Celanese Corporation

Greetings and welcome to the Selenese Q4 2024 earnings call and webcast. At this time, all participants are in a listen-only mode. The question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Bill Cunningham, Vice President of Investor Relations. Thank you. You may begin.

Thanks, Daryl. Welcome to the Selenese Corporation. Fourth Quarter 2024 Earnings Conference Call. My name is Bill Cunningham, Vice President of Investor Relations. With me today on the call are Scott Richardson, President and Chief Executive Officer, and Chuck Kyrush, Chief Financial Officer. CELINI's distributed its fourth quarter earnings release via Business Wire and posted prepared comments and a summary presentation of key 2025 actions on our Investor Relations website yesterday afternoon. As a reminder, We'll discuss non-GAAP financial measures today. You can find definitions of these measures as well as reconciliations to the comparable GAAP measures on our website. Today's presentation will also include forward-looking statements. Please review the cautionary language regarding forward-looking statements, which can be found at the end of both the press release and the prepared comments. Form 8K reports containing all of these materials have also been submitted to the SEC. Before we open it up for questions, I'd like to turn the call over to Scott Richardson for some opening remarks.

Thanks, Bill, and good morning, everyone. I strongly believe Celanese is a company that has cash generation, productivity, and cost reduction in its DNA. These core competencies have driven shareholder value over our 20 years as a public company. We are keenly focused on invigorating and capitalizing on these foundational capabilities in how we lead and drive business every day to improve performance and drive value creation. My first two months as CEO have been about prioritizing and driving action. Decisive steps we have taken to date include the following. We have executed on over $75 million worth of cost action that we outlined in our Q3 earnings call. We have reduced our 2025 capital plan to $300 to $350 million, which is about a $100 million reduction versus our spend last year. We have added a new leader to the engineered materials business in Todd Elliott to bring a fresh perspective and new energy to reducing complexity and driving improved results. We have added Chris Kuhn and Scott Sutton to our board of directors to bring additional finance and operational expertise to our boardroom given the prioritization of cash generation, margin expansion, productivity, and deleveraging. And we have added a Finance and Business Review Committee to the Board of Directors, which Scott Sutton and I will jointly chair. This committee will help evaluate all options to improve the company's operating model performance, drive cash generation, and review our portfolio. We are taking the right steps to accelerate shareholder value creation and restore our performance at top decile levels in the industry. We are moving forward with intensity and aggressiveness and are not hesitating to make bold changes to generate cash and deleverage the balance sheet. We know the journey in front of us is not an easy one, but we are energized by the opportunity ahead. We will share wins, no matter the size, as we progress in the coming months And I look forward to reporting on our progress as we advance our plans to improve performance and drive value creation. Thank you. And now Darrell, let's open the line for questions.