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    Kevin Estok • Jefferies

    Kevin Estok's questions to Orion SA (OEC) leadership

    Kevin Estok's questions to Orion SA (OEC) leadership • Q2 2025

    Question

    Kevin Estok of Jefferies LLC asked about the impact of tariffs on production location, specifically questioning if manufacturing would shift to Mexico before the U.S., and whether the company had quantified the potential tailwind from these trade policies.

    Answer

    CEO Corning Painter, addressing the audible portion of the question, stated that Orion does not expect tire production to revert more to Mexico than the U.S. in response to tariffs. He clarified that the impact would be broadly felt across the region rather than concentrated in one country.

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    Kevin Estok's questions to Huntsman Corp (HUN) leadership

    Kevin Estok's questions to Huntsman Corp (HUN) leadership • Q2 2025

    Question

    Kevin Estok, on behalf of Laurence Alexander at Jefferies, asked about the magnitude of interest rate cuts needed to stimulate a recovery in the construction and consumer durables end markets.

    Answer

    Chairman, President & CEO Peter Huntsman suggested that the direction and expectation of future cuts are as important as the initial amount. EVP & CFO Phil Lister added that they monitor the translation of Fed rates into longer-term yields and mortgage rates, all of which need to decline to spur demand.

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    Kevin Estok's questions to Methanex Corp (MEOH) leadership

    Kevin Estok's questions to Methanex Corp (MEOH) leadership • Q2 2025

    Question

    Kevin Estok, on for Laurence Alexander, asked about the trend in global methanol operating rates during Q2 and into Q3, and the potential marine fuel demand by year-end.

    Answer

    President, CEO & Director Rich Sumner noted that industry operating rates recovered in Q2 from a Q1 low point, but cautioned that headline rates are misleading due to structurally constrained capacity. He estimated potential marine fuel demand at 2 million tonnes by year-end but highlighted that current economics and shipper focus favor low-carbon methanol over conventional.

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    Kevin Estok's questions to Methanex Corp (MEOH) leadership • Q4 2024

    Question

    Kevin Estok asked for an update on current MTO (methanol-to-olefins) operating rates as of early January and inquired about expectations for discount rates for the first quarter and the full year.

    Answer

    President and CEO Rich Sumner estimated current MTO operating rates are in the low 70% range, with downward pressure likely due to tight supply from Iran. Regarding discounts, he explained that while the average discount rate may increase due to a higher proportion of Atlantic-based sales, this is not due to deteriorating terms but rather reflects a higher overall average realized price in those premium markets.

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    Kevin Estok's questions to Quaker Chemical Corp (KWR) leadership

    Kevin Estok's questions to Quaker Chemical Corp (KWR) leadership • Q1 2025

    Question

    Kevin Estok, on for Laurence Alexander, asked about the recent increase in order volatility, questioning its magnitude, regional concentration, and what customers need to see for a return to stable ordering patterns. He also inquired about the potential impact of deregulation on the business.

    Answer

    President and CEO Joseph Berquist responded that order volatility accelerated in the first quarter, primarily in Europe and the Americas, driven by tariff uncertainty and customers managing down inventories. He noted that the market in Asia was tepid but showed growth due to share gains. Regarding deregulation, Berquist stated that the company does not expect a material impact, as it is positioned to adapt to any regulatory environment, which can sometimes create opportunities for new, innovative solutions.

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    Kevin Estok's questions to Ashland Inc (ASH) leadership

    Kevin Estok's questions to Ashland Inc (ASH) leadership • Q2 2025

    Question

    Kevin Estok of Jefferies asked about the level of order volatility in recent quarters and inquired about the company's ability to mitigate risks associated with its $70 million in U.S.-produced sales to China.

    Answer

    CEO Guillermo Novo explained that market volatility has stabilized since late last year, with current softness stemming from market sentiment rather than erratic ordering. Regarding China tariffs, Novo stated that while some unique products like Klucel can be managed via customer partnerships, the VP&D business is more exposed. He estimated that over half of the at-risk business has mitigation options through network optimization and potential share gains from market dislocations.

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    Kevin Estok's questions to Avient Corp (AVNT) leadership

    Kevin Estok's questions to Avient Corp (AVNT) leadership • Q4 2024

    Question

    Kevin Estok, on for Laurence Alexander, asked about demand trends in China following the Lunar New Year and separately inquired about conditions in the automotive end market.

    Answer

    President and CEO Dr. Ashish Khandpur reported strong 7% growth in Greater China in Q4 and expects continued strength, highlighting new business in the digital economy related to AI servers. For automotive, he noted nearly 20% year-over-year growth in China's transportation sector in Q4, driven by EVs, and anticipates continued, though slower, growth in that market.

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    Kevin Estok's questions to Cabot Corp (CBT) leadership

    Kevin Estok's questions to Cabot Corp (CBT) leadership • Q1 2025

    Question

    Kevin Estok from Jefferies inquired about the 2025 outlook for non-auto-related sales and whether management anticipates a gradual improvement or a more significant cyclical turn, particularly in relation to interest rates.

    Answer

    CEO Sean Keohane stated that within Performance Chemicals, infrastructure-related markets like alternative energy and grid renewal are strong, while consumer markets track GDP and construction remains muted. He confirmed the company expects a gradual improvement rather than a sharp turn, as tempered expectations for rate cuts will likely lead to a delayed recovery in rate-sensitive markets. Overall, he anticipates solid mid-single-digit volume growth for the segment.

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    Kevin Estok's questions to MP Materials Corp (MP) leadership

    Kevin Estok's questions to MP Materials Corp (MP) leadership • Q3 2024

    Question

    Kevin Estok asked about the demand outlook for robotics applications, the level of interest from downstream customers for magnetic offtake agreements, and the company's perspective on the post-election political landscape for critical materials.

    Answer

    CEO James Litinsky explained that while mass production for robotics is still a few years away, development is accelerating, and the magnetic content per robot could be 2-5x that of an EV. CFO Ryan Corbett added that DFARS compliance positions MP well for defense and robotics applications. Regarding politics, Litinsky stated that the election results provide a strong mandate for onshoring critical supply chains and that he expects continued strong support for companies like MP, potentially through tariffs or tax policy to create a level playing field.

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    Kevin Estok's questions to Ecovyst Inc (ECVT) leadership

    Kevin Estok's questions to Ecovyst Inc (ECVT) leadership • Q3 2024

    Question

    Kevin Estok, on behalf of Laurence Alexander at Jefferies, asked about demand sensitivity to potential interest rate cuts, any signs of emerging 'green shoots' in demand, and the potential revenue opportunity for Sustainable Aviation Fuel (SAF) over the next five years.

    Answer

    CFO Michael Feehan noted that advantaged energy costs are more impactful for customers than interest rates and pointed to year-over-year growth in virgin sulfuric acid and nylon as positive signs. CEO Kurt Bitting described SAF as a highly attractive market, projecting pilot-scale sales in late 2025 with a ramp-up in 2026 driven by mandates, positioning Ecovyst's technologies as key enablers.

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