Westlake Chemical Partners LPWLKP
What Westlake Chemical Partners LP does.
We are a Delaware limited partnership formed by Westlake in March 2014 to operate, acquire and develop ethylene production facilities and related assets. On August 4, 2014, we completed our initial public offering (the "IPO") of 12,937,500 common units representing limited partner interests. In connection with the IPO, we acquired an initial 10.6% interest in OpCo and a 100% interest in OpCo GP, which is the general partner of OpCo. As of December 31, 2018, we had an aggregate 18.3% limited partner interest in OpCo. On March 29, 2019, we completed a private placement of 2,940,818 common units and used the net proceeds to purchase an additional 4.5% interest in OpCo, effective January 1, 2019, resulting in us owning an aggregate 22.8% limited partner interest in OpCo.
Our business and operations are conducted through OpCo. Because we own OpCo's general partner, we have control over all of OpCo's assets and operations. As of December 31, 2025, Westlake held a 77.2% limited partner interest in OpCo and held a 40.1% limited partner interest in us (consisting of 14,122,230 common units), our general partner interest and our incentive distribution rights.
OpCo's assets are comprised of three ethylene production facilities, which primarily convert ethane into ethylene and have an aggregate annual capacity of approximately 3.7 billion pounds, and a 200-mile ethylene pipeline. OpCo derives substantially all of its revenue from these ethylene production facilities. Ethylene is the world's most widely used petrochemical in terms of volume and is a key building block used to produce a number of key derivatives, such as polyethylene ("PE") and polyvinyl chloride ("PVC"), which are used in a wide variety of end markets, including packaging, construction and transportation. Westlake's downstream PE and PVC production facilities consume a substantial majority of the ethylene produced by OpCo. OpCo generates revenue primarily by selling ethylene to Westlake and others, as well as through the sale of co-products of ethylene production, including propylene, crude butadiene, pyrolysis gasoline and hydrogen. Our sole revenue generating asset is our 22.8% limited partner interest in OpCo.
Revenue and profit, by fiscal year.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $966.7M | $1.2B | $1.6B | $1.2B | $1.1B | $1.2B |
| Net income | $66.2M | $82.5M | $64.2M | $54.3M | $62.4M | $48.7M |
| Free cash flow | $336.4M | $327.3M | $409.6M | $405.2M | $436.0M | $201.7M |
More on WLKP.
- Westlake Chemical Partners LP summary
- Westlake Chemical Partners LP financial statements
- Westlake Chemical Partners LP key metrics
- Westlake Chemical Partners LP health scores and style box
- Westlake Chemical Partners LP earnings
- Westlake Chemical Partners LP dividends
- Westlake Chemical Partners LP valuation
- Westlake Chemical Partners LP ownership and insiders
- Westlake Chemical Partners LP peers
Figures from Westlake Chemical Partners LP's filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.