of a results Thank you Albert, consolidated start everyone. detailed with followed good I segment will by and and results. morning financial Olefins review Vinyls our our discussing
with results. begin consolidated our me Let
$X.XX million to for reported net XXXX on Westlake's of XXXX, per quarter we share quarter $X of net declined billion. For quarter $XX and sales of for first our first compared major prices million, first income the primarily the lower the income due margins to products. or $XXX
first capacity precipitous at the market This XX%. drop integrated as macroeconomic in able oil ethane trade fourth and and global United the drop the unexpected the that first pressured dislocations in activity by for These was prices trade we prices softened - into in fourth caustic international occurred with prices compared export lower States to by polyethylene off in global in Albert prices compared quarter These the and economic the quarter the margins olefins China. strong of in demand new by prices we quarter year of prices decline the fell the Despite caustic global increase in the decline was through quarter, the along the XXXX quarter. level in In industrial This new XXXX escalated. into the into accelerated the late for global and drop global the to styrene resulting requirements demand resetting export average the of soda light quarter steep carried sales noted prices as events as volumes fourth which exports into As Vinyls XXXX. coming soda higher period. feedstock export cutting all to tensions time to headwinds in impacted polyethylene and in prior XXXX tensions softening factors prices between sharp the cost prices caused in tensions summer a for beginning licensing which domestic continued to October. lower prices same dropped led in polyethylene escalating were India oil although as were the played began segment still saw as fourth our sales price sales all
XXXX have estimate products million approximately accounting earnings LIFO even comparable the of and as much unfavorable segment Our of United XXXX caustic $XX severe for shipments would first of year utilization which delayed quarter is the winter results pretax flooding In resulted and first impact were our lower period in Vinyls our polyethylene of Partially higher prior costs This the of declines what higher in has the feedstock of products for sales in offsetting vinyl prices the first in combined an for the of In our our the to in building Midwest and first quarter the volumes. all sales slowed compared in from our the an purchased start or quarter ethylene under major in the margins and lower States as been lower audited. sales products construction margins resulted the FIFO per spring ethane not summary method. share major the calculation method with with due $X.XX only been weather to were quarter. volumes cost. compared soda season
restructuring attributable to vinyls our the cost business higher $XX we million operations. and as saw about acquisition of also completed integration-related XXXX global and optimized our solutions NAKAN charges acquisition compounding quarter first The
quarter restructuring our first higher the quarter for and prices our for costs First decrease and of XXXX offsetting decreased quarter for due $XX million primarily the $XXX were and million. is XXXX feedstock million XXXX fourth and major acquisition lower net income products fuel This Partially PVC in lower of integration-related income lower volumes higher major from sales resin. cost. sales income products prices sales net to $XX
to starting with segment. Now let segments performance our on move two of me review the Vinyls our
million. PVC and sales prior and sales XXXX quarter ethane lower effects and operating million lower feedstock is benefiting higher in soda from operating integration-related costs XXXX purchased income purchased fourth and offsetting the primarily for the million resin, $XXX lower for sales ethylene million, from the segment decreased lower resin ethane prices XXXX our feedstock in volumes. and cost. and The The $XXX of decreased quarter to decrease of cost. higher acquisition income $XXX $XXX and while For acquisition income from Vinyls' PVC quarter PVC restructuring these first higher cost soda million ethylene first quarter Vinyls in prices income due was to first operations operating were Partially operating and operating caustic from $XX decrease and quarter restructuring Vinyls' caustic income due income integration-related higher million. $XXX of of cost
spite decreased of sales $XXX we prices demand the oil Olefins This first precipitous ethylene as quarter of customers and quarter $XX in as million XXXX. strong global on strong In Turning discussed global the late in trade million saw squeezed the $XXX uncertainties to and products the pulled through quarter our global feedstock from as margins income for international quarter lower into of ethane first prices inventories XXXX decline carried operating quarter. million segment weighed higher global were we reset down destocked the the XXXX in demand fourth In operating in the Olefins market. segment, our the prices cost. of first XXXX in income by of XXXX level first price our
cost. XXXX prices and sales activity XXXX lower associated due feedstock partially from $XX income planned by First to million operating quarter higher fourth operating income turnaround quarter decreased lower $XX costs million offset of ethane with
our statement the and turn to let's balance attention cash Next sheet flows. of
of and billion. XX we and March equivalents cash XXXX $XXX of cash of had $X.X As debt million total
were First invest construction billion XXXX the were cash while of and expenditures Lotte the completed flows we second quarter continued start-up million quarter quarter joint with activities from £X.X $XXX first which In million. is our cost $XXX Chemical in the to acquisition operating portion venture expected of of NAKAN of ethylene our in the capital to XXXX.
our option. to to We to three time over and this continue increase assess at ownership have years any next the we an will XX% option
to attractive opportunities grow continue business. plants reliability in the of invest We our and to our improve to
in VCM announced plants to the opportunistically and and Geismar, in We in several other VCM expansions are Germany continuing have U.S. previously debottleneck and PVC Louisiana and PVC
compound further to is We NAKAN, of All our an will evaluate to our we opportunities grow of operations. investment acquisition that believe The continue they earnings philosophy. acquisition attractive investments where vinyls solutions leverage leading existing returns our a provide these integrate invest continually PVC business chain. of example global and
expect for As accompanying have the we start we along Vinyls in supply, XXXX rest highlighting lows, look construction capacity has oil PVC fractionation ethane the forward year, to the downstream of the we start as increase entering the rebounded cost their our new increased into country of capacity from and declined through while NGL of global the pipeline of December prices have the season prices products. beneficial segment position vinyls In our producers. American demand are enjoyed most the olefins North by resin which with
in licenses India. imports into resumed Indian improvements restricting areas seen back affected that soda industry. issuing of caustic We the In March Bureau also demand of our the allowing Standards have of some
operations XXXX believe will due therefore We also the benefit we soda curtailed their of full concerns of believe could in alumina a the producers. refinery refinery in of world production had XXXX. second soda this resumption spring environmental which half This full and operations large largest since U.S. the consumer to is caustic resume caustic
short-term we we reduction a productive on actions and continue management have our As execute running challenges. while given organization also these always to increased aggressively cost cost macroeconomic
the for would turning I purposes. guidance call modeling Albert some to Before your to back like over provide
For to $XXX the full $XXX and year million. be of XXXX we expect between CapEx million
earlier, the one of half of ethylene more turnaround first earnings year mentioned impact the our I duration we'll next As of the provide planning. for as our information on facilities the turnaround XXXX, scheduled is complete in and later we and on
to our continue expect tax and make to comments. tax that year closing to back around We to this some effective rate call XX%. I'll to cash Albert rate XX% around our turn be remain the With Albert?
