Westlake Chemical Partners(WLKP) - 2024 Q4 - Annual Results

Financial Performance - Net income attributable to the Partnership for Q4 2024 was $15.0 million, or $0.43 per limited partner unit, compared to $14.3 million in Q4 2023[2] - For the full year 2024, net income attributable to the Partnership was $62.4 million, or $1.77 per limited partner unit, up from $54.3 million in 2023[4] - Net income for the twelve months ended December 31, 2024, increased to $369,159,000, up from $334,626,000 in 2023, representing an increase of approximately 10.3%[19] Cash Flow - Cash flows from operating activities in Q4 2024 were $132.5 million, an increase of $24.8 million from $107.7 million in Q4 2023[2] - Net cash provided by operating activities for the twelve months ended December 31, 2024, was $485,001,000, an increase from $451,999,000 in 2023, marking a growth of approximately 7.3%[19] - The company reported a net cash used for investing activities of $88,971,000 in 2024, compared to $75,937,000 in 2023, indicating an increase of approximately 17.2%[19] Distributable Cash Flow - MLP distributable cash flow for the full year 2024 was $66.9 million, an increase of $4.3 million compared to $62.6 million in 2023[4] - MLP distributable cash flow provided trailing twelve-month coverage of 1.01x the declared distributions for Q4 2024, down from 1.03x in Q3 2024[5] - Distributable cash flow attributable to noncontrolling interest in OpCo for the twelve months ended December 31, 2024, was $321,928,000, compared to $308,456,000 in 2023, reflecting an increase of about 4.4%[20] Sales and Profitability - Total net sales for Q4 2024 were $290.1 million, compared to $297.3 million in Q4 2023[15] - Gross profit for Q4 2024 was $98.6 million, slightly down from $100.7 million in Q4 2023[15] - EBITDA for the full year 2024 was $507.6 million, an increase from $472.1 million in 2023[15] - EBITDA for the twelve months ended December 31, 2024, was $507,594,000, compared to $472,143,000 in 2023, indicating an increase of approximately 7.5%[22] Assets and Liabilities - Total current assets rose to $240,926,000 in 2024, compared to $226,203,000 in 2023, reflecting an increase of about 6.5%[17] - Total liabilities decreased slightly to $458,642,000 in 2024 from $460,592,000 in 2023, a reduction of about 0.4%[17] - Total equity decreased to $829,314,000 in 2024 from $856,250,000 in 2023, a decline of about 3.1%[17] Capital Expenditures - The company made additions to property, plant, and equipment totaling $48,971,000 in 2024, compared to $46,821,000 in 2023, representing an increase of approximately 4.6%[19] Strategic Decisions - The decision to defer the Petro 1 turnaround to 2025 allowed the Partnership to capture higher third-party ethylene prices and margins in H2 2024[5] Distributions - The Partnership declared a quarterly distribution of $0.4714 per unit, marking the 42nd consecutive quarterly distribution[5]