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北京时间·🕒 发布 18:41:25(美东 06:41)·⟳ 抓取 18:44:03 +2m38s·⚡ 决策 08-04 18:45:51 +1m48s·84.3 天前
Westlake Chemical Partners公布2026年二季度业绩，季度利润小幅下滑、分派维持不变
本次是常规季度业绩披露，二季度归属Westlake Partners净利润1423.8万美元、EPS 0.40美元，低于去年同期1455.8万美元和0.41美元。
📄 原文WLK↗ 原文
Westlake Chemical Partners LP Announces Second Quarter 2026 Results
Westlake Chemical Partners LP Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to ope…
不做 Westlake Chemical Partners LP（WLKP.US）
常规财报事件且数据混合：利润小幅下滑、DCF改善、分派不变，缺少超预期增量或明确短线方向，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-08-04 · 扩散 low · price-in 风险 medium ↗
关键理由
- 本次是常规季度业绩披露，二季度归属Westlake Partners净利润1423.8万美元、EPS 0.40美元，低于去年同期1455.8万美元和0.41美元。
- 分派维持每单位0.4714美元不变，MLP可分配现金流同比从1500.7万美元增至1763.6万美元，但不足以构成明确短线正向 surprise。
- 业绩没有给出新的指引上修、重大订单或分派上调，难以形成同向可执行交易。
主要风险
- 若市场更重视可分配现金流改善而非季度利润下滑，盘前可能有轻微正反馈，但缺少明确超预期锚。
原文全文
展开原文 · 10,197 字
Westlake Chemical Partners LP
Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana, and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.
Westlake Chemical Partners LP Conference Call Information:
A conference call to discuss Westlake Chemical Partners' second quarter 2026 results will be held Tuesday, August 4, 2026 at 1:00 PM Eastern Time (12:00 PM Central Time). To access the conference call, please register at: https://register-conf.media-server.com/register/BI51826be52fb84f029203dae034f42aa3. A dial-in will be provided upon registration.
The conference call will also be available via webcast at: https://edge.media-server.com/mmc/p/ssbetq3b and the earnings release can be obtained via the Partnership web page at: https://investors.wlkpartners.com/corporate-profile/default.aspx.
WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS") CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
| |
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
| |
(In thousands of dollars, except per unit data) |
| Revenue |
|
|
|
|
|
|
|
| Net sales—Westlake Corporation ("Westlake") |
$ |
238,030 |
|
|
$ |
269,076 |
|
|
$ |
501,121 |
|
|
$ |
459,857 |
|
| Net co-products, ethylene and other sales—third parties |
|
59,070 |
|
|
|
28,043 |
|
|
|
101,654 |
|
|
|
74,891 |
|
| Total net sales |
|
297,100 |
|
|
|
297,119 |
|
|
|
602,775 |
|
|
|
534,748 |
|
| Cost of sales |
|
202,295 |
|
|
|
199,587 |
|
|
|
414,211 |
|
|
|
383,135 |
|
| Gross profit |
|
94,805 |
|
|
|
97,532 |
|
|
|
188,564 |
|
|
|
151,613 |
|
| Selling, general and administrative expenses |
|
7,494 |
|
|
|
6,300 |
|
|
|
14,684 |
|
|
|
13,774 |
|
| Income from operations |
|
87,311 |
|
|
|
91,232 |
|
|
|
173,880 |
|
|
|
137,839 |
|
| Other income (expense) |
|
|
|
|
|
|
|
| Interest expense—Westlake |
|
(5,119 |
) |
|
|
(5,907 |
) |
|
|
(10,204 |
) |
|
|
(11,444 |
) |
| Other income, net |
|
348 |
|
|
|
675 |
|
|
|
696 |
|
|
|
2,021 |
|
| Income before income taxes |
|
82,540 |
|
|
|
86,000 |
|
|
|
164,372 |
|
|
|
128,416 |
|
| Provision for income taxes |
|
178 |
|
|
|
205 |
|
|
|
355 |
|
|
|
312 |
|
| Net income |
|
82,362 |
|
|
|
85,795 |
|
|
|
164,017 |
|
|
|
128,104 |
|
| Less: Net income attributable to noncontrolling interest in Westlake Chemical OpCo LP ("OpCo") |
|
68,124 |
|
|
|
71,237 |
|
|
|
135,610 |
|
|
|
108,598 |
|
| Net income attributable to Westlake Partners |
$ |
14,238 |
|
|
$ |
14,558 |
|
|
$ |
28,407 |
|
|
$ |
19,506 |
|
| |
|
|
|
|
|
|
|
| Net income per limited partner unit attributable to Westlake Partners (basic and diluted) |
|
|
|
|
|
|
|
| Common units |
$ |
0.40 |
|
|
$ |
0.41 |
|
|
$ |
0.81 |
|
|
$ |
0.55 |
|
| |
|
|
|
|
|
|
|
| Distributions declared per unit |
$ |
0.4714 |
|
|
$ |
0.4714 |
|
|
$ |
0.9428 |
|
|
$ |
0.9428 |
|
| |
|
|
|
|
|
|
|
| MLP distributable cash flow |
$ |
17,636 |
|
|
$ |
15,007 |
|
|
$ |
35,522 |
|
|
$ |
19,721 |
|
| |
|
|
|
|
|
|
|
| Distributions declared |
|
|
|
|
|
|
|
| Limited partner units—publicly and privately held |
$ |
9,958 |
|
|
$ |
9,955 |
|
|
$ |
19,916 |
|
|
$ |
19,909 |
|
| Limited partner units—Westlake |
|
6,657 |
|
|
|
6,657 |
|
|
|
13,314 |
|
|
|
13,314 |
|
| Total distributions declared |
$ |
16,615 |
|
|
$ |
16,612 |
|
|
$ |
33,230 |
|
|
$ |
33,223 |
|
| EBITDA |
$ |
122,687 |
|
|
$ |
124,391 |
|
|
$ |
243,903 |
|
|
$ |
199,412 |
|
WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
| |
| |
June 30, 2026 |
|
December 31, 2025 |
| |
(In thousands of dollars) |
| ASSETS |
|
|
|
| Current assets |
|
|
|
| Cash and cash equivalents |
$ |
49,321 |
|
|
$ |
44,269 |
|
| Receivable under the Investment Management Agreement—Westlake |
|
43,577 |
|
|
|
23,378 |
|
| Accounts receivable, net—Westlake |
|
39,464 |
|
|
|
63,571 |
|
| Accounts receivable, net—third parties |
|
21,602 |
|
|
|
9,113 |
|
| Inventories |
|
3,563 |
|
|
|
2,769 |
|
| Prepaid expenses and other current assets |
|
10 |
|
|
|
406 |
|
| Total current assets |
|
157,537 |
|
|
|
143,506 |
|
| Property, plant and equipment, net |
|
858,643 |
|
|
|
886,012 |
|
| Other assets, net |
|
201,168 |
|
|
|
227,015 |
|
| Total assets |
$ |
1,217,348 |
|
|
$ |
1,256,533 |
|
| |
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
| Current liabilities (accounts payable and accrued and other liabilities) |
$ |
45,768 |
|
|
$ |
51,301 |
|
| Long-term debt payable to Westlake |
|
399,674 |
|
|
|
399,674 |
|
| Other liabilities |
|
2,493 |
|
|
|
3,206 |
|
| Total liabilities |
|
447,935 |
|
|
|
454,181 |
|
| Common unitholders—publicly and privately held |
|
457,957 |
|
|
|
460,848 |
|
| Common unitholder—Westlake |
|
38,328 |
|
|
|
40,260 |
|
| General partner—Westlake |
|
(242,572 |
) |
|
|
(242,572 |
) |
| Total Westlake Partners partners' capital |
|
253,713 |
|
|
|
258,536 |
|
| Noncontrolling interest in OpCo |
|
515,700 |
|
|
|
543,816 |
|
| Total equity |
|
769,413 |
|
|
|
802,352 |
|
| Total liabilities and equity |
$ |
1,217,348 |
|
|
$ |
1,256,533 |
|
WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
| |
| |
Six Months Ended June 30, |
| |
|
2026 |
|
|
|
2025 |
|
| |
(In thousands of dollars) |
| Cash flows from operating activities |
|
|
|
| Net income |
$ |
164,017 |
|
|
$ |
128,104 |
|
| Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
| Depreciation and amortization |
|
69,327 |
|
|
|
59,552 |
|
| Net loss on disposition and other |
|
2,356 |
|
|
|
524 |
|
| Other balance sheet changes |
|
4,345 |
|
|
|
(133,328 |
) |
| Net cash provided by operating activities |
|
240,045 |
|
|
|
54,852 |
|
| Cash flows from investing activities |
|
|
|
| Additions to property, plant and equipment |
|
(18,037 |
) |
|
|
(40,336 |
) |
| Investments with Westlake under the Investment Management Agreement |
|
(20,000 |
) |
|
|
— |
|
| Maturities of investments with Westlake under the Investment Management Agreement |
|
— |
|
|
|
90,000 |
|
| Net cash provided by (used for) investing activities |
|
(38,037 |
) |
|
|
49,664 |
|
| Cash flows from financing activities |
|
|
|
| Proceeds from debt payable to Westlake |
|
82,000 |
|
|
|
95,000 |
|
| Repayment of debt payable to Westlake |
|
(82,000 |
) |
|
|
(95,000 |
) |
| Distributions to noncontrolling interest retained in OpCo by Westlake |
|
(163,726 |
) |
|
|
(93,031 |
) |
| Distributions to unitholders |
|
(33,230 |
) |
|
|
(33,222 |
) |
| Net cash used for financing activities |
|
(196,956 |
) |
|
|
(126,253 |
) |
| Net increase (decrease) in cash and cash equivalents |
|
5,052 |
|
|
|
(21,737 |
) |
| Cash and cash equivalents at beginning of period |
|
44,269 |
|
|
|
58,316 |
|
| Cash and cash equivalents at end of period |
$ |
49,321 |
|
|
$ |
36,579 |
|
WESTLAKE CHEMICAL PARTNERS LP RECONCILIATION OF MLP DISTRIBUTABLE CASH FLOW TO NET INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) |
| |
| |
Three Months Ended March 31, |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2026 |
|
|
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
| |
(In thousands of dollars) |
| Net cash provided by operating activities |
$ |
110,198 |
|
|
$ |
129,847 |
|
|
$ |
9,071 |
|
|
$ |
240,045 |
|
|
$ |
54,852 |
|
| Changes in operating assets and liabilities and other |
|
(28,543 |
) |
|
|
(47,485 |
) |
|
|
76,724 |
|
|
|
(76,028 |
) |
|
|
73,252 |
|
| Net income |
|
81,655 |
|
|
|
82,362 |
|
|
|
85,795 |
|
|
|
164,017 |
|
|
|
128,104 |
|
| Add: |
|
|
|
|
|
|
|
|
|
| Depreciation, amortization and disposition of property, plant and equipment |
|
34,360 |
|
|
|
37,155 |
|
|
|
32,872 |
|
|
|
71,515 |
|
|
|
60,043 |
|
| Less: |
|
|
|
|
|
|
|
|
|
| Contribution to turnaround reserves |
|
(10,232 |
) |
|
|
(10,305 |
) |
|
|
(10,396 |
) |
|
|
(20,537 |
) |
|
|
(18,018 |
) |
| Maintenance capital expenditures |
|
(7,810 |
) |
|
|
(11,932 |
) |
|
|
(20,506 |
) |
|
|
(19,742 |
) |
|
|
(41,083 |
) |
| Distributable cash flow attributable to noncontrolling interest in OpCo |
|
(80,087 |
) |
|
|
(79,644 |
) |
|
|
(72,758 |
) |
|
|
(159,731 |
) |
|
|
(109,325 |
) |
| MLP distributable cash flow |
$ |
17,886 |
|
|
$ |
17,636 |
|
|
$ |
15,007 |
|
|
$ |
35,522 |
|
|
$ |
19,721 |
|
WESTLAKE CHEMICAL PARTNERS LP RECONCILIATION OF EBITDA TO NET INCOME, INCOME FROM OPERATIONS AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) |
| |
| |
Three Months Ended March 31, |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2026 |
|
|
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
| |
(In thousands of dollars) |
| Net cash provided by operating activities |
$ |
110,198 |
|
|
$ |
129,847 |
|
|
$ |
9,071 |
|
|
$ |
240,045 |
|
|
$ |
54,852 |
|
| Changes in operating assets and liabilities and other |
|
(28,543 |
) |
|
|
(47,485 |
) |
|
|
76,724 |
|
|
|
(76,028 |
) |
|
|
73,252 |
|
| Net income |
|
81,655 |
|
|
|
82,362 |
|
|
|
85,795 |
|
|
|
164,017 |
|
|
|
128,104 |
|
| Less: |
|
|
|
|
|
|
|
|
|
| Other income, net |
|
348 |
|
|
|
348 |
|
|
|
675 |
|
|
|
696 |
|
|
|
2,021 |
|
| Interest expense—Westlake |
|
(5,085 |
) |
|
|
(5,119 |
) |
|
|
(5,907 |
) |
|
|
(10,204 |
) |
|
|
(11,444 |
) |
| Provision for income taxes |
|
(177 |
) |
|
|
(178 |
) |
|
|
(205 |
) |
|
|
(355 |
) |
|
|
(312 |
) |
| Income from operations |
|
86,569 |
|
|
|
87,311 |
|
|
|
91,232 |
|
|
|
173,880 |
|
|
|
137,839 |
|
| Add: |
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
34,299 |
|
|
|
35,028 |
|
|
|
32,484 |
|
|
|
69,327 |
|
|
|
59,552 |
|
| Other income, net |
|
348 |
|
|
|
348 |
|
|
|
675 |
|
|
|
696 |
|
|
|
2,021 |
|
| EBITDA |
$ |
121,216 |
|
|
$ |
122,687 |
|
|
$ |
124,391 |
|
|
$ |
243,903 |
|
|
$ |
199,412 |
|
Contact—(713) 585-2900
Investors—Jonathan Baksht
Media—L. Benjamin Ederington
Westlake Chemical Partners LP
Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana, and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.
Westlake Chemical Partners LP Conference Call Information:
A conference call to discuss Westlake Chemical Partners' second quarter 2026 results will be held Tuesday, August 4, 2026 at 1:00 PM Eastern Time (12:00 PM Central Time). To access the conference call, please register at: https://register-conf.media-server.com/register/BI51826be52fb84f029203dae034f42aa3. A dial-in will be provided upon registration.
The conference call will also be available via webcast at: https://edge.media-server.com/mmc/p/ssbetq3b and the earnings release can be obtained via the Partnership web page at: https://investors.wlkpartners.com/corporate-profile/default.aspx.
WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS") CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
| |
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
| |
(In thousands of dollars, except per unit data) |
| Revenue |
|
|
|
|
|
|
|
| Net sales—Westlake Corporation ("Westlake") |
$ |
238,030 |
|
|
$ |
269,076 |
|
|
$ |
501,121 |
|
|
$ |
459,857 |
|
| Net co-products, ethylene and other sales—third parties |
|
59,070 |
|
|
|
28,043 |
|
|
|
101,654 |
|
|
|
74,891 |
|
| Total net sales |
|
297,100 |
|
|
|
297,119 |
|
|
|
602,775 |
|
|
|
534,748 |
|
| Cost of sales |
|
202,295 |
|
|
|
199,587 |
|
|
|
414,211 |
|
|
|
383,135 |
|
| Gross profit |
|
94,805 |
|
|
|
97,532 |
|
|
|
188,564 |
|
|
|
151,613 |
|
| Selling, general and administrative expenses |
|
7,494 |
|
|
|
6,300 |
|
|
|
14,684 |
|
|
|
13,774 |
|
| Income from operations |
|
87,311 |
|
|
|
91,232 |
|
|
|
173,880 |
|
|
|
137,839 |
|
| Other income (expense) |
|
|
|
|
|
|
|
| Interest expense—Westlake |
|
(5,119 |
) |
|
|
(5,907 |
) |
|
|
(10,204 |
) |
|
|
(11,444 |
) |
| Other income, net |
|
348 |
|
|
|
675 |
|
|
|
696 |
|
|
|
2,021 |
|
| Income before income taxes |
|
82,540 |
|
|
|
86,000 |
|
|
|
164,372 |
|
|
|
128,416 |
|
| Provision for income taxes |
|
178 |
|
|
|
205 |
|
|
|
355 |
|
|
|
312 |
|
| Net income |
|
82,362 |
|
|
|
85,795 |
|
|
|
164,017 |
|
|
|
128,104 |
|
| Less: Net income attributable to noncontrolling interest in Westlake Chemical OpCo LP ("OpCo") |
|
68,124 |
|
|
|
71,237 |
|
|
|
135,610 |
|
|
|
108,598 |
|
| Net income attributable to Westlake Partners |
$ |
14,238 |
|
|
$ |
14,558 |
|
|
$ |
28,407 |
|
|
$ |
19,506 |
|
| |
|
|
|
|
|
|
|
| Net income per limited partner unit attributable to Westlake Partners (basic and diluted) |
|
|
|
|
|
|
|
| Common units |
$ |
0.40 |
|
|
$ |
0.41 |
|
|
$ |
0.81 |
|
|
$ |
0.55 |
|
| |
|
|
|
|
|
|
|
| Distributions declared per unit |
$ |
0.4714 |
|
|
$ |
0.4714 |
|
|
$ |
0.9428 |
|
|
$ |
0.9428 |
|
| |
|
|
|
|
|
|
|
| MLP distributable cash flow |
$ |
17,636 |
|
|
$ |
15,007 |
|
|
$ |
35,522 |
|
|
$ |
19,721 |
|
| |
|
|
|
|
|
|
|
| Distributions declared |
|
|
|
|
|
|
|
| Limited partner units—publicly and privately held |
$ |
9,958 |
|
|
$ |
9,955 |
|
|
$ |
19,916 |
|
|
$ |
19,909 |
|
| Limited partner units—Westlake |
|
6,657 |
|
|
|
6,657 |
|
|
|
13,314 |
|
|
|
13,314 |
|
| Total distributions declared |
$ |
16,615 |
|
|
$ |
16,612 |
|
|
$ |
33,230 |
|
|
$ |
33,223 |
|
| EBITDA |
$ |
122,687 |
|
|
$ |
124,391 |
|
|
$ |
243,903 |
|
|
$ |
199,412 |
|
WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
| |
| |
June 30, 2026 |
|
December 31, 2025 |
| |
(In thousands of dollars) |
| ASSETS |
|
|
|
| Current assets |
|
|
|
| Cash and cash equivalents |
$ |
49,321 |
|
|
$ |
44,269 |
|
| Receivable under the Investment Management Agreement—Westlake |
|
43,577 |
|
|
|
23,378 |
|
| Accounts receivable, net—Westlake |
|
39,464 |
|
|
|
63,571 |
|
| Accounts receivable, net—third parties |
|
21,602 |
|
|
|
9,113 |
|
| Inventories |
|
3,563 |
|
|
|
2,769 |
|
| Prepaid expenses and other current assets |
|
10 |
|
|
|
406 |
|
| Total current assets |
|
157,537 |
|
|
|
143,506 |
|
| Property, plant and equipment, net |
|
858,643 |
|
|
|
886,012 |
|
| Other assets, net |
|
201,168 |
|
|
|
227,015 |
|
| Total assets |
$ |
1,217,348 |
|
|
$ |
1,256,533 |
|
| |
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
| Current liabilities (accounts payable and accrued and other liabilities) |
$ |
45,768 |
|
|
$ |
51,301 |
|
| Long-term debt payable to Westlake |
|
399,674 |
|
|
|
399,674 |
|
| Other liabilities |
|
2,493 |
|
|
|
3,206 |
|
| Total liabilities |
|
447,935 |
|
|
|
454,181 |
|
| Common unitholders—publicly and privately held |
|
457,957 |
|
|
|
460,848 |
|
| Common unitholder—Westlake |
|
38,328 |
|
|
|
40,260 |
|
| General partner—Westlake |
|
(242,572 |
) |
|
|
(242,572 |
) |
| Total Westlake Partners partners' capital |
|
253,713 |
|
|
|
258,536 |
|
| Noncontrolling interest in OpCo |
|
515,700 |
|
|
|
543,816 |
|
| Total equity |
|
769,413 |
|
|
|
802,352 |
|
| Total liabilities and equity |
$ |
1,217,348 |
|
|
$ |
1,256,533 |
|
WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
| |
| |
Six Months Ended June 30, |
| |
|
2026 |
|
|
|
2025 |
|
| |
(In thousands of dollars) |
| Cash flows from operating activities |
|
|
|
| Net income |
$ |
164,017 |
|
|
$ |
128,104 |
|
| Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
| Depreciation and amortization |
|
69,327 |
|
|
|
59,552 |
|
| Net loss on disposition and other |
|
2,356 |
|
|
|
524 |
|
| Other balance sheet changes |
|
4,345 |
|
|
|
(133,328 |
) |
| Net cash provided by operating activities |
|
240,045 |
|
|
|
54,852 |
|
| Cash flows from investing activities |
|
|
|
| Additions to property, plant and equipment |
|
(18,037 |
) |
|
|
(40,336 |
) |
| Investments with Westlake under the Investment Management Agreement |
|
(20,000 |
) |
|
|
— |
|
| Maturities of investments with Westlake under the Investment Management Agreement |
|
— |
|
|
|
90,000 |
|
| Net cash provided by (used for) investing activities |
|
(38,037 |
) |
|
|
49,664 |
|
| Cash flows from financing activities |
|
|
|
| Proceeds from debt payable to Westlake |
|
82,000 |
|
|
|
95,000 |
|
| Repayment of debt payable to Westlake |
|
(82,000 |
) |
|
|
(95,000 |
) |
| Distributions to noncontrolling interest retained in OpCo by Westlake |
|
(163,726 |
) |
|
|
(93,031 |
) |
| Distributions to unitholders |
|
(33,230 |
) |
|
|
(33,222 |
) |
| Net cash used for financing activities |
|
(196,956 |
) |
|
|
(126,253 |
) |
| Net increase (decrease) in cash and cash equivalents |
|
5,052 |
|
|
|
(21,737 |
) |
| Cash and cash equivalents at beginning of period |
|
44,269 |
|
|
|
58,316 |
|
| Cash and cash equivalents at end of period |
$ |
49,321 |
|
|
$ |
36,579 |
|
WESTLAKE CHEMICAL PARTNERS LP RECONCILIATION OF MLP DISTRIBUTABLE CASH FLOW TO NET INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) |
| |
| |
Three Months Ended March 31, |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2026 |
|
|
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
| |
(In thousands of dollars) |
| Net cash provided by operating activities |
$ |
110,198 |
|
|
$ |
129,847 |
|
|
$ |
9,071 |
|
|
$ |
240,045 |
|
|
$ |
54,852 |
|
| Changes in operating assets and liabilities and other |
|
(28,543 |
) |
|
|
(47,485 |
) |
|
|
76,724 |
|
|
|
(76,028 |
) |
|
|
73,252 |
|
| Net income |
|
81,655 |
|
|
|
82,362 |
|
|
|
85,795 |
|
|
|
164,017 |
|
|
|
128,104 |
|
| Add: |
|
|
|
|
|
|
|
|
|
| Depreciation, amortization and disposition of property, plant and equipment |
|
34,360 |
|
|
|
37,155 |
|
|
|
32,872 |
|
|
|
71,515 |
|
|
|
60,043 |
|
| Less: |
|
|
|
|
|
|
|
|
|
| Contribution to turnaround reserves |
|
(10,232 |
) |
|
|
(10,305 |
) |
|
|
(10,396 |
) |
|
|
(20,537 |
) |
|
|
(18,018 |
) |
| Maintenance capital expenditures |
|
(7,810 |
) |
|
|
(11,932 |
) |
|
|
(20,506 |
) |
|
|
(19,742 |
) |
|
|
(41,083 |
) |
| Distributable cash flow attributable to noncontrolling interest in OpCo |
|
(80,087 |
) |
|
|
(79,644 |
) |
|
|
(72,758 |
) |
|
|
(159,731 |
) |
|
|
(109,325 |
) |
| MLP distributable cash flow |
$ |
17,886 |
|
|
$ |
17,636 |
|
|
$ |
15,007 |
|
|
$ |
35,522 |
|
|
$ |
19,721 |
|
WESTLAKE CHEMICAL PARTNERS LP RECONCILIATION OF EBITDA TO NET INCOME, INCOME FROM OPERATIONS AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) |
| |
| |
Three Months Ended March 31, |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2026 |
|
|
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
| |
(In thousands of dollars) |
| Net cash provided by operating activities |
$ |
110,198 |
|
|
$ |
129,847 |
|
|
$ |
9,071 |
|
|
$ |
240,045 |
|
|
$ |
54,852 |
|
| Changes in operating assets and liabilities and other |
|
(28,543 |
) |
|
|
(47,485 |
) |
|
|
76,724 |
|
|
|
(76,028 |
) |
|
|
73,252 |
|
| Net income |
|
81,655 |
|
|
|
82,362 |
|
|
|
85,795 |
|
|
|
164,017 |
|
|
|
128,104 |
|
| Less: |
|
|
|
|
|
|
|
|
|
| Other income, net |
|
348 |
|
|
|
348 |
|
|
|
675 |
|
|
|
696 |
|
|
|
2,021 |
|
| Interest expense—Westlake |
|
(5,085 |
) |
|
|
(5,119 |
) |
|
|
(5,907 |
) |
|
|
(10,204 |
) |
|
|
(11,444 |
) |
| Provision for income taxes |
|
(177 |
) |
|
|
(178 |
) |
|
|
(205 |
) |
|
|
(355 |
) |
|
|
(312 |
) |
| Income from operations |
|
86,569 |
|
|
|
87,311 |
|
|
|
91,232 |
|
|
|
173,880 |
|
|
|
137,839 |
|
| Add: |
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
34,299 |
|
|
|
35,028 |
|
|
|
32,484 |
|
|
|
69,327 |
|
|
|
59,552 |
|
| Other income, net |
|
348 |
|
|
|
348 |
|
|
|
675 |
|
|
|
696 |
|
|
|
2,021 |
|
| EBITDA |
$ |
121,216 |
|
|
$ |
122,687 |
|
|
$ |
124,391 |
|
|
$ |
243,903 |
|
|
$ |
199,412 |
|
Contact—(713) 585-2900
Investors—Jonathan Baksht
Media—L. Benjamin Ederington
Westlake Chemical Partners LP
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