Westlake Chemical Partners LP (WLKP)

Westlake Chemical Partners LP Announces First Quarter 2026 ResultsMay 5, 2026 6:30 AM
Business Wire Declared quarterly distribution of $0.4714 per unit; 47th consecutive quarterly distribution Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the first quarter of 2026 of $14.2 million, or $0.40 per limited partner unit, which was above first quarter 2025 net income of $4.9 million. Cash flows from operating activities in the first quarter of 2026 were $110.2 million, an increase of $64.4 million compared to first quarter 2025 cash flows from operating activities of $45.8 million, due to higher production and sales volume as the result of the prior year's Petro 1 turnaround. For the three months ended March 31, 2026, MLP distributable cash flow was $17.9 million, an increase of $13.2 million compared to first quarter 2025 MLP distributable cash flow of $4.7 million. The increase in MLP distributable cash flow and associated trailing twelve-month coverage ratio was primarily due to higher production and sales volume and lower maintenance capital expenditures as a result of the prior year's Petro 1 turnaround. Compared to the fourth quarter of 2025, first quarter 2026 net income attributable to the Partnership of $14.2 million decreased by $0.3 million due to seasonally lower production and sales volume. First quarter 2026 cash flows from operating activities of $110.2 million decreased by $10.2 million due to working capital changes. First quarter 2026 MLP distributable cash flow of $17.9 million decreased by $0.9 million compared to fourth quarter 2025 MLP distributable cash flow of $18.8 million due to lower production and sales volume. "The Partnership began the year with solid production and sales volume, generating a coverage ratio 1.08x for the first quarter of 2026," said Jean-Marc Gilson, President and Chief Executive Officer. "Late in the first quarter, following the outbreak of the war with Iran and the closure of the Strait of Hormuz, global demand for North American chemicals and polymers accelerated meaningfully. This surge in export demand has driven higher third-party ethylene sales prices, which is benefiting the Partnership's distributable cash flow and coverage ratio." On May 4, 2026, the Partnership announced that the Board of Directors of Westlake Chemical Partners GP LLC had approved a quarterly distribution for the first quarter of 2026 of $0.4714 per common unit to be payable on June 1, 2026 to unitholders of record as of May 14, 2026, representing the 47th consecutive quarterly distribution to our unitholders. MLP distributable cash flow provided trailing twelve-month coverage that was 1.00x the declared distributions for the first quarter of 2026, which was above the trailing twelve-month coverage ratio of 0.82x at the end of the fourth quarter of 2025. Since our IPO in July of 2014 our cumulative coverage ratio is approximately 1.05x. OpCo's Ethylene Sales Agreement with Westlake is designed to provide for stable and predictable cash flows. The agreement provides that 95% of OpCo's ethylene production is sold to Westlake for a cash margin of $0.10 per pound, net of operating costs, maintenance capital expenditures and reserves for future turnaround expenditures. The statements in this release and the related teleconference relating to matters that are not historical facts, such as those with respect to the timing and results of our turnaround activities, our outlook for third-party ethylene margins, the impact of the Iran war on global demand for our products, our expectations regarding feedstock and energy costs, the ability to deliver value, returns, predictable cash flows and distributions to unitholders; our relationship with Westlake and the benefits of the ethylene sales agreement, are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to: operating difficulties or disruptions; the volume of ethylene that we are able to sell; the price at which we are able to sell ethylene; changes in the price and availability of feedstocks; changes in prevailing economic conditions; actions and commitments of Westlake, including determinations made pursuant to contractual arrangements with Westlake; the effects of legal proceedings; actions of third parties; inclement or hazardous weather conditions; environmental hazards; changes in laws and regulations (or the interpretation thereof); inability to acquire or maintain necessary permits; inability to obtain necessary production equipment or replacement parts; technical difficulties or failures; labor disputes; inability of our customers to take delivery; fires, explosions or other industrial accidents; political tension and conflict in the Middle East and elsewhere; the supply/demand balance for our products; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to the Partnership's Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC in March 2026. This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Use of Non-GAAP Financial Measures This release makes reference to certain "non-GAAP" financial measures, such as MLP distributable cash flow, coverage ratio and EBITDA. For this purpose, a non-GAAP financial measure is generally defined by the Securities and Exchange Commission ("SEC") as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") in the statement of operations, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. We report our financial results in accordance with U.S. GAAP, but believe that certain non-GAAP financial measures, such as MLP distributable cash flow, coverage ratio and EBITDA, provide useful supplemental information to investors regarding the underlying business trends and performance of our ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with U.S. GAAP. We define MLP distributable cash flow as distributable cash flow less distributable cash flow attributable to Westlake Corporation's noncontrolling interest in OpCo and distributions attributable to the incentive distribution rights holder. MLP distributable cash flow does not reflect changes in working capital balances. We define EBITDA as net income before interest expense, income taxes, depreciation and amortization. MLP distributable cash flow, coverage ratio and EBITDA are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess our operating performance as compared to other publicly traded partnerships, our ability to incur and service debt and fund capital expenditures and the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities. Reconciliations of MLP distributable cash flow to net income and to net cash provided by operating activities and of EBITDA to net income, income from operations and net cash provided by operating activities can be found in the financial schedules at the end of this press release. Westlake Chemical Partners LP Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana, and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com. Westlake Chemical Partners LP Conference Call Information: A conference call to discuss Westlake Chemical Partners' first quarter 2026 results will be held Tuesday, May 5th, 2026 at 1:00 PM Eastern Time (12:00 PM Central Time). To access the conference call, please register at: https://register-conf.media-server.com/register/BI15886588e6004070bc18c354348f7575. A dial-in will be provided upon registration. The conference call will also be available via webcast at: https://edge.media-server.com/mmc/p/493g3eiw and the earnings release can be obtained via the Partnership web page at: https://investors.wlkpartners.com/corporate-profile/default.aspx. WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS") CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)       Three Months Ended March 31,       2026       2025       (In thousands of dollars, except per unit data) Revenue         Net sales—Westlake Corporation ("Westlake")   $ 263,091     $ 190,781   Net co-products, ethylene and other sales—third parties     42,584       46,848   Total net sales     305,675       237,629   Cost of sales     211,916       183,548   Gross profit     93,759       54,081   Selling, general and administrative expenses     7,190       7,474   Income from operations     86,569       46,607   Other income (expense)         Interest expense—Westlake     (5,085 )     (5,537 ) Other income, net     348       1,346   Income before income taxes     81,832       42,416   Provision for income taxes     177       107   Net income     81,655       42,309   Less: Net income attributable to noncontrolling interest in Westlake Chemical OpCo LP ("OpCo")     67,486       37,361   Net income attributable to Westlake Partners   $ 14,169     $ 4,948             Net income per limited partner unit attributable to Westlake Partners (basic and diluted)         Common units   $ 0.40     $ 0.14             Distributions declared per unit   $ 0.4714     $ 0.4714             MLP distributable cash flow   $ 17,886     $ 4,714             Distributions declared         Limited partner units—publicly and privately held   $ 9,958     $ 9,954   Limited partner units—Westlake     6,657       6,657   Total distributions declared   $ 16,615     $ 16,611   EBITDA   $ 121,216     $ 75,021   WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)       March 31,
2026   December 31,
2025     (In thousands of dollars) ASSETS         Current assets         Cash and cash equivalents   $ 44,290     $ 44,269   Receivable under the Investment Management Agreement—Westlake     36,441       23,378   Accounts receivable, net—Westlake     45,082       63,571   Accounts receivable, net—third parties     19,778       9,113   Inventories     3,093       2,769   Prepaid expenses and other current assets     219       406   Total current assets     148,903       143,506   Property, plant and equipment, net     871,606       886,012   Other assets, net     215,189       227,015   Total assets   $ 1,235,698     $ 1,256,533             LIABILITIES AND EQUITY         Current liabilities (accounts payable and accrued and other liabilities)   $ 40,792     $ 51,301   Long-term debt payable to Westlake     399,674       399,674   Other liabilities     2,846       3,206   Total liabilities     443,312       454,181   Common unitholders—publicly and privately held     459,382       460,848   Common unitholder—Westlake     39,280       40,260   General partner—Westlake     (242,572 )     (242,572 ) Total Westlake Partners partners' capital     256,090       258,536   Noncontrolling interest in OpCo     536,296       543,816   Total equity     792,386       802,352   Total liabilities and equity   $ 1,235,698     $ 1,256,533   WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)       Three Months Ended March 31,       2026       2025       (In thousands of dollars) Cash flows from operating activities         Net income   $ 81,655     $ 42,309   Adjustments to reconcile net income to net cash provided by operating activities         Depreciation and amortization     34,299       27,068   Net loss on disposition and other     131       240   Other balance sheet changes     (5,887 )     (23,836 ) Net cash provided by operating activities     110,198       45,781   Cash flows from investing activities         Additions to property, plant and equipment     (5,556 )     (15,956 ) Investments with Westlake under the Investment Management Agreement     (13,000 )     —   Maturities of investments with Westlake under the Investment Management Agreement     —       30,000   Net cash provided by (used for) investing activities     (18,556 )     14,044   Cash flows from financing activities         Proceeds from debt payable to Westlake     40,500       54,000   Repayment of debt payable to Westlake     (40,500 )     (54,000 ) Distributions to noncontrolling interest retained in OpCo by Westlake     (75,006 )     (51,906 ) Distributions to unitholders     (16,615 )     (16,611 ) Net cash used for financing activities     (91,621 )     (68,517 ) Net increase (decrease) in cash and cash equivalents     21       (8,692 ) Cash and cash equivalents at beginning of period     44,269       58,316   Cash and cash equivalents at end of period   $ 44,290     $ 49,624   WESTLAKE CHEMICAL PARTNERS LP RECONCILIATION OF MLP DISTRIBUTABLE CASH FLOW TO NET INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited)       Three Months Ended December 31,   Three Months Ended March 31,       2025       2026       2025       (In thousands of dollars) Net cash provided by operating activities   $ 120,379     $ 110,198     $ 45,781   Changes in operating assets and liabilities and other     (36,121 )     (28,543 )     (3,472 ) Net income     84,258       81,655       42,309   Add:             Depreciation, amortization and disposition of property, plant and equipment     35,029       34,360       27,171   Less:             Contribution to turnaround reserves     (10,513 )     (10,232 )     (7,622 ) Maintenance capital expenditures     (5,848 )     (7,810 )     (20,577 ) Distributable cash flow attributable to noncontrolling interest in OpCo     (84,135 )     (80,087 )     (36,567 ) MLP distributable cash flow   $ 18,791     $ 17,886     $ 4,714   WESTLAKE CHEMICAL PARTNERS LP RECONCILIATION OF EBITDA TO NET INCOME, INCOME FROM OPERATIONS AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited)       Three Months Ended December 31,   Three Months Ended March 31,       2025       2026       2025       (In thousands of dollars) Net cash provided by operating activities   $ 120,379     $ 110,198     $ 45,781   Changes in operating assets and liabilities and other     (36,121 )     (28,543 )     (3,472 ) Net income     84,258       81,655       42,309   Less:             Other income, net     200       348       1,346   Interest expense—Westlake     (5,508 )     (5,085 )     (5,537 ) Provision for income taxes     (193 )     (177 )     (107 ) Income from operations     89,759       86,569       46,607   Add:             Depreciation and amortization     34,554       34,299       27,068   Other income, net     200       348       1,346   EBITDA   $ 124,513     $ 121,216     $ 75,021     View source version on businesswire.com: https://www.businesswire.com/news/home/20260505560838/en/ Contact—(713) 585-2900
Investors—Steve Bender
Media—L. Benjamin Ederington Original: Westlake Chemical Partners LP Announces First Quarter 2026 Results

Westlake Chemical Partners LP Announces First Quarter 2026 DistributionMay 4, 2026 4:15 PM
Business Wire $0.4714 per unit distribution declared payable on June 1, 2026 The Board of Directors of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (the "Partnership") (NYSE:WLKP), has declared a distribution of $0.4714 per unit. This is the 47th quarterly distribution announced by the Partnership since its initial public offering. The distribution will be payable on June 1, 2026, to unit holders of record on May 14, 2026. This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. About Westlake Chemical Partners LP Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP’s assets include three facilities in Calvert City, Kentucky, and Lake Charles, Louisiana which process ethane and propane into ethylene, and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260504914744/en/ Media Inquiries:
Westlake Corp.
Ben Ederington, 1-713-585-2900 or Investor Inquiries:
Westlake Corp.
Steve Bender, 1-713-585-2900 Original: Westlake Chemical Partners LP Announces First Quarter 2026 Distribution

Westlake Chemical Partners Appoints Jonathan H. Baksht as Senior Vice President and Chief Financial OfficerApril 20, 2026 5:00 PM
Business Wire
Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") announced today that Mr. Jonathan H. Baksht will be joining the Partnership as Senior Vice President and Chief Financial Officer and as a director of Westlake Chemical Partners GP LLC, the general partner of the Partnership (the “General Partner”), effective June 15, 2026. Mr. Baksht succeeds Mr. M. Steven Bender, who, as previously disclosed, will retire by the end of the year and, effective June 15, 2026, will retire from the Board of Directors of the General Partner and transition from his position as Executive Vice President and Chief Financial Officer of the General Partner to the position of Special Advisor to the President of the General Partner.


Mr. Baksht most recently served as Executive Vice President and Chief Financial Officer of Fortune Brands Innovations, Inc. from May 2025 to March 2026. From May 2022 to May 2025, Mr. Baksht served as Chief Financial Officer of Pactiv Evergreen Inc. (now Novolex) and from August 2013 to September 2021, Mr. Baksht held various positions at Valaris Limited, including most recently as Chief Financial Officer from November 2015 until September 2021. Earlier in his career, he worked in investment banking at Goldman, Sachs & Co., and in management consulting at Andersen Consulting. He has served on the Board of Directors of Duxion Motors Inc. since January 2022, and previously served on the Board of Directors of ARO Drilling, a joint venture between Valaris and Saudi Aramco, from April 2019 to September 2021.


Mr. Baksht received a Bachelor of Science degree in electrical engineering from the University of Texas at Austin and a Master of Business Administration degree from the Kellogg Graduate School of Management at Northwestern University.


“We are pleased to have an executive with Jon’s depth of experience from the oil and gas, packaging and building products industries join our management team,” said Mr. Jean-Marc Gilson, President and Chief Executive Officer of the General Partner. “We are confident he will make an important contribution to the ongoing growth and development of Westlake Chemical Partners. Although he will still be with us for several more months, we thank Steve for all his contributions to the success of the Partnership since its formation.”


About Westlake Chemical Partners LP


Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP’s assets include three facilities in Calvert City, Kentucky, and Lake Charles, Louisiana which process ethane and propane into ethylene, and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit www.wlkpartners.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260420670482/en/
For Further Information Contact:

Media Relations – L. Ben Ederington – 713.585.2900

Investor Relations – Steve Bender – 713.585.2900


Original: Westlake Chemical Partners Appoints Jonathan H. Baksht as Senior Vice President and Chief Financial Officer

Westlake Chemical Partners LP Filed Annual ReportMarch 4, 2026 4:15 PM
Business Wire
Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") announced that it filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the Securities and Exchange Commission on March 4, 2026. A copy of this 10-K may be found on the Partnership's website, www.wlkpartners.com, by selecting the "Investor Relations" tab, then "SEC Filings."


Unitholders of the Partnership may receive a hard copy of its Annual Report on Form 10-K, including complete audited financial statements, free of charge. Requests should be submitted in writing to Westlake Chemical Partners LP – 2025 Form 10-K, 2801 Post Oak Blvd., Suite 600, Houston, TX 77056.


About Westlake Chemical Partners LP


Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP’s assets include three facilities in Calvert City, Kentucky, and Lake Charles, Louisiana which process ethane and propane into ethylene, and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260304119179/en/
Contact—(713) 585-2900

Investors—Steve Bender

Media—L. Benjamin Ederington


Original: Westlake Chemical Partners LP Filed Annual Report

Westlake Chemical Partners beats Q4 profit forecasts despite revenue missFebruary 24, 2026 8:44 AM
IH Market News
Westlake Chemical Partners LP (NYSE:WLKP) reported fourth-quarter results on Tuesday that surpassed earnings expectations, although revenue came in below analyst forecasts.The partnership’s units gained 0.65% in after-hours trading following the release.Adjusted earnings totaled $0.41 per limited partner unit for the fourth quarter of 2025, slightly ahead of the consensus estimate of $0.40. Revenue, however, reached $296 million, missing analyst expectations of $313 million, despite rising 14.1% year-on-year from $260 million recorded in the fourth quarter of 2024. Net income attributable to the partnership stood at $14.5 million, broadly unchanged from $15.0 million in the comparable period last year.The partnership reported a fourth-quarter coverage ratio of 1.13x — its strongest level since the fourth quarter of 2022 — following completion of the Petro 1 turnaround project.Distributable cash flow for the master limited partnership totaled $18.8 million, an increase of $3.8 million compared with the fourth quarter of 2024. The improvement was mainly driven by lower maintenance capital expenditures after spending had been brought forward earlier in the year.“The Partnership ended 2025 with our highest quarterly coverage ratio since the fourth quarter of 2022 due to solid production and sales volume and shifts in the timing of capital spending throughout the year,” said Jean-Marc Gilson, President and Chief Executive Officer. “Looking ahead to 2026, the Partnership is positioned for increased production and sales volume with no planned turnarounds following the completion of the Petro 1 turnaround in 2025.”For the full year 2025, net income attributable to the partnership totaled $48.7 million, or $1.38 per limited partner unit, compared with $62.4 million in 2024. The decline primarily reflected reduced production and sales volumes linked to the scheduled Petro 1 turnaround.The partnership also declared a quarterly distribution of $0.4714 per unit — its 46th consecutive quarterly payout — which was distributed on February 23, 2026.Westlake Chemical Partners stock price

Original: Westlake Chemical Partners beats Q4 profit forecasts despite revenue miss

Westlake Chemical Partners LP Announces Fourth Quarter and Full Year 2025 ResultsFebruary 24, 2026 6:30 AM
Business Wire

Strong fourth quarter coverage ratio of 1.13x following the completion of the Petro 1 turnaround



Declared quarterly distribution of $0.4714 per unit; 46th consecutive quarterly distribution



Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the fourth quarter of 2025 of $14.5 million, or $0.41 per limited partner unit, which was relatively in line with fourth quarter 2024 net income of $15.0 million. Cash flows from operating activities in the fourth quarter of 2025 were $120.4 million, a decrease of $12.1 million compared to fourth quarter 2024 cash flows from operating activities of $132.5 million, due to lower net income and less favorable working capital changes. For the three months ended December 31, 2025, MLP distributable cash flow was $18.8 million providing a quarterly coverage ratio of 1.13x. The increase in MLP distributable cash flow of $3.8 million compared to the fourth quarter of 2024 was primarily due to lower maintenance capital expenditures due to a shift in the timing of spending to earlier in the year.


Fourth quarter 2025 net income attributable to the Partnership of $14.5 million was relatively in line with third quarter 2025 net income attributable to the Partnership of $14.7 million. Fourth quarter 2025 cash flows from operating activities of $120.4 million increased by $15.2 million compared to third quarter 2025 cash flows from operating activities of $105.2 million primarily due to more favorable working capital changes. Fourth quarter 2025 MLP distributable cash flow of $18.8 million increased by $3.9 million compared to third quarter 2025 MLP distributable cash flow of $14.9 million, primarily due to lower maintenance capital expenditures.


For the full year 2025, net income attributable to the Partnership of $48.7 million, or $1.38 per limited partner unit, decreased by $13.7 million compared to full year 2024 net income attributable to the Partnership of $62.4 million. The decrease in net income attributable to the Partnership was primarily due to lower production and sales volume as a result of the planned Petro 1 turnaround. Cash flows from operating activities for the full year 2025 were $280.5 million, a decrease of $204.5 million compared to the full year 2024 cash flows from operating activities of $485.0 million. This decrease in cash flows from operating activities was primarily due to cash expenditures for the Petro 1 turnaround that was completed in the second quarter of 2025 and lower net income. For the year ended December 31, 2025, MLP distributable cash flow was $53.4 million, a decrease of $13.5 million compared to MLP distributable cash flow of $66.9 million for the year ended December 31, 2024.


"The Partnership ended 2025 with our highest quarterly coverage ratio since the fourth quarter of 2022 due to solid production and sales volume and shifts in the timing of capital spending throughout the year," said Jean-Marc Gilson, President and Chief Executive Officer. "Looking ahead to 2026, the Partnership is positioned for increased production and sales volume with no planned turnarounds following the completion of the Petro 1 turnaround in 2025. We expect the higher production and sales volume to result in improvement in our coverage ratio in 2026, as is typical in years following turnarounds."


On January 27, 2026, the Partnership announced that the Board of Directors of Westlake Chemical Partners GP LLC had approved a quarterly distribution for the fourth quarter of 2025 of $0.4714 per unit, which was paid on February 23, 2026, to unitholders of record as of February 6, 2026, representing the 46th consecutive quarterly distribution to the Partnership's unitholders. MLP distributable cash flow provided trailing twelve-month coverage of 0.80x the declared distributions for the fourth quarter of 2025, which was an increase from the trailing twelve-month coverage ratio of 0.75x at the end of the third quarter of 2025.


OpCo's Ethylene Sales Agreement with Westlake is designed to provide for stable and predictable cash flows. The agreement provides that 95% of OpCo's ethylene production is sold to Westlake for a cash margin of $0.10 per pound, net of operating costs, maintenance capital expenditures and reserves for future turnaround expenditures.


The statements in this release and the related teleconference relating to matters that are not historical facts, such as those with respect to the results of our turnaround activities, including the Petro 1 turnaround, our 2026 production and sales volume, our 2026 coverage ratio, the ability to deliver value, returns, predictable cash flows and distributions to unitholders, our relationship with Westlake and the benefits of the ethylene sales agreement with Westlake, are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to: operating difficulties or disruptions; the volume of ethylene that we are able to sell; the price at which we are able to sell ethylene; changes in the price and availability of feedstocks; changes in prevailing economic conditions; actions and commitments of Westlake, including determinations made pursuant to contractual arrangements with Westlake; the effects of legal proceedings; actions of third parties; inclement or hazardous weather conditions; environmental hazards; changes in laws and regulations (or the interpretation thereof); inability to acquire or maintain necessary permits; inability to obtain necessary production equipment or replacement parts; technical difficulties or failures; labor disputes; inability of our customers to take delivery; fires, explosions or other industrial accidents; our ability to borrow funds and access capital markets; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to the Partnership's Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC in March 2025, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which was filed with the SEC in October 2025.


This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.


Use of Non-GAAP Financial Measures


This release makes reference to certain "non-GAAP" financial measures, such as MLP distributable cash flow, coverage ratio and EBITDA. For this purpose, a non-GAAP financial measure is generally defined by the Securities and Exchange Commission ("SEC") as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") in the statement of operations, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. We report our financial results in accordance with U.S. GAAP, but believe that certain non-GAAP financial measures, such as MLP distributable cash flow, coverage ratio and EBITDA, provide useful supplemental information to investors regarding the underlying business trends and performance of our ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with U.S. GAAP. We define MLP distributable cash flow as distributable cash flow less distributable cash flow attributable to Westlake Corporation's noncontrolling interest in OpCo and distributions attributable to the incentive distribution rights holder. MLP distributable cash flow does not reflect changes in working capital balances. We define EBITDA as net income before interest expense, income taxes, depreciation and amortization. MLP distributable cash flow, coverage ratio and EBITDA are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess our operating performance as compared to other publicly traded partnerships, our ability to incur and service debt and fund capital expenditures and the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities. Reconciliations of MLP distributable cash flow to net income and to net cash provided by operating activities and of EBITDA to net income, income from operations and net cash provided by operating activities can be found in the financial schedules at the end of this press release.


Westlake Chemical Partners LP


Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana, and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.


Westlake Chemical Partners LP Conference Call Information:


A conference call to discuss Westlake Chemical Partners' fourth quarter and full year 2025 results will be held Tuesday, February 24th, 2026 at 1:00 PM Eastern Time (12:00 PM Central Time). To access the conference call, please register at: https://register-conf.media-server.com/register/BI75a6b835bd404a6196626a29eaf3bd8f. A dial-in will be provided upon registration.


The conference call will also be available via webcast at: https://edge.media-server.com/mmc/p/tvh9ufjk and the earnings release can be obtained via the Partnership web page at: https://investors.wlkpartners.com/corporate-profile/default.aspx.



 



WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS")




CONSOLIDATED STATEMENTS OF OPERATIONS




(Unaudited)











 



 






 






Three Months Ended December 31,






 






Twelve Months Ended December 31,








 






 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








 






 






(In thousands of dollars, except per unit data)








Revenue






 






 






 






 






 






 






 






 








Net sales—Westlake Corporation ("Westlake")






 






$






296,880






 






 






$






260,266






 






 






$






1,033,276






 






 






$






950,801






 








Net co-products, ethylene and other sales—third parties






 






 






26,169






 






 






 






29,794






 






 






 






133,419






 






 






 






185,095






 








Total net sales






 






 






323,049






 






 






 






290,060






 






 






 






1,166,695






 






 






 






1,135,896






 








Cost of sales






 






 






226,237






 






 






 






191,476






 






 






 






818,847






 






 






 






716,957






 








Gross profit






 






 






96,812






 






 






 






98,584






 






 






 






347,848






 






 






 






418,939






 








Selling, general and administrative expenses






 






 






7,053






 






 






 






6,559






 






 






 






28,271






 






 






 






28,495






 








Income from operations






 






 






89,759






 






 






 






92,025






 






 






 






319,577






 






 






 






390,444






 








Other income (expense)






 






 






 






 






 






 






 






 








Interest expense—Westlake






 






 






(5,508






)






 






 






(5,771






)






 






 






(22,899






)






 






 






(25,701






)








Other income, net






 






 






200






 






 






 






1,335






 






 






 






2,445






 






 






 






5,251






 








Income before income taxes






 






 






84,451






 






 






 






87,589






 






 






 






299,123






 






 






 






369,994






 








Provision for income taxes






 






 






193






 






 






 






202






 






 






 






547






 






 






 






835






 








Net income






 






 






84,258






 






 






 






87,387






 






 






 






298,576






 






 






 






369,159






 








Less: Net income attributable to noncontrolling interest in Westlake Chemical OpCo LP ("OpCo")






 






 






69,719






 






 






 






72,391






 






 






 






249,878






 






 






 






306,767






 








Net income attributable to Westlake Partners






 






$






14,539






 






 






$






14,996






 






 






$






48,698






 






 






$






62,392






 








 






 






 






 






 






 






 






 






 








Net income per limited partner unit attributable to Westlake Partners (basic and diluted)






 






 






 






 






 






 






 






 








Common units






 






$






0.41






 






 






$






0.43






 






 






$






1.38






 






 






$






1.77






 








 






 






 






 






 






 






 






 






 








Distributions declared per unit






 






$






0.4714






 






 






$






0.4714






 






 






$






1.8856






 






 






$






1.8856






 








 






 






 






 






 






 






 






 






 








MLP distributable cash flow






 






$






18,791






 






 






$






14,958






 






 






$






53,398






 






 






$






66,864






 








 






 






 






 






 






 






 






 






 








Distributions declared






 






 






 






 






 






 






 






 








Limited partner units—publicly and privately held






 






$






9,958






 






 






$






9,954






 






 






$






39,825






 






 






$






39,809






 








Limited partner units—Westlake






 






 






6,657






 






 






 






6,657






 






 






 






26,628






 






 






 






26,628






 








Total distributions declared






 






$






16,615






 






 






$






16,611






 






 






$






66,453






 






 






$






66,437






 








EBITDA






 






$






124,513






 






 






$






120,838






 






 






$






450,000






 






 






$






507,594






 























 




WESTLAKE CHEMICAL PARTNERS LP




CONDENSED CONSOLIDATED BALANCE SHEETS




(Unaudited)









 



 






 






December 31,








 






 






 






2025






 






 






 






2024






 








 






 






(In thousands of dollars)








ASSETS






 






 






 






 








Current assets






 






 






 






 








Cash and cash equivalents






 






$






44,269






 






 






$






58,316






 








Receivable under the Investment Management Agreement—Westlake






 






 






23,378






 






 






 






134,557






 








Accounts receivable, net—Westlake






 






 






63,571






 






 






 






31,975






 








Accounts receivable, net—third parties






 






 






9,113






 






 






 






11,576






 








Inventories






 






 






2,769






 






 






 






4,058






 








Prepaid expenses and other current assets






 






 






406






 






 






 






444






 








Total current assets






 






 






143,506






 






 






 






240,926






 








Property, plant and equipment, net






 






 






886,012






 






 






 






903,588






 








Other assets, net






 






 






227,015






 






 






 






143,442






 








Total assets






 






$






1,256,533






 






 






$






1,287,956






 








 






 






 






 






 








LIABILITIES AND EQUITY






 






 






 






 








Current liabilities (accounts payable and accrued and other liabilities)






 






$






51,301






 






 






$






55,372






 








Long-term debt payable to Westlake






 






 






399,674






 






 






 






399,674






 








Other liabilities






 






 






3,206






 






 






 






3,596






 








Total liabilities






 






 






454,181






 






 






 






458,642






 








Common unitholders—publicly and privately held






 






 






460,848






 






 






 






471,328






 








Common unitholder—Westlake






 






 






40,260






 






 






 






47,373






 








General partner—Westlake






 






 






(242,572






)






 






 






(242,572






)








Total Westlake Partners partners' capital






 






 






258,536






 






 






 






276,129






 








Noncontrolling interest in OpCo






 






 






543,816






 






 






 






553,185






 








Total equity






 






 






802,352






 






 






 






829,314






 








Total liabilities and equity






 






$






1,256,533






 






 






$






1,287,956






 















 




WESTLAKE CHEMICAL PARTNERS LP




CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS




(Unaudited)









 



 






 






Twelve Months Ended December 31,








 






 






 






2025






 






 






 






2024






 








 






 






(In thousands of dollars)








Cash flows from operating activities






 






 






 






 








Net income






 






$






298,576






 






 






$






369,159






 








Adjustments to reconcile net income to net cash provided by operating activities






 






 






 






 








Depreciation and amortization






 






 






127,978






 






 






 






111,899






 








Net loss on disposition and other






 






 






2,743






 






 






 






2,163






 








Other balance sheet changes






 






 






(148,828






)






 






 






1,780






 








Net cash provided by operating activities






 






 






280,469






 






 






 






485,001






 








Cash flows from investing activities






 






 






 






 








Additions to property, plant and equipment






 






 






(78,817






)






 






 






(48,971






)








Investments with Westlake under the Investment Management Agreement






 






 






(10,000






)






 






 






(40,000






)








Maturities of investments with Westlake under the Investment Management Agreement






 






 






120,000






 






 






 






—






 








Net cash provided by (used for) investing activities






 






 






31,183






 






 






 






(88,971






)








Cash flows from financing activities






 






 






 






 








Proceeds from debt payable to Westlake






 






 






173,500






 






 






 






219,000






 








Repayment of debt payable to Westlake






 






 






(173,500






)






 






 






(219,000






)








Distributions to noncontrolling interest retained in OpCo by Westlake






 






 






(259,247






)






 






 






(329,898






)








Distributions to unitholders








(66,452






)








(66,435






)








Net cash used for financing activities






 






 






(325,699






)






 






 






(396,333






)








Net decrease in cash and cash equivalents






 






 






(14,047






)






 






 






(303






)








Cash and cash equivalents at beginning of the year






 






 






58,316






 






 






 






58,619






 








Cash and cash equivalents at end of the year






 






$






44,269






 






 






$






58,316






 















 




WESTLAKE CHEMICAL PARTNERS LP




RECONCILIATION OF MLP DISTRIBUTABLE CASH FLOW TO NET INCOME




AND NET CASH PROVIDED BY OPERATING ACTIVITIES




(Unaudited)













 



 






 






Three Months Ended

September 30,






 






Three Months Ended December 31,






 






Twelve Months Ended December 31,








 






 






2025






 






2025






 






2024






 






2025






 






2024








 






 






(In thousands of dollars)








Net cash provided by operating activities






 






$






105,238






 






 






$






120,379






 






 






$






132,469






 






 






$






280,469






 






 






$






485,001






 








Changes in operating assets and liabilities

and other






 






 






(19,024






)






 






 






(36,121






)






 






 






(45,082






)






 






 






18,107






 






 






 






(115,842






)








Net income






 






 






86,214






 






 






 






84,258






 






 






 






87,387






 






 






 






298,576






 






 






 






369,159






 








Add:






 






 






 






 






 






 






 






 






 






 








Depreciation, amortization and disposition of property, plant and equipment






 






 






35,660






 






 






 






35,029






 






 






 






27,582






 






 






 






130,732






 






 






 






114,244






 








Less:






 






 






 






 






 






 






 






 






 






 








Contribution to turnaround reserves






 






 






(10,486






)






 






 






(10,513






)






 






 






(11,829






)






 






 






(39,017






)






 






 






(43,880






)








Maintenance capital expenditures






 






 






(24,150






)






 






 






(5,848






)






 






 






(15,923






)






 






 






(71,081






)






 






 






(50,731






)








Distributable cash flow attributable to noncontrolling interest in OpCo






 






 






(72,352






)






 






 






(84,135






)






 






 






(72,259






)






 






 






(265,812






)






 






 






(321,928






)








MLP distributable cash flow






 






$






14,886






 






 






$






18,791






 






 






$






14,958






 






 






$






53,398






 






 






$






66,864






 



























 




WESTLAKE CHEMICAL PARTNERS LP




RECONCILIATION OF EBITDA TO NET INCOME, INCOME FROM OPERATIONS AND




NET CASH PROVIDED BY OPERATING ACTIVITIES




(Unaudited)













 



 






 






Three Months Ended

September 30,






 






Three Months Ended December 31,






 






Twelve Months Ended December 31,








 






 






2025






 






2025






 






2024






 






2025






 






2024








 






 






(In thousands of dollars)








Net cash provided by operating activities






 






$






105,238






 






 






$






120,379






 






 






$






132,469






 






 






$






280,469






 






 






$






485,001






 








Changes in operating assets and liabilities

and other






 






 






(19,024






)






 






 






(36,121






)






 






 






(45,082






)






 






 






18,107






 






 






 






(115,842






)








Net income






 






 






86,214






 






 






 






84,258






 






 






 






87,387






 






 






 






298,576






 






 






 






369,159






 








Less:






 






 






 






 






 






 






 






 






 






 








Other income, net






 






 






224






 






 






 






200






 






 






 






1,335






 






 






 






2,445






 






 






 






5,251






 








Interest expense—Westlake






 






 






(5,947






)






 






 






(5,508






)






 






 






(5,771






)






 






 






(22,899






)






 






 






(25,701






)








Provision for income taxes






 






 






(42






)






 






 






(193






)






 






 






(202






)






 






 






(547






)






 






 






(835






)








Income from operations






 






 






91,979






 






 






 






89,759






 






 






 






92,025






 






 






 






319,577






 






 






 






390,444






 








Add:






 






 






 






 






 






 






 






 






 






 








Depreciation and amortization






 






 






33,872






 






 






 






34,554






 






 






 






27,478






 






 






 






127,978






 






 






 






111,899






 








Other income, net






 






 






224






 






 






 






200






 






 






 






1,335






 






 






 






2,445






 






 






 






5,251






 








EBITDA






 






$






126,075






 






 






$






124,513






 






 






$






120,838






 






 






$






450,000






 






 






$






507,594






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224287326/en/
Contact—(713) 585-2900

Investors—Steve Bender

Media—L. Benjamin Ederington


Original: Westlake Chemical Partners LP Announces Fourth Quarter and Full Year 2025 Results