Exhibit 99.1

Huntsman Announces Fourth Quarter and Full Year 2020 Earnings;

Strong Recovery with Solid Cash Flow

Fourth Quarter Highlights

See end of press release for footnote explanations and reconciliations of non-GAAP measures.

THE WOODLANDS, Texas – Huntsman Corporation (NYSE: HUN) today reported fourth quarter 2020 results with revenues of $1,668 million, net income of $360 million, adjusted net income of $113 million and adjusted EBITDA of $240 million.

Peter R. Huntsman, Chairman, President and CEO, commented:

“In the midst of a very challenging 2020, our commitment was to emerge stronger and better. I am very pleased to report that we were able to exceed our expectations. Our fourth quarter adjusted EBITDA significantly exceeded our fourth quarter of a year ago, even despite a lagging recovery in Aerospace. We also delivered a solid fourth quarter and full year free cash flow, beyond what we anticipated. We had added three highly complementary, differentiated businesses to our core portfolio, and are on track to deliver on over $40 million of annualized related synergies. Together with our cost realignment and business optimization plans, we target in excess of $120 million of annualized benefits by mid-2023. Our balance sheet remains very strong. While we are prepared for macro uncertainties to continue in 2021, we see steady improvements over 2020 in most of our core markets and we remain totally committed to creating value for our shareholders.”

Segment Analysis for 4Q20 Compared to 4Q19

Polyurethanes

The increase in revenues in our Polyurethanes segment for the three months ended December 31, 2020 compared to the same period in 2019 was primarily due to higher MDI average selling prices, partially offset by lower sales volumes.  Both differentiated and component MDI average selling prices increased primarily in China and Europe.  MDI sales volumes decreased primarily due to unplanned supplier outages.  The increase in segment adjusted EBITDA was primarily due to higher MDI margins driven by higher MDI pricing, partially offset by lower MDI sales volumes.

Performance Products

The decrease in revenues in our Performance Products segment for the three months ended December 31, 2020 compared to the same period in 2019 was primarily due to lower sales volumes and average selling prices.  Sales volumes and average selling prices decreased largely due to weakened market conditions across several of our amines businesses. The slight decrease in adjusted EBITDA is due to the lower sales volumes and average selling prices partially offset by lower fixed costs.

Advanced Materials

The decrease in revenues in our Advanced Materials segment for the three months ended December 31, 2020 compared to the same period in 2019 was primarily due to lower sales volumes, predominantly due to weakness in our aerospace and commodity markets. Sales volumes decreased across most markets primarily due to economic slowdown and customer destocking. Segment adjusted EBITDA decreased due to lower sales volumes, partially offset by lower fixed costs.  The adjusted EBITDA contribution from our recent acquisition of CVC Thermoset Specialties was offset by the lost adjusted EBITDA from the divestiture of our India-based DIY consumer adhesives business.

Textile Effects

The decrease in revenues in our Textile Effects segment for the three months ended December 31, 2020 compared to the same period in 2019 was due to lower average selling price, partially offset by higher sales volumes.  Average selling prices decreased primarily from market-adjusted pricing aligned to raw material costs.  Sales volumes increased mainly in the Asia region.  Segment adjusted EBITDA was flat with the lower sales revenue being offset by lower raw material costs and lower fixed costs.

Corporate, LIFO and other

For the three months ended December 31, 2020, adjusted EBITDA from Corporate and other for Huntsman Corporation decreased by $4 million to a loss of $47 million from a loss of $43 million for the same period of 2019.

Liquidity and Capital Resources

During the three months ended December 31, 2020, our adjusted free cash flow from continuing operations was $157 million as compared to $129 million in the prior year period. As of December 31, 2020, we had approximately $3 billion of combined cash and unused borrowing capacity.

During the three months ended December 31, 2020, we spent $79 million on capital expenditures as compared to $93 million in the same period of 2019. For the year ended December 31, 2020 we spent $249 million on capital expenditures. For 2021 we expect to spend between $320 million to $330 million on capital expenditures.

Income Taxes

In the fourth quarter 2020, our adjusted effective tax rate was 17%. For 2021, our adjusted effective tax rate is expected to be approximately 22% - 24%.

Earnings Conference Call Information

We will hold a conference call to discuss our fourth quarter 2020 financial results on Friday, February 12, 2021 at 10:00 a.m. ET.

Webcast link: https://78449.themediaframe.com/dataconf/productusers/hun/mediaframe/42984/indexl.html

Participant dial-in numbers:

Domestic callers:                (877) 402-8037

International callers:          (201) 378-4913

The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman’s investor relations website, ir.huntsman.com. Upon conclusion of the call, the webcast replay will be accessible via Huntsman’s website.

Upcoming Conferences

During the first quarter 2021, a member of management is expected to present at:

Alembic Global Advisors Virtual Deer Valley Chemical Conference on February 25, 2021

Bank of America Agriculture and Materials Virtual Conference on March 3, 2021

A webcast of the presentation, if applicable, along with accompanying materials will be available at ir.huntsman.com.

See end of press release for footnote explanations.

See end of press release for footnote explanations.

Table 3 – Factors Impacting Sales Revenue

(a) Excludes sales from tolling arrangements, by-products and raw materials.

(b) Excludes sales from by-products and raw materials.

(a) During the year ended December 31, 2019, we recorded $153 million of tax benefit relating to the outside basis difference in our investment in Venator, we recorded $18 million of tax benefit relating to realized tax losses on our remaining interest in Venator, we established $11 million of significant income tax valuation allowance in Australia and we recorded $32 million of deferred tax expense due to the reduction of tax rates in Switzerland. During the year ended December 31, 2018, we released $119 million of significant income tax valuation allowances in Switzerland, the U.K. and Luxembourg. We eliminated the effect of these significant changes in tax valuation allowances and deferred tax assets and liabilities from our presentation of adjusted net income to allow investors to better compare our ongoing financial performance from period to period.

(b) Represents the changes in market value in Huntsman's interest in Venator and related loss on disposal of Venator shares sold in December 2020.

N/A = not applicable

See end of press release for footnote explanations.  

Table 5 – Selected Balance Sheet Items

Table 6 – Outstanding Debt

See end of press release for footnote explanations.  

Table 7 – Summarized Statement of Cash Flows

See end of press release for footnote explanations.

Footnotes

Adjusted EBITDA, adjusted net income (loss) and adjusted diluted income (loss) per share, as used herein, are not necessarily comparable to other similarly titled measures of other companies.

Adjusted EBITDA is computed by eliminating the following from net income (loss): (a) net income attributable to noncontrolling interests, net of tax; (b) interest; (c) income taxes; (d) depreciation and amortization (e) amortization of pension and postretirement actuarial losses (gains); (f) restructuring, impairment and plant closing costs (credits); and further adjusted for certain other items set forth in reconciliation of adjusted EBITDA to net income (loss) in Table 4 above.

Adjusted net income (loss) and adjusted diluted income (loss) per share are computed by eliminating the after tax impact of the following items from net income (loss): (a) net income attributable to noncontrolling interest; (b) amortization of pension and postretirement actuarial losses (gains); (c) restructuring, impairment and plant closing costs (credits); and further adjusted for certain other items set forth in reconciliation of adjusted EBITDA to net income (loss) in Table 4 above. The income tax impacts, if any, of each adjusting item represent a ratable allocation of the total difference between the unadjusted tax expense and the total adjusted tax expense, computed without consideration of any adjusting items using a with and without approach.

We do not provide reconciliations for adjusted EBITDA, adjusted net income (loss) or adjusted diluted income (loss) per share on a forward-looking basis because we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as, but not limited to, (a) business acquisition and integration expenses and purchase accounting adjustments, (b) merger costs, and (c) certain legal and other settlements and related costs. Each of such adjustments has not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information.

The reconciliation of historical adjusted effective tax rate and effective tax rate is set forth in Table 4 above. We do not provide reconciliations for adjusted effective tax rate on a forward-looking basis because we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as, but not limited to, (a) business acquisition and integration expenses, (b) merger costs, and (c) certain legal and other settlements and related costs. Each of such adjustments has not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information.

About Huntsman:

Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2020 revenues of approximately $6 billion. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 70 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 9,000 associates within our four distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com.

Social Media:

Twitter: www.twitter.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsman

Forward-Looking Statements:

Certain information in this release constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed under the caption "Risk Factors" in the Huntsman companies' filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of Huntsman’s operations, including any delay of, or other negative developments affecting the ability to implement cost reductions, timing of proposed transactions, and manufacturing optimization improvements in Huntsman businesses and realize anticipated cost savings, and other financial, economic, competitive, environmental, political, legal, regulatory and technological factors. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.