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, 2020 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 2801 Post Oak Boulevard, Suite 600 Houston, Texas 77056 (Address of principal executive offic ...

Westlake Chemical Partners LP (NYSE:WLKP) Q4 2020 Results Conference Call February 23, 2021 12:00 PM ET Company Participants Jeff Holy - Vice President and Treasurer Albert Chao - President and Chief Executive Officer Steve Bender - Senior Vice President and Chief Financial Officer Conference Call Participants Matthew Blair - Tudor, Pickering Holt Stephen Byrne - Bank of America Operator Good afternoon. Thank you for standing by. Welcome to the Westlake Chemical Partners Fourth Quarter 2020 Earnings Confere ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Unaudited statements show increased net income driven by higher sales prices and a significant buyer deficiency fee Consolidated Balance Sheet Highlights (Unaudited) | Account | Sep 30, 2020 ($ thousands) | Dec 31, 2019 ($ thousands) | | :--- | :--- | :--- | | **Total current assets** | 278,162 | 238,411 | | **Total assets** | 1,382,282 | 1,393,456 | | **Total current liabilities** | 41,694 | 38,849 | | **Total liabilities** | 443,450 | 441,321 | | **Total equity** | 938,832 | 952,135 | Consolidated Statements of Operations Highlights (Unaudited) | Metric | Q3 2020 ($ thousands) | Q3 2019 ($ thousands) | Nine Months 2020 ($ thousands) | Nine Months 2019 ($ thousands) | | :--- | :--- | :--- | :--- | :--- | | **Total net sales** | 231,969 | 249,925 | 721,018 | 819,073 | | **Gross profit** | 100,391 | 93,219 | 293,969 | 275,831 | | **Income from operations** | 94,136 | 86,397 | 275,379 | 254,397 | | **Net income** | 91,848 | 82,479 | 265,995 | 240,985 | | **Net income attributable to WLKP** | 18,535 | 14,922 | 51,142 | 43,610 | | **EPS (Common units, basic & diluted)** | $0.53 | $0.42 | $1.45 | $1.27 | Consolidated Statements of Cash Flows Highlights (Unaudited) | Cash Flow Activity | Nine Months Ended Sep 30, 2020 ($ thousands) | Nine Months Ended Sep 30, 2019 ($ thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | 340,876 | 335,154 | | **Net cash used for investing activities** | (58,170) | (45,982) | | **Net cash used for financing activities** | (279,298) | (290,269) | | **Net increase (decrease) in cash** | 3,408 | (1,097) | - The Partnership operates ethylene production facilities and holds a **22.8% limited partner interest** in OpCo, consolidating its results[21](index=21&type=chunk)[22](index=22&type=chunk)[25](index=25&type=chunk) - A quarterly cash distribution of **$0.4714 per unit** was declared for Q3 2020, payable on November 24, 2020[38](index=38&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Strong Q3 results were driven by a $41.3 million buyer deficiency fee, offsetting lower production volumes [Recent Developments](index=21&type=section&id=Recent%20Developments) Hurricanes Laura and Delta forced facility shutdowns, triggering a force majeure event and a buyer deficiency fee - The business did not experience significant disruptions from COVID-19 due to its **take-or-pay contract with Westlake** covering 95% of production[99](index=99&type=chunk) - A force majeure declaration following Hurricane Laura resulted in a **$41.3 million buyer deficiency fee** from Westlake, recognized as net sales in Q3 2020[50](index=50&type=chunk)[102](index=102&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Net income increased for both Q3 and the nine-month period, primarily due to a deficiency fee and higher contractual prices Q3 2020 vs Q3 2019 Performance | Metric | Q3 2020 | Q3 2019 | Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $232.0M | $249.9M | -7.2% | Lower production volume (-34.5%) offset by higher sales price (+10.8%) and $41.3M deficiency fee | | **Gross Profit** | $100.4M | $93.2M | +7.7% | Higher earnings from Westlake due to deficiency fee, despite lower third-party sales | | **Net Income** | $91.8M | $82.5M | +11.3% | Higher gross profit and lower interest expense | | **MLP Distributable Cash Flow** | $21.2M | $20.5M | +3.4% | Higher income and lower interest expense, partially offset by increased turnaround reserves | Nine Months 2020 vs Nine Months 2019 Performance | Metric | Nine Months 2020 | Nine Months 2019 | Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $721.0M | $819.1M | -12.0% | Lower production volume (-15.2%) and lower third-party prices, partially offset by $41.3M deficiency fee | | **Gross Profit** | $294.0M | $275.8M | +6.6% | Higher earnings from Westlake and the deficiency fee | | **Net Income** | $266.0M | $241.0M | +10.4% | Higher gross profit, lower SG&A, and lower interest expense | | **MLP Distributable Cash Flow** | $56.4M | $54.4M | +3.7% | Higher income and lower interest expense, partially offset by increased turnaround reserves | [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is primarily sourced from operations and credit facilities with Westlake, with total debt at $399.7 million - The Partnership has an at-the-market (ATM) program to sell up to **$50.0 million in common units**, but no units were issued as of September 30, 2020[132](index=132&type=chunk) - As of September 30, 2020, the Partnership had **$23.3 million in cash** and cash equivalents, plus **$191.2 million invested with Westlake**[139](index=139&type=chunk)[140](index=140&type=chunk) Outstanding Debt to Westlake (as of Sep 30, 2020) | Facility | Outstanding Amount ($ millions) | Maturity | | :--- | :--- | :--- | | **OpCo Revolver** | 22.6 | Sep 2023 | | **MLP Revolver** | 377.1 | Mar 2023 | | **Total** | **399.7** | | [Quantitative and Qualitative Disclosures about Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The primary market risk is interest rate exposure on its variable-rate debt, while commodity price risk is limited - Direct commodity price risk is limited to approximately **5.0% of total ethylene production** sold to third parties due to a cost-plus agreement with Westlake[151](index=151&type=chunk) - The Partnership is exposed to interest rate risk on its **$399.7 million of variable-rate debt**, with a 100 basis point increase raising annual interest expense by about **$4.0 million**[152](index=152&type=chunk) [Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - Management concluded that the company's **disclosure controls and procedures were effective** as of the end of the period covered by the report[154](index=154&type=chunk) - **No material changes** in internal control over financial reporting occurred during Q3 2020[155](index=155&type=chunk) [PART II. OTHER INFORMATION](index=32&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The Partnership is involved in an EPA enforcement initiative regarding flare emissions that may result in a monetary sanction - The EPA is conducting an enforcement action related to flares at the Calvert City and Lake Charles facilities, which may result in a **monetary sanction exceeding $100,000**[158](index=158&type=chunk) [Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) The primary risk is credit exposure to Westlake, whose financial condition could be adversely affected by the COVID-19 pandemic - A key risk is the **creditworthiness of Westlake**, as the Partnership's distributions depend on Westlake meeting its contractual obligations[161](index=161&type=chunk) - The **COVID-19 pandemic poses a risk** to Westlake's business and financial condition, which could indirectly impact the Partnership[163](index=163&type=chunk)[165](index=165&type=chunk) [Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists standard exhibits filed with the report, including officer certifications and XBRL data files - The report includes standard exhibits such as **CEO and CFO certifications** and XBRL data files[167](index=167&type=chunk)

Westlake Chemical Partners LP (NYSE:WLKP) Q2 2020 Results Conference Call August 6, 2020 12:00 PM ET Company Participants Jeff Holy - VP & Treasurer Albert Chao - President, CEO & Director Steve Bender - SVP, CFO & Director Conference Call Participants Arun Viswanathan - RBC Mike Leithead - Barclays Matthew Blair - Tudor, Pickering, Holt Eric Petrie - Citi Steve Byrne - Bank of America Operator Good afternoon. Thank you for standing by. Welcome to the Westlake Chemical Partners Second Quarter 2020 Earnings ...

Washington, D.C. 20549 UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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, 2020 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 ...

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 March 31, 2020 Securities registered pursuant to Section 12(b) of the Act: 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 ...

Financial Data and Key Metrics Changes - Consolidated net income for Q1 2020 was $94 million, with Westlake Partners' net income at $80 million, reflecting strong operational performance [13][14] - Westlake Partners' net income increased by $3 million compared to Q1 2019, primarily due to increased production and higher third-party sales margins [15] - Distributable cash flow for Q1 2020 was $18 million, consistent with Q1 2019, but decreased by $1 million from Q4 2019 due to higher maintenance capital spending [16][21] Business Line Data and Key Metrics Changes - Ethylene facilities operated well above industry rates, contributing to solid financial performance [13] - The ethylene sales agreement helped insulate the company from commodity price risks, ensuring predictable cash flows [13][23] Market Data and Key Metrics Changes - The company maintained strong leverage metrics with a consolidated leverage ratio below 1x and a net debt to capitalization ratio below 25% [19] - The decision to defer the turnaround of the Petro 2 ethylene unit until 2021 was made due to its strong performance [20] Company Strategy and Development Direction - The company aims to leverage four growth levers: increasing ownership interest in OpCo, acquiring other income streams, organic growth through facility expansions, and negotiating higher fixed margins in sales agreements [25] - The predictable fee-based cash flow structure is viewed as an attractive investment thesis in the current uncertain economic environment [23][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of cash flows despite the challenges posed by COVID-19 and low interest rates [23] - The company is prepared to navigate evolving market conditions and is optimistic about returning to normalized market operations [25] Other Important Information - The company announced a distribution of $0.4714 per unit for Q1 2020, a 6% increase from Q1 2019, maintaining a consistent distribution policy [22] - The partnership has made 23 consecutive quarterly distributions since its IPO in 2014, with a total growth of 71% since the original minimum distribution [22] Q&A Session Summary Question: Distribution growth considerations - Management indicated that the decision to maintain or grow distributions depends on capital market conditions and operational metrics, emphasizing the importance of a stable market for effective decision-making [30][31] Question: Risk of falling below contract minimums - Management reassured that the ethylene sales agreement outlines planned production, mitigating risks associated with short-term demand fluctuations [33][34] Question: Interest in raising capital through the Partnership - Management confirmed interest in utilizing the Partnership for capital raising, contingent on market conditions and effective valuation of assets [36][37] Question: Impact of deferred turnaround on earnings - Management noted that deferring the Petro 2 turnaround would allow continued production and earnings, as the plant was performing effectively [40] Question: Factors offsetting reduced spot ethane cracking - The strength of the ethylene sales agreement and hedging strategies were highlighted as key factors offsetting the impact of reduced spot ethane cracking [41]

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, 2019 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) (State or other jurisdiction of incorp ...

Westlake Chemical Partners LP (NYSE:WLKP) Q4 2019 Earnings Conference Call February 18, 2020 12:00 PM ET Company Participants Jeff Holy - Vice President & Treasurer Albert Chao - President & Chief Executive Officer Steve Bender - Senior Vice President & Chief Financial Officer Conference Call Participants Matthew Blair - Tudor, Pickering, Holt Mike Whitehead - Barclays Operator Good morning. Thank you for standing by. Welcome to the Westlake Chemical Partners Fourth Quarter and Full Year 2019 Earnings Confe ...

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, 2019 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 (713) 585-2900 (Registrant's telephone number, including area code) Securities registered pursuant to ...