Westlake Chemical Partners(WLKP) - 2025 Q4 - Annual Results

Financial Performance - Fourth quarter 2025 net income attributable to the Partnership was $14.5 million, or $0.41 per limited partner unit, compared to $15.0 million in Q4 2024[2] - For the full year 2025, net income attributable to the Partnership was $48.7 million, a decrease of $13.7 million compared to $62.4 million in 2024[4] - Net income for 2025 was $298,576,000, down 19.1% from $369,159,000 in 2024[19] - EBITDA for the full year 2025 was $450.0 million, down from $507.6 million in 2024[15] - EBITDA for 2025 was $450,000,000, down from $507,594,000 in 2024, a decrease of 11.3%[22] Cash Flow and Distributions - Cash flows from operating activities in Q4 2025 were $120.4 million, a decrease of $12.1 million from $132.5 million in Q4 2024[2] - Net cash provided by operating activities decreased to $280,469,000 in 2025, a decline of 42.2% compared to $485,001,000 in 2024[19] - MLP distributable cash flow for Q4 2025 was $18.8 million, an increase of $3.8 million from $14.9 million in Q4 2024[2] - MLP distributable cash flow for 2025 was $53,398,000, down 20.1% from $66,864,000 in 2024[20] - The Partnership declared a quarterly distribution of $0.4714 per unit for Q4 2025, marking the 46th consecutive quarterly distribution[5] Assets and Liabilities - Total assets decreased from $1,287,956,000 in 2024 to $1,256,533,000 in 2025, a decline of approximately 2.4%[17] - Total liabilities slightly decreased from $458,642,000 in 2024 to $454,181,000 in 2025, a reduction of about 1.0%[17] Operational Highlights - The Partnership's total net sales for 2025 were $1,166.7 million, compared to $1,135.9 million in 2024, reflecting a growth of 2.7%[15] - The gross profit for Q4 2025 was $96.8 million, slightly down from $98.6 million in Q4 2024[15] - The coverage ratio for MLP distributable cash flow was 1.13x in Q4 2025, the highest since Q4 2022[7] - The Partnership expects increased production and sales volume in 2026 with no planned turnarounds following the Petro 1 turnaround[5] Capital Expenditures - Additions to property, plant, and equipment were $78,817,000 in 2025, compared to $48,971,000 in 2024, an increase of 60.9%[19] - Depreciation and amortization increased to $127,978,000 in 2025 from $111,899,000 in 2024, an increase of 14.4%[19] Distributions to Noncontrolling Interest - Distributions to noncontrolling interest retained in OpCo by Westlake were $259,247,000 in 2025, down from $329,898,000 in 2024, a decrease of 21.4%[19]