Westlake Chemical Partners Insider Ups Stake After Phantom Unit Grant

Rhea-AI Filing Summary

Westlake Chemical Partners LP (WLKP) filed a Form 4 reporting insider activity by director Lisa A. Friel. On 08-06-2025 she received 5,005 phantom units, each economically equivalent to a common unit. On 08-07-2025 she exercised 4,882 of those phantom units into common units (Code M) and sold 2,441 units at $21.96 (Code D). After the transactions she directly owns 7,163 common units.

• Approximate gross value: ~US$107 k (exercise) with ~US$53 k in sale proceeds.
• No phantom units remain; all derivative positions were converted or settled.
• Friel remains a director of the GP, maintaining equity alignment with unitholders.

Positive

• Director increased direct ownership to 7,163 common units, indicating continued equity alignment.
• All derivative positions settled, simplifying the insider’s capital structure and reducing overhang.

Negative

• Partial sale of 2,441 units at $21.96 may be viewed as limited insider profit-taking.
• Transaction size is immaterial; unlikely to influence WLKP’s valuation or liquidity.

Insights

Financial Analyst

TL;DR: Small, routine option conversion; director keeps half of shares—mildly positive for alignment, but transaction size is immaterial to WLKP.

The grant of 5,005 phantom units and subsequent conversion suggests normal board compensation cadence. Retaining 2,441 newly issued units lifts Friel’s direct stake to 7,163, modestly increasing insider ownership. Disposal of the remaining half at $21.96 likely covers tax obligations rather than signaling bearish sentiment. Dollar amounts (<$0.2 m) are negligible relative to WLKP’s market cap, so market impact is limited. Overall, the filing is neutral from a valuation standpoint but provides a marginal positive governance signal through continued insider alignment.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Friel Lisa A.

(Last) (First) (Middle)

2801 POST OAK BLVD., STE. 600

(Street)

HOUSTON TX 77056

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Westlake Chemical Partners LP [ WLKP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/06/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Units	08/07/2025		M		4,882	A	(1)	9,604	D
Common Units	08/07/2025		D		2,441	D	$21.96	7,163	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Units	(1)	08/06/2025		A		5,005		08/06/2026	09/06/2026	Common Units	5,005	$0	0	D
Phantom Units	(1)	08/07/2025		M			4,882	08/07/2025	09/07/2025	Common Units	4,882	$0	0	D

Explanation of Responses:

1. Each Phantom Unit is the economic equivalent of one Common Unit of the Issuer.

Remarks:

Ms. Friel is a Director of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP.

	Lisa Friel by J Feng POA	08/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many WLKP units did the director acquire and sell?

Lisa A. Friel acquired 4,882 units via conversion and sold 2,441 at $21.96, retaining 2,441 units.

What is the director’s total WLKP ownership after the Form 4?

She now directly holds 7,163 common units of Westlake Chemical Partners LP.

Were any derivative securities still outstanding after the transactions?

No. All recorded phantom units were either granted or converted; 0 derivative units remain.

Does the filing indicate a 10b5-1 trading plan?

The form does not mark the 10b5-1 checkbox, so these trades were not executed under a pre-arranged plan.

What was the sale price of WLKP units in the reported transaction?

Units were sold at $21.96 per unit on 08-07-2025.