Peter Z. Vanacker
as you, our our people We all quarter I'm year remained full welcome throughout today and our navigated of discuss strategy we was our Dave, easy us of that for results. leveraged not joining on industry, our challenges, and fourth and you. strengths how proud XXXX the laser-focused Thank a to very fourth appreciate particularly, you year quarter.
always Let's our as begin, on X. we do, Slide results with safety
achieved recordable employees contractors outstanding and our our was safety to their proud X.XX, impressive, operational to XXXX and for for lowest is more XXXX, number we as commitment to GoalZERO in lowest history. am our second During total performance. excellence. the commitment injury demonstrated of continues to LYB the share grow, a that safety I injuries company. rate to our truly year Even testament our This
moment look our milestones for an to strive applaud surpassing years reliability is we some amazing incident to by XX% GoalZERO performance. achieved XXXX creating the have a such record, We safety of of like reached would and take rates we injuries, impressive I reducing their record-breaking APS X performance, segment this sites XX-plus our had no year. With safety into highlight for in a team XXXX. to value. as XXXX prerequisite achieving continue we I carrying compared shareholder forward this high to safely to what Operating to and momentum and have celebrated
another is petrochemicals. to getting no Let's There challenging now our results. for X it. turn to year Slide financial was around discuss XXXX
conversion the billion. EBITDA shareholders of billion maximize repurchases. and ratio. XX% headwinds, $X.X creation, billion $X.X and an returns the spite on of form our were $X.X from $X.XX delivered returned per generated focus dividends share, shareholders. Earnings of strategic outstanding with cash in with to in solid LYB cash value to However, generation cash of We operations
in on of Across of the reflect the Now about quarter take depth industry are our averages, are a current historical businesses, and key where and XX% X, current turn to to cycle. the moment downturn. underscoring Slide industry the let's fourth LYB margins
X challenging share me thoughts Let on this environment.
inevitably First, this Global deep and prolonged post-pandemic will durable return goods demand downturn. this following not is downturn permanent. for
the recovery And in cyclical could capture surpass Second, enable to and substantial performance. strategic cycle upside value potential LYBs in from has third, us incremental historical LYB our the margins. unlocking to progress volumes
industry The least quarter averages the of are severity opportunity norms, less where the downturn. X sizable points of polypropylene fourth to rates are XX% historical is XX apparent at operating business, in our and margins percentage than below reflecting
is regulatory to moderate typical value recent business sectoral future full peak when downturn are duration available margins Slower structurally also but a for provide will certain unit unlock costs, oxyfuels to this regions, This typical and shifts capacity upside. represent the contributing the in seasonality. higher meaningful seen value cycles. to essential. In measure and currently our reflect for the provide depth demand polyethylene, For ton, mid-cycle prior structural contrast, compression quarter cyclical initiatives averaged why the experiencing for likely in These They introduced energy with fourth relative margin strategic challenges. in is across upside chain our potential are margins more smaller, that decades. and China, sustainable of particularly recognize current our margins is the the the prior portfolio the growth, XXXX, integrated industry other than of year shifts pressures. global business.
We just to outpace $XXX in higher dynamics per have the impacts the some But Europe along relative additions to
market These us respond dynamics. pivot to enabling and opportunities actions are to to high-value more effectively changing
our were XXXX our select global Our assets of of strategic execution of strong operating transformation the model. focal during and European points Houston review the refinery,
our navigating will EBITDA these to a durable provide benefits actions margins of We uplift confident lead are cycles. that for and lasting future
our EBITDA since the unlocked our if The technology our execution plant In XXXX. years, leveraging Day, PO/TBA Capital of to positions progress our advantages. Now X X-pillar our basis billion by X, incremental leveraging strengths strategy. advantaged $XXX our in normalized successful through feedstock urgency, and and million EBITDA extending highlight on markets. mid-cycle focus our approximately Markets of a strategy turn XXXX LyondellBasell of start-up our attractive we you nearly proprietary we Slide our normalized on in these during adding approximately is has $X.X With to and are
to pleased our report to XXXX very our of annual while program more a I'm value $XXX improvements, year-end of EBITDA. approximately than rate EBITDA enhancement the And million unlocked the contributing that XXXX, recurring VEP is In $XXX million exceeding run expectations.
we portfolio venture. share NATPET, addition, successfully business, polypropylene in leveraging our noncore to proceeds of cost-advantaged integrated acquiring joint completed a divestment the by XX% our In EO&D strengthen the sale a
additional value our through priorities. capturing can you expect progress strategic XXXX, towards During
billion recurring confident exceed our in annual our are progress improvements. to year-end rate and EBITDA of We achieve program the VEP of expect run goal of $X to a
Carbon same steadfast capital M&A. business high-return track. improved prioritizing extremely you we and in has carefully volumes from in growing our transformation the remaining Solutions have Yvonne's our Europe. remaining we during Low new our an our the time, projects But our from North has capital allocate rate seen, doing team focus in approach the of encountered increase Circular Refining APS towards business, how automotive disciplined while headwinds are key in is At excellent win customers As at approvals.
And to and remains allowed downturn team project on America production of to APS declines exit this highly our our customer by for some LYB & job selective
And share, marginal or As can impact the we business. Carbon does with will Michael not but provide be Slide growth compromise update meaningfully we Circular lower discipline to M&A guidance, our risky have to an be acquisitions.
On our not & our growth ensure you capital will prudence Low fill our X, of or growth. CLCS targets future been will Solutions on than prior that expenditures mindful assured we our
We innovative our in that global a continue customer build to markets and relationships. with of technologies, positions a leading infrastructure such existing focused competitive growing our through and as network deep advantages, CLCS leverages strategy
renewable volumes Our grow over feedstocks. impressive across CLCS and CLCS during to generating an lines chemical by recycling incremental margins we XXXX And that mechanical to based XX% to polymers. tons fuel-based on fossil XXX,XXX continues product attractive are increased our recycling, are business pace. at
like commitments tons time. $X the by having Large year, content in X mixed But Infrastructure increased and margins Slide volumes to look circular are business in sorting And European regulation plastics. is improving take growth let's We past owner and are EBITDA updated at annual building to is this the and needs CLCS utilization increase driving success be while supply businesses. Our capacity incremental to demand plastics developing million circularity preferences transition circular brand increase Despite chemical volumes companies be a the to over CLCS outpaced plan.
Please challenges takes XXXX targeting are and industry of Consumer of robust. our X, on billion built. growth. collection the to in picture our from plastics utilization demand XXXX. waste by will with packaging. LYB, turn our of to plastic for by are plastic recycled believe and recycle new launching remains companies, demand for mandating of views track Market technologies bolstering XXXX and continue on for and demands. rising technologies assets smaller supply, demand
for they As pace of not is plans, growth circular brand their plastics deferring discovered utilizing keeping plastics. targets supply the circular their owners with pragmatically are
targets ambitious more realistic not Demand And after of being some to growth but revised capacity, owners eliminated. previously the lack levels constraints. to merely supply due delayed brand have considering is being
LYB XXXX of mega As for thesis is trends is the such, are with industry and The market supportive addressable and first sourcing these waste chemical regional the intact. short incorporating industry strategy planning be and locations. quite by sorting MoReTec plastic for well, to both not are and margins observers plastics Houston in recycling LYB in progressing of changed circular X attractive for our facility MoReTec and scaling for Germany capacity back investment supply of expected helps market.
The time. constraints for some remain and has construction other forecasts we
technologies, X. in leading these network execute global are to build We operations attractive LYB's and marketing and strategy to Slide leveraging turn a markets.
Please our position
review briefly evolving framework Europe. for the regulatory in plastics Let's circular
packaging, driver preference Waste Packaging regulation tons moving While is a in meaningful the right for recycled we with more drive In see on even PPWR the by X PPWR, content dominant million demand demand of a regulation Europe, to will X in XXXX, levels order consumer Regulation. new mandatory growth. plastics, incremental plastics forward-thinking also of we by Packaging for XXXX. With and circular and expect is circular direction the strengthening million
positioned circular chemical using produced content recycling. to take growing opportunity. is differentiated its packaging this well sensitive require is through Contact and polymers of to advantage LYB technologies with solutions likely
technology, a Our profitable provide Germany, scale currently catalytic will in proprietary MoReTec under commercial solution. construction
like to share my a Michael would I I McMurray. Before call, take moment turn our CFO, the over appreciation for to
partner previously an and the Michael line announced, friend retire strategy years X has to of plan, company. has the we X after to personal Michael incredible we as and been thought As over decided in developed with LyondellBasell. new his past years a executed for service
leadership wise likely leaders global our of In our finance sheet we're the addition, most oversaw outstanding our rates for provided look team, in recapitalization the our and in to maturities commercial to to see lifetimes. Michael counsel favorable and balance
you your many our leadership for come. to years personal and look thank Chief, continuing for friendship forward to
