France Project Delays
Q: What's causing delays in the France methanolysis project?
A: The French project is delayed due to regulatory uncertainties and the need to secure customer contracts under the current EU policies. " We're also working to manage inflation-driven CapEx increases. " It's taking longer to negotiate contracts, but we remain confident the project should proceed. "

Kingsport Methanolysis Plant
Q: How is the Kingsport methanolysis plant ramping up?
A: The Kingsport plant is operational, confirming that the process chemistry works. " We're addressing mechanical issues from construction errors and equipment failures caused by supply chain challenges. " Despite being about four weeks behind schedule, we still aim for $75 million EBITDA contribution this year. "

Guidance and Outlook
Q: Why not raise full-year guidance after a strong Q1?
A: Despite the Q1 beat, we're maintaining guidance due to ongoing macroeconomic and geopolitical uncertainties. " Our forecast assumes an economy-neutral stance without projecting improvements or deteriorations in the second half. "

Long-term Earnings Potential
Q: What's the outlook for future earnings growth?
A: We're on track to exceed $2 billion in EBITDA, with potential to reach $2.4 billion by adding $150–$200 million from the Kingsport plant. " Further upside comes from the Longview and France projects, and growth in Advanced Materials and AFP as markets recover. "

Customer Commitment to Recycling
Q: Are brands committed to recycled content?
A: Customers are highly committed, with many aiming for 100% recycled content goals. " However, the availability of affordable R-PET imports has affected the pace of contract negotiations for our projects. " We believe brands will focus on local recycling solutions in the end. "

Capital Allocation Strategy
Q: How will you fund upcoming projects?
A: We have the balance sheet and cash flow to fund our projects without taking on additional debt. " Projects may be staggered naturally, and we're confident in maintaining a strong investment-grade balance sheet while investing in growth and returning cash to shareholders. "

Advanced Materials Growth
Q: What's the growth outlook for Advanced Materials?
A: We're seeing recovery after a challenging period, expecting to surpass 2021 levels and continue growing in 2025 and 2026. " Growth drivers include the Kingsport plant ramp-up, innovations in Specialty Plastics, and ongoing wins in automotive. "

Longview Project Timeline and Costs
Q: When will the Longview project start, and how do costs compare?
A: If we reach FID in Q3, the Longview plant will come online in the second half of 2027. " The methanolysis unit will be much cheaper than Kingsport due to design improvements, but overall capital costs are higher as we're building new infrastructure. "

Volume Recovery and Destocking
Q: How is volume recovery progressing?
A: Stable end markets are growing modestly, but discretionary markets like building and construction remain challenged and are below 2019 levels. " We're not assuming market growth this year; any recovery in these markets represents upside for 2025 and 2026. "

Operating Expenses for France Project
Q: Will importing feedstock elevate France project's OpEx?
A: Aggregating feedstock from across Europe is appropriate for this large-scale project. " Logistics costs are factored into our economics and aren't significant per kilogram. " We aim to source the remaining 30% of feedstock from within France. "