Dow reported 2015 earnings per share of $6.15, or operating earnings per share of $3.47. This compares with earnings per share of $2.87 in the prior year, or $3.11 on an operating basis – an increase of 12 percent. For the full year, sales were $48.8 billion, down 16 percent versus the prior year, or 15 percent excluding the impact of divestitures and acquisitions, as price was impacted by a 45 percent decline in average crude oil prices as well as currency headwinds.

Volume, excluding the impact of divestitures and acquisitions, grew in all geographies, led by Asia Pacific (up 4 percent) and EMEAI (up 3 percent). On the same basis, emerging geographies rose 4 percent, highlighted by 10 percent growth in Greater China.

EBITDA rose to $9.6 billion on an operating basis, representing an all-time record, or $13.3 billion on a reported basis. Operating EBITDA rose 3 percent compared to the prior year with increases in Performance Plastics (up $380 million) and Consumer Solutions (up $59 million).

The Company expanded operating EBITDA margin more than 360 basis points to 19.7 percent, the highest level in more than a decade, with increases reported in all operating segments. Margin expansion was led by Performance Plastics, Performance Materials and Chemicals and Consumer Solutions on increased demand, disciplined price and volume management, innovation and productivity improvements.

Dow delivered $7.5 billion of cash flow from operations in the year. Excluding the K-Dow arbitration award in 2013, this represents a third consecutive year of record cash flow. Dow’s cash flow generation enabled the Company to issue another dividend increase, reaching a historic high. In total, Dow returned $4.6 billion to shareholders through paid dividends and share repurchases in 2015.

Dow reported operating return on capital of 12.1 percent – an increase of 130 basis points versus the prior year, or return on capital of 19.6 percent on a reported basis, marking three consecutive years of expansion on an operating basis – further demonstrating Dow’s disciplined approach to capital stewardship.

The Company reported a decline in R&D and SG&A expenses of $184 million – down 4 percent, due to divestitures and ongoing productivity actions.

Full-year equity earnings declined $161 million due to pricing headwinds for polyethylene and MEG as well as the step acquisition of Univation Technologies, LLC.

Ongoing portfolio management in the year included: the split-off of Dow Chlorine Products; the divestiture of ANGUS Chemical Company; the divestiture of AgroFresh, Dow’s post-harvest specialty chemical business; the sale of the Company’s direct ownership interest in MEGlobal to EQUATE; and the signing of a definitive agreement to restructure ownership of the Dow Corning Corporation’s Silicones business.

Since 2013, when Dow completed its strategic review, the Company’s operational and financial performance has: generated nearly $22 billion in cash flow from operations; improved operating ROC by 450 basis points; enabled nearly $12 billion in returns to shareholders through share repurchases and paid dividends; facilitated investments in strategic growth projects on the U.S. Gulf Coast and Saudi Arabia; and reduced net debt from $16.7 billion to $8.6 billion. Furthermore, divestitures completed in that same period, have delivered more than $13.5 billion in pre-tax value.

Certain Items in the year included gains related to the split-off of Dow Chlorine Products, the sale of the Company’s direct ownership interest in MEGlobal, the step acquisition of Univation Technologies, LLC and other business divestitures. On the same basis, Certain Item losses included costs associated with 2015 restructuring charges, asset impairments, joint venture actions and costs associated with portfolio and productivity actions.

Outlook

Commenting on the Company’s outlook, Andrew N. Liveris, Dow’s chairman and chief executive officer, said: “Looking ahead, 2016 is primed to be another significant year for Dow. We are very focused on continuing to deliver against our operational commitments and portfolio priorities.

“Our teams are moving swiftly to deliver the DowDuPont merger benefits to our shareholders. The same teams that delivered the Dow Chlorine Products transaction ahead of plan, as well as all of the other portfolio moves we implemented these last five or so years, have mobilized with three clear priorities: close the merger in the second half of 2016; rapidly deliver the synergies after closing; and accelerate the release of value through the intended market-focused spin-offs.

“We will also realize strong synergies and benefits from the Dow Corning Silicones business, and continue to ramp up our many strategic initiatives, with differentiated technology and cost-advantaged expansions such as those on the U.S. Gulf Coast and in Saudi Arabia coming on line to serve targeted consumer markets across the globe.

“The global economy continues to be volatile with consistent demand being driven by the consumer, especially in the U.S. and increasingly from China. We believe low energy prices are a net benefit and will help overcome negative investment sentiment in other sectors. We have the portfolio that serves these consumer-driven markets, and our company remains committed to flawless operational and commercial execution.”