Welcome to our dedicated page for Westlake Chem Partners Lp news (Ticker: WLKP), a resource for investors and traders seeking the latest updates and insights on Westlake Chem Partners Lp stock.
Westlake Chemical Partners LP (NYSE: WLKP) is a limited partnership in the U.S. chemical industry, formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and related assets. Headquartered in Houston, the partnership’s news flow centers on its ethylene operations, commercial agreements with Westlake and its record of quarterly cash distributions to unitholders.
News updates for WLKP commonly cover quarterly earnings results, including net income attributable to the partnership, MLP distributable cash flow, coverage ratios and EBITDA. Earnings releases often discuss the performance of Westlake Chemical OpCo LP, the impact of planned maintenance turnarounds at ethylene facilities and the stability provided by the Ethylene Sales Agreement with Westlake, under which 95% of OpCo’s ethylene production is sold using a fixed cash margin formula.
Investors following WLKP news will also see announcements of quarterly distribution declarations. The partnership has highlighted more than forty consecutive quarterly distributions since its initial public offering, and distribution press releases typically include details on per-unit amounts, payment dates and record dates, as well as tax treatment information for non-U.S. investors.
Another key category of WLKP news involves contract renewals and governance arrangements with Westlake. For example, the partnership has announced renewals of the Ethylene Sales Agreement and Feedstock Supply Agreement through specified dates, along with amendments to the Services and Secondment Agreement and the Omnibus Agreement. These items are often accompanied by management commentary on predictable cash flows and the operational performance of OpCo’s ethylene facilities.
For readers tracking WLKP, this news stream provides insight into ethylene production trends, plant turnarounds, distribution practices and the evolving commercial relationship between Westlake Chemical Partners and Westlake Corporation.
The Board of Directors of Westlake Chemical Partners GP LLC has announced a quarterly distribution of $0.4714 per unit, marking the 26th consecutive quarterly distribution since the Partnership's IPO. This distribution will be payable on February 19, 2021, to unit holders of record as of February 4, 2021. Additionally, 100% of the Partnership’s distributions to non-U.S. investors will be subject to federal income tax withholding at the highest applicable rate.
Westlake Chemical Partners LP (NYSE: WLKP) reported a net income of $18.5 million for the third quarter of 2020, reflecting a $3.6 million increase year-over-year. This growth was partially driven by a force majeure event due to Hurricane Laura, which affected production at its Petro 1 and Petro 2 facilities. The company benefited from a $41.3 million adjustment related to ethylene sales. Operating cash flows were $117.2 million, slightly down from $121.5 million in 2019. Westlake announced a quarterly distribution of $0.4714 per unit for Q3, marking its 25th consecutive distribution.
The Board of Directors of Westlake Chemical Partners GP LLC has declared a distribution of $0.4714 per unit, marking the 25th consecutive quarterly distribution since the Partnership's IPO. This distribution will be payable on November 24, 2020, to unit holders of record as of November 9, 2020. Notably, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest effective tax rate. For more information about Westlake Chemical Partners LP, visit www.wlkpartners.com.
Westlake Chemical Partners (NYSE: WLKP) is set to announce its third-quarter earnings before the market opens on November 3, 2020. A conference call will take place at 1:00 PM ET to discuss the earnings, with access available by dialing (855) 765-5686 or via webcast. The partnership owns a 22.8% interest in Westlake Chemical OpCo LP, which operates three ethylene production facilities in Kentucky and Louisiana. A replay of the call will be available for seven days after the event.