8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): February 23, 2021

Westlake Chemical Corporation

(Exact name of registrant as specified in its charter)

Delaware	001-32260	76-0346924
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

2801 Post Oak Boulevard,	Suite 600
Houston,	Texas	77056
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (713) 960-9111

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	WLK	The New York Stock Exchange
1.625% Senior Notes due 2029	WLK29	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Item 2.02. Results of Operations and Financial Condition.

On February 23, 2021, Westlake Chemical Corporation (the "Company") issued a press release announcing its 2020 fourth quarter and full year results. A copy of the press release is furnished with this Current Report as Exhibit 99.1.

The information furnished pursuant to this Current Report, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed by Westlake Chemical Corporation under the Securities Act of 1933, as amended, unless specifically identified as being incorporated therein.

Item 7.01. Regulation FD Disclosure.

The Company is holding a conference call on February 23, 2021 to discuss its 2020 fourth quarter and full year results. Information about the call can be found in the press release furnished with this Current Report as Exhibit 99.1. In addition, the Company made available an investor presentation regarding its 2020 fourth quarter and full year results, which is furnished with this Current Report as Exhibit 99.2.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are furnished herewith:

99.1    Press release issued on February 23, 2021.

99.2    Investor Presentation.

104    The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			WESTLAKE CHEMICAL CORPORATION
Date:	February 23, 2021	By:	/S/ ALBERT CHAO
			Albert Chao President and Chief Executive Officer

EX-99.1

EXHIBIT 99.1

WESTLAKE CHEMICAL CORPORATION

Contact—(713) 960-9111

Investors—Steve Bender

Media— L. Benjamin Ederington

Westlake Chemical Corporation Reports Fourth Quarter and Full Year 2020 Results

•Fourth quarter 2020 net income increased $41 million, or 57%, over fourth quarter 2019

HOUSTON--(BUSINESS WIRE)-- Westlake Chemical Corporation (NYSE: WLK) (the "Company" or "Westlake") today reported net income attributable to Westlake for the three months ended December 31, 2020 of $113 million, or $0.87 per diluted share, on net sales of $1,965 million. Net income in the fourth quarter of 2020 increased by $41 million from fourth quarter 2019 net income of $72 million, or $0.56 per share, on net sales of $1,883 million. Income from operations of $178 million for the fourth quarter of 2020 increased by $76 million from income from operations of $102 million for the fourth quarter of 2019. The increases in net income and income from operations were primarily due to higher sales prices and margins for polyethylene and PVC resin and higher earnings resulting from strong demand in our downstream building products business. These increases were partially offset by lost sales and production volumes, increased maintenance expense and other costs resulting from lower production at our Lake Charles, Louisiana facilities from two hurricanes that impacted Southwest Louisiana in August and October 2020, higher ethylene and fuel costs and lower sales prices for caustic soda. Compared to the prior-year period, net income was also impacted by higher income tax expense as the fourth quarter of 2019 included a one-time tax benefit of $29 million.

Fourth quarter 2020 net income of $113 million, or $0.87 per share, increased by $56 million from third quarter 2020 net income of $57 million, or $0.45 per share. Income from operations of $178 million for the fourth quarter of 2020 increased by $99 million from income from operations of $79 million for the third quarter of 2020. The increases in net income and income from operations versus the prior quarter were primarily due to higher prices and margins for polyethylene and PVC resin as well as lower restructuring charges. These increases were partially offset by lower sales volumes resulting from the impacts of the hurricanes, lower caustic soda prices, seasonally lower earnings in our downstream building products business and higher fuel costs.

For full year 2020, net income of $330 million, or $2.56 per share, decreased by $91 million from 2019 net income of $421 million, or $3.25 per share. Full year 2020 income from operations of $429 million decreased by $227 million from 2019 income from operations of $656 million. The decreases in net income and income from operations were primarily due to the impacts of the COVID-19 pandemic, which resulted in lower sales volumes and lower sales prices in the first half of 2020, and the hurricanes that hit Southwest Louisiana, which resulted in lost sales and production volumes and increased maintenance expense in the second half of 2020. Compared to the prior year, full year 2020 net income and income from operations were also impacted by lower sales prices for caustic soda while benefitting from higher earnings in our downstream building products business, higher contributions from our ethylene joint venture with Lotte Chemical ("LACC"), a lower effective tax rate and a carryback of federal net operating losses of $95 million resulting from the CARES Act.

"Westlake had a strong finish to the year as we restarted all of our production in Lake Charles following two powerful hurricanes that hit Southwest Louisiana. With our operations restored in the middle of the fourth quarter, we were able to capitalize on the robust global demand and benefit from higher prices and margins for most of our products," said Albert Chao, President and Chief Executive Officer. "We believe this strength in global demand in polyethylene and PVC, coupled with the rise in housing starts and new building permits will continue into 2021. This will also highlight the value in our downstream building products business. The highly integrated nature of Westlake, which extends through the value chain from feedstocks to consumer end products, combined with many of our operations sitting on the lower end of the global cost curve, enables us to drive long-term value for our shareholders throughout the business and investment cycles inherent in our industry. We will remain focused on our strategy of safely and efficiently operating our facilities, while making disciplined investments, developing new and green products, furthering our chain integration, lowering our costs and leveraging our current products and footprint around the world, while being a good steward of the environment in the communities in which we operate."

i

Net cash provided by operating activities was $431 million for the fourth quarter of 2020 and $1,297 million for the full year 2020. As of December 31, 2020, cash and cash equivalents were $1,313 million and long-term debt was $3,566 million. Capital expenditures were $122 million and $525 million for the fourth quarter and full year 2020, respectively.

EBITDA (earnings before interest expense, income taxes, depreciation and amortization) of $386 million for fourth quarter 2020 increased by $90 million compared to fourth quarter 2019 EBITDA of $296 million. Fourth quarter 2020 EBITDA increased by $99 million compared to third quarter 2020 EBITDA of $287 million. For full year 2020, EBITDA of $1,246 million was $161 million lower than EBITDA for full year 2019 of $1,407 million. A reconciliation of EBITDA to net income, income from operations, and net cash provided by operating activities can be found in the financial schedules at the end of this press release.

VINYLS SEGMENT

Fourth quarter 2020 income from operations for the Vinyls segment of $166 million increased by $98 million from fourth quarter 2019 income from operations of $68 million. This increase in income from operations versus the prior-year period was primarily due to higher sales and margins for PVC resin and higher earnings in our downstream building products business. The increase in operating income was partially offset by lower sales volumes and production resulting from the hurricanes, lower sales prices for caustic soda and higher fuel costs.

Vinyls income from operations for the fourth quarter of 2020 of $166 million increased by $124 million from third quarter 2020 income from operations of $42 million primarily due to higher sales prices and margins for PVC resin and lower restructuring costs. These increases were partially offset by lower sales volumes resulting from the hurricanes, seasonally lower earnings in our downstream building products business and higher fuel costs.

For full year 2020, Vinyls income from operations of $301 million decreased by $150 million from income from operations of $451 million for full year 2019. This decrease in income from operations was primarily due to the impacts on sales volumes and prices from the COVID-19 pandemic and the hurricanes. The impact on operating income was partially offset by higher earnings in our downstream building products business, higher contributions from LACC and lower fuel costs when compared to the prior year.

OLEFINS SEGMENT

Fourth quarter 2020 income from operations for the Olefins segment of $22 million decreased by $27 million from fourth quarter 2019 income from operations of $49 million. This decrease in income from operations versus the prior-year period was primarily due to lower sales volumes and lost production resulting from the impact of hurricanes, partially offset by higher sales prices and margins for polyethylene.

Olefins income from operations of $22 million in the fourth quarter of 2020 decreased by $29 million from third quarter 2020 income from operations of $51 million. This decrease in income from operations versus the prior quarter was primarily due to lower sales volumes as a result of the hurricanes, partially offset by higher sales prices and margins for polyethylene.

For full year 2020, Olefins income from operations of $160 million decreased by $100 million from income from operations of $260 million for full year 2019. This decrease in income from operations was primarily due to lower sales volumes and lost production for our major products as a result of the COVID-19 pandemic and the impacts of hurricanes, and lower realized sales prices due to the sharp drop in global oil prices in the first half of 2020.

ii

The statements in this release and the related teleconference relating to matters that are not historical facts, including statements regarding continued improvement of our performance in 2021, demand for polyethylene, PVC and downstream business products, results of investments in initiatives and delivering long-term value to shareholders, are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to: the COVID-19 pandemic and the response thereto; general economic and business conditions; the cyclical nature of the chemical industry; availability, cost and volatility of raw materials and utilities, including natural gas and natural gas liquids from shale production; the price of crude oil; uncertainties associated with the United States and worldwide economies, including those due to global economic and financial conditions; governmental regulatory actions, including environmental regulation and changes in trade policies; political unrest; industry production capacity and operating rates; the supply/demand balance for Westlake's products; competitive products and pricing pressures; access to capital markets; technological developments; the effect and results of litigation and settlements of litigation; operating interruptions; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to Westlake's Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC in February 2020, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.

Use of Non-GAAP Financial Measures

This release makes reference to certain "non-GAAP" financial measures, such as EBITDA, as defined in Regulation G of the U.S. Securities Exchange Act of 1934, as amended. For this purpose, a non-GAAP financial measure is generally defined by the Securities and Exchange Commission ("SEC") as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. We report our financial results in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), but believe that certain non-GAAP financial measures, such as EBITDA, provide useful supplemental information to investors regarding the underlying business trends and performance of the Company's ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with U.S. GAAP. A reconciliation of EBITDA to net income, income from operations and net cash provided by operating activities can be found in the financial schedules at the end of this press release.

About Westlake:

Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, we provide the building blocks for vital solutions — from packaging and healthcare products to automotive and consumer goods, to building and construction products. For more information, visit the company's web site at www.westlake.com.

Westlake Chemical Corporation Conference Call Information:

A conference call to discuss Westlake Chemical Corporation's fourth quarter and full year 2020 results will be held Tuesday, February 23, 2021 at 11:00 AM Eastern Time (10:00 AM Central Time). To access the conference call, dial (855) 760-8160 or (704) 288-0624 for international callers, approximately 10 minutes prior to the scheduled start time and reference passcode 308 97 28.

A replay of the conference call will be available beginning two hours after its conclusion until 11:59 p.m. Eastern Time on March 2, 2021. To hear a replay, dial (855) 859-2056 or (404) 537-3406 for international callers. The replay passcode is 308 97 28.

The conference call will also be available via webcast at https://edge.media-server.com/mmc/p/atqiwr7gand the earnings release can be obtained via the Company's web page at: http://www.westlake.com/investor-relations.

iii

WESTLAKE CHEMICAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2020		2019		2020		2019
	(In millions of dollars, except per share data)
Net sales	$	1,965	$	1,883	$	7,504	$	8,118
Cost of sales	1,642		1,633		6,481		6,858
Gross profit	323		250		1,023		1,260
Selling, general and administrative expenses	117		115		449		458
Amortization of intangibles	28		28		109		109
Restructuring, transaction and integration-related costs	—		5		36		37
Income from operations	178		102		429		656
Interest expense	(34)		(35)		(142)		(124)
Other income, net	12		6		44		38
Income before income taxes	156		73		331		570
Provision for (benefit from) income taxes	33		(12)		(42)		108
Net income	123		85		373		462
Net income attributable to noncontrolling interests	10		13		43		41
Net income attributable to Westlake Chemical Corporation	$	113	$	72	$	330	$	421
Earnings per common share attributable to Westlake Chemical Corporation:
Basic	$	0.87	$	0.56	$	2.57	$	3.26
Diluted	$	0.87	$	0.56	$	2.56	$	3.25

iv

WESTLAKE CHEMICAL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	December 31, 2020		December 31, 2019
	(In millions of dollars)
ASSETS
Current assets
Cash and cash equivalents	$	1,313	$	728
Accounts receivable, net	1,214		1,036
Inventories	918		936
Prepaid expenses and other current assets	32		42
Total current assets	3,477		2,742
Property, plant and equipment, net	6,920		6,912
Other assets, net	3,438		3,607
Total assets	$	13,835	$	13,261
LIABILITIES AND EQUITY
Current liabilities (accounts payable and accrued and other liabilities)	$	1,357	$	1,241
Long-term debt, net	3,566		3,445
Other liabilities	2,334		2,172
Total liabilities	7,257		6,858
Total Westlake Chemical Corporation stockholders' equity	6,043		5,860
Noncontrolling interests	535		543
Total equity	6,578		6,403
Total liabilities and equity	$	13,835	$	13,261

v

WESTLAKE CHEMICAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Twelve Months Ended December 31,
	2020		2019
	(In millions of dollars)
Cash flows from operating activities
Net income	$	373	$	462
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	773		713
Deferred income taxes	146		54
Net loss on disposition and others	83		75
Other balance sheet changes	(78)		(3)
Net cash provided by operating activities	1,297		1,301
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	—		(314)
Additions to investments in unconsolidated subsidiaries	(18)		(862)
Additions to property, plant and equipment	(525)		(787)
Return of investment from an unconsolidated subsidiary	44		—
Other, net	(10)		9
Net cash used for investing activities	(509)		(1,954)
Cash flows from financing activities
Distributions to noncontrolling interests	(55)		(50)
Dividends paid	(137)		(132)
Net proceeds from debt issuance and drawdown of revolver	1,299		784
Net proceeds from issuance of Westlake Chemical Partners LP common units	—		63
Net proceeds from (repayment of) short-term notes payable	(17)		2
Repayment of revolver and senior notes	(1,254)		—
Repurchase of common stock for treasury	(54)		(30)
Other, net	2		(7)
Net cash provided by (used for) financing activities	(216)		630
Effect of exchange rate changes on cash, cash equivalents and restricted cash	15		(2)
Net increase (decrease) in cash, cash equivalents and restricted cash	587		(25)
Cash, cash equivalents and restricted cash at beginning of the year	750		775
Cash, cash equivalents and restricted cash at end of the year	$	1,337	$	750

vi

WESTLAKE CHEMICAL CORPORATION

SEGMENT INFORMATION

(Unaudited)

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2020		2019		2020		2019
	(In millions of dollars)
Net external sales
Vinyls	$	1,590	$	1,485	$	5,972	$	6,336
Olefins	375		398		1,532		1,782
	$	1,965	$	1,883	$	7,504	$	8,118
Income (loss) from operations
Vinyls	$	166	$	68	$	301	$	451
Olefins	22		49		160		260
Corporate and other	(10)		(15)		(32)		(55)
	$	178	$	102	$	429	$	656
Depreciation and amortization
Vinyls	$	159	$	150	$	626	$	563
Olefins	35		36		139		142
Corporate and other	2		2		8		8
	$	196	$	188	$	773	$	713
Other income, net
Vinyls	$	9	$	—	$	30	$	18
Olefins	2		1		4		5
Corporate and other	1		5		10		15
	$	12	$	6	$	44	$	38

vii

WESTLAKE CHEMICAL CORPORATION

RECONCILIATION OF EBITDA TO NET INCOME, INCOME FROM

OPERATIONS AND NET CASH PROVIDED BY OPERATING ACTIVITIES

(Unaudited)

	Three Months Ended September 30,		Three Months Ended December 31,				Twelve Months Ended December 31,
	2020		2020		2019		2020		2019
	(In millions of dollars)
Net cash provided by operating activities	$	357	$	431	$	333	$	1,297	$	1,301
Changes in operating assets and liabilities and other	(230)		(316)		(228)		(778)		(785)
Deferred income taxes	(58)		8		(20)		(146)		(54)
Net income	69		123		85		373		462
Less:
Other income, net	12		12		6		44		38
Interest expense	(37)		(34)		(35)		(142)		(124)
Benefit from (provision for) income taxes	15		(33)		12		42		(108)
Income from operations	79		178		102		429		656
Add:
Depreciation and amortization	196		196		188		773		713
Other income, net	12		12		6		44		38
EBITDA	$	287	$	386	$	296	$	1,246	$	1,407

viii

WESTLAKE CHEMICAL CORPORATION

SUPPLEMENTAL INFORMATION

Product Sales Price and Volume Variance by Operating Segments

	Fourth Quarter 2020 vs. Fourth Quarter 2019				Fourth Quarter 2020 vs. Third Quarter 2020
	Average Sales Price		Volume		Average Sales Price		Volume
Vinyls	+9.2	%	-2.3	%	+9.3	%	-5.4	%
Olefins	+9.7	%	-15.2	%	+6.3	%	-4.4	%
Company	+9.3	%	-5.0	%	+8.7	%	-5.2	%

Average Quarterly Industry Prices (1)

	Quarter Ended
	December 31, 2019	March 31, 2020	June 30, 2020	September 30, 2020	December 31, 2020
Average domestic prices
Ethane (cents/lb) (2)	6.3	4.7	6.4	7.4	7.1
Propane (cents/lb) (3)	11.8	8.8	9.6	11.9	13.5
Ethylene (cents/lb) (4)	22.8	15.8	11.0	19.3	24.0
Polyethylene (cents/lb) (5)	54.0	52.3	49.0	61.0	67.7
Styrene (cents/lb) (6)	77.1	62.3	48.3	53.8	59.6
Caustic soda ($/short ton) (7)	662	648	698	697	653
Chlorine ($/short ton) (8)	175	176	175	176	193
PVC (cents/lb) (9)	67.8	71.8	66.5	73.3	84.5
Average export prices
Polyethylene (cents/lb) (10)	37.7	39.4	38.5	45.7	53.2
Caustic soda ($/short ton) (11)	219	203	319	260	219
PVC (cents/lb) (12)	33.6	36.9	27.5	38.5	55.4

________________

(1)Industry pricing data was obtained through IHS Markit ("IHS"). We have not independently verified the data.

(2)Average Mont Belvieu spot prices of purity ethane over the period.

(3)Average Mont Belvieu spot prices of non-TET propane over the period.

(4)Average North American spot prices of ethylene over the period.

(5)Average North American Net Transaction prices of polyethylene low density GP-Film grade over the period.

(6)Average North American contract prices of styrene over the period.

(7)Average USGC-CSLi index values for caustic soda over the period. As stated by IHS, "the caustic soda price listing represents the USGC-CSLi values. USGC-CSLi does not reflect contract price discounts, implementation lags, caps or other adjustments factors. Additionally, it is not intended to represent a simple arithmetic average of all market transactions occurring during the month. Rather, the USGC-CSLi is most representative of the month-to-month caustic soda price movement for contract volumes of liquid 50% caustic soda rather than the absolute value of contract prices at a particular point in time. It is intended to serve only as a benchmark."

(8)Average North American contract prices of chlorine over the period.

(9)Average North American contract prices of pipe grade polyvinyl chloride ("PVC") over the period. As stated by IHS, "the contract resin prices posted reflect an "index" or "market" for prices before discounts, rebates, incentives, etc."

(10)Average North American export price for low density polyethylene GP-Film grade over the period.

(11)Average North American low spot export prices of caustic soda over the period.

(12)Average North American spot export prices of PVC over the period.

ix

EX-99.2

Fourth Quarter and Full Year 2020 Earnings Presentation February 23, 2021

Westlake’s commitment to social responsibility and advancing sustainability is formed by the company’s longstanding core values:  Health, Safety & Environmental - The vigilant stewardship of the environment and sustainability are of utmost importance and at the forefront of everything we do.  Our People - Support, develop and inspire our people to achieve their personal best and treat them with dignity and respect.  Quality & Continuous Improvement – An intensive practice of “never-ending process of improvement.”  Competitiveness - Providing innovative and useful products, maintaining high standards of customer service and operational excellence with a constant focus on managing costs.  Citizenship - Recognizing the importance of supporting the communities in which we work and live and make it a priority to take an active role in making these communities better.  Westlake’s sustainability report can be found at https://www.westlake.com/sustainability Commitment to Social Responsibility and Advancing Sustainability Participating in Multi-Industry Associations for Environmental Protection Westlake is a proud partner with the following organizations to drive sustainable action to eliminate plastic waste, capture more flexible food packaging waste for recycling and support vinyls’ sustainable impact in the world, along with many other initiatives. Protecting the Environment Westlake has numerous programs designed to promote safe, ethical, environmentally and socially responsible practices including: a worldwide recycling program, operating in an energy efficient manner that stabilizes the power grids and reducing water usage and emissions. As discussed in our sustainability report, over a five year period, Westlake has reduced Sulphur Dioxide emissions to almost zero, reduced energy usage per ton of global production and achieved a nearly 30% reduction on CO2 emissions. 2

Westlake Chemical 2020 Highlights Business Highlights  Restored operations to all Lakes Charles, Louisiana facilities after two hurricanes struck the area in August and October of 2020  Strong sales volumes in PVC, Polyethylene and downstream building products began in the second half of 2020 and continued throughout the rest of the year, driving improved margins from strong packaging, housing and automotive demand  Generated $1.3 billion in cash flows from operations in 2020 through cost reductions, increased operational efficiencies, improved margins in strong sales while capturing tax savings  Refinancing of high-cost Go-Zone and Ike bonds drove annualized interest savings of $6 million per year while maintaining long-dated debt maturity profile 3 Business Highlights Reconciliations of EBITDA to the applicable GAAP measures can be found on pages 9, 10 and 11.

Industry Outlook  Robust PVC and Polyethylene demand driven by building products, packaging, and automotive  Supply/demand outlook remains tight in PVC  Outlook for Polyethylene chain margins remains strong  Continued strength in housing starts and remodeling  Durable goods demand is rebounding with improving economic growth 2021 Outlook  Strong global demand across our Polyethylene, PVC and building products businesses position us for capturing improved margins across our integrated chain  Downstream building products business to capitalize on projected rise in housing starts  Continued focus on controlling costs and driving efficiencies  Reinvestment in our businesses to sustain reliability and provide a platform for profitable growth  Ongoing commitment to advancing sustainability and social responsibility 4 Westlake Outlook Industry Outlook

Westlake Chemical Corporation Fourth Quarter 2020 Financial Highlights (1) Reconciliations of EBITDA, Vinyls EBITDA, Olefins EBITDA and Other EBITDA to the applicable GAAP measures can be found on pages 9, 10 and 11. Fourth Quarter 2020 vs. Third Quarter 2020 + Higher sales prices and margins for polyethylene and PVC resin + Lower restructuring charges – Lost production, lower sales and higher maintenance expense from hurricanes – Lower caustic soda prices – Higher fuel costs Fourth Quarter 2020 vs. Fourth Quarter 2019 + Higher sales prices and margins for polyethylene and PVC resin + Higher earnings in building products business – Lost production, lower sales and higher maintenance expense from hurricanes 5 ($ in millions) 4Q 2020 3Q 2020 4Q 2020 vs. 3Q 2020 4Q 2019 4Q 2020 vs. 4Q 2019 2020 2019 2020 vs. 2019 Sales $1,965 $1,898 4% $1,883 4% $7,504 $8,118 (8%) Operating Income $178 $79 125% $102 75% $429 $656 (35%) Vinyls EBITDA $334 $209 60% $218 53% $957 $1,032 (7%) Olefins EBITDA $59 $86 (31%) $86 (31%) $303 $407 (26%) Corporate EBITDA ($7) ($8) 13% ($8) 13% ($14) ($32) 56% EBITDA¹ $386 $287 34% $296 30% $1,246 $1,407 (11%)

Vinyls Segment Performance 6 Fourth Quarter 2020 vs. Third Quarter 2020 + Higher sales prices and margins for PVC resin + Lower restructuring costs – Impact from hurricanes – Higher fuel costs Fourth Quarter 2020 vs. Fourth Quarter 2019 + Higher sales prices and margins for PVC resin + Higher earnings in building products business – Impact from hurricanes – Lower sales prices for caustic soda – Higher fuel costs ($ in millions) 4Q 2020 3Q 2020 4Q 2020 vs. 3Q 2020 4Q 2019 4Q 2020 vs. 4Q 2019 2020 2019 2020 vs. 2019 Sales $1,590 $1,529 4% $1,485 7% $5,972 $6,336 (6%) Operating Income $166 $42 295% $68 144% $301 $451 (33%) EBITDA $334 $209 60% $218 53% $957 $1,032 (7%)

Olefins Segment Performance 7 Fourth Quarter 2020 vs. Third Quarter 2020 – Impact from hurricanes + Higher sales prices and margins for polyethylene Fourth Quarter 2020 vs. Fourth Quarter 2019 – Impact from hurricanes + Higher sales prices and margins for polyethylene ($ in millions) 4Q 2020 3Q 2020 4Q 2020 vs. 3Q 2020 4Q 2019 4Q 2020 vs. 4Q 2019 2020 2019 2020 vs. 2019 Sales $375 $369 2% $398 (6%) $1,532 $1,782 (14%) Operating Income $22 $51 (57%) $49 (55%) $160 $260 (38%) EBITDA $59 $86 (31%) $86 (31%) $303 $407 (26%)

Financial Reconciliations

Consolidated Statements of Operations 9 Three months ended September 30, Three months ended December 31, Twelve months ended December 31, 2020 2020 2019 2020 2019 (In millions of dollars, except per share data) Net sales $ 1,898 $ 1,965 $ 1,883 $ 7,504 $ 8,118 Cost of sales 1,650 1,642 1,633 6,481 6,858 Gross profit 248 323 250 1,023 1,260 Selling, general and administrative expenses 108 117 115 449 458 Amortization of intangibles 27 28 28 109 109 Restructuring, transaction and integration-related costs 34 0 5 36 37 Income from operations 79 178 102 429 656 Interest expense (37) (34) (35) (142) (124) Other income, net 12 12 6 44 38 Income before income taxes 54 156 73 331 570 Provision for (benefit from) income taxes (15) 33 (12) (42) 108 Net income 69 123 85 373 462 Net income attributable to noncontrolling interests 12 10 13 43 41 Net income attributable to Westlake Chemical Corporation $ 57 $ 113 $ 72 $ 330 $ 421 Earnings per common share attributable to Westlake Chemical Corporation: Basic $ 0.45 $ 0.87 $ 0.56 $ 2.57 $ 3.26 Diluted $ 0.45 $ 0.87 $ 0.56 $ 2.56 $ 3.25

Reconciliation of EBITDA to Net Income, Income from Operations and Net Cash Provided by Operating Activities 10 Three months ended September 30, Three months ended December 31, Twelve months ended December 31, 2020 2020 2019 2020 2019 (In millions of dollars) Net cash provided by operating activities $ 357 $ 431 $ 333 $ 1,297 $ 1,301 Changes in operating assets and liabilities and other (230) (316) (228) (778) (785) Deferred income taxes (58) 8 (20) (146) (54) Net income 69 123 85 373 462 Less: Other income, net 12 12 6 44 38 Interest expense (37) (34) (35) (142) (124) Benefit from (provision for) income taxes 15 (33) 12 42 (108) Income from operations 79 178 102 429 656 Add: Depreciation and amortization 196 196 188 773 713 Other income, net 12 12 6 44 38 EBITDA $ 287 $ 386 $ 296 $ 1,246 $ 1,407

Reconciliation of Vinyls, Olefins and Corporate EBITDA to Applicable Operating Income (Loss) 11 Three months ended September 30, Three months ended December 31, Twelve months ended December 31, 2020 2020 2019 2020 2019 (In millions of dollars) Vinyls EBITDA $ 209 $ 334 $ 218 $ 957 $ 1,032 Less: Depreciation and Amortization 160 159 150 626 563 Other Income 7 9 0 30 18 Vinyls Operating Income (Loss) 42 166 68 301 451 Olefins EBITDA 86 59 86 303 407 Less: Depreciation and Amortization 34 35 36 139 142 Other Income 1 2 1 4 5 Olefins Operating Income (Loss) 51 22 49 160 260 Corporate EBITDA (8) (7) (8) (14) (32) Less: Depreciation and Amortization 2 2 2 8 8 Other Income 4 1 5 10 15 Corporate Operating Income (Loss) (14) (10) (15) (32) (55) Vinyls Operating Income (Loss) 42 166 68 301 451 Olefins Operating Income (Loss) 51 22 49 160 260 Corporate Operating Income (Loss) (14) (10) (15) (32) (55) Total Operating Income (Loss) $ 79 $ 178 $ 102 $ 429 $ 656

Quarterly Industry Pricing

1) Industry pricing data was obtained through IHS Markit ("IHS"). We have not independently verified the data. 2) Average Mont Belvieu spot prices of purity ethane over the period. 3) Average Mont Belvieu spot prices of non-TET propane over the period. 4) Average North American spot prices of ethylene over the period. 5) Average North American Net Transaction prices of polyethylene low density GP-Film grade over the period. 6) Average North American contract prices of styrene over the period. 7) Average USGC-CSLi index values for caustic soda over the period. As stated by IHS, "the caustic soda price listing represents the USGC-CSLi values. USGC-CSLi does not reflect contract price discounts, implementation lags, caps or other adjustments factors. Additionally, it is not intended to represent a simple arithmetic average of all market transactions occurring during the month. Rather, the USGC-CSLi is most representative of the month-to-month caustic soda price movement for contract volumes of liquid 50% caustic soda rather than the absolute value of contract prices at a particular point in time. It is intended to serve only as a benchmark." 8) Average North American contract prices of chlorine over the period. 9) Average North American contract prices of pipe grade polyvinyl chloride ("PVC") over the period. As stated by IHS, "the contract resin prices posted reflect an "index" or "market" for prices before discounts, rebates, incentives, etc." 10) Average North American export price for low density polyethylene GP-Film grade over the period. 11) Average North American low spot export prices of caustic soda over the period. 12) Average North American spot export prices of PVC over the period. Average Quarterly Industry Prices (1) 13 Quarter Ended December 31, 2019 March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Average domestic prices Ethane (cents/lb) (2) 6.3 4.7 6.4 7.4 7.1 Propane (cents/lb) (3) 11.8 8.8 9.6 11.9 13.5 Ethylene (cents/lb) (4) 22.8 15.8 11.0 19.3 24.0 Polyethylene (cents/lb) (5) 54.0 52.3 49.0 61.0 67.7 Styrene (cents/lb) (6) 77.1 62.3 48.3 53.8 59.6 Caustic soda ($/short ton) (7) 662 648 698 697 653 Chlorine ($/short ton) (8) 175 176 175 176 193 PVC (cents/lb) (9) 67.8 71.8 66.5 73.3 84.5 Average export prices Polyethylene (cents/lb) (10) 37.7 39.4 38.5 45.7 53.2 Caustic soda ($/short ton) (11) 219 203 319 260 219 PVC (cents/lb) (12) 33.6 36.9 27.5 38.5 55.4

Safe Harbor Language This presentation contains certain forward-looking statements including statements regarding PVC, polyethylene and building products pricing and demand, continued recovery in key end markets (such as housing starts), our cost control and efficiency efforts, our ability to capture integrated chain margin, and results of reinvestment in our businesses. Actual results may differ materially depending on factors such as general economic and business conditions; the cyclical nature of the chemical industry; the availability, cost and volatility of raw materials and energy; uncertainties associated with the United States, Europe and worldwide economies, including those due to political tensions in the Middle East and elsewhere; current and potential governmental regulatory actions in the United States and Europe and regulatory actions and political unrest in other countries; industry production capacity and operating rates; the supply/ demand balance for our products; competitive products and pricing pressures; instability in the credit and financial markets; access to capital markets; terrorist acts; operating interruptions including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, labor difficulties, transportation interruptions, spills and releases and other environmental risks; changes in laws or regulations; technological developments; our ability to implement our business strategies; creditworthiness of our customers; uncertainties associated with the COVID-19 pandemic; and other factors described in our reports filed with the Securities and Exchange Commission. Many of these factors are beyond our ability to control or predict. Any of these factors, or a combination of these factors, could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements. These forward-looking statements are not guarantees of our future performance, and our actual results and future developments may differ materially from those projected in the forward-looking statements. Management cautions against putting undue reliance on forward-looking statements. Every forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements. Investor Relations Contacts Westlake Chemical 2801 Post Oak Boulevard, Suite 600 Houston, Texas 77056 713-960-9111 Steve Bender Executive Vice President & Chief Financial Officer Jeff Holy Vice President & Treasurer 14

XML

Cover Page Cover Page	Feb. 23, 2021
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 23, 2021
Entity Registrant Name	Westlake Chemical Corporation
Entity Incorporation, State or Country Code	DE
Entity File Number	001-32260
Entity Tax Identification Number	76-0346924
Entity Address, Address Line One	2801 Post Oak Boulevard,
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056
City Area Code	713
Local Phone Number	960-9111
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Amendment Flag	false
Entity Central Index Key	0001262823
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	WLK
Security Exchange Name	NYSE
One Point Six Two Five Percentage Senior Notes Due Twenty Twenty Nine [Member] [Domain]
Document Information [Line Items]
Title of 12(b) Security	1.625% Senior Notes due 2029
Trading Symbol	WLK29
Security Exchange Name	NYSE