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    Charles Neivert

    Senior Research Analyst specializing in chemicals and agriculture equity research at Piper Sandler

    Charles Neivert is a Senior Research Analyst specializing in chemicals and agriculture equity research at Piper Sandler, where he plays a pivotal role in expanding the firm's coverage of these sectors. He covers major companies such as CF Industries Holdings, Mosaic, LyondellBasell Industries, Celanese, and Albemarle, and his investment calls have generated considerable returns, with stocks like Mosaic achieving nearly 250% returns and CF Industries over 150%. Neivert began his career as a managing director in chemicals and agriculture equity research at other firms before joining Piper Sandler in 2021. He holds bachelor’s degrees in chemistry and economics and is registered with FINRA, holding relevant securities licenses.

    Charles Neivert's questions to AdvanSix (ASIX) leadership

    Charles Neivert's questions to AdvanSix (ASIX) leadership • Q1 2025

    Question

    Charles Neivert of Piper Sandler Companies asked about the potential impact of tariffs on the nylon business, particularly regarding U.S. market share and product mix adjustments. He also questioned the volume outlook for ammonium sulfate given high acreage and an early season, and inquired about future capital expenditure plans and the potential for opportunistic acquisitions as spending moderates.

    Answer

    CEO Erin Kane responded to the questions. On nylon, she explained that the engineering plastics value chain involving Mexico is a key area to watch, and noted that Nylon 6 is currently excluded from retaliatory tariff lists, though this could change. She stated Q1 exports were consistent with historical averages. For ammonium sulfate, Kane confirmed a robust season with expectations for record volume for the fertilizer year, while noting an early season could slightly reduce late-June sales. Regarding capital allocation, she confirmed that moderating base CapEx after 2025 would create flexibility and that the environment for inorganic growth opportunities is 'heating up' and being evaluated.

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    Charles Neivert's questions to AdvanSix (ASIX) leadership • Q4 2024

    Question

    Charles Neivert of Piper Sandler inquired about the maximum conversion target for granular ammonium sulfate, the impact of the phenol market on acetone production, the run-rate for 45Q carbon capture tax credits, and competitive pressures from Chinese ammonium sulfate production.

    Answer

    CEO Erin Kane clarified that the granular ammonium sulfate conversion target is 75% to match North American demand, not 100%. She also confirmed that lower industry phenol operating rates create a favorable, snug acetone market. On the 45Q credits, CFO Siddharth Manjeshwar estimated a potential $5-6 million annual run-rate that escalates with inflation, while Kane noted the claim process is sequential by year. Regarding competition, Kane stated that Chinese ammonium sulfate output is primarily directed at Brazil, not impacting the U.S. market due to existing anti-dumping duties.

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    Charles Neivert's questions to AdvanSix (ASIX) leadership • Q3 2024

    Question

    Charles Neivert asked if the sold-out Ammonium Sulfate order book implies high Caprolactam production rates, questioned if acetone margins over propylene are improving, and inquired about the impact of Chinese ammonium sulfate exports in Latin American markets.

    Answer

    President and CEO Erin Kane confirmed the company targets full production rates for Caprolactam to maximize asset leverage and meet demand. On acetone, she noted that while spreads have moderated from peaks, the overall supply-demand environment remains constructive due to low global phenol operating rates. Regarding competition, she acknowledged high Chinese export levels to Brazil but stated AdvanSix's focus on other Central and South American countries with strong customer relationships mitigates the impact.

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    Charles Neivert's questions to LSB INDUSTRIES (LXU) leadership

    Charles Neivert's questions to LSB INDUSTRIES (LXU) leadership • Q1 2025

    Question

    Charles Neivert of Piper Sandler questioned whether the equipment delivery delays that pushed back a scheduled turnaround could also pose a risk to the timeline for the El Dorado carbon project. He also asked if there was any risk to the financial terms of the CO2 sales agreement with their partner, Lapis Carbon Solutions.

    Answer

    Chairman and CEO Mark Behrman expressed confidence that the El Dorado project timeline would not be affected, as their partner Lapis is on the verge of ordering long-lead-time items with delivery schedules that align with the project's completion by the end of 2026. Behrman also affirmed that the company has a heavily negotiated CO2 sales agreement in place and is comfortable they will receive the agreed-upon revenue per ton of CO2.

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    Charles Neivert's questions to LSB INDUSTRIES (LXU) leadership • Q3 2024

    Question

    Charles Neivert asked about the status of natural gas hedges, the expected annual revenue from the Lapis carbon sequestration deal, the timing of next year's turnarounds, the impact of warm weather on fall ammonia application, and the strategic priority of upgrading ammonia to other products.

    Answer

    CFO Cheryl Maguire stated they hedge gas one month ahead. CEO Mark Behrman estimated the Lapis deal would generate about $14 million annually and placed next year's turnarounds in Q3. CCO Damien Renwick confirmed warm weather has delayed fall ammonia application. Both executives affirmed that upgrading ammonia to products like UAN is a key strategic priority to improve margins, especially at the Pryor facility.

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    Charles Neivert's questions to ECOLAB (ECL) leadership

    Charles Neivert's questions to ECOLAB (ECL) leadership • Q3 2024

    Question

    Charles Neivert asked if lower energy prices could hinder Ecolab's ability to raise prices by reducing the value of energy savings, and also asked for specifics on what is hindering growth in Europe.

    Answer

    CEO Christophe Beck addressed the pricing question by pointing to the last 18 months, where Ecolab successfully implemented value pricing despite raw material tailwinds. He argued that their pricing is based on 'Total Value Delivered' (TVD), which is much broader than just energy savings. He believes a more challenging cost environment actually makes the value discussion easier. He did not provide specific details on European headwinds.

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    Charles Neivert's questions to METHANEX (MEOH) leadership

    Charles Neivert's questions to METHANEX (MEOH) leadership • Q2 2024

    Question

    Charles Neivert of Piper Sandler asked about the specific methanol price point at which methanol-to-olefins (MTO) plants become uneconomical, effectively acting as the market's balancing mechanism.

    Answer

    President and CEO Rich Sumner explained that while the direct affordability for MTO is near the cost curve of $280/tonne, integrated operations can withstand higher prices. He estimated that methanol prices moving into the $320-$350/tonne range begin to put significant pressure on MTO producers, with the current affordability range sitting between $280 and $320.

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