WLKP
Westlake Chemical Partners LP19.25
+0.04+0.21%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details cash surplus, growth financing
Q&A clarified that the investment account drawdown reflected turnaround timing, offset by a $74 million operating surplus ample to cover distributions. Management expects coverage above 1.1x target in 2026 sans turnarounds, rebuilding reserves. Growth via OpCo drop-downs would tap external debt and equity. Analysts flagged cash drawdown and financing; responses were straightforward, no hedges. Reserves fully cover payouts. Investors will watch 2026 coverage snapback.
Key Stats
Market Cap
678.48MP/E (TTM)
13.85Basic EPS (TTM)
1.39Dividend Yield
0.1%Recent Filings
10-K
FY2025 results
Westlake Chemical Partners delivered FY2025 net sales of $1.17B, up 2.7% y/y, driven by higher ethylene prices to Westlake yet tempered by an 8.2% volume drop from the Petro 1 turnaround that spilled into Q1. Income from operations fell to $320M from $390M as ethane costs surged 32.8% and natural gas 50.7%, squeezing gross margins to 29.8% despite a $5.8M Buyer Deficiency Fee. Q4 momentum stabilized post-turnaround, with EBITDA at $450M for the year. Debt stands at $400M variable-rate to Westlake, maturing 2027, backed by $44M cash and revolvers. Petro 1 turnaround hit harder than planned. Westlake-dependent cash flows vulnerable to its creditworthiness.
8-K
Q4 coverage hits 1.13x
Westlake Chemical Partners LP reported Q4 2025 net income of $14.5 million, flat with 2024, but MLP distributable cash flow rose to $18.8 million for 1.13x coverage—strongest since Q4 2022—after Petro 1 turnaround completion. Full-year net income fell to $48.7 million from lower volumes. No 2026 turnarounds ahead. Coverage climbs post-turnarounds.
10-Q
Q3 FY2025 results
Westlake Chemical Partners posted Q3 revenue of $308.9M, up 11.5% y/y from $277.0M yet down q/q (derived), driven by higher ethylene sales to Westlake (89.5% of total) despite softer third-party co-products; gross profit fell to $99.4M from $116.9M as margins slipped to 32.2% from 42.2% on steeper ethane and natural gas costs. Operating income dropped 16.1% y/y to $92.0M, with Partnership net income at $14.7M or $0.42 per diluted unit (35.2M units). Cash fell to $37.9M after $160.1M YTD operating cash minus $70.0M capex; $399.7M related-party debt (6.1% rate) matures 2027, covenants met. Ethylene Sales Agreement renewed through 2027. Petro 1 turnaround hit volumes hard.
8-K
ESA renewed through 2027
Westlake Chemical Partners renewed its Ethylene Sales Agreement with Westlake through 2027 on existing terms, securing 95% of OpCo's ethylene offtake at a fixed $0.10 per pound margin. Amendments aligned Services and Omnibus Agreements, tying the latter's termination to the ESA while clarifying Westlake's indemnification for environmental and tax matters. Stability intact. Q3 net income fell to $14.7M amid higher maintenance capex.
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