Westlake Corporation reports news around its global materials and building-products operations, organized around Performance and Essential Materials and Housing and Infrastructure Products. Updates commonly cover earnings, segment pricing and volume trends, olefins, vinyl chemicals, polyethylene, epoxies, building products, pipe and fittings, facility actions, product certifications, distribution launches, litigation matters and leadership changes.
The company also appears in updates involving Westlake Royal Building Products, Westlake Epoxy and its relationship with Westlake Chemical Partners LP, a limited partnership formed by Westlake to operate, acquire and develop ethylene production facilities and other qualified assets.
The Board of Directors of Westlake Chemical Partners GP LLC has declared a quarterly distribution of $0.4714 per unit, payable on February 16, 2023, to unit holders on record as of February 2, 2023. This marks the 34th quarterly distribution since the Partnership's IPO. Non-U.S. investors should note that the distributions are subject to federal income tax withholding at the highest rate, as they are considered as effectively connected income with a U.S. trade or business.
Westlake Chemical Partners operates ethylene production facilities and owns a 22.8% interest in Westlake Chemical OpCo LP, which has assets in Kentucky and Louisiana.
The Board of Directors of Westlake Corporation (NYSE:WLK) announced a quarterly dividend of $0.3570 per share, payable on December 9, 2022. This dividend will benefit stockholders of record as of November 25, 2022. Notably, this marks the 73rd consecutive quarterly dividend since the company's IPO in August 2004. Westlake operates globally in sectors such as housing, healthcare, automotive, and packaging, reinforcing its commitment to providing essential materials and innovative solutions.
Westlake Chemical Partners LP (NYSE: WLKP) declared a quarterly distribution of $0.4714 per unit, marking its 33rd consecutive distribution. In Q3 2022, the Partnership reported a net income of $14.8 million, up from $12.8 million in Q3 2021. However, Q3 income decreased from $16.4 million in Q2 2022 due to lower production and third-party revenues. Cash flow from operations rose to $115.5 million, while MLP distributable cash flow increased to $16.7 million. The sales agreement with Westlake ensures stable cash flows, with 95% of production sold at fixed margins.
Westlake Corporation (NYSE: WLK) reported third quarter 2022 results, showing a net income of $401 million, or $3.10 per share, down from $607 million a year ago. EBITDA fell to $804 million, reflecting a margin compression due to rising energy costs and lower integrated product margins. Net sales were $4.0 billion, impacted by eroding macroeconomic conditions and decreased industrial activity. A $70 million legal charge also affected earnings. The Housing and Infrastructure Products segment saw improved performance, while the Performance and Essential Materials segment faced challenges.
Westlake Chemical Partners GP LLC has declared a distribution of $0.4714 per unit, marking the 33rd quarterly distribution since its IPO. This distribution will be payable on November 28, 2022, to unit holders of record on November 10, 2022. The distribution is subject to federal income tax withholding for non-U.S. investors. Westlake Chemical Partners LP operates ethylene production facilities and owns a 22.8% interest in Westlake Chemical OpCo LP, which includes facilities in Kentucky and Louisiana.
Westlake Corporation (NYSE: WLK) is set to release its third quarter 2022 earnings before the market opens on November 3, 2022. The earnings conference call will take place at 11:00 a.m. Eastern Time, allowing investors to gain insights into the company's performance. Interested individuals must register in advance to participate in the call. The webcast and earnings release will be accessible via the company’s website following the announcement.
Westlake Chemical Partners (NYSE: WLKP) is set to announce its third quarter 2022 earnings on November 3, 2022, before the market opens. The company will host a conference call at 1:00 p.m. Eastern Time to discuss earnings results. Interested participants must pre-register to access the call. Westlake Chemical Partners specializes in the operation and development of ethylene production facilities, holding a 22.8% interest in Westlake Chemical OpCo LP, which operates three production facilities in Kentucky and Louisiana.
Westlake Royal Building Products has partnered with Habitat for Humanity Grey Bruce to donate materials for the construction of seven homes in Saugeen First Nation, Ontario. This initiative marks the beginning of a commitment to build ten homes annually in the Canadian market. The homes, expected to be completed by December 2022, will provide energy-efficient housing for families, allowing them to return to their community. Westlake Royal donated approximately 140 squares of siding products for this project, emphasizing their commitment to affordable housing.
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Westlake Corporation's manufacturing sites in Canada will be featured on the docu-series EARTH with John Holden on multiple dates in late September and early October 2022. The episode will showcase chlorine production from saltwater, which is essential for creating PVC resin used in pipe manufacturing. This segment highlights Westlake's role in providing durable PVC pipes for safe drinking water delivery across the U.S. and Canada. Innovations like PVC-Oriented (PVC-O) pipes, which use fewer raw materials, are also emphasized.