WEBVTT NOTE This file was generated by Descript 00:00:01.740 --> 00:00:04.540 A key component of the modern world economy, the chemical 00:00:04.540 --> 00:00:07.990 industry delivers products and innovations to enhance everyday life. 00:00:08.605 --> 00:00:12.594 It is also an industry in transformation where chemical executives and 00:00:12.594 --> 00:00:16.215 workers are delivering growth and industry changing advancements while 00:00:16.215 --> 00:00:19.974 responding to pressures from investors, regulators, and public opinion. 00:00:20.515 --> 00:00:23.445 Discover how leading companies are approaching these challenges 00:00:23.455 --> 00:00:25.064 here on the chemical show. 00:00:25.524 --> 00:00:28.875 Join Victoria Meyer, president of Progressio Global and 00:00:28.885 --> 00:00:30.305 host of the chemical show. 00:00:30.575 --> 00:00:34.775 As she speaks with executives across the industry and learns how they are leading 00:00:34.775 --> 00:00:40.374 their companies to grow, transform, and push industry boundaries on all frontiers. 00:00:40.695 --> 00:00:42.944 Here's your host, Victoria Meyer. 00:00:46.184 --> 00:00:47.634 VictoriaM: Hi, this is Victoria Meyer. 00:00:47.873 --> 00:00:51.443 Welcome back to The Chemical Show, Where Chemicals Means Business. 00:00:51.884 --> 00:00:55.553 Today, I have the opportunity to speak with Mark Eramo, who 00:00:55.553 --> 00:00:59.654 is now the co president of S&P Global Commodity Insights. 00:01:00.164 --> 00:01:04.054 Mark has been in the chemical industry for a long time, starting first at 00:01:04.083 --> 00:01:08.589 a producer and then quickly moving into insights and analytics and all 00:01:08.589 --> 00:01:10.119 the things that you know him for. 00:01:10.439 --> 00:01:13.859 Um, and we're just going to be having a great conversation today about his 00:01:13.859 --> 00:01:16.839 history, the role of insights and more. 00:01:17.458 --> 00:01:18.849 Mark, welcome to The Chemical Show. 00:01:20.157 --> 00:01:20.857 Mark Eramo: Thank you, Victoria. 00:01:20.857 --> 00:01:22.366 It's a pleasure to be with you today. 00:01:22.366 --> 00:01:23.737 I look forward to the conversation. 00:01:24.036 --> 00:01:24.479 VictoriaM: Absolutely. 00:01:24.829 --> 00:01:27.828 Um, so let's just start with your origin story. 00:01:27.999 --> 00:01:33.478 What got you interested in chemicals and ultimately led you to where you are today? 00:01:34.904 --> 00:01:37.553 Mark Eramo: I appreciate, appreciate the opportunity to kind of tell my story. 00:01:37.943 --> 00:01:41.823 I'll start with as a kid who went into high school loving chemistry 00:01:41.823 --> 00:01:46.563 and math, um, and, also playing sports and doing everything else. 00:01:46.593 --> 00:01:50.438 But that, led me to a chemical engineering degree from Cornell 00:01:50.438 --> 00:01:52.378 University, where I also played football. 00:01:52.378 --> 00:01:53.529 I like to like to point that 00:01:53.608 --> 00:01:54.068 VictoriaM: Good to know. 00:01:54.478 --> 00:01:57.138 Mark Eramo: I'm also, and that led me to the chemical industry. 00:01:57.148 --> 00:02:00.968 That led me to an opportunity to start with an operating company, 00:02:01.018 --> 00:02:04.108 Vista Chemical Company, um, in 1985. 00:02:04.108 --> 00:02:06.969 It actually were the assets that were spun out of Conoco 00:02:06.999 --> 00:02:08.689 Chemicals at that point in time. 00:02:09.288 --> 00:02:12.828 And I'm also very careful to point out that while I had the chemical 00:02:12.828 --> 00:02:16.349 engineering degree, I was not a practicing engineer out of respect 00:02:16.349 --> 00:02:18.599 for those who do practice the art. 00:02:18.619 --> 00:02:24.529 So, but that degree kind of set me up for a career in chemicals, and I'm 00:02:24.539 --> 00:02:27.548 glad I went down this particular path. 00:02:28.099 --> 00:02:31.819 Um, short stint with the operating company, short stint, 10 years, 12 00:02:31.819 --> 00:02:36.459 years, and then started with a privately held small consulting firm called 00:02:36.509 --> 00:02:41.669 Chemical Market Associates, CMAI, uh, which became well known, uh, during the 00:02:41.709 --> 00:02:43.298 eighties and nineties, two thousands. 00:02:44.159 --> 00:02:51.139 Um, before we then became in 2011, uh, acquired by IHS, IHS merged with 00:02:51.268 --> 00:02:53.699 company called market M A R K I T. 00:02:54.238 --> 00:02:59.308 So a short stint, say 2015, until the merger with S & P Global. 00:02:59.678 --> 00:03:02.293 That, uh, happened in, uh, 2022. 00:03:02.953 --> 00:03:06.883 Uh, so that was, uh, I always say I've only worked for two companies, um, 00:03:06.913 --> 00:03:11.443 an operating company and a consulting analytics firm, but the names changed 00:03:11.443 --> 00:03:12.908 multiple times while I was with both. 00:03:13.748 --> 00:03:17.998 And, um, I also reflect on the fact that, next year, as you know, 00:03:18.348 --> 00:03:21.248 we'll celebrate 40 years of the world petrochemical conference. 00:03:21.248 --> 00:03:24.578 And, and I'm celebrating 40 years in this wonderful industry. 00:03:24.578 --> 00:03:27.478 And I've, I've really have enjoyed being a part of this chemical. 00:03:27.978 --> 00:03:28.418 VictoriaM: Yeah. 00:03:28.448 --> 00:03:31.978 Well, number one, I think it's a great heritage for WPC. 00:03:32.088 --> 00:03:36.768 Um, I hadn't, you know, 40 years of anything is quite a milestone. 00:03:37.098 --> 00:03:39.758 And then to your point, it is a great industry to grow up in, right? 00:03:39.758 --> 00:03:43.558 If you look around, uh, many of us in, in many ways have 00:03:43.568 --> 00:03:45.008 grown up in the industry, right? 00:03:45.008 --> 00:03:47.618 You start in your early twenties and you keep on. 00:03:47.973 --> 00:03:51.503 I tried to escape it at one point, um, and that failed. 00:03:51.533 --> 00:03:53.353 So here I am continuing on, 00:03:53.703 --> 00:03:55.873 uh, in the chemical industry for my career as well. 00:03:56.928 --> 00:03:59.698 Mark Eramo: Yeah, I always like to quote John Huntsman Senior, 00:03:59.698 --> 00:04:01.058 the late John Huntsman Senior. 00:04:01.408 --> 00:04:04.308 It stuck with me watching him at a conference during my operating 00:04:04.308 --> 00:04:07.488 chemical days where he used to say, this is, this is the industry 00:04:07.488 --> 00:04:09.178 that advances the human condition. 00:04:09.248 --> 00:04:14.488 And I, that stuck with me and I truly believe that, that this is the enabling 00:04:14.488 --> 00:04:16.328 industry that makes the world better. 00:04:16.353 --> 00:04:17.243 VictoriaM: Yeah, I love that. 00:04:17.253 --> 00:04:18.273 And that's so true. 00:04:18.413 --> 00:04:18.823 So true. 00:04:19.153 --> 00:04:25.123 So tell us a little bit about S & P Global Commodity Insights and who 00:04:25.123 --> 00:04:28.883 you are today, because you've already pointed out the transitions that you've 00:04:28.883 --> 00:04:31.463 gone through in your career and that these companies have gone through. 00:04:31.753 --> 00:04:33.653 So tell us more about who you guys are today. 00:04:34.393 --> 00:04:34.713 Mark Eramo: Sure. 00:04:34.773 --> 00:04:36.423 Thank you for that, for that opportunity. 00:04:36.443 --> 00:04:39.953 Cause not a lot of people can quite place commodity insights, 00:04:39.953 --> 00:04:42.313 especially under the S & P umbrella. 00:04:42.343 --> 00:04:48.173 So today S & P global commodity insights sits as one of five divisions 00:04:48.223 --> 00:04:50.015 under the S & P global brand. 00:04:50.653 --> 00:04:55.763 Um, some of the, uh, divisions that are maybe more recognizable, uh, 00:04:55.783 --> 00:05:00.413 from a global perspective, there's obviously S & P ratings, um, the 00:05:00.423 --> 00:05:02.643 Dow Jones indices, the S & P 500. 00:05:03.393 --> 00:05:08.643 Um, there is S & P mobility, which is really all about the, the automotive 00:05:08.673 --> 00:05:10.263 industry and transportation. 00:05:10.903 --> 00:05:14.503 Um, there is market intelligence, which is really where a lot of the 00:05:14.503 --> 00:05:18.163 financial analysis and forecasting, occurs, as well as in the ratings group. 00:05:18.163 --> 00:05:20.563 So between both market intelligence and ratings, there's 00:05:20.563 --> 00:05:22.303 a lot of economic analysis. 00:05:22.788 --> 00:05:28.748 Um, and a lot of focus on And then commodity insigh under, 00:05:28.897 --> 00:05:30.768 under the umbrella if you will. 00:05:31.168 --> 00:05:34.108 And um, the to think about commodity is when we merged, 00:05:36.883 --> 00:05:41.023 IHS market merged with S & P global in 2022. 00:05:41.563 --> 00:05:43.883 It was the S & P global Platts division. 00:05:43.998 --> 00:05:48.703 So the largest, you know, one of the most successful PRAs in the commodity 00:05:48.703 --> 00:05:54.363 market space merged with the energy and natural resources division of IHS market. 00:05:54.383 --> 00:06:00.083 So, um, upstream analysis, gas and power, refining oil, 00:06:00.133 --> 00:06:01.903 chemicals, chemical feed stocks. 00:06:02.258 --> 00:06:06.348 agribusiness, uh, shipping, freight analytics and forecasting. 00:06:06.778 --> 00:06:10.548 Um, all of those things came together with Platts, which is again, is 00:06:10.548 --> 00:06:14.648 the pricing entity and I should say pricing in editorial and news group. 00:06:15.078 --> 00:06:18.138 And that is what makes up commodity insights today is, 00:06:18.188 --> 00:06:19.638 is all of those capabilities. 00:06:19.648 --> 00:06:24.328 So I would say, think of us today as benchmarks across a wide variety of 00:06:24.328 --> 00:06:26.498 commodities, news and editorial that. 00:06:26.628 --> 00:06:27.558 Wraps around 00:06:27.558 --> 00:06:31.148 that, which includes the chemical week, uh, piece, which we've retained 00:06:31.148 --> 00:06:33.098 that brand along with the Platz brand. 00:06:33.598 --> 00:06:38.368 And then a tremendous amount of deep analysis and forecasting 00:06:38.368 --> 00:06:41.818 that I like to say looks at the, so what something just happens. 00:06:41.818 --> 00:06:45.148 So, so what, in terms of my marketplace that I'm looking at 00:06:45.148 --> 00:06:48.538 and what does this mean for the future and whether your future is. 00:06:48.843 --> 00:06:54.713 I don't know, next week, um, or two years or 20 years for an investment case. 00:06:54.963 --> 00:06:57.813 We're doing things in our, in our business to help support 00:06:57.813 --> 00:06:59.143 the industry along those lines. 00:06:59.443 --> 00:06:59.753 VictoriaM: Yeah. 00:06:59.993 --> 00:07:03.533 That is, uh, you know, I got to say, Mark, that's really expansive, right? 00:07:03.533 --> 00:07:08.453 When I think about all the pieces of business that you now cover and 00:07:08.453 --> 00:07:12.233 now as co president, you really have to wrap your arms around it. 00:07:13.338 --> 00:07:13.728 Mark Eramo: Yes. 00:07:13.798 --> 00:07:14.268 Yes, it did. 00:07:14.268 --> 00:07:17.768 And I should mention that, um, I'm co president with the gentleman, 00:07:17.788 --> 00:07:22.338 uh, Dave earns burger, who has also 40 years of experience. 00:07:22.548 --> 00:07:27.068 And he started in the S & P family, if you will, many, many years ago, the same 00:07:27.068 --> 00:07:30.938 time, about time I started, but he came up through the, the really the benchmark 00:07:30.938 --> 00:07:32.318 and assessment side of the business. 00:07:32.338 --> 00:07:35.188 And I came up on more of the analytic side of the business. 00:07:35.198 --> 00:07:38.878 So we're, we're excited to be leading this team together into whatever 00:07:38.878 --> 00:07:40.268 the next chapter will bring for us. 00:07:40.268 --> 00:07:40.438 VictoriaM: Yeah. 00:07:40.908 --> 00:07:45.678 So, you've seen a lot of evolution in your career and where you 00:07:45.678 --> 00:07:47.248 are currently with S & P Global. 00:07:47.878 --> 00:07:53.358 What are your lessons learned when you think about managing and helping 00:07:53.368 --> 00:07:55.258 lead companies through transition? 00:07:56.598 --> 00:07:59.698 Mark Eramo: Yeah, I actually get asked this question a lot because I've gone 00:07:59.698 --> 00:08:05.188 from, you know, a very successful, small, privately held, very focused, 00:08:05.208 --> 00:08:09.633 uh, chemical industry consulting firm chemical consulting and analytics 00:08:09.643 --> 00:08:15.433 firm to now I just described you as a very expansive, large publicly traded 00:08:15.660 --> 00:08:18.763 entity of five divisions and all the things that we're contributing to. 00:08:19.733 --> 00:08:23.013 The things I like to contrast are the strength of that smaller 00:08:23.013 --> 00:08:27.493 entity privately held is nimbleness and decision making, right? 00:08:27.493 --> 00:08:31.263 It really kind of comes down to can you be decisive in your decision 00:08:31.263 --> 00:08:36.433 making understanding where you want to play in the competitive markets 00:08:36.723 --> 00:08:40.043 and just playing to your strengths and just basically making decisions 00:08:40.043 --> 00:08:41.473 as you need to along the way. 00:08:42.053 --> 00:08:46.613 Um, but then if you will, the downside of being smaller is you may be somewhat 00:08:46.613 --> 00:08:50.713 limited in your overall resources and the way that you can scale your reach, right? 00:08:50.723 --> 00:08:52.653 It's going to be a little bit more expensive. 00:08:53.293 --> 00:08:56.453 Flip side, you get into the large entity that scale and 00:08:56.453 --> 00:08:58.383 reach is really there in spades. 00:08:58.433 --> 00:09:02.473 I mean, In terms of the commercial capabilities we have, the marketing 00:09:02.473 --> 00:09:05.733 capabilities that we have, I mean, some of the things that I see from 00:09:05.733 --> 00:09:09.353 the S & P Global, either corporate marketing or divisional marketing 00:09:09.373 --> 00:09:13.353 teams is just best in class of anything I've seen over the years. 00:09:13.923 --> 00:09:16.553 But then maybe the constraint becomes that nimbleness, right? 00:09:16.553 --> 00:09:18.363 Because you are part of a larger entity. 00:09:18.363 --> 00:09:21.833 And so what that comes down to is having the right leaders. 00:09:22.283 --> 00:09:25.093 In a framework that those leaders can make decisions in 00:09:25.483 --> 00:09:26.883 and then pivot if you need to. 00:09:26.923 --> 00:09:27.223 Right? 00:09:27.223 --> 00:09:31.575 So it really in both cases, it comes down to decision making in the larger entities. 00:09:31.603 --> 00:09:35.873 The most successful ones are the ones who can make fast decisions and pivot if 00:09:35.873 --> 00:09:39.213 they need to, because they've got that scale in that reach that they can provide. 00:09:39.853 --> 00:09:42.733 I'll just add one more thing, whether it was the small entity or the large 00:09:42.733 --> 00:09:47.613 entity in this business, and you'll know this right is comes down to two things. 00:09:47.783 --> 00:09:51.683 Do you stay focused on your customers and what they need from you and 00:09:51.683 --> 00:09:53.113 focused on your colleagues, right? 00:09:53.163 --> 00:09:58.953 Colleagues who are engaged and focused and really understand how they're contributing 00:09:58.953 --> 00:10:02.593 to the bottom line again, whether it's a small entity or a big company like S. 00:10:02.593 --> 00:10:03.063 And P. 00:10:03.413 --> 00:10:07.598 If you've got that focus on colleagues and customers, You know, I say you're 00:10:07.598 --> 00:10:12.058 going to be successful and I, in terms of navigating transition, that's the best 00:10:12.058 --> 00:10:16.558 advice I give any colleague is if you keep those two things at the forefront of your 00:10:16.558 --> 00:10:20.138 thinking and you're not quite sure of a decision to make sure you're keeping your 00:10:20.138 --> 00:10:22.898 customers a priority, your colleagues as a priority, and you're probably going to 00:10:22.908 --> 00:10:24.808 be pretty safe in the decision you make. 00:10:25.288 --> 00:10:25.588 VictoriaM: Love it. 00:10:25.598 --> 00:10:30.458 That's, I think that's really wise, so just thinking about your business, um, and 00:10:30.458 --> 00:10:32.778 I think this is part of this evolution. 00:10:32.798 --> 00:10:36.168 So now that you're part of S & P Global. 00:10:37.173 --> 00:10:37.813 What's different? 00:10:37.823 --> 00:10:41.813 What are you guys bringing to customers and market today as 00:10:41.813 --> 00:10:43.093 part of Commodity Insights? 00:10:43.453 --> 00:10:46.503 How are, how would we recognize what you're doing today versus 00:10:46.503 --> 00:10:47.593 what you've done in the past? 00:10:48.583 --> 00:10:52.153 Mark Eramo: So I would, I'll start with that on what I would call the core of 00:10:52.153 --> 00:10:56.683 our business, which again is, is really founded in our heritage, which is 00:10:57.193 --> 00:11:02.043 very large, successful price reporting agency that is deep in benchmarks and 00:11:02.043 --> 00:11:06.863 price assessments and so many commodity markets across the world in the editorial 00:11:06.863 --> 00:11:08.383 news that wraps around that true. 00:11:08.443 --> 00:11:12.448 So for any given major commodity, Where did that pricing sell? 00:11:12.525 --> 00:11:14.315 And what's the news that wraps around that? 00:11:14.455 --> 00:11:14.765 Right? 00:11:15.071 --> 00:11:18.241 And then on the other side of our business, we kind of pick 00:11:18.241 --> 00:11:21.181 up where that team leaves off and come back to the so what? 00:11:21.211 --> 00:11:22.831 And what's this mean for me tomorrow? 00:11:22.851 --> 00:11:23.161 Right? 00:11:23.661 --> 00:11:27.228 And so it's the resources, you know, that kind of bring, you 00:11:27.228 --> 00:11:29.536 know, A lot of data and analysis. 00:11:29.536 --> 00:11:32.686 You know, I tell our teams all the time now that, there's a 00:11:32.686 --> 00:11:36.506 competitiveness that's playing out as, as you know, very well in the A. 00:11:36.546 --> 00:11:36.836 I. 00:11:36.858 --> 00:11:37.836 Developments, gen A. 00:11:37.866 --> 00:11:38.086 I. 00:11:38.086 --> 00:11:42.836 And the use of tools that are really all about the ingestion of data, the modeling 00:11:42.836 --> 00:11:46.446 of data, and then providing that data to the client base so that they can do what 00:11:46.456 --> 00:11:51.976 they need to make decisions in a timely basis and make, decisions with conviction. 00:11:52.371 --> 00:11:54.861 about the information that we're providing, right? 00:11:55.151 --> 00:11:57.321 It's not that they're necessarily following our advice, but we're 00:11:57.361 --> 00:12:01.501 providing them a view that says because this is what happened, you 00:12:01.501 --> 00:12:05.011 might think about this commodity market trending this way or that way. 00:12:05.471 --> 00:12:08.261 And the quicker we can do that is really becoming one of the 00:12:08.261 --> 00:12:09.901 keys to what we're trying to do. 00:12:10.301 --> 00:12:12.191 We always maintain a view of the long term. 00:12:12.301 --> 00:12:16.421 And obviously that ties back into energy transition, um, into things that are 00:12:16.431 --> 00:12:18.871 happening around that to the marketplace. 00:12:19.281 --> 00:12:19.751 But yeah. 00:12:20.181 --> 00:12:24.021 There seems to be like this need for decision making quickly and 00:12:24.021 --> 00:12:27.591 faster because things are happening so fast in the market today and the 00:12:27.731 --> 00:12:29.671 technology is changing on the AI front. 00:12:30.251 --> 00:12:33.051 So clients want and they need those opinions quicker. 00:12:33.461 --> 00:12:36.891 Uh, than ever before in terms of what we, I think about in those early 00:12:36.891 --> 00:12:39.991 days at CMEI, we were updating a short term forecast once a quarter. 00:12:41.891 --> 00:12:44.251 Expectations are right now, if something changes, the client 00:12:44.251 --> 00:12:45.401 wants it tomorrow, right? 00:12:45.401 --> 00:12:47.551 Quote unquote tomorrow as quickly as they can get it. 00:12:48.281 --> 00:12:52.651 The other thing I would add is, is being part of S & P is I feel like we can bring 00:12:53.286 --> 00:12:57.712 Resources to the table for our client base that we may not have had that capability 00:12:57.926 --> 00:13:03.696 in the past, whether it be the economics team, whether it be our sustainable one 00:13:03.696 --> 00:13:07.816 team, which is really at the forefront of a lot of the sustainability and 00:13:08.416 --> 00:13:12.206 discussions that are happening out there conversations around emerging 00:13:12.206 --> 00:13:13.966 technologies on energy transition. 00:13:14.661 --> 00:13:17.591 The thought leadership and the gathering of executives and 00:13:17.591 --> 00:13:21.831 policy makers that occurs at a Sierra Week as well as at A WPC. 00:13:22.341 --> 00:13:26.241 So these are all resources that we're able to, if you will, garnish and bring 00:13:26.241 --> 00:13:30.681 together and leverage to the clients that we serve on a, on a daily basis. 00:13:30.731 --> 00:13:33.691 The challenge is to figure out what are the right resources that bring to 00:13:33.691 --> 00:13:38.111 the table because chances are we're going to have it somewhere in the S & P 00:13:38.111 --> 00:13:42.611 Global portfolio, depending on what the challenges that any given customer in this 00:13:42.651 --> 00:13:48.161 chemical space or chemical feed stocks or I like to call it the downstream industry. 00:13:48.161 --> 00:13:51.941 So as oil and gas gets processed and turned into product, Mhm. 00:13:52.181 --> 00:13:55.701 You know, the things that we can bring to bear on this are, you 00:13:55.701 --> 00:13:57.221 know, is as good as I've ever seen. 00:13:57.221 --> 00:14:00.471 That's what gets me excited about now leading the commodity 00:14:00.471 --> 00:14:04.671 insights division along with Dave is the resources are available. 00:14:04.671 --> 00:14:07.576 We just need to figure out the best way to bring those to our clients. 00:14:07.876 --> 00:14:08.676 VictoriaM: Makes a lot of sense. 00:14:08.726 --> 00:14:12.656 So how are your clients responding when you, because this is a 00:14:12.656 --> 00:14:14.276 lot of change for them as well. 00:14:14.416 --> 00:14:14.766 Right. 00:14:14.766 --> 00:14:15.036 Yeah. 00:14:15.216 --> 00:14:17.946 Big change for you and your colleagues. 00:14:18.656 --> 00:14:20.716 Big changes for your, for your clients. 00:14:21.006 --> 00:14:21.996 How are they responding? 00:14:23.591 --> 00:14:24.281 Mark Eramo: Great question. 00:14:24.281 --> 00:14:28.651 And thanks for asking that one again, because there's no doubt with any 00:14:28.651 --> 00:14:34.631 major merger, there becomes this very challenging period of inward focus. 00:14:35.721 --> 00:14:38.511 You've got teams that need to be integrated, products that need to be 00:14:38.511 --> 00:14:41.821 integrated, platforms that need to be integrated, methodologies, right? 00:14:42.241 --> 00:14:44.401 And there's an expectation from your customers that 00:14:44.401 --> 00:14:45.261 you're going to get that done. 00:14:45.261 --> 00:14:48.901 You're going to get that done quickly, and you're going to come out with some clarity 00:14:48.921 --> 00:14:50.596 and bigger and better than ever before. 00:14:50.896 --> 00:14:51.146 VictoriaM: Yeah. 00:14:51.176 --> 00:14:53.576 In all in a week or something like that, right? 00:14:55.981 --> 00:14:59.471 Mark Eramo: Absolutely; So, um, February of 25 will, of 2025 will 00:14:59.471 --> 00:15:01.751 be three years since the close of 00:15:02.041 --> 00:15:02.951 VictoriaM: 3 years already. 00:15:03.901 --> 00:15:04.391 Mark Eramo: Exactly. 00:15:04.401 --> 00:15:04.821 Three years 00:15:05.106 --> 00:15:05.766 VictoriaM: Okay. 00:15:06.336 --> 00:15:10.116 Mark Eramo: And, um, I would say that we're not quite done. 00:15:10.156 --> 00:15:14.146 I, I say the integration and merger heavy lifting is done and we're into 00:15:14.146 --> 00:15:15.806 what I call the polishing phase. 00:15:16.181 --> 00:15:18.251 Because we're, we're not getting it all just right. 00:15:18.281 --> 00:15:20.711 I mean, I'll be frank and open and honest about that. 00:15:21.081 --> 00:15:24.771 The best thing that hasn't changed in the model that, you know, we provide our 00:15:24.771 --> 00:15:29.391 client base is access to some of the, you know, smartest people in the industry. 00:15:29.391 --> 00:15:29.631 Right. 00:15:29.631 --> 00:15:29.871 So I. 00:15:30.396 --> 00:15:33.336 Those colleagues, those analysts who are doing the research, doing the 00:15:33.336 --> 00:15:38.406 forecasting and really involved in the marketplace are as available as 00:15:38.406 --> 00:15:40.786 they've ever been, to the client base. 00:15:40.786 --> 00:15:44.946 But, you know, the platform and the actual look and feel of certain reports and the 00:15:44.946 --> 00:15:46.636 speed with which we bring things out. 00:15:47.046 --> 00:15:49.451 Yes, we are doing some polishing there still. 00:15:49.721 --> 00:15:50.681 Uh, but it's coming. 00:15:50.891 --> 00:15:53.081 And I'd say we're, you know, 90% done. 00:15:53.131 --> 00:15:57.181 I think as we come into 2025, I'm really looking forward into kind of declaring 00:15:57.181 --> 00:16:01.336 integration and merger over, and now we're on our way to just growth plans. 00:16:01.636 --> 00:16:02.156 VictoriaM: absolutely. 00:16:02.306 --> 00:16:05.116 And you know, I've been, I've personally been involved in a lot of different, 00:16:05.176 --> 00:16:10.501 um, transformations, uh, corporate transformations and, and, Whether 00:16:10.501 --> 00:16:14.001 they be via acquisition or whether they're just an internal transformation 00:16:14.001 --> 00:16:17.551 that is about your internal company, but also about your customers. 00:16:17.961 --> 00:16:22.221 And the reality is they take several years, right? 00:16:22.521 --> 00:16:27.871 It's about this whole keeping your eye on the prize for at least three years. 00:16:27.871 --> 00:16:30.721 Like, we'd like it to be a much faster cycle. 00:16:31.501 --> 00:16:36.101 It's not, especially when you're dealing with thousands of people 00:16:36.581 --> 00:16:41.111 and hundreds, maybe thousands of processes and thousands of customers. 00:16:41.151 --> 00:16:41.471 Right. 00:16:42.091 --> 00:16:42.361 Mark Eramo: Yes. 00:16:42.661 --> 00:16:44.001 VictoriaM: It's a long process. 00:16:44.681 --> 00:16:44.921 Mark Eramo: Yeah. 00:16:45.281 --> 00:16:48.491 And you know, the hardest thing, um, and the thing that you need 00:16:48.491 --> 00:16:51.491 the most that we're driving towards is what's that new culture, right? 00:16:51.551 --> 00:16:55.961 Is when you bring these large entities together, um, what's the 00:16:55.961 --> 00:16:57.731 new culture that you will create? 00:16:58.181 --> 00:17:01.631 And, um, one thing I'll say about that is, is I do think 00:17:01.631 --> 00:17:04.001 gen AI is forcing us to think. 00:17:04.666 --> 00:17:06.396 and transform how we do what we do. 00:17:06.396 --> 00:17:08.806 And that is helping also drive a new culture. 00:17:09.416 --> 00:17:13.246 Uh, because certainly as as entities come together and mergers happen 00:17:13.246 --> 00:17:16.706 and smaller companies become larger and larger and larger, there's this 00:17:17.161 --> 00:17:19.321 heritage inertia that just exists. 00:17:19.781 --> 00:17:22.851 And you kind of need a shock to get to a new inertia. 00:17:22.851 --> 00:17:28.181 And I think Gen AI is the shock to the system that will create a different 00:17:28.191 --> 00:17:31.991 kind of culture going forward as we rethink and transform the way we can 00:17:31.991 --> 00:17:36.301 do things because of Gen AI and the whole artificial intelligence side. 00:17:36.651 --> 00:17:36.951 VictoriaM: Okay. 00:17:36.951 --> 00:17:40.881 Let's turn a little bit to just what's going on in, in chemical markets today. 00:17:40.911 --> 00:17:42.951 'cause of course, you know, you're an expert and people 00:17:42.951 --> 00:17:44.271 always want to hear from experts. 00:17:44.581 --> 00:17:46.581 I guess I'm just going to keep it broad. 00:17:46.901 --> 00:17:48.801 What are you, what are you seeing? 00:17:48.911 --> 00:17:51.891 What's the biggest trends that you guys are seeing that your customers 00:17:51.891 --> 00:17:56.701 are asking about, um, and that you see influencing the chemical industry today? 00:17:58.051 --> 00:17:58.411 Mark Eramo: Yeah. 00:17:58.411 --> 00:18:03.173 So the biggest weight on the industry has been this continuous over 00:18:03.173 --> 00:18:06.726 supply of various commodity markets 00:18:08.796 --> 00:18:13.016 all companies are living Um, and trying to figure out when does, 00:18:13.076 --> 00:18:14.966 when does the pivot actually occur? 00:18:15.386 --> 00:18:19.106 Um, and that's wrapped up in so many things around new builds 00:18:19.106 --> 00:18:22.856 around scale of assets that are coming up, changing the build cycle. 00:18:22.856 --> 00:18:26.606 When you look at the fact that China can build much faster than has maybe 00:18:26.606 --> 00:18:30.236 been accustomed to in the past demand in China, I mean, all, all things lead 00:18:30.236 --> 00:18:31.976 to China in any commodity market, right? 00:18:31.976 --> 00:18:36.326 In terms of demand and then the supply that may or may not be coming from China. 00:18:36.326 --> 00:18:37.586 Our analysis is saying. 00:18:37.811 --> 00:18:39.491 You know, fingers crossed, right? 00:18:39.491 --> 00:18:43.181 For the, if I'm a chemical industry person, you know, 2025 00:18:43.181 --> 00:18:47.291 hopefully represents maybe a pivot point, 20 25, 26 to where we 00:18:47.291 --> 00:18:48.791 start to turn some things around. 00:18:48.791 --> 00:18:56.036 So just the, the supply and demand cycle of low operating rates and pressure on 00:18:56.056 --> 00:19:02.366 profitability, the market continues to be working its way through that and trying 00:19:02.366 --> 00:19:08.146 to figure out that the added complexity with all of this is at the same time, the 00:19:08.146 --> 00:19:12.816 industry is being asked to decarbonize to deal with energy transition and what 00:19:12.816 --> 00:19:14.646 I would call the climate change era. 00:19:14.686 --> 00:19:16.511 It's another dynamic that we're in. 00:19:16.851 --> 00:19:21.631 I've got to take this hydrocarbon based asset that I have, and I have to 00:19:21.631 --> 00:19:26.081 inject some capital to lower my carbon footprint based on commitments that 00:19:26.081 --> 00:19:30.071 have either been made by the corporation or commitments that are being, if you 00:19:30.071 --> 00:19:35.271 will, demanded by countries in order for me to participate in various markets. 00:19:35.271 --> 00:19:41.201 And so now I have investments that aren't necessarily accretive to my bottom line. 00:19:41.746 --> 00:19:45.016 But they certainly support a decarbonization profile while 00:19:45.016 --> 00:19:48.226 I've got a core business that is not got the best profitability. 00:19:48.496 --> 00:19:50.116 So I have to balance that capital. 00:19:50.116 --> 00:19:53.626 How do I keep the hydrocarbon business running while I invest 00:19:53.626 --> 00:19:56.086 in a greener business, right? 00:19:56.086 --> 00:20:00.256 And I'm just using or a low carbon future and make all these things come together. 00:20:00.256 --> 00:20:04.876 And that again, is one of the themes that we have for World Petrochemical 00:20:04.876 --> 00:20:09.436 conference next year is, uh, how do I make investments for growth? 00:20:09.906 --> 00:20:13.426 While I'm planning for a low carbon future, and we're saying, you know, 00:20:13.776 --> 00:20:17.736 40 years of success and now what do the next 40 years look like for the industry? 00:20:18.096 --> 00:20:21.066 And that is the challenge is I need to invest for growth. 00:20:21.066 --> 00:20:25.146 Because while we may talk about peak oil demand, we don't talk about 00:20:25.146 --> 00:20:29.626 peak chemical demand, because the chemical industry is the mean by which 00:20:29.626 --> 00:20:31.606 the 8 billion people in the world. 00:20:32.196 --> 00:20:36.686 We'll have consumer goods, durable or non durable made for them, and we 00:20:36.686 --> 00:20:39.638 don't expect that to stop anytime soon. 00:20:40.346 --> 00:20:45.076 And so if those 8 billion people are going to need various levels of consumer goods, 00:20:45.606 --> 00:20:48.966 we think the chemical industry is the enabling force that makes that happen. 00:20:49.106 --> 00:20:53.396 As it has been for so many decades, it will change in terms of how it does it. 00:20:53.426 --> 00:20:55.506 But, that demand is still going to be there. 00:20:55.506 --> 00:20:58.026 So you've got to balance those 2 things at this point 00:20:58.346 --> 00:21:00.026 inflection point in the industry. 00:21:00.026 --> 00:21:00.041 Okay. 00:21:00.531 --> 00:21:02.921 So I would say those are the two big challenges, right? 00:21:03.061 --> 00:21:03.551 VictoriaM: yeah, 00:21:04.041 --> 00:21:07.591 Mark Eramo: I've got a, I've got an oversupply down cycle with low margins 00:21:07.921 --> 00:21:12.631 and a lot of pressure on me from, uh, stakeholders, whether they be policymakers 00:21:12.661 --> 00:21:17.121 or my own board of directors, to be able to say we're doing everything 00:21:17.121 --> 00:21:18.931 we can for a low carbon future. 00:21:19.431 --> 00:21:23.561 Uh, and that is a real tight rope for the, for these companies to manage. 00:21:23.861 --> 00:21:24.831 VictoriaM: yeah, absolutely. 00:21:24.831 --> 00:21:29.341 And then, add the added complexities of, of geopolitics, and the 00:21:29.341 --> 00:21:31.151 various wars that we're seeing. 00:21:31.581 --> 00:21:36.246 Um, That, you know, reflect on supply chain challenges, politics, just in the 00:21:36.256 --> 00:21:39.616 sense of, uh, leadership changes, right. 00:21:39.996 --> 00:21:43.286 Not just the U S but globally, we've seen a, an astounding 00:21:43.286 --> 00:21:45.196 number of elections this year. 00:21:45.196 --> 00:21:50.446 So there's a lot of, um, pressure and business uncertainties in the 00:21:50.446 --> 00:21:53.296 midst of some of these big strategic changes that you've referenced. 00:21:54.141 --> 00:21:54.721 Mark Eramo: Absolutely. 00:21:54.721 --> 00:21:57.141 Yeah. 00:21:57.441 --> 00:21:59.621 VictoriaM: So with that, what advice are you giving? 00:21:59.861 --> 00:22:02.841 Like if you, you know, if somebody said, okay, well that's Mark, that's great. 00:22:03.081 --> 00:22:04.181 I, okay. 00:22:04.621 --> 00:22:05.671 And what should I do now? 00:22:07.001 --> 00:22:07.331 Mark Eramo: Yeah. 00:22:08.401 --> 00:22:14.631 So, um, some of the, I guess, advice analysis is, is this 00:22:14.641 --> 00:22:17.081 conversation that it needs to occur. 00:22:17.641 --> 00:22:23.263 Let me back up a couple of things, from the fundamentals of the 00:22:23.353 --> 00:22:28.523 industry recognizing that, demand is continuing to grow and how do I adjust 00:22:28.523 --> 00:22:29.503 to a news what I call build cycle 00:22:36.108 --> 00:22:38.888 in an age of mea units, countries trying to really enable more crude to 00:22:38.888 --> 00:22:40.948 chemicals, more liquids to chemicals. 00:22:41.508 --> 00:22:44.248 Um, I need to really get my arms around what that build 00:22:44.248 --> 00:22:45.668 cycle is going to look like. 00:22:46.038 --> 00:22:50.858 And so, and what will be my participation in different countries or different 00:22:50.868 --> 00:22:52.698 regions based on competitiveness? 00:22:52.698 --> 00:22:56.758 Do I think, um, you know, crude is going to stay high or is it going to go lower? 00:22:56.828 --> 00:23:01.658 Um, is, is the Middle East and North America going to remain You know, really, 00:23:01.658 --> 00:23:06.548 really competitive from a feedstock perspective as more and more demand 00:23:06.548 --> 00:23:09.968 comes on the liquid side of the business, whether it's aromatics or olefins. 00:23:09.968 --> 00:23:12.038 And so there's planning that. 00:23:12.038 --> 00:23:15.488 So really it's kind of having scenarios for the core of your 00:23:15.488 --> 00:23:18.398 business around what do you think is gonna happen on the energy dynamic? 00:23:19.123 --> 00:23:23.613 Um, and how will that impact my build cycle, my capital investment planning 00:23:23.613 --> 00:23:27.863 for the future On the other side of the equation again, in terms of of 00:23:27.863 --> 00:23:32.083 energy transition, and this is kind of companies and policymakers working 00:23:32.193 --> 00:23:36.373 hand in hand to say, um, how do we make sure that the commitments we're 00:23:36.373 --> 00:23:39.863 making and the investments we're making are keeping up with the technology? 00:23:40.363 --> 00:23:43.253 And that the policies are also keeping up with the technology. 00:23:43.683 --> 00:23:48.293 Um, and that we're also, building from the standpoint of making 00:23:48.293 --> 00:23:53.013 change in the products to what the customers are willing to accept. 00:23:53.413 --> 00:23:58.220 So you've got to that's willing to pay for will, right? 00:23:58.220 --> 00:23:59.749 And you've g 00:23:59.749 --> 00:24:07.903 that will enable you to g I've got policies that sa for me that may be 00:24:08.433 --> 00:24:12.943 realis based on those three thin right? 00:24:12.983 --> 00:24:17.013 And so our advice is really just sound self serving. 00:24:17.083 --> 00:24:22.553 Let us help you get your armed around these different dynamics from geopolitics 00:24:22.553 --> 00:24:26.753 and policy making versus what's happening on the technology front versus what are 00:24:26.753 --> 00:24:30.323 the consumers asking for and needing and wanting and willing to pay for. 00:24:30.713 --> 00:24:33.983 And being pragmatic about this thing called energy transition. 00:24:34.543 --> 00:24:39.088 Because if those three things don't get in, get lined up, then What you do is 00:24:39.088 --> 00:24:44.048 you get unintended consequences, the, this, this lodging of, if you will, 00:24:44.428 --> 00:24:49.228 um, I'll say the demand side, the demand side of the business, right? 00:24:49.458 --> 00:24:51.888 In other words, I go make a product that I need a premium for, but 00:24:51.888 --> 00:24:54.958 if nobody's willing to pay the premium, then what am I going to 00:24:54.958 --> 00:24:55.208 do? 00:24:55.318 --> 00:24:55.628 Right. 00:24:55.703 --> 00:24:58.053 VictoriaM: I mean, we're fake companies are facing this right now, right? 00:24:58.063 --> 00:25:01.223 That's the, that's the biggest conundrum that we're in. 00:25:01.603 --> 00:25:03.393 It's a chicken and egg scenario, right? 00:25:03.483 --> 00:25:05.493 Um, we need more sustainable products. 00:25:05.493 --> 00:25:07.443 Who's willing to pay for the most sustainable products and 00:25:07.443 --> 00:25:08.183 they're not willing to pay. 00:25:08.183 --> 00:25:09.913 So then I've got to keep doing what I'm doing. 00:25:10.408 --> 00:25:13.718 And yet I need the higher value to fund investment. 00:25:13.758 --> 00:25:14.078 And, 00:25:14.618 --> 00:25:19.488 It'll work out, but my guess is not as quickly as anyone would have hoped. 00:25:20.403 --> 00:25:24.453 Mark Eramo: And the policy needs to be informed policy, the policymakers need 00:25:24.453 --> 00:25:29.443 to not stay in a vacuum, they need to bring industry to the table, to help 00:25:29.443 --> 00:25:31.073 solve these, these problems, right? 00:25:32.518 --> 00:25:34.778 VictoriaM: So Mark, let's turn and talk a little bit about leadership. 00:25:35.158 --> 00:25:37.008 And maybe leadership advice. 00:25:37.058 --> 00:25:40.958 You've had a really great career, um, 40 years in the industry. 00:25:41.668 --> 00:25:43.578 Um, so I've actually got two parses. 00:25:43.638 --> 00:25:44.038 We're going to. 00:25:44.538 --> 00:25:50.838 I'm going to start with part one, which is, um, what advice do you give to young 00:25:51.278 --> 00:25:56.448 engineers entering this industry that want to achieve your level of success? 00:25:56.748 --> 00:26:01.298 Mark Eramo: So, um, I'll reflect back on some of, the mentors and coaches that 00:26:01.298 --> 00:26:06.628 I've had, or even still have, uh, even 40 years into the industry, which is really 00:26:06.638 --> 00:26:11.618 be open, be flexible, um, in terms of opportunities that may come to you in 00:26:11.618 --> 00:26:16.088 terms of using your skillset, understand how you wanna really apply your skillset. 00:26:16.448 --> 00:26:21.428 And then think about in terms of, um, especially in this world of, of being 00:26:21.608 --> 00:26:26.108 an, an analyst of the industry, in this segment that, you know, that I've grown 00:26:26.108 --> 00:26:30.418 up in now for, you know, since I left the operating world, is, you know, do you 00:26:30.418 --> 00:26:32.458 want to be the expert of the industry? 00:26:32.458 --> 00:26:33.658 Do you wanna manage it? 00:26:34.248 --> 00:26:35.598 Or some combination of both. 00:26:35.628 --> 00:26:36.938 Do you want to be a player coach? 00:26:37.298 --> 00:26:41.058 Do you want to just be that expert that everybody turns to for that advice? 00:26:41.418 --> 00:26:42.858 Or do you want to be the manager? 00:26:42.858 --> 00:26:46.238 Who's kind of bringing all the, all the pieces together, because those 00:26:46.238 --> 00:26:50.168 are different things and you know, the good Lord gave us 24 hours in 00:26:50.168 --> 00:26:52.538 a day and it's probably good to sleep for a few of those hours. 00:26:52.968 --> 00:26:56.088 Um, and so you can't be all things to all people. 00:26:56.396 --> 00:26:59.848 And so that's one of the things that I was, you know, advised early on 00:27:00.274 --> 00:27:05.413 One of my first roles at CMEI was as, as being the ethylene guy, right? 00:27:05.773 --> 00:27:09.223 Do you want to be the world's most renowned ethylene expert, or do you 00:27:09.223 --> 00:27:15.103 want to manage a group of people who are those commodity market experts or, and 00:27:15.103 --> 00:27:16.683 there is, there is the in between, right? 00:27:16.683 --> 00:27:18.783 I call it player coaches, which was certainly. 00:27:20.163 --> 00:27:20.963 certainly doable. 00:27:20.993 --> 00:27:21.343 Right? 00:27:22.163 --> 00:27:30.583 that's one of the things younger folks that I talk you become more 00:27:30.583 --> 00:27:35.728 and more You know, what you do is you take reward in seeing those folks 00:27:35.728 --> 00:27:38.118 you're managing be successful, right? 00:27:38.118 --> 00:27:38.178 Yeah. 00:27:38.238 --> 00:27:42.548 So as you become more of a coach manager, what you're really doing 00:27:42.548 --> 00:27:44.948 is it's about putting the right athletes in the right position. 00:27:44.948 --> 00:27:46.928 So I always fall back to my football life. 00:27:47.348 --> 00:27:51.098 Um, you want the right athletes in the right positions and taking pride 00:27:51.098 --> 00:27:52.958 in them, excelling in their game. 00:27:53.378 --> 00:27:57.653 Um, and, and you being the one who manages that, or if you want to be the. 00:27:58.213 --> 00:28:01.573 You know, the star wide receiver or the star quarterback or running back or 00:28:01.573 --> 00:28:04.153 defensive end, then that's good as well. 00:28:04.213 --> 00:28:06.303 And that's kind of where you wanna focus your efforts. 00:28:06.603 --> 00:28:06.903 VictoriaM: Love it. 00:28:06.963 --> 00:28:07.673 That's really great. 00:28:07.943 --> 00:28:13.993 Um, my part two of this is attracting people into the business, whether it 00:28:14.003 --> 00:28:19.057 be the chemical industry as a whole, or into S & P global commodity insights, 00:28:19.057 --> 00:28:23.423 because again, you're in a unique space that maybe a lot of people. 00:28:23.733 --> 00:28:25.693 Chemists and chemical engineers. 00:28:25.693 --> 00:28:28.943 And I don't really know what the profile is of your team necessarily. 00:28:29.243 --> 00:28:32.003 How do you attract people into your business? 00:28:34.063 --> 00:28:37.693 Mark Eramo: What one of my greatest learnings in making the transition from, 00:28:37.783 --> 00:28:45.013 um, I'll say CMEI up in, up, up to where I am today, right, is that you need a very 00:28:45.013 --> 00:28:47.623 diverse workforce from all walks of life. 00:28:48.133 --> 00:28:48.463 Um. 00:28:49.258 --> 00:28:53.968 Our news and editorial and price reporting people are just as important 00:28:53.988 --> 00:28:56.665 as, um, I've got, you know, Ph. 00:28:56.718 --> 00:28:56.908 D. 00:28:56.908 --> 00:28:59.478 Chemical engineers who are doing third party assessments 00:28:59.478 --> 00:29:01.228 of industry technology, right? 00:29:01.618 --> 00:29:05.238 And those individuals are on opposite ends of the scale in terms 00:29:05.238 --> 00:29:08.378 of experience and education and the things that they've grown up with. 00:29:08.808 --> 00:29:09.638 But we need them all. 00:29:09.808 --> 00:29:13.063 we need everybody in betw with purchasing experienc experience. 00:29:13.063 --> 00:29:18.272 Um, I mean, i on and on. 00:29:18.272 --> 00:29:25.108 And so in, in, entity, you know, you tend just have certain profile 00:29:26.718 --> 00:29:30.308 what you're trying to do I mean, even in the business now, what we 00:29:30.308 --> 00:29:34.608 want to do is put people in front of clients who are, have an expertise 00:29:34.658 --> 00:29:36.588 in some grounding in that industry. 00:29:37.148 --> 00:29:40.668 I'm going to go talk to an executive of a chloralkali industry. 00:29:41.108 --> 00:29:43.925 I want to put somebody in front of them who knows chloralkali or 00:29:43.925 --> 00:29:48.668 polyethylene or benzene, whatever the case might be, but there's a whole 00:29:48.668 --> 00:29:50.428 other ecosystem that supports it. 00:29:50.468 --> 00:29:53.388 And, and S & P is just a great example of that. 00:29:53.428 --> 00:29:54.838 I mean, we're a large company. 00:29:55.233 --> 00:29:59.593 Tremendous diversity of, along all different measures of diversity 00:30:00.003 --> 00:30:01.993 and along all different skill sets. 00:30:02.043 --> 00:30:05.073 Placing an emphasis on what each individual brings to the 00:30:05.073 --> 00:30:06.773 table is, is really the key. 00:30:07.193 --> 00:30:09.593 Um, because you think about, okay, the chemical team must 00:30:09.593 --> 00:30:11.023 be full of chemical engineers. 00:30:11.608 --> 00:30:12.448 VictoriaM: That would be my thought. 00:30:13.263 --> 00:30:15.793 Mark Eramo: we have a lot of people with chemical engineering background 00:30:15.913 --> 00:30:19.528 in the chemical, uh, Segment, but not all of 'em are chemical engineers. 00:30:19.528 --> 00:30:21.118 Not all of 'em are even chemists, right? 00:30:21.118 --> 00:30:26.248 It does take a, a variety of backgrounds and you want that diversity 'cause 00:30:26.248 --> 00:30:30.328 it does bring a richer experience and perspective to the, to the table. 00:30:30.568 --> 00:30:32.938 And that's been one of my greatest learnings in this. 00:30:32.938 --> 00:30:37.858 And I think what S & P offers is that diversity of experience 00:30:37.858 --> 00:30:41.478 diversity of individuals that they welcome into the tent and say, we've 00:30:41.478 --> 00:30:42.768 got all kinds of opportunities. 00:30:42.768 --> 00:30:43.598 Come join us. 00:30:43.928 --> 00:30:48.238 And we'll we'll find that right position on the playing field for you, uh, based 00:30:48.238 --> 00:30:49.978 on your skill set and what you excel at. 00:30:50.748 --> 00:30:51.288 VictoriaM: Very cool. 00:30:51.448 --> 00:30:51.768 Awesome. 00:30:52.078 --> 00:30:53.418 So what's next for you? 00:30:53.428 --> 00:30:54.278 What's next for you? 00:30:54.278 --> 00:30:57.128 What's next for S & P global commodity insights? 00:30:58.368 --> 00:31:02.428 Mark Eramo: So having one day removed from a pretty exciting announcement 00:31:02.428 --> 00:31:06.808 of now being co president with Dave Ernstberger of the commodity insights 00:31:06.808 --> 00:31:14.053 division, um, that will also, be merged with the Sustainable one group, um, with 00:31:14.053 --> 00:31:18.873 an emphasis on energy transition and sustainability becoming a bigger part 00:31:18.873 --> 00:31:22.943 of our portfolio as, as we look to 2025. 00:31:22.943 --> 00:31:27.303 Dave and I, not only stabilizing things because it is another bit of management 00:31:27.303 --> 00:31:30.853 change that we want to make sure is stabilized, but really accelerating the 00:31:30.853 --> 00:31:35.273 growth that we have in our core analysis around the research and analysis that 00:31:35.273 --> 00:31:38.523 we're doing in these core commodity markets, the benchmarking assessments 00:31:38.523 --> 00:31:43.573 that we continue to grow in really looking at What our offering is and make sure 00:31:43.573 --> 00:31:47.453 it's crystal clear on the sustainability and energy transition front. 00:31:47.963 --> 00:31:49.673 Those are our big opportunities. 00:31:49.703 --> 00:31:54.213 Um, in addition to the core of of our business, helping clients understand 00:31:54.213 --> 00:31:57.593 what's coming next, what's in front of them, what are the decisions that 00:31:57.593 --> 00:31:59.183 the, that they're gonna have to make. 00:31:59.713 --> 00:32:03.703 You will see all of this in spades, uh, on display at. 00:32:04.213 --> 00:32:10.303 WPC in March of 2025 in Houston, um, which also happens. 00:32:10.733 --> 00:32:14.283 Also what's happening in Houston in March is the Syr week event, 00:32:14.293 --> 00:32:16.213 which is also a major energy event. 00:32:16.863 --> 00:32:20.003 So they are back to back their different weeks this year, which is good. 00:32:20.513 --> 00:32:20.883 And 00:32:21.003 --> 00:32:23.373 VictoriaM: Easier, better for you and better for the people 00:32:23.373 --> 00:32:24.393 that want to attend both. 00:32:24.453 --> 00:32:24.813 Yeah. 00:32:25.303 --> 00:32:26.263 Mark Eramo: Yes, exactly. 00:32:26.373 --> 00:32:26.933 Exactly. 00:32:27.163 --> 00:32:28.533 So those are those are our themes. 00:32:28.543 --> 00:32:29.643 That's where we're focused. 00:32:29.943 --> 00:32:32.213 We're excited about it again. 00:32:32.213 --> 00:32:36.943 I'm excited about declaring merger and integration over and just kind 00:32:36.943 --> 00:32:40.483 of getting on with the growth story and focused on our client base 00:32:40.483 --> 00:32:41.723 and how we can help them best. 00:32:42.023 --> 00:32:42.323 VictoriaM: Yeah. 00:32:42.343 --> 00:32:43.273 Sounds really great. 00:32:43.453 --> 00:32:44.453 Thank you, Mark. 00:32:44.613 --> 00:32:45.603 Thanks for joining me. 00:32:45.603 --> 00:32:47.123 I've, I've loved this conversation. 00:32:47.273 --> 00:32:47.953 I know others will as well. 00:32:48.253 --> 00:32:49.333 Mark Eramo: Thank you, Victoria. 00:32:49.413 --> 00:32:52.753 I appreciate the opportunity and great, great conversation. 00:32:53.023 --> 00:32:53.423 Thank you very 00:32:53.663 --> 00:32:54.243 VictoriaM: Yeah, absolutely. 00:32:54.263 --> 00:32:55.853 And thank you everyone for joining us. 00:32:55.853 --> 00:32:58.653 Keep listening, keep following, keep sharing, and we will 00:32:58.653 --> 00:32:59.843 talk with you again soon.