Economic

It was a good year for Performance Chemicals with our teams delivering a strong financial performance. Our business once again proved its stability in the face of some tough market conditions. In 2024, we continued to add to our technology pipeline across all our end-markets. Innovation is key to our future success and our R&T teams have been hard at work developing dried, natural and biodegradable products based on the latest consumer trends.

In 2024, our Fuel Specialties teams delivered record financial results with full year sales revenues, profits, operating income and margins all up on the previous year. Our strategy to deliver best-in-class technical solutions and customer service, while expanding our presence in key high-growth markets around the world, has proven to be effective.

In 2024, despite a challenging environment for our sales in Latin America, we achieved several key business successes. This included expanding business into Canada, renewing our focus on new lubricants and drill-out applications, and achieving record sales of Drag Reducing Agents (DRA). We also introduced fuel additives and oilfield intermediates to our customers, delivered unparalleled customer service in production, and successfully implemented in-kingdom blending. All these accomplishments helped us increase market share across all product segments.