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Westlake Chemical Partners LP - WLKP STOCK NEWS

Welcome to our dedicated page for Westlake Chemical Partners LP news (Ticker: WLKP), a resource for investors and traders seeking the latest updates and insights on Westlake Chemical Partners LP stock.

Westlake Chemical Partners LP (symbol: WLKP) is a prominent entity within the U.S. chemical industry, primarily engaged in the production and sale of ethylene and its co-products. The company operates through its subsidiary, OpCo, which focuses on the acquisition and development of ethylene production facilities. These facilities are strategically located in Calvert City, Kentucky, and Lake Charles, Louisiana. Ethylene is a vital component used in the manufacture of a variety of products, including plastics, chemicals, and fibers.

OpCo converts ethane into ethylene and sells it along with other valuable co-products such as propylene, crude butadiene, pyrolysis gasoline, and hydrogen to Westlake and various customers across the United States. This integrated production and sales approach highlights the company's strategic role in the chemical supply chain, catering to a diverse range of industrial needs.

Westlake Chemical Partners LP has been proactive in maintaining and enhancing its production capabilities. The company continually invests in its facilities to ensure optimal operation and efficiency. This focus on operational excellence is accompanied by a commitment to safety, environmental stewardship, and sustainable growth.

Financially, Westlake Chemical Partners LP is committed to delivering value to its unitholders. The company leverages its stable cash flow and strong market position to support its financial health. Regular dividends are a testament to the company’s robust financial performance and strategic management.

Westlake Chemical Partners LP’s recent achievements include the expansion of production capacities and strategic partnerships aimed at leveraging market opportunities. By continually upgrading its asset base and exploring new avenues for growth, WLKP remains well-positioned in the competitive chemical industry.

For the latest updates and detailed information about Westlake Chemical Partners LP, stay tuned to this page for company news and performance insights.

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Westlake Chemical Partners GP , the general partner of Westlake Chemical Partners LP (NYSE: WLKP), has announced a significant leadership change. Jean-Marc Gilson, former President and CEO of Mitsubishi Chemical Group , has been appointed as the new President, CEO, and Board member of Westlake Chemical Partners GP

This succession plan involves Albert Chao transitioning to Executive Chairman of the Board, while James Chao becomes Senior Chairman of the Board. These appointments are effective immediately. The change is part of a carefully planned succession strategy aimed at positioning Westlake Chemical Partners for future growth and continued long-term value creation.

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Westlake (NYSE: WLK) has announced a significant leadership transition. Jean-Marc Gilson, former President and CEO of Mitsubishi Chemical Group , has been appointed as the new President and CEO of Westlake, effective immediately. This marks a historic moment as Gilson becomes the first non-family CEO in the company's history.

Albert Chao, who has served as CEO for the past 20 years, will transition to the role of Executive Chairman of the Westlake Board of Directors. James Chao, the current Chairman of the Board, will assume the position of Senior Chairman. This carefully planned succession aims to position Westlake for future growth while maintaining its family culture of long-term value creation.

Gilson brings 25 years of executive experience in the chemicals industry across the United States, Europe, and Asia. He will also serve as President, CEO, and director of Westlake Chemical Partners GP , the general partner of Westlake Chemical Partners LP (NYSE: WLKP).

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Westlake Chemical Partners (NYSE: WLKP) has released its 2023 investor tax reporting information. The Partnership will report items of international tax relevance on Schedule K-3 for the 2023 tax year. This information is important for certain unitholders, including foreign investors and those with US international reporting obligations. All income is effectively connected with a US trade or business. The Schedule K-3 details are now available online and are necessary for completing tax returns. Unitholders are advised to review this information and consult with their tax advisor.

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Westlake Chemical Partners LP (WLKP) reported net income of $14.8 million for Q1 2024, in-line with Q1 2023. Cash flows decreased to $104.6 million due to working capital changes. MLP distributable cash flow was $16.9 million, down $0.7 million from Q1 2023. Despite lower production and sales volume, net income saw a slight increase from Q4 2023. The quarterly distribution of $0.4714 per unit was declared, marking the 39th consecutive distribution. The partnership remains optimistic for 2024, citing stable demand for ethylene derivative products and favorable margins.

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Westlake Chemical Partners LP announced a distribution of $0.4714 per unit payable on May 29, 2024, marking its 39th quarterly distribution since going public. The distribution is subject to federal income tax withholding for non-U.S. investors.

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Westlake Chemical Partners (WLKP) will announce its first quarter 2024 earnings on May 1, 2024, followed by a conference call to discuss the results. Investors can access the call via phone registration or webcast.
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Westlake Chemical Partners LP (WLKP) announces the availability of 2023 Investor Tax Packages and Schedule K-1 for common unitholders, with potential changes based on pending tax legislation. Online access is provided for immediate retrieval and tax-related services.
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Westlake Chemical Partners LP (WLKP) filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, with the SEC. Unitholders can access the report on the company's website or request a hard copy for free.
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Westlake Chemical Partners LP (WLKP) provides an update on the availability of its 2023 Investor Tax Packages due to pending tax legislation. The Partnership's tax packages may be delayed compared to previous years, with online access expected by March 29, 2024, and mailing by April 5, 2024.
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Westlake Chemical Partners LP (WLKP) reported a decrease in net income in Q4 2023 compared to Q4 2022 due to higher interest expense. Cash flows decreased, but distributable cash flow was maintained. Full-year 2023 net income decreased primarily due to higher interest expense and maintenance expenditures. The company plans a maintenance turnaround in 2024, potentially impacting coverage ratio. Quarterly distribution of $0.4714 per unit declared for Q4 2023, marking the 38th consecutive quarterly distribution.
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FAQ

What is Westlake Chemical Partners LP?

Westlake Chemical Partners LP (WLKP) is a U.S.-based company focusing on the production and sale of ethylene and its co-products through its subsidiary, OpCo.

What are the primary products of Westlake Chemical Partners LP?

The company's primary products include ethylene, propylene, crude butadiene, pyrolysis gasoline, and hydrogen.

Where are Westlake Chemical Partners LP's production facilities located?

The company has ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana.

Who are the customers of Westlake Chemical Partners LP?

OpCo sells its products to Westlake and other customers located throughout the United States.

How does Westlake Chemical Partners LP ensure operational efficiency?

The company invests in maintaining and upgrading its facilities, focusing on safety, environmental stewardship, and sustainable growth.

What financial strategies does Westlake Chemical Partners LP employ?

The company leverages stable cash flow and a strong market position to support financial health and regularly provides dividends to its unitholders.

What recent achievements has Westlake Chemical Partners LP made?

Recent achievements include expanding production capacities and forming strategic partnerships to capitalize on market opportunities.

Why is ethylene important?

Ethylene is a crucial component used in the manufacturing of plastics, chemicals, and fibers, making it essential for various industrial applications.

How can I stay updated on the latest news about Westlake Chemical Partners LP?

You can stay updated by visiting this page for the latest news and performance insights about the company.

What is OpCo's role in Westlake Chemical Partners LP?

OpCo is the subsidiary of Westlake Chemical Partners LP that focuses on acquiring and developing ethylene production facilities and converting ethane into ethylene and its co-products.

Westlake Chemical Partners LP

NYSE:WLKP

WLKP Rankings

WLKP Stock Data

813.77M
35.23M
44.81%
34.42%
0.33%
All Other Basic Organic Chemical Manufacturing
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