Headquartered in Houston, TX Fiscal year ends December NYSE: WLKP wlkpartners.com
Westlake Chemical Partners LP is a master limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. The Partnership owns a 22.8% interest in Westlake Chemical OpCo LP, and Westlake Corporation retains the noncontrolling interest. OpCo's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana, plus an ethylene pipeline. Under OpCo's Ethylene Sales Agreement with Westlake, 95% of OpCo's ethylene production is sold to Westlake for a cash margin of $0.10 per pound, net of operating costs, maintenance capital expenditures and turnaround reserves. This arrangement is designed to provide stable, predictable cash flows. OpCo also sells co-products, ethylene and other products to third parties. The Partnership is financed in part through debt payable to Westlake and an Investment Management Agreement with Westlake. It distributes cash quarterly to unitholders and has paid 49 consecutive quarterly distributions since its July 2014 IPO. Updated
Maintenance capex fell to $15.1 million from $24.2 million a year ago, lifting distributable cash flow to $18.0 million and pushing trailing twelve-month distribution coverage to 1.09x. It arrived alongside the 49th straight quarterly payout of $0.4714 per unit, payable December 1. Revenue missed expectations, but the $0.10 per pound contracted ethylene margin with the parent keeps the cash flow floor intact.
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Westlake Chemical Partners LP is a master limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. The Partnership owns a 22.8% interest in Westlake Chemical OpCo LP, and Westlake Corporation retains the noncontrolling interest.
The Wall Street consensus 12-month price target for WLKP is $26.00.
