Westlake settles lawsuits from 2021/2022 incidents for $382M; expects $150M Q4 charge due to insurance dispute

WESTLAKE CORP

Settlements total ~$382 million to resolve lawsuits related to Petro 2 flash fire (Sept 2021) and EDC storage tank explosion (Jan 2022).
Approximately $150 million of settlement not currently covered by insurers; company disputes coverage and will pursue recovery.
Company expects to record a charge of ~$150 million in Q4 2023 reflecting disputed portion.
Certain excess insurers claim insufficient exhaustion of retentions; Westlake disagrees with their position.

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