(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
WESTLAKE CHEMICAL PARTNERS LP | ||||||||||||||
By: Westlake Chemical Partners GP LLC | ||||||||||||||
Date: | By: | /S/ ALBERT CHAO | ||||||||||||
Albert Chao President and Chief Executive Officer |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(In thousands of dollars, except per unit data) | ||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
Net sales—Westlake Chemical Corporation ("Westlake") | $ | 240,956 | $ | 227,431 | $ | 460,759 | $ | 442,259 | ||||||||||||||||||
Net co-product, ethylene and other sales—third parties | 81,273 | 11,069 | 129,677 | 46,790 | ||||||||||||||||||||||
Total net sales | 322,229 | 238,500 | 590,436 | 489,049 | ||||||||||||||||||||||
Cost of sales | 191,200 | 148,470 | 371,708 | 295,471 | ||||||||||||||||||||||
Gross profit | 131,029 | 90,030 | 218,728 | 193,578 | ||||||||||||||||||||||
Selling, general and administrative expenses | 8,269 | 6,139 | 16,942 | 12,335 | ||||||||||||||||||||||
Income from operations | 122,760 | 83,891 | 201,786 | 181,243 | ||||||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||
Interest expense—Westlake | (2,224) | (3,431) | (4,460) | (7,381) | ||||||||||||||||||||||
Other income, net | 21 | 123 | 28 | 708 | ||||||||||||||||||||||
Income before income taxes | 120,557 | 80,583 | 197,354 | 174,570 | ||||||||||||||||||||||
Income tax provision | 263 | 206 | 438 | 423 | ||||||||||||||||||||||
Net income | 120,294 | 80,377 | 196,916 | 174,147 | ||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests in Westlake Chemical OpCo LP ("OpCo") | 95,195 | 65,517 | 156,671 | 141,540 | ||||||||||||||||||||||
Net income attributable to Westlake Partners | $ | 25,099 | $ | 14,860 | $ | 40,245 | $ | 32,607 | ||||||||||||||||||
Net income per limited partners unit attributable to Westlake Partners (basic and diluted) | ||||||||||||||||||||||||||
Common units | $ | 0.71 | $ | 0.43 | $ | 1.14 | $ | 0.93 | ||||||||||||||||||
Distributions declared per unit | $ | 0.4714 | $ | 0.4714 | $ | 0.9428 | $ | 0.9428 | ||||||||||||||||||
MLP distributable cash flow | $ | 25,538 | $ | 16,855 | $ | 41,783 | $ | 35,192 | ||||||||||||||||||
Distributions declared | ||||||||||||||||||||||||||
Limited partner units—publicly and privately held | $ | 9,938 | $ | 9,933 | $ | 19,874 | $ | 19,867 | ||||||||||||||||||
Limited partner units—Westlake | 6,657 | 6,657 | 13,314 | 13,314 | ||||||||||||||||||||||
Total distributions declared | $ | 16,595 | $ | 16,590 | $ | 33,188 | $ | 33,181 | ||||||||||||||||||
EBITDA | $ | 151,483 | $ | 109,827 | $ | 258,058 | $ | 233,795 |
June 30, 2021 | December 31, 2020 | |||||||||||||
(In thousands of dollars) | ||||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 17,665 | $ | 17,154 | ||||||||||
Receivable under the Investment Management Agreement—Westlake | 222,249 | 123,228 | ||||||||||||
Accounts receivable, net—Westlake | 66,948 | 108,028 | ||||||||||||
Accounts receivable, net—third parties | 24,962 | 11,029 | ||||||||||||
Inventories | 4,929 | 3,474 | ||||||||||||
Prepaid expenses and other current assets | 61 | 392 | ||||||||||||
Total current assets | 336,814 | 263,305 | ||||||||||||
Property, plant and equipment, net | 1,030,016 | 1,050,677 | ||||||||||||
Other assets, net | 34,925 | 42,506 | ||||||||||||
Total assets | $ | 1,401,755 | $ | 1,356,488 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities (accounts payable and accrued liabilities) | $ | 48,653 | $ | 39,754 | ||||||||||
Long-term debt payable to Westlake | 399,674 | 399,674 | ||||||||||||
Other liabilities | 1,670 | 1,923 | ||||||||||||
Total liabilities | 449,997 | 441,351 | ||||||||||||
Common unitholders—publicly and privately held | 476,076 | 471,701 | ||||||||||||
Common unitholder—Westlake | 51,103 | 48,270 | ||||||||||||
General partner—Westlake | (242,572) | (242,572) | ||||||||||||
Total Westlake Partners partners' capital | 284,607 | 277,399 | ||||||||||||
Noncontrolling interest in OpCo | 667,151 | 637,738 | ||||||||||||
Total equity | 951,758 | 915,137 | ||||||||||||
Total liabilities and equity | $ | 1,401,755 | $ | 1,356,488 |
Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
(In thousands of dollars) | ||||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income | $ | 196,916 | $ | 174,147 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 56,244 | 51,844 | ||||||||||||
Other balance sheet changes | 33,958 | (2,272) | ||||||||||||
Net cash provided by operating activities | 287,118 | 223,719 | ||||||||||||
Cash flows from investing activities | ||||||||||||||
Additions to property, plant and equipment | (27,289) | (20,595) | ||||||||||||
Maturities of investments with Westlake under the Investment Management Agreement | 83,000 | 181,000 | ||||||||||||
Investments with Westlake under the Investment Management Agreement | (182,000) | (190,000) | ||||||||||||
Other | 126 | — | ||||||||||||
Net cash used for investing activities | (126,163) | (29,595) | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake | (127,258) | (157,248) | ||||||||||||
Quarterly distributions to unitholders | (33,186) | (33,181) | ||||||||||||
Net cash used for financing activities | (160,444) | (190,429) | ||||||||||||
Net increase in cash and cash equivalents | 511 | 3,695 | ||||||||||||
Cash and cash equivalents at beginning of period | 17,154 | 19,923 | ||||||||||||
Cash and cash equivalents at end of period | $ | 17,665 | $ | 23,618 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
(In thousands of dollars) | ||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 155,408 | $ | 131,710 | $ | 112,758 | $ | 287,118 | $ | 223,719 | ||||||||||||||||||||||
Changes in operating assets and liabilities and other | (78,786) | (11,416) | (32,381) | (90,202) | (49,572) | |||||||||||||||||||||||||||
Net Income | 76,622 | 120,294 | 80,377 | 196,916 | 174,147 | |||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||
Depreciation, amortization and disposition of property, plant and equipment | 28,898 | 28,734 | 26,164 | 57,632 | 52,291 | |||||||||||||||||||||||||||
Mark-to-market adjustment loss (gain) on derivative contracts | — | — | 704 | — | (1,787) | |||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Contribution to turnaround reserves | (12,332) | (12,463) | (9,884) | (24,795) | (19,807) | |||||||||||||||||||||||||||
Maintenance capital expenditures | (11,743) | (14,344) | (8,228) | (26,087) | (19,349) | |||||||||||||||||||||||||||
Distributable cash flow attributable to noncontrolling interest in OpCo | (65,200) | (96,683) | (72,278) | (161,883) | (150,303) | |||||||||||||||||||||||||||
MLP distributable cash flow | $ | 16,245 | $ | 25,538 | $ | 16,855 | $ | 41,783 | $ | 35,192 |
Three Months Ended March 31, | Three Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
(In thousands of dollars) | ||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 155,408 | $ | 131,710 | $ | 112,758 | $ | 287,118 | $ | 223,719 | ||||||||||||||||||||||
Changes in operating assets and liabilities and other | (78,786) | (11,416) | (32,381) | (90,202) | (49,572) | |||||||||||||||||||||||||||
Net Income | 76,622 | 120,294 | 80,377 | 196,916 | 174,147 | |||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Other income, net | 7 | 21 | 123 | 28 | 708 | |||||||||||||||||||||||||||
Interest expense | (2,236) | (2,224) | (3,431) | (4,460) | (7,381) | |||||||||||||||||||||||||||
Income tax provision | (175) | (263) | (206) | (438) | (423) | |||||||||||||||||||||||||||
Income from operations | 79,026 | 122,760 | 83,891 | 201,786 | 181,243 | |||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 27,542 | 28,702 | 25,813 | 56,244 | 51,844 | |||||||||||||||||||||||||||
Other income, net | 7 | 21 | 123 | 28 | 708 | |||||||||||||||||||||||||||
EBITDA | $ | 106,575 | $ | 151,483 | $ | 109,827 | $ | 258,058 | $ | 233,795 |
Cover Page |
Aug. 03, 2021 |
May 04, 2021 |
---|---|---|
Cover [Abstract] | ||
Document Type | 8-K | |
Document Period End Date | Aug. 03, 2021 | |
Entity Registrant Name | Westlake Chemical Partners LP | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-36567 | |
Entity Tax Identification Number | 32-0436529 | |
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 | 585-2900 | |
Written Communications | false | |
Soliciting Material | false | |
Pre-commencement Tender Offer | false | |
Pre-commencement Issuer Tender Offer | false | |
Title of 12(b) Security | Common units representing limited partnership interests | |
Trading Symbol | WLKP | |
Security Exchange Name | NYSE | |
Entity Emerging Growth Company | false | |
Entity Central Index Key | 0001604665 | |
Amendment Flag | false |
PS(B]HUZZ;SG7<<-T-)-D"M@6X$< SGQHXX'P9V!:8)5CQJ]I_/D*B/1;
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M6T039LMMD&4X( [ZXO6>:,-7SXW+AI79TUR
M]Z79;-^5'I.3KX$S 9!]"V6P15MB#8*MR'V2RS8+X%.4%88$NM")J,H<#@12,2@S8=7G9EP
M[).10E55K!LN-T*:H0J$RHN032VK>*5# =#. %(T:MJZ0*B\",D@0U*EG:*4
MT';)O:-+QPL2AL5O&>DZ0R]Q?,*^#UG@>F!6;5@$][BS*KA]T=0*3- B[[5S
MA#2J%JE%+!#:-4(6511+ %1>@!2#2D6BE@*A/9A0JE:@,O?N$OMY?94@#-AJ
M4,6=9;I3!",7K*SUXC08R2L+\0-=>W[X2)QDZN0']9Q&S.>;PC\^>F[2SZ@[_6!&
M+&GRB-,!NHR2Y8_,E1K=?3!5P3X]>-Y,1G3J;W]<%GCHW+-:)V+.MYK3@]Z>
M.OZC\Q0_'], <)FAX>SPE\(P!\;N"30GQYQ ?S;OVA>-WYOD[$OSLG76N" W
MC=OV5?/VCES<+&6E*2Z=69BZU\'<-L^NK\Y:%ZU&NW5]1:Y_)AY+/%=FP&)5-S%VB4T95V _5
=*O.'N/]>E4;D!
M7=O ';_/F2X.D&BKJ)C;?YC/[W1V67P**?MDC!T_:$",@J88FV%DB8P,$(%/
M ")Z7F]N#NM7H_RX