Financial Performance - Westlake's Net Sales reached $7766 million[5] - The company's EBITDA was $1631 million[5] - Net Income attributable to Westlake was $601 million[5] - Olefins EBITDA was $796 million, accounting for 47% of the total[5] - Vinyls EBITDA was $915 million, representing 53% of the total[5] Strategic Initiatives and Growth - The acquisition of Axiall has created a diverse, vertically-integrated chemicals leader[8] - Westlake expects to realize $120 million in synergy savings and cost reductions in 2017 and a total of $200 million by 2018 from the Axiall acquisition[8] - Westlake has a polyethylene capacity of 2600 million lbs[13] Market Position and Advantages - Westlake is the second largest producer of PVC in North America and the third largest globally[47] - Westlake is the third largest producer of Chlor-Alkali in North America and the third largest globally[47] - Westlake has one of the highest LDPE product mix percentages in North America[29]

Financial Performance & Strategy - Westlake Chemical Corporation reported Net Sales of $7766 million, EBITDA of $1631 million, and Net Income of $601 million (attributable to WLK) for the Last Twelve Months (LTM) ending in 3Q 2017[5] - The company's EBITDA is split between Olefins (47% or $796 million) and Vinyls (53% or $915 million)[5] - The acquisition of Axiall is expected to enhance margin stability and synergy savings of $120 million are expected in 2017, with a total of $200 million by 2018[8] - Strategic investments and capital projects totaling over $6 billion have been made recently to drive integration and specialty focus[61] Market Position & Advantages - Westlake is a leading integrated plastics materials company, holding the 2 position in North American PVC capacity and 3 globally, as well as the 3 position in North American Chlor-Alkali capacity and 3 globally[8] - The company remains 1 in North American LDPE capacity[8] - Westlake has a short position in ethylene, providing cost advantages, and has NGL feedstock flexibility and infrastructure[12, 15] - Westlake has one of the highest LDPE product mix percentages in North America, with LDPE accounting for 58% and LLDPE accounting for 42% of its capacity[25] Global Presence & Demand - The Axiall acquisition provides Westlake with a global PVC presence, including facilities in North America, Europe, and Asia[37] - Global PVC demand is growing, with a CAGR of 3.1% from 2000-2016 and an expected CAGR of 3.2% from 2017-2021[54] Financial Discipline & Growth - Westlake is committed to maintaining solid investment-grade credit metrics and has been deleveraging since the Axiall acquisition[66] - Westlake Partners (WLKP) provides a lower cost of capital to fund growth, with four levers of distributable cash flow (DCF) growth[70]

Financial Performance - Westlake Chemical Corporation reported Net Sales of $8,041 million for the full year 2017[6] - The company's EBITDA for the full year 2017 was $1,841 million[6] - Net Income attributable to Westlake Chemical for the full year 2017 reached $1,304 million[6] - Olefins contributed $805 million to the EBITDA, representing 42% of the total[6] - Vinyls contributed $1,096 million to the EBITDA, accounting for 58% of the total[6] Strategic Positioning and Growth - Westlake is a leading integrated plastics materials company, holding strong positions in North American and global markets for PVC and Chlor-Alkali[3, 7] - Synergy savings and cost reductions from the Axiall acquisition reached $170 million in 2017, with expectations to achieve a total of $250 million[7] - The company is expanding its global capacity with 750 million lbs of PVC, 200 million lbs of VCM, 60 million lbs of Caustic Soda, and 55 million lbs of Chlorine[13] - Westlake's ethylene plants are fully capable of using ethane and have some NGL flexibility, providing cost advantages[22] Product Mix and Market Focus - Westlake has a unique focus on LDPE, which has a higher margin advantage compared to other PE grades[24, 25] - The company's LDPE capacity represents a significant percentage of its total PE capacity in North America[27] - Westlake/Vinnolit is a leading specialty PVC producer with a global capacity of approximately 4,000 KMT in 2016[46, 47]

Financial Performance - First quarter 2021 sales reached $2357 million, a 20% increase compared to the fourth quarter of 2020 and a 22% increase compared to the first quarter of 2020[11] - Operating income for the first quarter of 2021 was $346 million, a 94% increase compared to the fourth quarter of 2020 and a 154% increase compared to the first quarter of 2020[11] - EBITDA for the first quarter of 2021 was $553 million, a 43% increase compared to the fourth quarter of 2020 and a 64% increase compared to the first quarter of 2020[11] - Net income attributable to Westlake Chemical Corporation for the first quarter of 2021 was $242 million, compared to $113 million in the fourth quarter of 2020 and $145 million in the first quarter of 2020[8, 24] - Diluted earnings per share attributable to Westlake Chemical Corporation for the first quarter of 2021 was $1.87, compared to $0.87 in the fourth quarter of 2020 and $1.13 in the first quarter of 2020[8, 24] Segment Performance - Vinyls segment sales for the first quarter of 2021 were $1820 million, a 14% increase compared to the fourth quarter of 2020 and a 21% increase compared to the first quarter of 2020[15] - Vinyls segment EBITDA for the first quarter of 2021 was $367 million, a 10% increase compared to the fourth quarter of 2020 and a 58% increase compared to the first quarter of 2020[11, 15] - Olefins segment sales for the first quarter of 2021 were $537 million, a 43% increase compared to the fourth quarter of 2020 and a 26% increase compared to the first quarter of 2020[18] - Olefins segment EBITDA for the first quarter of 2021 was $216 million, a 266% increase compared to the fourth quarter of 2020 and a 120% increase compared to the first quarter of 2020[11, 18] Industry Outlook and Sustainability - The company is focused on sustainability, launching green caustic soda with a reduced CO2 impact of more than 30% compared to conventional caustic soda[4, 10]

Financial Highlights - Total Adjusted EBITDDA reached a record of $195 million, driven by strong lumber markets[4] - The company's Cash Available for Distribution (CAD) for the trailing twelve months ended March 31, 2021, was $4131 million[7] - The company has a strong liquidity position with $761 million available[13] Segment Performance - Timberlands Adjusted EBITDDA was $679 million, with 13 million tons harvested[12] - Wood Products Adjusted EBITDDA was $1255 million, with 258 MMBF of lumber shipped[12] - Real Estate Adjusted EBITDDA was $166 million, including the sale of 7K rural acres, 51 residential lots, and 11 commercial acres[12] Timberlands - Northern Timberlands Adjusted EBITDDA was $542 million, with sawlog harvest volume of 427 thousand tons and a price of $178 per ton[26, 29] - Southern Timberlands Adjusted EBITDDA was $137 million, with sawlog harvest volume of 508 thousand tons and a price of $44 per ton[34, 37] Wood Products - Wood Products Adjusted EBITDDA was $1255 million, with lumber shipments of 258 MMBF and an average lumber price of $890 per MBF[12, 44] - The average lumber price realizations increased 41% to $890 per MBF in Q1 2021[42] Real Estate - Real Estate Adjusted EBITDDA was $166 million, with 7,083 acres of rural land sold at an average price of $1,415 per acre[12, 53] - 51 residential lots were sold at an average price of $99,000 per lot[53] Outlook - The company anticipates Q2 2021 Total Adjusted EBITDDA will be higher than Q1 2021, potentially setting a new quarterly record[68]

Financial Performance - Total Adjusted EBITDDA was $283 million with a margin of 16%[13] - Cash Available for Distribution (CAD) was $1094 million for the trailing twelve months ended March 31 2019[7] - The company repurchased 278947 shares at an average price of $3639 per share totaling $102 million[15] - The dividend payout was $160 per share resulting in a 42% yield[10] Segment Results - Resource Adjusted EBITDDA was $269 million with a harvest volume of 13 million tons[13] - Wood Products Adjusted EBITDDA was $72 million with lumber shipments of 238 MMBF and an average lumber price of $380 per MBF[13] - Real Estate Adjusted EBITDDA was $27 million[13] Q1 2019 vs Q4 2018 Comparison - Total Adjusted EBITDDA decreased by $81 million from Q4 2018 levels[21] - Wood Products Adjusted EBITDDA increased by $36 million due to an increase in lumber prices[21] - Real Estate Adjusted EBITDDA decreased by $99 million due to fewer residential lots and no commercial acres sold in Q1 2019[21]

Q2 2019 Financial Performance - Total Adjusted EBITDDA was $49 million with a 23% margin[10] - Cash Available for Distribution (CAD) reached $936 million[10] - Real Estate segment sold 1,800 HBU acres at $11,000 per acre and 44 residential lots averaging $85,000 per lot[10] Timberlands Segment - Timberlands Adjusted EBITDDA was $261 million[10] - Northern sawlog prices increased by 8% due to higher lumber prices[17] - Southern Timberlands Adjusted EBITDDA increased $1 million from Q1 2019 to $142 million in Q2 2019[17, 28] - Northern sawlog harvest volume decreased from 374,000 tons in Q1 2019 to 325,000 tons in Q2 2019[22] - Southern sawlog harvest volume increased from 413,000 tons in Q1 2019 to 449,000 tons in Q2 2019[28] Wood Products Segment - Wood Products Adjusted EBITDDA was negative $(20) million[10] - Lumber shipments increased by 14% to 273 MMBF[33] - Average lumber price was $378 per MBF[10] Real Estate Segment - Real Estate Adjusted EBITDDA increased by $286 million from Q1 2019 to $313 million in Q2 2019[15, 40] - Rural land sales involved 12,375 acres at an average price of $2,450 per acre[43] - 44 residential lots were sold at an average price of $85,000 per lot[10, 43]

Q3 2019 Financial Performance - Total Adjusted EBITDDA was $550 million with a 24% margin[12] - Cash Available for Distribution (CAD) was $758 million for the trailing twelve months ended September 30, 2019[7] - The dividend was $160 per share, representing a 39% yield based on the September 30, 2019 closing stock price[9] Timberlands Segment - Timberlands Adjusted EBITDDA was $430 million[12] - Harvest volume reached 16 million tons[12] - Northern Timberlands Adjusted EBITDDA increased by $125 million from Q2 2019 to $244 million in Q3 2019[26] - Southern Timberlands Adjusted EBITDDA increased by $44 million from Q2 2019 to $186 million in Q3 2019[31] Wood Products Segment - Wood Products Adjusted EBITDDA was $59 million[12] - Lumber shipments totaled 299 MMBF[12] - The average lumber price was $363 per MBF[12] - Wood Products Adjusted EBITDDA increased $79 million from Q2 2019 levels[35] Real Estate Segment - Real Estate Adjusted EBITDDA was $147 million[12] - 6 commercial acres were sold for $512500 per acre[12] - 42 residential lots were sold for $110500 per lot[12]

Financial Performance - Total Adjusted EBITDA for 2019 was $179 million, the 3rd highest since becoming a REIT in 2006 [4] - Cash Available for Distribution (CAD) was $82 million [8] - $133 million was returned to shareholders through dividends and share repurchases [9] - Real Estate segment's EBITDA was $63 million in 2019 [12, 51] Segment Results - Timberlands Adjusted EBITDA was $134 million with 5.6 million tons harvested [12] - Wood Products Adjusted EBITDA was $13 million with 1.07 BBF lumber shipped [12] - Real Estate sold 24,000 rural acres, 148 residential lots, and 38 commercial acres [12] - Northern Timberlands Adjusted EBITDA in Q4 2019 was $20.6 million, compared to $24.4 million in Q3 2019 [27, 30] - Southern Timberlands Adjusted EBITDA in Q4 2019 was $17.4 million, compared to $18.6 million in Q3 2019 [35, 38] Capital Structure - $190 million of debt was refinanced, lowering the weighted average interest rate by 80 bps [13] - Net debt was reduced by $35 million [13] - The company had $460 million of liquidity at year-end [13] - Net debt to enterprise value was 18.8% [66]

Company Strategy & Fundamentals - PotlatchDeltic has the highest direct leverage to lumber prices among timber REITs[4] - The company's strategy leverages favorable fundamentals in US housing, including housing starts, building permits, and existing home sales[4] - Timberlands provide stability, capturing incremental land value and offering working forest benefits[4] Timberlands Segment - PotlatchDeltic owns 1.9 million acres of high-quality timberlands[6,7] - The company plants approximately 25 million seedlings every year, managing timberlands on a long-term sustainable basis[7] - The company has 86 million tons of merchantable timber inventory, with 64% being sawlogs[11,12] - In Idaho, sawlogs represent 90% of the harvest volume, and about 70% of sawlog prices are indexed to lumber prices[16] Wood Products Segment - PotlatchDeltic ranks as a top-10 lumber producer in the U S with 1 2 billion board feet of capacity[6,20] - Lumber shipments have increased by 60% in six years due to high-return capital projects and acquisitions[20] Real Estate Segment - The company has identified approximately 210,000 rural acres for sale at a premium to timberland value[23] - The company owns a 4,800-acre master-plan community in Little Rock, Arkansas, with approximately 65% of residential lots sold and 54% of commercial acres sold[23] Capital Allocation - Returning cash to shareholders through a sustainable and growing dividend is a key capital allocation strategy[25] - The company repurchased $25 million of shares in the first half of 2019 at $37 per share[28] - The dividend per share has increased by 29% since 2012, reaching $1.60 in 2019[27]