Westlake Chemical Partners LP (NYSE:WLKP) Q1 2024 Earnings Conference Call May 1, 2024 1:00 PM ET Company Participants John Zoeller - Vice President and Treasurer Albert Chao - President and Chief Executive Officer Steve Bender - Executive Vice President and Chief Financial Officer Conference Call Participants Matthew Blair - TPH Salvator Tiano - Bank of America Securities Operator Good afternoon, and thank you for standing by. Welcome to the Westlake Chemical Partners First Quarter 2024 Earnings Conference ...

First quarter 2024 net income attributable to the Partnership of $14.8 million increased by $0.5 million compared to fourth quarter 2023 net income of $14.3 million, in part due to lower selling, general and administrative expenses. First quarter 2024 cash flows from operating activities of $104.6 million decreased by $3.1 million compared to fourth quarter 2023 cash flows from operating activities of $107.7 million due to less favorable working capital changes. First quarter 2024 MLP distributable cash flo ...

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (the “Partnership”) (NYSE: WLKP) today provided an update on the availability of the Partnership’s 2023 Investor Tax Packages including Schedule K-1 for its common unitholders. The Partnership’s 2023 K-1 tax packages are now available. The information reported to you on Schedule K-1 is based on tax laws currently in effect for 2023. This information may be subject to change depending on actions taken by Congress and the President. If the Tax Relief fo ...

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") announced that it filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission on February 28, 2024. A copy of this 10-K may be found on the Partnership's website, www.wlkpartners.com, by selecting the "Investor Relations" tab, then "SEC Filings." Unitholders of the Partnership may receive a hard copy of its Annual Report on Form 10-K, including complete a ...

Sales Performance - The company reported a significant increase in ethylene sales volume, reaching 1.2 million tons, a 15% increase compared to the previous year[23]. - The average selling price of ethylene was $1,200 per ton, reflecting a 10% decrease from the prior year due to market conditions[23]. Production and Capacity - The company anticipates a 20% growth in production capacity by the end of 2024, driven by ongoing capital expenditures[23]. - Future capital expenditures are projected to be approximately $300 million, focusing on expanding operational efficiency and sustainability initiatives[23]. Strategic Initiatives - The company is exploring strategic acquisitions to enhance its market position and diversify its product offerings[23]. - The company plans to implement new technologies aimed at reducing carbon emissions by 25% over the next five years[23]. Operational Challenges - Supply chain constraints are expected to impact operations, particularly due to geopolitical tensions, which may affect raw material availability[23]. - Management expressed confidence in meeting liquidity needs despite potential market volatility, supported by strong cash flow from operations[23]. Shareholder Value - Quarterly distributions are expected to remain stable at $0.50 per unit, reflecting the company's commitment to returning value to shareholders[23]. - The company is actively monitoring market trends and regulatory changes that could influence future pricing and demand for ethylene products[23].

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (the “Partnership”) (NYSE: WLKP) today provided an update on the expected availability of the Partnership’s 2023 Investor Tax Packages including Schedule K-1 for its common unitholders. Historically, the Partnership’s Investor Tax Packages have been available by the end of February for the preceding tax year; however, the timing of the availability of Partnership’s 2023 Investor Tax Packages is dependent upon actions of the U.S. Congress and the Biden ...

Westlake Chemical Partners LP (NYSE:WLKP) Q4 2023 Earnings Conference Call February 20, 2024 1:00 PM ET Company Participants Jeff Holy – Vice President and Treasurer Albert Chao – President and Chief Executive Officer Steve Bender – Executive Vice President and Chief Financial Officer Conference Call Participants Matthew Blair – TPH Operator Good afternoon. Thank you for standing by. Welcome to the Westlake Chemical Partners Fourth Quarter and Full Year 2023 Earnings Conference Call. During the presentation ...

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the fourth quarter of 2023 of $14.3 million, or $0.41 per limited partner unit, a decrease of $2.5 million compared to fourth quarter 2022 net income of $16.8 million. The decrease in net income in the fourth quarter of 2023 when compared to the prior-year period was largely driven by higher interest expense. Cash flows from operating activities in the fourth ...

Financial Data and Key Metrics Changes - Westlake Partners reported a net income of $13 million or $0.37 per unit for Q3 2023, a decrease of $2 million compared to Q3 2022 net income of $15 million [19] - Distributable cash flow for Q3 2023 was $14 million, down $3 million from $17 million in Q3 2022, attributed to higher maintenance capital expenditures [7][19] - Consolidated net income, including OpCo's earnings, was $81 million on consolidated net sales of $322 million [19] Business Line Data and Key Metrics Changes - The Building Products division saw a 7% increase in volumes quarter-over-quarter, driven by lower input costs, particularly PVC resin, which contributed to margin expansion [40] - The partnership maintained a strong leverage ratio of approximately 1x, with long-term debt at $400 million [8][11] Market Data and Key Metrics Changes - The company noted that rising mortgage rates are dampening demand in the Building Products segment, with current rates around 8% impacting potential homebuyers [30] - Seasonal effects are expected to persist into Q1, affecting construction demand [30] Company Strategy and Development Direction - The company is focused on long-term value and distributions to unitholders, with plans for organic growth through expansions of current ethylene facilities and potential acquisitions [11][12] - The next planned turnaround is at the Petro 1 ethylene unit in mid-2024, with further details to be provided post-planning [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand fundamentals for ethylene, driven by steady domestic demand and export opportunities [33] - The company believes its fee-based cash flow structure will provide stability through economic fluctuations and planned/unplanned turnarounds [33] Other Important Information - The partnership announced a quarterly distribution of $0.4714 per unit for Q3 2023, marking the 37th consecutive quarterly distribution since its IPO in 2014 [20] - Cumulative distribution cash flow has been maintained at approximately 1x since the IPO [9] Q&A Session Summary Question: Impact of planned maintenance expenses and inflation - Management indicated that higher maintenance expenses are primarily a timing issue and do not pose a risk to cash generation or distributions [37] Question: Margin expansion in the housing segment - The margin expansion was attributed to lower input costs, particularly PVC, and improved volumes, despite challenges in maintaining prices [40]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File No. 001-36567 Westlake Chemical Partners LP (Exact name of registrant as specified in its charter) Delaware 32-0436529 (State or other jurisdictio ...