The following is a summary of the Westlake Chemical Partners LP (WLKP) Q1 2024 Earnings Call Transcript:
Financial Performance:
Westlake Partners reported Q1 2024 net income of $15 million or $0.42 per unit.
Consolidated net income was $90 million with net sales of $285 million.
Distributable cash flows for Q1 was $17 million or $0.48 per unit.
Long-term debt at the end of the quarter was $400 million, of which $377 million was at the Partnership and the remaining $23 million was at OpCo.
The Partnership has made 39 consecutive quarterly distributions to unitholders and has grown distributions by 71% since its IPO in 2014.
Business Progress:
Westlake Partners has planned a turnaround in 2024 at the Petro 1 ethylene unit in Lake Charles, Louisiana, expected to last approximately 60 days.
The company aims for growth through four future levers: increases of ownership interest in OpCo, acquisitions of other income streams, expansions of current ethylene facilities, and negotiating higher fixed margins in the ethylene sales agreement.
There's an ongoing commitment to reducing Scope 1 and Scope 2 emissions, investing in actions to decrease Scope 1 emissions and making efforts to reduce Scope 2 emissions.
More details: Westlake Chemical IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.