Financial Performance - Westlake Partners reported a fourth quarter 2025 net income of $15 million or $0.41 per unit, with consolidated net income of $84 million on net sales of $323 million [1] - For the full year 2025, net income was $49 million or $1.38 per unit, with consolidated net income of $299 million [2][4] - Distributable cash flow for Q4 2025 was $19 million or $0.53 per unit, an increase of $4 million compared to Q4 2024 [4] Stability and Cash Flow - The partnership has maintained 46 consecutive quarterly distributions since its IPO in July 2014, with a cumulative distribution growth of 71% since the original minimum quarterly distribution [2][7] - The fixed margin ethylene sales agreement, covering 95% of annual plant production, provides stability and predictability in earnings and cash flows [2][5] - The partnership's distribution coverage for the full year 2025 was 0.8x, reflecting lower net income due to planned production turnarounds [5] Capital Structure and Future Outlook - At the end of Q4 2025, the consolidated cash balance was $68 million, with long-term debt totaling $400 million [6] - The company expects no planned turnarounds in 2026, which should lead to improved production and sales volume, driving recovery in distributable cash flow and coverage ratio [10] - Future growth opportunities may include increasing ownership interest in OpCo, acquisitions, and organic growth, financed through a combination of debt and equity [10][18]