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 ...

Financial Data and Key Metrics Changes - Westlake Partners reported a net income of $12 million or $0.34 per unit for Q2 2023, a decrease of $4 million compared to Q2 2022's net income of $16 million [6][23] - Consolidated net income, including OpCo's earnings, was $75 million on consolidated net sales of $264 million [13] - Distributable cash flow for Q2 2023 was $15 million or $0.43 per unit, down from $20 million in Q2 2022 [23] - The partnership maintained a consolidated leverage ratio that increased approximately 1x, with long-term debt at $400 million [14][24] Business Line Data and Key Metrics Changes - Production and sales volumes were below both Q1 2023 and Q2 2022 levels due to a planned maintenance turnaround at Calvert City [11] - The ethylene sales agreement provides a predictable fee-based cash flow structure, which minimizes market volatility and production risks [12][16] Market Data and Key Metrics Changes - Sales to third parties declined more sharply than sales to Westlake Corporation, reflecting lower margins in the merchant ethylene market [46] - The ethylene margins for the merchant market have been below the $0.10 net margin for the first six months of the year [46] Company Strategy and Development Direction - The company plans to evaluate growth opportunities through increasing ownership interest in OpCo, acquisitions, organic growth, and negotiating higher fixed margins in ethylene sales agreements [29] - The partnership aims to provide long-term value and distributions to unitholders while focusing on safe operations and sustainability efforts [29] Management's Comments on Operating Environment and Future Outlook - Management expects financial results to improve in Q3 and Q4 2023 following the completion of the planned turnaround [22] - The financial performance in Q2 was consistent with historical performances during quarters with planned turnarounds, with expectations for recovery in upcoming quarters [28] Other Important Information - The partnership announced a quarterly distribution of $0.4714 per unit for Q2 2023, marking the 36th consecutive quarterly distribution since its IPO in 2014 [25] - The next planned turnaround is scheduled for the second half of 2024 at the Petro 1 ethylene facility in Lake Charles, Louisiana [27] Q&A Session Summary Question: Thoughts on restarting distribution growth and asset drops from OpCo - Management is continuously assessing opportunities for drop-down transactions that would support additional earnings and cash flows to the partnership [33] Question: Limiting factors regarding valuation and MLP investor appetite - The current yield is attractive to yield-oriented investors, and the trading multiple reflects a nice arbitrage relative to the parent C corp [35] Question: Costs for turnarounds and inflation trends - Costs per turnaround have trended higher due to rising labor and materials costs, which are built into the charges to the parent [48][49] Question: Interest expense increase despite unchanged total debt - Interest expense has increased due to rising interest rates on floating rate credit agreements [37] Question: Incentives for pursuing higher-value opportunities for hydrogen byproducts - The partnership assesses the value mix for coproducts and benefits accordingly [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 June 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 jurisdiction of ...

Westlake Chemical Partners LP (NYSE:WLKP) Q1 2023 Earnings Conference Call May 4, 2023 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 Westlake Chemical Partners' First Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this con ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements for Q1 2023 reflect shifts in asset and equity values, with decreased sales but improved net income and operating cash flow [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2023, total assets slightly decreased to **$1.34 billion**, while cash and cash equivalents significantly increased, and total liabilities and equity declined Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $104,588 | $64,782 | | Total current assets | $232,430 | $245,793 | | Total assets | $1,342,678 | $1,371,979 | | **Liabilities & Equity** | | | | Total current liabilities | $51,482 | $66,941 | | Long-term debt payable to Westlake | $399,674 | $399,674 | | Total liabilities | $452,800 | $468,271 | | Total equity | $889,878 | $903,708 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2023 saw a **15.1%** decrease in net sales, but a significant reduction in cost of sales led to a **16.0%** increase in gross profit and higher net income Consolidated Statement of Operations Highlights (in thousands, except per unit data) | Account | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Total net sales | $307,677 | $362,400 | | Gross profit | $106,073 | $91,439 | | Income from operations | $98,159 | $83,212 | | Net income | $91,452 | $80,825 | | Net income attributable to Westlake Chemical Partners LP | $14,892 | $16,194 | | Net income per limited partner unit (basic and diluted) | $0.42 | $0.46 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2023 saw a significant increase in net cash from operating activities, a positive swing in investing activities, and increased cash usage for financing Consolidated Statement of Cash Flows Highlights (in thousands) | Account | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $144,860 | $104,810 | | Net cash provided by (used for) investing activities | $228 | $(25,342) | | Net cash used for financing activities | $(105,282) | $(77,291) | | Net increase in cash and cash equivalents | $39,806 | $2,177 | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the Partnership's structure, accounting policies, significant related-party transactions, debt obligations, and ongoing legal proceedings - The Partnership owns a **22.8%** limited partner interest in Westlake Chemical OpCo LP ("OpCo") and consolidates OpCo's financial results as its primary beneficiary[20](index=20&type=chunk)[23](index=23&type=chunk) - A quarterly cash distribution of **$0.4714 per unit** for Q1 2023 was declared, payable on May 26, 2023, consistent with Q1 2022[31](index=31&type=chunk)[39](index=39&type=chunk) - Significant related-party transactions with Westlake accounted for **83.7%** of the Partnership's net sales in Q1 2023[42](index=42&type=chunk)[62](index=62&type=chunk) - Total long-term debt of **$399.7 million** is payable to Westlake, with a weighted average interest rate of **6.4%** at March 31, 2023[64](index=64&type=chunk)[65](index=65&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights improved net income driven by lower feedstock costs, increased operating cash flow from working capital changes, and sustained liquidity through revolving credit facilities [Results of Operations](index=18&type=section&id=Results%20of%20Operations) Q1 2023 saw a **15.1%** decrease in net sales, but gross profit and margin expanded significantly due to lower feedstock costs, leading to increased EBITDA despite a decline in MLP distributable cash flow Q1 2023 vs Q1 2022 Performance (in thousands) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Total net sales | $307,677 | $362,400 | | Gross profit | $106,073 | $91,439 | | Income from operations | $98,159 | $83,212 | | Net income | $91,452 | $80,825 | | Net income attributable to WLKP | $14,892 | $16,194 | | MLP distributable cash flow | $17,551 | $19,291 | | EBITDA | $125,615 | $114,469 | - The decrease in net sales was primarily due to lower ethylene and co-products sales prices, contributing to an **18.4%** decrease, partially offset by a **3.3%** increase from higher sales volumes[89](index=89&type=chunk)[96](index=96&type=chunk) - The increase in gross profit and margin was driven by lower ethane feedstock costs (**-37.7%** YoY) and natural gas prices (**-30.4%** YoY)[89](index=89&type=chunk)[97](index=97&type=chunk) [Cash Flow Discussion](index=21&type=section&id=Cash%20Flow%20Discussion) Q1 2023 saw a significant increase in operating cash flow driven by favorable working capital, a positive swing in investing activities, and increased cash usage for financing - Cash from operating activities increased to **$144.9 million** in Q1 2023 from **$104.8 million** in Q1 2022, largely due to favorable working capital changes[103](index=103&type=chunk) - Investing activities provided cash of **$0.2 million**, compared to a use of **$25.3 million** in the prior year, due to net maturities under the Investment Management Agreement and lower capital expenditures[104](index=104&type=chunk) - Cash used for financing activities increased to **$105.3 million** from **$77.3 million**, primarily due to higher distributions to the noncontrolling interest retained by Westlake[105](index=105&type=chunk) [Liquidity and Capital Resources](index=21&type=section&id=Liquidity%20and%20Capital%20Resources) The Partnership maintains liquidity through operating cash flow, two revolving credit facilities with Westlake, and available cash and investments, with an unused ATM equity program - The Partnership has a **$50 million** at-the-market (ATM) common unit offering program, under which no units had been issued as of March 31, 2023[106](index=106&type=chunk) - As of March 31, 2023, the Partnership had **$104.6 million** in cash and cash equivalents, plus **$52.1 million** invested with Westlake under an Investment Management Agreement[113](index=113&type=chunk)[114](index=114&type=chunk) Indebtedness to Westlake (as of March 31, 2023) | Facility | Capacity (M) | Outstanding (M) | Maturity | | :--- | :--- | :--- | :--- | | OpCo Revolver | $600.0 | $22.6 | July 12, 2027 | | MLP Revolver | $600.0 | $377.1 | July 12, 2027 | [Quantitative and Qualitative Disclosures about Market Risk](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The Partnership's market risk primarily stems from commodity prices and interest rates, with commodity risk largely mitigated by a cost-plus sales agreement - Direct exposure to commodity price risk is limited to approximately **5.0%** of total ethylene production sold to third parties, with the majority mitigated by the cost-plus Ethylene Sales Agreement with Westlake[124](index=124&type=chunk) - The Partnership is exposed to interest rate risk on **$399.7 million** of variable-rate debt, where a **100 basis point** increase would raise annual interest expense by approximately **$4.0 million**[125](index=125&type=chunk) [Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during Q1 2023 - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[126](index=126&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[127](index=127&type=chunk) [PART II. OTHER INFORMATION](index=27&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=27&type=section&id=Item%201.%20Legal%20Proceedings) The Partnership is involved in lawsuits related to a 2021 facility fire, with costs largely expected to be covered by insurance, and other proceedings are not material - Lawsuits are pending in connection with a flash fire at the Petro 2 facility in September 2021, with the Partnership expecting insurance to cover most associated costs[131](index=131&type=chunk) - Westlake has agreed to indemnify the Partnership for certain environmental and other liabilities that existed prior to August 4, 2014[130](index=130&type=chunk) [Risk Factors](index=27&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the Partnership's 2022 Annual Report on Form 10-K - There have been no material changes from the risk factors disclosed in the 2022 Form 10-K[133](index=133&type=chunk) [Exhibits](index=28&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including officer certifications and XBRL data files - The report includes various exhibits, such as the Certificate of Limited Partnership, amendments to partnership agreements, officer certifications (Rule 13a-14(a) and Section 1350), and XBRL interactive data files[135](index=135&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2022 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 ju ...

Westlake Chemical Partners LP (NYSE:WLKP) Q4 2022 Results Conference Call February 21, 2023 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 Operator Good afternoon. Thank you for standing by. Welcome to the Westlake Chemical Partners Fourth Quarter and Full Year 2022 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. ...

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 June 30, 2022 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) Securities registered pursuant to Section 12(b) of t ...