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): November 2, 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 November 2, 2021, Westlake Chemical Corporation (the "Company") issued a press release announcing its 2021 third quarter 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 November 2, 2021 to discuss its 2021 third quarter 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 2021 third quarter 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 November 2, 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:	November 2, 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 Third Quarter 2021 Results

•Record quarterly net sales of $3.1 billion

•Record quarterly net income of $607 million

•Record quarterly EBITDA of $1.1 billion

•Completed acquisitions of Boral’s North American building products businesses, Dimex LLC and LASCO Fittings, Inc.

HOUSTON--(BUSINESS WIRE)-- Westlake Chemical Corporation (NYSE: WLK) (the "Company" or "Westlake") today reported record net income, excluding one-time tax benefits in a prior quarter, attributable to Westlake for the three months ended September 30, 2021 of $607 million, or $4.69 per diluted share, on record net sales of $3,055 million. Net income in the third quarter of 2021 increased by $550 million, or $4.24 per share, from third quarter 2020 net income of $57 million on net sales of $1,898 million despite the negative impacts of Hurricane Ida. Income from operations for the third quarter of 2021 was a quarterly record of $861 million, and increased by $782 million from income from operations of $79 million for the third quarter of 2020. The increases in net income and income from operations were driven by significantly higher sales prices and margins for most of our major products. PVC resin margins benefited from the continued strength of residential construction coupled with the solid repair and remodeling markets, also driving demand in our building products business. Additionally, the olefins business experienced robust strength from packaging and consumer markets resulting in higher prices and margins driven by the global economic expansion.

Third quarter 2021 net income of $607 million, or $4.69 per share, increased by $85 million from second quarter 2021 net income of $522 million. Income from operations of $861 million for the third quarter of 2021 increased by $141 million from income from operations of $720 million for the second quarter of 2021. The increases in net income and income from operations versus the prior quarter were primarily due to higher sales prices and higher margins for most of our major products, including caustic soda and building products.

For the first nine months of 2021, net income of $1,371 million, or $10.60 per share, increased by $1,154 million from the first nine months of 2020 net income of $217 million. Income from operations of $1,927 million for the first nine months of 2021 increased by $1,676 million from income from operations of $251 million for the first nine months of 2020, which was severely impacted by the global COVID-19 pandemic. The increases in net income and income from operations were primarily due to the global economic recovery, which has driven strong demand and significantly higher sales prices and margins for most of our major products and strong demand in our building products business.

On August 19, 2021, Westlake announced that it acquired LASCO Fittings, Inc. ("LASCO"), a leading manufacturer of injected-molded PVC fittings. The acquisition will add complementary products to NAPCO's existing portfolio of pipe and fittings products, with an emphasis on new products and new markets.

On September 10, 2021, Westlake announced the completion of the acquisition of Dimex LLC ("Dimex"). The acquisition adds a range of post-industrial recycled plastic consumer and building products, including landscape edging; industrial, home and office matting; marine dock edging; and masonry joint controls. Dimex is engaged in the development of additional opportunities to increase the use of recycled materials to meet the growing demand for sustainable and durable consumer products.

i

On October 1, 2021, Westlake announced the completion of the acquisition of Boral Limited's North American building products businesses ("Boral North America") in roofing; siding, trim and shutters; decorative stone; and windows. The acquisition positions Westlake at the forefront of the growing building products and construction markets, with durable and sustainable materials and creates opportunities for further product innovations.

"In the third quarter, we accomplished a number of milestones at Westlake. We achieved a consecutive quarter of record earnings as we continue to benefit from the global economic expansion that began early in the second half of 2020 with strong demand across our product offerings which enhance the lives of countless peoples, illustrating the earnings capabilities of our company," said Albert Chao, President and Chief Executive Officer. "As global supply chains and manufacturing recover to meet pent-up consumer demand across the spectrum of manufactured goods, Westlake is well positioned to continue to deliver strong results."

"Through the investments of approximately $2.6 billion we made in our recent acquisitions of Boral North America, Dimex and LASCO, we have created a platform for the next chapter of our growing building products business in North America," continued Mr. Chao. "These investments build our footprint in the sustainable building product markets, enhancing our position to drive greater value with new and complementary platforms and long-term growth opportunities for Westlake. We are excited to welcome the Boral, Dimex and LASCO employees to the Westlake family."

Net cash provided by operating activities was $755 million for the third quarter of 2021. As of September 30, 2021, cash and cash equivalents were $3,571 million and long-term debt was $5,197 million. Capital expenditures were $144 million for the third quarter of 2021.

Record EBITDA (earnings before interest expense, income taxes, depreciation and amortization) of $1,077 million for the third quarter of 2021 increased by $790 million compared to third quarter 2020 EBITDA of $287 million. Third quarter 2021 EBITDA increased by $145 million compared to second quarter 2021 EBITDA of $932 million. Record EBITDA of $2,562 million for the first nine months of 2021 was $1,702 million higher than EBITDA for the first nine months of 2020 of $860 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

Record Vinyls income from operations for the third quarter of 2021 of $601 million increased by $559 million from third quarter 2020 income from operations of $42 million. This increase in income from operations versus the prior-year period was primarily due to significantly higher sales prices and margins as well as increased earnings in our building products business.

Record Vinyls income from operations for the third quarter of 2021 of $601 million increased by $166 million from second quarter 2021 income from operations of $435 million primarily due to higher sales prices and integrated margins for caustic soda and chlorine as well as increased earnings in our building products business.

For the first nine months of 2021, Vinyls income from operations of $1,236 million increased by $1,101 million from income from operations of $135 million for the first nine months of 2020. This increase in income from operations versus the prior-year period was primarily due to significantly higher sales prices and integrated margins for PVC resin as well as strong demand in our building products business. Income from operations for the first nine months of 2021 saw higher ethylene and energy costs as well as the impacts from Winter Storm Uri and Hurricane Ida, while income from operations for the first nine months of 2020 was negatively impacted by the onset of the COVID-19 pandemic and Hurricane Laura.

OLEFINS SEGMENT

Record Olefins income from operations for the third quarter of 2021 of $281 million increased by $230 million from third quarter 2020 income from operations of $51 million. This increase in income from operations versus the prior-year period was primarily due to significantly higher sales prices and margins for all of our products, driven by solid global demand.

Record Olefins income from operations of $281 million in the third quarter of 2021 increased by $4 million from second quarter 2021 income from operations of $277 million. This increase in income from operations versus the prior quarter was primarily due to higher sales prices and margins for polyethylene.

ii

For the first nine months of 2021, Olefins income from operations of $738 million increased by $600 million from income from operations of $138 million for the first nine months of 2020. This increase in income from operations was primarily due to significantly higher sales prices and margins as well as 2020 impacts of Hurricane Laura, partially offset by lower polyethylene sales volumes resulting from Winter Storm Uri.

Forward-Looking Statements

The statements in this release and the related teleconference relating to matters that are not historical facts, including statements regarding our ability to deliver strong results, continued improvement of our performance in 2021, and demand for polyethylene, PVC and downstream building products, 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; the ability to integrate the recent acquisitions; the diversion of management time on transaction-related issues; 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, 2020, which was filed with the SEC in February 2021.

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 building products and infrastructure materials, to packaging and healthcare products, to automotive and consumer goods. 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 third quarter 2021 results will be held Tuesday, November 2, 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 249 55 84.

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A replay of the conference call will be available beginning two hours after its conclusion until 11:59 p.m. Eastern Time on November 9, 2021. To hear a replay, dial (855) 859-2056 or (404) 537-3406 for international callers. The replay passcode is 249 55 84.

The conference call will also be available via webcast at https://edge.media-server.com/mmc/p/k7sddqsx and the earnings release can be obtained via the Company's web page at: http://www.westlake.com/investor-relations.

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WESTLAKE CHEMICAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(In millions of dollars, except per share data)
Net sales	$	3,055	$	1,898	$	8,271	$	5,539
Cost of sales	2,037		1,650		5,872		4,839
Gross profit	1,018		248		2,399		700
Selling, general and administrative expenses	122		108		383		332
Amortization of intangibles	29		27		83		81
Restructuring, transaction and integration-related costs	6		34		6		36
Income from operations	861		79		1,927		251
Interest expense	(61)		(37)		(130)		(108)
Other income, net	13		12		35		32
Income before income taxes	813		54		1,832		175
Provision for (benefit from) income taxes	193		(15)		423		(75)
Net income	620		69		1,409		250
Net income attributable to noncontrolling interests	13		12		38		33
Net income attributable to Westlake Chemical Corporation	$	607	$	57	$	1,371	$	217
Earnings per common share attributable to Westlake Chemical Corporation:
Basic	$	4.71	$	0.45	$	10.65	$	1.69
Diluted	$	4.69	$	0.45	$	10.60	$	1.69

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WESTLAKE CHEMICAL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	September 30, 2021		December 31, 2020
	(In millions of dollars)
ASSETS
Current assets
Cash and cash equivalents	$	3,571	$	1,313
Accounts receivable, net	1,642		1,214
Inventories	1,124		918
Prepaid expenses and other current assets	98		32
Total current assets	6,435		3,477
Property, plant and equipment, net	6,992		6,920
Other assets, net	3,681		3,438
Total assets	$	17,108	$	13,835
LIABILITIES AND EQUITY
Current liabilities (accounts payable and accrued and other liabilities)	$	1,630	$	1,357
Current portion of long-term debt, net	268		—
Long-term debt, net	4,929		3,566
Other liabilities	2,412		2,334
Total liabilities	9,239		7,257
Total Westlake Chemical Corporation stockholders' equity	7,298		6,043
Noncontrolling interests	571		535
Total equity	7,869		6,578
Total liabilities and equity	$	17,108	$	13,835

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WESTLAKE CHEMICAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended September 30,
	2021		2020
	(In millions of dollars)
Cash flows from operating activities
Net income	$	1,409	$	250
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	600		577
Deferred income taxes	50		154
Net loss on disposition and others	58		70
Other balance sheet changes	(480)		(185)
Net cash provided by operating activities	1,637		866
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	(428)		—
Additions to property, plant and equipment	(414)		(403)
Return of (additions to) investment from unconsolidated subsidiaries	(19)		44
Other, net	19		(7)
Net cash used for investing activities	(842)		(366)
Cash flows from financing activities
Debt issuance costs	(18)		(3)
Distributions to noncontrolling interests	(32)		(39)
Dividends paid	(107)		(102)
Proceeds from debt issuance and drawdown of revolver, net	1,668		1,299
Proceeds from (repayment of) short-term notes payable, net	5		(17)
Repayment of revolver and senior notes	—		(1,100)
Repurchase of common stock for treasury	(30)		(54)
Other, net	1		2
Net cash provided by (used for) financing activities	1,487		(14)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(9)		4
Net increase in cash, cash equivalents and restricted cash	2,273		490
Cash, cash equivalents and restricted cash at beginning of period	1,337		750
Cash, cash equivalents and restricted cash at end of period	$	3,610	$	1,240

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WESTLAKE CHEMICAL CORPORATION

SEGMENT INFORMATION

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(In millions of dollars)
Net external sales
Vinyls	$	2,348	$	1,529	$	6,356	$	4,382
Olefins	707		369		1,915		1,157
	$	3,055	$	1,898	$	8,271	$	5,539
Income (loss) from operations
Vinyls	$	601	$	42	$	1,236	$	135
Olefins	281		51		738		138
Corporate and other	(21)		(14)		(47)		(22)
	$	861	$	79	$	1,927	$	251
Depreciation and amortization
Vinyls	$	166	$	160	$	486	$	467
Olefins	36		34		109		104
Corporate and other	1		2		5		6
	$	203	$	196	$	600	$	577
Other income, net
Vinyls	$	10	$	7	$	27	$	21
Olefins	—		1		2		2
Corporate and other	3		4		6		9
	$	13	$	12	$	35	$	32

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WESTLAKE CHEMICAL CORPORATION

RECONCILIATION OF EBITDA TO NET INCOME, INCOME FROM OPERATIONS AND

NET CASH PROVIDED BY OPERATING ACTIVITIES

(Unaudited)

	Three Months Ended June 30,		Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2021		2020		2021		2020
	(In millions of dollars)
Net cash provided by operating activities	$	617	$	755	$	357	$	1,637	$	866
Changes in operating assets and liabilities and other	(67)		(109)		(230)		(178)		(462)
Deferred income taxes	(14)		(26)		(58)		(50)		(154)
Net income	536		620		69		1,409		250
Less:
Other income, net	10		13		12		35		32
Interest expense	(36)		(61)		(37)		(130)		(108)
Benefit from (provision for) income taxes	(158)		(193)		15		(423)		75
Income from operations	720		861		79		1,927		251
Add:
Depreciation and amortization	202		203		196		600		577
Other income, net	10		13		12		35		32
EBITDA	$	932	$	1,077	$	287	$	2,562	$	860

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WESTLAKE CHEMICAL CORPORATION

SUPPLEMENTAL INFORMATION

Product Sales Price and Volume Variance by Operating Segments

	Third Quarter 2021 vs. Third Quarter 2020				Third Quarter 2021 vs. Second Quarter 2021
	Average Sales Price		Volume		Average Sales Price		Volume
Vinyls	+53.0	%	+0.5	%	+10.3	%	-3.0	%
Olefins	+88.1	%	+3.6	%	+4.5	%	+0.8	%
Company	+59.8	%	+1.1	%	+8.9	%	-2.1	%

Average Quarterly Industry Prices (1)

	Quarter Ended
	September 30, 2020	December 31, 2020	March 31, 2021	June 30, 2021	September 30, 2021
Average domestic prices
Natural gas ($/MMBtu) (2)	2.0	2.7	2.8	2.9	4.0
Ethane (cents/lb) (3)	7.4	7.1	8.1	8.7	11.7
Propane (cents/lb) (4)	11.9	13.5	21.2	20.7	27.6
Ethylene (cents/lb) (5)	19.3	24.0	45.1	43.0	48.0
Polyethylene (cents/lb) (6)	61.0	67.7	78.0	99.0	109.0
Styrene (cents/lb) (7)	53.8	59.6	76.5	90.5	82.0
Caustic soda ($/short ton) (8)	697	653	648	755	825
Chlorine ($/short ton) (9)	176	193	234	309	443
PVC (cents/lb) (10)	73.3	84.5	92.8	105.0	109.0
Average export prices
Polyethylene (cents/lb) (11)	45.7	53.2	76.3	89.7	86.0
Caustic soda ($/short ton) (12)	260	219	249	333	364
PVC (cents/lb) (13)	38.5	55.4	67.8	77.8	74.1

________________

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

(2)Average Burner Tip contract prices of natural gas over the period.

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

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

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

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

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

(8)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."

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

(10)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."

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

x

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

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

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EX-99.2

Third Quarter 2021 Earnings Presentation November 2, 2021

Westlake Chemical Third Quarter 2021 Highlights 2 Business Highlights  Westlake achieved record quarterly net income of $607 million and record EBITDA of $1.1 billion, anchored by strong margins across our product offerings and generated $755 million in operating cash flows  Record quarterly Vinyls EBITDA of $777 million  Record quarterly Olefins EBITDA of $317 million siness Highlights $607 MM $4.69 $3.6 B $1.1 B 1 (1) Reconciliations of EBITDA to the applicable GAAP measure can be found on page 11 Strategic Acquisitions Acquisitions totaling $2.6 billion Westlake expands footprint, product offerings and green portfolio  In the third quarter, completed the acquisitions of LASCO Fittings, Inc. and Dimex LLC  In early October, completed the acquisition of Boral Limited's North American building products  The three acquisitions create leading market positions in the housing and repair & modeling markets driving enhanced customer satisfaction

Industry Outlook and Sustainability 3 Industry Outlook  Globally strong demand for construction materials. Robust demand in U.S. housing and repairs and remodeling activities  PVC supply/demand fundamentals remaining strong with the growth in demand higher than the limited supply increases  Consumer demand remains favorable for essential everyday packaging and healthcare products driving value in polyethylene I ustry Outlook Industry Outlook  Introducing our GreenVin, a low-carbon caustic soda that utilizes a reduced CO2 footprint by more than 30% compared to conventional caustic soda  Our newly launched PVC Oriented Pipe, referred to as “PVC-O,” allows Westlake to offer PVC pipe that uses less material while delivering the enhanced strength and capabilities of current PVC pipes  Westlake Dimex, one of the largest processors of post-industrial recycled plastic material, manufactures a variety of consumer products including lawn edging Green Products

Westlake Chemical Corporation Third Quarter 2021 Financial Highlights (1) Reconciliations of EBITDA, Vinyls EBITDA, Olefins EBITDA and Corporate EBITDA to the applicable GAAP measures can be found on pages 11 and 12 Third Quarter 2021 vs. Second Quarter 2021 + Higher sales prices for most of our major products including caustic soda, PVC and building products + Higher earnings in our building products business driven by high prices – Impact of Hurricane Ida Third Quarter 2021 vs. Third Quarter 2020 + PVC resin margins benefited from the continued strength of residential construction + Robust strength from packaging and healthcare markets resulting in higher prices – Impact of planned maintenance outages 4 ($ in millions) 3Q 2021 2Q 2021 3Q 2021 vs. 2Q 2021 3Q 2020 YTD 2021 YTD 2020 YTD 2021 vs. YTD 2020 Sales $3,055 $2,859 7% $1,898 $8,271 $5,539 49% Operating Income $861 $720 20% $79 $1,927 $251 668% Vinyls EBITDA $777 $605 28% $209 $1,749 $623 181% Olefins EBITDA $317 $316 0% $86 $849 $244 248% Corporate EBITDA ($17) $11 - ($8) ($36) ($7) (414%) EBITDA¹ $1,077 $932 16% $287 $2,562 $860 198%

Vinyls Segment Performance 5 Third Quarter 2021 vs. Second Quarter 2021 + Higher sales prices for caustic, PVC and most of our other major products and higher integrated margins from continued tight supply/demand dynamics + Increased earnings in our building products business driven by higher prices Third Quarter 2021 vs. Third Quarter 2020 + Significantly higher sales prices and margins driven by strong demand for caustic and PVC attributable to momentum in global construction + Increased earnings in our building products business +10.3% -3.0% Vinyls Segment 3Q 2021 vs. 2Q 2021 +53.0% +0.5% Vinyls Segment 3Q 2021 vs. 3Q 2020 (1) Reconciliations of EBITDA to the applicable GAAP measure can be found on page 12 ($ in millions) 3Q 2021 2Q 2021 3Q 2021 vs. 2Q 2021 3Q 2020 YTD 2021 YTD 2020 YTD 2021 vs. YTD 2020 Sales $2,348 $2,188 7% $1,529 $6,356 $4,382 45% Operating Income $601 $435 38% $42 $1,236 $135 816% EBITDA $777 $605 28% $209 $1,749 $623 181%

Olefins Segment Performance 6 Third Quarter 2021 vs. Second Quarter 2021 + Higher polyethylene sales prices and margins from continuing consumer demand for essential everyday packaging and healthcare products – Impact of Hurricane Ida Third Quarter 2021 vs. Third Quarter 2020 + Significantly higher sales prices and margins for all of our products, driven by solid global demand for packaging and healthcare products – Impact of planned maintenance outages +4.5% +0.8% Olefins Segment 3Q 2021 vs. 2Q 2021 +88.1% +3.6% Olefins Segment 3Q 2021 vs. 3Q 2020 (1) Reconciliations of EBITDA to the applicable GAAP measure can be found on page 12 ($ in millions) 3Q 2021 2Q 2021 3Q 2021 vs. 2Q 2021 3Q 2020 YTD 2021 YTD 2020 YTD 2021 vs. YTD 2020 Sales $707 $671 5% $369 $1,915 $1,157 66% Operating Income $281 $277 1% $51 $738 $138 435% EBITDA $317 $316 0% $86 $849 $244 248%

Westlake’s sustainability report can be found at https://www.westlake.com/sustainability Commitment to Corporate Social Responsibility is Formed by Five Longstanding Core Values 7

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 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. 8 Developing Green Products Westlake offers certified climate-friendly caustic soda utilizing renewable energy Guarantees of Origin (GOs). The CO2 footprint of this low-carbon caustic soda introduced to the European market under the brand name GreenVin is reduced by more than 30% compared to conventional caustic soda. Westlake offers PVC Oriented Pipe delivering PVC pipe that uses less material while delivering the enhanced strength and capabilities of current PVC pipes. Through the acquisition of Dimex, one of the largest processors of post-industrial recycled plastic material in the United States, Westlake expands product portfolio to include a variety of consumer products. We are continuing to develop products that are in line with our sustainability goals while meeting the need for greener products.

Financial Reconciliations

Consolidated Statements of Operations 10 Three months ended June 30, Three months ended September 30, Nine months ended September 30, 2021 2021 2020 2021 2020 (In millions of dollars, except per share data) Net sales $ 2,859 $ 3,055 $ 1,898 $ 8,271 $ 5,539 Cost of sales 1,987 2,037 1,650 5,872 4,839 Gross profit 872 1,018 248 2,399 700 Selling, general and administrative expenses 125 122 108 383 332 Amortization of intangibles 27 29 27 83 81 Restructuring, transaction and integration-related costs - 6 34 6 36 Income from operations 720 861 79 1,927 251 Interest expense (36) (61) (37) (130) (108) Other income, net 10 13 12 35 32 Income before income taxes 694 813 54 1,832 175 Provision for (benefit from) income taxes 158 193 (15) 423 (75) Net income 536 620 69 1,409 250 Net income attributable to noncontrolling interests 14 13 12 38 33 Net income attributable to Westlake Chemical Corporation $ 522 $ 607 $ 57 $ 1,371 $ 217 Earnings per common share attributable to Westlake Chemical Corporation: Basic $ 4.06 $ 4.71 $ 0.45 $ 10.65 $ 1.69 Diluted $ 4.04 $ 4.69 $ 0.45 $ 10.60 $ 1.69

Reconciliation of EBITDA to Net Income, Income from Operations and Net Cash Provided by Operating Activities 11 Three months ended June 30, Three months ended September 30, Nine months ended September 30, 2021 2021 2020 2021 2020 (In millions of dollars) Net cash provided by operating activities $ 617 $ 755 $ 357 $ 1,637 $ 866 Changes in operating assets and liabilities and other (67) (109) (230) (178) (462) Deferred income taxes (14) (26) (58) (50) (154) Net income 536 620 69 1409 250 Less: Other income, net 10 13 12 35 32 Interest expense (36) (61) (37) (130) (108) Benefit from (provision for) income taxes (158) (193) 15 (423) 75 Income from operations 720 861 79 1,927 251 Add: Depreciation and amortization 202 203 196 600 577 Other income, net 10 13 12 35 32 EBITDA $ 932 $ 1,077 $ 287 $ 2,562 $ 860

Reconciliation of Vinyls, Olefins and Corporate EBITDA to Applicable Operating Income (Loss) 12 Three months ended June 30, Three months ended September 30, Nine months ended September 30, 2021 2021 2020 2021 2020 (In millions of dollars) Vinyls EBITDA $ 605 $ 777 $ 209 $ 1,749 $ 623 Less: Depreciation and Amortization 163 166 160 486 467 Other Income (Expenses) 7 10 7 27 21 Vinyls Operating Income (Loss) 435 601 42 1,236 135 Olefins EBITDA 316 317 86 849 244 Less: Depreciation and Amortization 37 36 34 109 104 Other Income (Expenses) 2 - 1 2 2 Olefins Operating Income (Loss) 277 281 51 738 138 Corporate EBITDA 11 (17) (8) (36) (7) Less: Depreciation and Amortization 2 1 2 5 6 Other Income (Expenses) 1 3 4 6 9 Corporate Operating Income (Loss) 8 (21) (14) (47) (22) Vinyls Operating Income (Loss) 435 601 42 1,236 135 Olefins Operating Income (Loss) 277 281 51 738 138 Corporate Operating Income (Loss) 8 (21) (14) (47) (22) Total Operating Income (Loss) $ 720 $ 861 $ 79 $ 1,927 $ 251

Quarterly Industry Pricing

1) Industry pricing data was obtained through IHS Markit ("IHS"). We have not independently verified the data. 2) Average Burner Tip contract prices of natural gas over the period. 3) Average Mont Belvieu spot prices of purity ethane over the period. 4) Average Mont Belvieu spot prices of non-TET propane over the period. 5) Average North American spot prices of ethylene over the period. 6) Average North American Net Transaction prices of polyethylene low density GP-Film grade over the period. 7) Average North American contract prices of styrene over the period. 8) 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." 9) Average North American contract prices of chlorine over the period. 10) 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." 11) Average North American export price for low density polyethylene GP-Film grade over the period. 12) Average North American low spot export prices of caustic soda over the period. 13) Average North American spot export prices of PVC over the period. Average Quarterly Industry Prices (1) 14 Quarter Ended September 30, 2020 December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 Average domestic prices Natural gas ($/MMBtu) (2) 2.0 2.7 2.8 2.9 4.0 Ethane (cents/lb) (3) 7.4 7.1 8.1 8.7 11.7 Propane (cents/lb) (4) 11.9 13.5 21.2 20.7 27.6 Ethylene (cents/lb) (5) 19.3 24.0 45.1 43.0 48.0 Polyethylene (cents/lb) (6) 61.0 67.7 78.0 99.0 109.0 Styrene (cents/lb) (7) 53.8 59.6 76.5 90.5 82.0 Caustic soda ($/short ton) (8) 697 653 648 755 825 Chlorine ($/short ton) (9) 176 193 234 309 443 PVC (cents/lb) (10) 73.3 84.5 92.8 105.0 109.0 Average export prices Polyethylene (cents/lb) (11) 45.7 53.2 76.3 89.7 86.0 Caustic soda ($/short ton) (12) 260 219 249 333 364 PVC (cents/lb) (13) 38.5 55.4 67.8 77.8 74.1

Safe Harbor Language This presentation contains certain forward-looking statements including statements regarding PVC, polyethylene, building products and caustic soda pricing and demand, continued recovery in key end markets, our cost control and efficiency efforts, our ability to deliver end-use building products to consumers, our ability to capture integrated chain margin, our development of additional green products in the future and our reduction in carbon impact. Actual results may differ materially depending on factors, including, but not limited to, the following: the effects of our recently completed acquisitions, including our future financial condition, results of operations, strategy and plans; and expected synergies and other benefits from the acquisitions and our ability to realize such synergies and other benefits; general economic and business conditions; the cyclical nature of the chemical and building products industries; the availability, cost and volatility of raw materials and energy; uncertainties associated with the United States, European and worldwide economies, including those due to political tensions and unrest in the Middle East and elsewhere; uncertainties associated with pandemic infectious diseases, particularly COVID-19; current and potential governmental regulatory actions in the United States and 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, including trade policies; technological developments; foreign currency exchange risks; our ability to implement our business strategies; creditworthiness of our customers; 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 15

XML

Cover Page	Nov. 02, 2021
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Nov. 02, 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
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	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