陶氏 2024年度报告

Powering Our Purpose Fueled by the passion and expertise of Team Dow, we are committed to innovation,sustainability and circularity for the markets and customers we serve. We championan inclusive culture in our workplace and strive to enhance the communities wherewe live and work. Our belief in the power of materials science to change the world is central to who we are.It is built on our 127-year history of innovation and is embedded in our purpose to delivera sustainable future. It also is critical to driving progress and creating long-term profitablegrowth for our shareholders, our Company and society. Ambition Values To be the most innovative, customer-centric,inclusive and sustainable materials sciencecompany in the world. Integrity Purpose To deliver a sustainable future for the worldthrough our materials science expertise andcollaboration with our partners. Respectfor People Goal ProtectingOur Planet Value growth and best-in-class performance. Financial Highlights 2024 Shareholder Remuneration Dear Shareholders, In 2024, we took action to advance our best-owner mindsetand enhance our business model. In the fourth quarter,we announced a new partnership with Macquarie AssetManagement for the sale of a minority stake in select U.S. GulfCoast infrastructure assets, for which we expect to receive cashproceeds of up to $3 billion. This move allows Dow to focusour capital on revenue-generating, profitable projects while thenew entity focuses on growth opportunities in the infrastructurespace (energy, pipelines, environmental operations) andsupports Dow’s growth. In 2024, Team Dow delivered profitable growth and advancedour long-term strategy to position ourselves as a stronger,more resilient and more innovative company. Despite persistentmacroeconomic challenges, we continue to operate withdiscipline, answer customer demands for higher-performing,more circular and more sustainable products, expandour global capacity in low-cost locations and reduce ourgreenhouse gas emissions. In addition, strengthening our financial foundation has allowedus to invest in higher-return projects that will drive more than$3 billion in annual earnings growth by 2030, capitalizing on ourdistinct competitive advantages. Our teams continue to executeon near-term investments targeting high-value growth in attractiveend markets and regions, and as a result we expect to deliver atotal of approximately $2 billion annually in underlying mid-cycleEBITDA. In recent years, we have added downstream siliconescapacity, expanded our alkoxylates capacity in the U.S. GulfCoast and enhanced our product mix at our site in Tarragona,Spain, to higher-value elastomers and ethylene copolymers fordurable film and infrastructure applications. We are doubling down on competitive advantages such as ourcost-efficient structure, differentiated solutions in key marketsand making growth investments at the bottom of the cycleto position ourselves to reap additional benefits as marketconditions improve. INVESTING FOR GROWTH We are focused on the future while navigating an industrydowncycle and changing geopolitical landscape. We remaincommitted to enabling long-term shareholder returns byprioritizing growth investments in higher-value product chainsin regions where we have advantaged energy and feedstockpositions. At the same time, we have taken proactive measuresto rationalize select higher-cost assets. Europe continues to beparticularly challenged and is now the highest-cost region in theworld, with industry demand still 20% below pre-COVID levels.All businesses are making adjustments to balance supply withdomestic European demand and reduce costs. Our strategicreview of select European assets will be complete by mid-2025. We will continue to drive industry-leading performance acrossthe economic cycle, with a focus on investing in attractiveopportunities that enable long-term profitable growth incompetitive locations and enhanced shareholder returns. EXECUTING OUR DECARBONIZE & GROW ANDTRANSFORM THE WASTE STRATEGIES We are meeting growing demand for sustainable productsand solutions through our Decarbonize & Grow and Transformthe Waste strategies. Decarbonize & Grow In 2024, we made meaningful progress on our FortSaskatchewan Path2Zero project in Alberta, Canada, which isexpected to generate approximately $1 billion of incrementalEBITDA annually by 2030 while decarbonizing 20% of ourglobal ethylene capacity. We began construction on the world’sfirst net-zero Scope 1 and 2 emissions integrated ethylenecracker and derivatives facility and entered into multiple long-term agreements to secure feedstock supply. We expect thefirst phase of the project to start up in the second half of 2027.Negotiations with customers for the offtake contracts for thisnet-zero Scope 1 and 2 emissions are progressing positively. Transform the Waste Through our Transform the Waste strategy, we expandedcapacity through strategic partnerships and added newpro