Westlake Chemical Partners LP (Notes)

6 Months Ended

Jun. 30, 2021

Partners' Capital [Abstract]

Westlake Chemical Partners LP

Westlake Chemical Partners LP

In 2014, the Company formed Westlake Chemical Partners LP ("WLK Partners") to operate, acquire and develop ethylene production facilities and related assets. Also in 2014, WLK Partners completed its initial public offering of 12,937,500 common units.

At June 30, 2021, WLK Partners had a 22.8% limited partner interest in Westlake Chemical OpCo LP ("OpCo"), and the Company retained a 77.2% limited partner interest in OpCo and a significant interest in WLK Partners through the Company's ownership of WLK Partners' general partner, 40.1% of the limited partner interests (consisting of 14,122,230 common units) and incentive distribution rights.

On October 4, 2018, WLK Partners and Westlake Partners GP, the general partner of WLK Partners, entered into an Equity Distribution Agreement with UBS Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC to offer and sell WLK Partners' common units, from time to time, up to an aggregate offering amount of $50. This Equity Distribution Agreement was amended on February 28, 2020 to reference a new shelf registration for utilization under this agreement. No common units were issued under this program as of June 30, 2021.