - Net income for Q4 was CAD 492 million, down CAD 257 million from Q4 2024, primarily due to lower upstream realizations [13] - Fourth quarter cash flows from operating activities were CAD 1.918 billion, with normalized cash flow at approximately CAD 1.585 billion [16] Business Line Data and Key Metrics Changes - Upstream segment reported a loss of CAD 2 million in Q4, down CAD 730 million from Q3 2025, while downstream earnings increased to CAD 519 million, up CAD 75 million from Q3 [14] - Chemical business generated earnings of CAD 9 million, down CAD 12 million from Q4 2024, reflecting bottom-of-cycle margin conditions [14][27] - Kearl's production averaged 274,000 barrels per day in Q4, down 42,000 barrels from Q3, while Cold Lake's production averaged 153,000 barrels per day, up 3,000 barrels from Q3 [19][22] Market Data and Key Metrics Changes - Refinery throughput in Q4 averaged 408,000 barrels per day, with a utilization rate of 94%, down from Q3 due to maintenance [26] - The company noted strong distillate refining margins in Q4, particularly in November, contributing to robust refining earnings [51][82] Company Strategy and Development Direction - The company aims to maximize the value of existing assets, progress restructuring plans, and deliver industry-leading shareholder returns [10][28] - Focus on optimizing production across the asset base, lowering unit costs, and increasing cash flow generation remains a priority [28] - The restructuring announced in September is progressing as planned, with a goal of achieving CAD 150 million in annual savings starting in 2028 [86] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate operational challenges, including extreme weather conditions impacting production [34] - The outlook for Canadian heavy oil remains stable, with no significant changes observed despite external market fluctuations [60] - The company is well-positioned to capture market demand and enhance profitability through its integrated business model and strategic investments [49][82] Other Important Information - The company declared a dividend of CAD 0.87 per share, marking a 20% increase, the largest nominal dividend increase in company history [10] - A one-time charge of CAD 320 million was recorded due to the decision to cease production at the Norman Wells asset [8] - The company completed a comprehensive review of inventory practices, identifying opportunities for enhanced efficiency [9][57] Q&A Session Summary Question: Discussion on Kearl's production impacts due to wet conditions - Management acknowledged the significant impact of wet conditions on production and outlined plans to improve operational protocols to mitigate future risks [32][34] Question: Background on the Mahican SA-SAGD project - The Mahican project will utilize similar technology to the successful Grand Rapids operation, targeting a production of 30,000 barrels per day starting in 2029 [39][40] Question: Shareholder returns and potential NCIB - Management confirmed that the dividend increase reflects confidence in long-term strategies and that NCIB remains a complementary part of their capital allocation approach [44][46] Question: Refining earnings resilience and market outlook - Management highlighted strong refining margins and the ability to adapt production to market demands, ensuring profitability even in fluctuating conditions [48][51] Question: Optimization of materials and supplies inventory - The company is implementing a standardized approach to inventory management, leveraging technology and best practices to enhance efficiency [57][58] Question: Outlook for Western Canadian heavy oil - Management noted no significant changes in market fundamentals for Canadian heavies, maintaining a focus on their integrated business model [60][62]

Financial Data and Key Metrics Changes - The preliminary results of the voting indicated that the compensation of the named executive officer has been approved on an advisory basis [12] - The appointment of MaloneBailey, LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2026, has been ratified [13] Business Line Data and Key Metrics Changes - No specific data or metrics related to individual business lines were discussed during the meeting Market Data and Key Metrics Changes - No specific market data or metrics were provided in the meeting Company Strategy and Development Direction and Industry Competition - The company is focused on good corporate practices, as evidenced by the advisory vote on executive compensation and the ratification of the independent auditor [11] Management's Comments on Operating Environment and Future Outlook - Management noted that forward-looking statements regarding future events or financial performance involve risks and uncertainties, and actual results could differ materially from predictions [14] Other Important Information - The meeting was held virtually, and all necessary procedures for voting and quorum were followed [5][6] - The company emphasized the importance of stockholder participation and the advisory nature of certain proposals [9][10] Q&A Session Summary - No questions were submitted by stockholders during the Q&A session, leading to the conclusion of the meeting without any inquiries [15]

Financial Data and Key Metrics Changes - In 2025, LyondellBasell generated $2.3 billion of cash from operations, reflecting strong working capital discipline and focused cost management [14][19] - Full-year earnings were $1.70 per diluted share, and EBITDA totaled $2.5 billion [14] - The company achieved a cash conversion ratio of 95%, well above the long-term target of 80% [20] Business Line Data and Key Metrics Changes - The Olefins and Polyolefins Americas segment reported Q4 EBITDA of $164 million, down from the prior quarter due to higher feedstock costs and lower polyethylene margins [24] - The Olefins and Polyolefins Europe, Asia, and International segment experienced a Q4 EBITDA loss of $61 million, impacted by lower demand and increased competition from low-cost imports [26] - The Intermediates and Derivatives segment achieved Q4 EBITDA of $205 million, supported by improved propylene glycol demand [28] - The Advanced Polymer Solutions segment reported Q4 EBITDA of $38 million, with a year-over-year increase of 55% in EBITDA [31] Market Data and Key Metrics Changes - Industry margins in 2025 were approximately 45% below historical averages, with North American polyolefins margins at their lowest levels in over a decade [12] - The company noted that global trade disruptions and low demand for durable goods were significant factors pressuring margins [12] Company Strategy and Development Direction - LyondellBasell is executing a three-pillar strategy focused on growing and upgrading the core, building a profitable circular and low-carbon solutions business, and stepping up performance and culture [9][10] - The company is on track to complete the divestment of four European assets by Q2 2026, which is part of its portfolio transformation efforts [9][27] - The Value Enhancement Program exceeded its target, achieving $1.1 billion of recurring annual EBITDA in 2025, with a goal of $1.5 billion by 2028 [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging market conditions in 2025 but expressed confidence in the company's ability to generate positive free cash flow and capture significant upside once margins normalize [12][13] - The company expects modest improvements in market conditions as it moves into 2026, with seasonal demand recovery anticipated in North America and Europe [33][34] Other Important Information - The company reduced its capital expenditure plans for circular solutions and prioritized markets with supportive regulations [11] - LyondellBasell returned $2 billion to shareholders through dividends and share repurchases during 2025 [20] Q&A Session Summary Question: Dividend strategy in light of market conditions - Management emphasized the importance of maintaining an investment-grade balance sheet and balancing cash returns to shareholders with growth investments, indicating that discussions on dividend recalibration are ongoing [40][42] Question: CapEx guidance for 2026 - Management clarified that the reduced CapEx guidance for 2026 is due to postponed turnarounds and a lighter maintenance schedule, with $800 million allocated for maintenance and $400 million for growth projects [44][46] Question: Outlook for the oxyfuels market - Management expects normalization in the oxyfuels market following a volatile 2025, with typical seasonal improvements anticipated [61][62] Question: Polypropylene market assessment - Management indicated that polypropylene is currently weaker than polyethylene due to its higher exposure to durable goods, but recovery is expected as consumer confidence improves [66][68] Question: US Gulf Coast polyethylene market - Management noted low industry inventories and anticipated price increases supported by upstream cost dynamics, indicating a positive outlook for contract pricing [74][77] Question: Anti-involution policies in China - Management reported ongoing discussions regarding anti-involution policies in China, with expectations for potential announcements in the near future [80]

Financial Data and Key Metrics Changes - The preliminary voting results indicated that all proposals presented during the meeting received majority support from shareholders, reflecting a positive sentiment towards the company's governance and strategic direction [9][10][11] Business Line Data and Key Metrics Changes - Specific financial data and performance metrics for individual business lines were not disclosed during the meeting, focusing instead on governance and shareholder proposals [3][4][5] Market Data and Key Metrics Changes - No specific market data or key metrics were discussed in the meeting, as the focus was primarily on the voting of proposals and board elections [2][3] Company Strategy and Development Direction - The company is looking to increase its authorized shares from 125 million to 1.5 billion, indicating a potential strategy for future capital raising or stock-based compensation [5] - The proposal for a reverse stock split suggests a strategic move to enhance the stock price and meet listing requirements [6] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting, as the focus was on procedural matters and shareholder voting [2][3] Other Important Information - The meeting included the election of Class II directors, approval of executive compensation, and the selection of an independent accounting firm, all of which passed with majority votes [9][10][11] Q&A Session Summary - There were no questions submitted by shareholders during the Q&A session, indicating either satisfaction with the proposals or a lack of engagement from the attendees [8][12]