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Westlake Chemical Partners LP reports developments tied to its limited partnership structure and ethylene production assets. Formed by Westlake Corporation, the partnership owns a 22.8% interest in Westlake Chemical OpCo LP, whose assets include ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana, and an ethylene pipeline.
Recurring updates cover quarterly results, distributable cash flow, cash-flow coverage, unit distributions, annual reporting, facility turnaround effects, and commercial agreements with Westlake. News also addresses the Ethylene Sales Agreement, feedstock arrangements, and the partnership’s role in processing ethane and propane into ethylene for Westlake and other U.S. customers.
Westlake Chemical Partners (NYSE: WLKP) has announced its upcoming third quarter 2024 earnings release and conference call. The company will release its earnings before the market opens on Tuesday, November 5, 2024. A conference call is scheduled for 1:00 p.m. Eastern Time (12:00 p.m. Central Time) on the same day to discuss the results.
To participate in the conference call, interested parties must pre-register at the provided link to receive a unique PIN for access. The call will also be available via webcast, and the earnings release will be accessible on the company's investor relations website.
Westlake Chemical Partners LP (NYSE: WLKP) reported Q2 2024 results with net income of $14.4 million, or $0.41 per unit, up from $11.9 million in Q2 2023. Cash flows from operating activities increased to $121.9 million, and MLP distributable cash flow rose to $17.1 million. The company declared a quarterly distribution of $0.4714 per unit, marking its 40th consecutive quarterly distribution.
Key highlights include:
- Improved third-party ethylene sales prices and margins
- Upcoming planned maintenance turnaround at Petro 1 ethylene unit in Q3
- Trailing twelve-month distribution coverage ratio of 0.96x
- Appointment of Jean-Marc Gilson as President, CEO, and director of the general partner
Westlake Chemical Partners LP (NYSE:WLKP) has announced its second quarter 2024 distribution of $0.4714 per unit, payable on August 27, 2024, to unit holders of record on August 12, 2024. This marks the 40th quarterly distribution since the Partnership's initial public offering. The distribution is subject to federal income tax withholding for non-U.S. investors at the highest applicable effective tax rate, as 100% of the Partnership's distributions to non-U.S. investors are considered income effectively connected with a U.S. trade or business.
Westlake Chemical Partners (NYSE: WLKP) has announced its upcoming second quarter 2024 earnings conference call, scheduled for Tuesday, August 6, 2024. The company will release its earnings report before the market opens and host a conference call at 1:00 p.m. Eastern Time (12:00 p.m. Central Time) to discuss the results. Interested parties can access the call by pre-registering online to receive a unique PIN. The conference call will also be available via webcast, and the earnings release will be accessible on the company's investor relations website.
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.
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).
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.
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.
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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