Westlake Chemical Partners Q2 net income $11.9M ($0.34/unit) down 27% YoY; distribution unchanged

Westlake Chemical Partners LP

Net income $11.9M ($0.34/unit), down 27% YoY from $16.4M; driven by Calvert City turnaround and higher interest expense.
Cash from ops $98.5M, down $22.4M YoY; MLP distributable cash flow $15.0M, down $4.6M.
Dividend $0.4714/unit, payable Aug 25, record Aug 11; 36th consecutive quarterly distribution; trailing coverage 1.05x.
Calvert City turnaround completed on schedule in Q2; management expects distributable cash flow improvement in H2 2023.
Ethylene sales agreement with Westlake provides fixed $0.10/lb cash margin on 95% of production, supporting predictable cash flows.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Westlake Chemical Partners LP reported second quarter 2023 results: net income $11.9 million, EPS $0.34 per limited partner unit.

Period: second quarter 2023
Net income: $11.9 million
EPS: $0.34 per limited partner unit
Result: reported results

Exact text from the filing

Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the second quarter of 2023 of $11.9 million, or $0.34 per limited partner unit, a decrease of $4.5 million compared to second quarter 2022 net income of $16.4 million.

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Westlake Chemical Partners LP filing history →

Source: SEC EDGAR

accession 0001604665-23-000023

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