Westlake Chemical Partners LP

Westlake Chemical Partners LP is a U.S.-based master limited partnership that owns a limited partner interest in OpCo, the entity operating ethylene production assets tied to Westlake’s Gulf Coast and Kentucky manufacturing sites. Its business is centered on producing and selling ethylene and related co-products under long-term agreements, with assets including the Lake Charles Olefins facilities, Calvert City Olefins, and the Longview Pipeline.

38,4 %

29,8 %

4,2 %

+2,7 %

2.80

2.74

— Westlake Chemical Partners LP
%
Ethylene sales90% Contracted and merchant sales of ethylene produced at OpCo facilities.
Co-products5% Sales of co-products generated alongside ethylene production.
Pipeline and logistics5% Ethylene transportation and related pipeline services tied to the Longview Pipeline.

The partnership’s primary customer is Westlake, which purchases most of OpCo’s ethylene under a long-term ethylene...

  • Westlake affiliated petrochemical operationsprimary

    Buys most ethylene output under a long-term supply agreement to feed downstream chemical production.

  • Unrelated third-party merchant buyerssecondary

    Purchases excess ethylene and co-products when OpCo sells volumes outside the contract structure.

  • Industrial pipeline userssecondary

    Uses the Longview Pipeline for ethylene transport between Gulf Coast assets and Westlake facilities.

Operations are concentrated in the United States, with major assets at Westlake’s Lake Charles, Louisiana site, Calvert...

  • •United States is the core operating and revenue geography
  • •Lake Charles, Louisiana hosts two ethylene production facilities
  • •Calvert City, Kentucky hosts one ethylene production facility
  • •Longview Pipeline links Mont Belvieu, Texas to Longview, Texas
  • •Gulf Coast exposure increases hurricane and outage sensitivity

The business is structured around long-term, fee-based ethylene sales that provide volume visibility and align OpCo’s...

01
Renew and preserve Westlake operating agreementsshort-term

The partnership’s cash flows depend on the ethylene sales, feedstock, and services contracts.

02
Maximize plant uptime and production volumesmedium-term

Higher reliable output supports contracted sales and improves the economics of co-products and merchant volumes.

03
Maintain asset integrity and environmental compliancelong-term

Ethylene assets require ongoing maintenance, safety, and environmental spending to remain operable.

Westlake Chemical Partners LP is highly dependent on Westlake for the majority of its cash flows, so counterparty...

critical

Counterparty dependence on Westlake

A substantial majority of revenue comes from Westlake under the Ethylene Sales Agreement.

Scope
Cash flow and distributions
Materiality
high
high

Contract renewal and termination risk

If key Westlake agreements are not renewed or extended, future cash generation could fall materially.

Scope
Ethylene Sales Agreement and related contracts
Materiality
high
high

Operational outages and turnaround risk

Ethylene production depends on continuous operation of a small number of facilities.

Scope
Lake Charles Olefins, Calvert City Olefins
Materiality
high
medium

Climate and hurricane exposure

Louisiana Gulf Coast assets are exposed to severe weather, flooding, and hurricane disruption.

Scope
Lake Charles, Louisiana
Materiality
medium
medium

Environmental and legal liabilities

The business faces claims, remediation obligations, and hazardous materials exposure.

Scope
Environmental matters and legal proceedings
Materiality
medium
Ethylene sales and deficiency fee recognition
Affects revenue timing and quarterly comparability
Turnaround and maintenance capital spending
Affects operating expense and distributable cash flow
Goodwill impairment
Could create non-cash impairment charges
Environmental and legal obligations
Affects liabilities and earnings

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: 29/04/2026