Willie McLain : Yes. So definitely, we expect 2024 to be accretive from our Kingsport circular methanolysis projects. So we’re confident in the progress. You’ll see revenue here in the back half of ’23. That turns into earnings and growth in ’24 and approaching those run rates as we expect these plants given, I’ll call it, the market excitement that’s around that in the 1,000 leads that we’re already working on. As you think about…
Matthew DeYoe : Capital.
Willie McLain : On the capital front, versus share buybacks. So yes, we’re — on the capital allocation, our priorities remain the same. We increased the dividend here in the fourth quarter for 2023. Also, as we think about $700 million to $800 million of CapEx, and we’re looking at prioritization of bolt-ons versus share repurchases. We’re going to always fully leverage our cash flow to give shareholders return. So there is that capacity and we will put the cash to use.
Mark Costa : We always have this debate around best uses of cash in there on a principal basis. When we look at the circular platform, the capital we’re deploying there has substantially better returns and valuation potential for the company than buying back stock today, and we think that’s the appropriate way to deploy the capital versus buybacks on that front.
Matthew DeYoe : Sure. But that’s not contemplated in the earnings guidance, right? Or is it?
Mark Costa : What?
Matthew DeYoe : Any accretion from like a deal or a buyback or anything like that? That would be a huge upside.
Willie McLain : Sure. Well, just to highlight, obviously, we executed $1 billion of share buybacks in 2022, both from our operating cash flow and the divestiture proceeds. So we will have, I’ll call it, EPS accretion as a result of the full year benefit from that. Right now, that’s primarily offset by higher interest expense.
Operator: Our next question comes from Mike Sison with Wells Fargo.
Michael Sison : Mark, just one question. You spent a lot of time over the us last several years transforming the portfolio to more specialty assets. And when you think about the performance in the second half, kind of the start of the first quarter, what can you point out to folks that demonstrate that maybe the performance has the special characteristics or maybe it’s more the bounce back in the second half? And clearly, your multiple is where it should be, if it’s the case. So just curious what your thoughts on that.
Mark Costa : Sure. So first of all, we think we’ve made tremendous progress in improving our portfolio over the years. We’ve obviously divested a lot of commodity businesses, acquired some great specialty businesses. In the past, if you go back to that sort of 2011, ’12 time frame as well through the acquisitions to ’14 and the divestitures more recently and optimize the portfolio. So I think we have a very good track record and portfolio discipline. I think last year, as you look at it, it was a uniquely challenging year for two reasons that you have to sort of consider in judging a history and a future of this portfolio. Obviously, the fourth quarter turns out was the entirety of the earnings decline from a volume mix point of view.
