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

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