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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.
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.