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Westlake Chemical Partners (WLKP) investor relations material
Westlake Chemical Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Net income for Q3 2025 ranged from $14.7 million to $15 million ($0.42 per unit), with consolidated net income including OpCo at $86.2 million on $308.9 million in net sales; net sales increased 11.5% year-over-year, but net income declined due to higher feedstock and energy costs and lower third-party sales prices, partially offset by higher sales to Westlake.
The ethylene sales agreement with Westlake Corporation was renewed through 2027 at existing terms, ensuring stable, fee-based cash flows and continued cash flow stability.
Sales and earnings improved sequentially from Q2 2025 due to the completion of a planned turnaround at the Lake Charles/Petro 1 ethylene unit.
Cash flows from operating activities were $105.2 million, up $96.1 million sequentially but down $20.9 million year-over-year due to lower turnaround-related payments.
Quarterly distribution of $0.4714 per unit declared, marking the 45th consecutive quarterly distribution.
Financial highlights
Q3 2025 net income was $14.7 million ($0.42 per unit), down from $18.1 million in Q3 2024; distributable cash flow was $14.9 million, down $3 million year-over-year due to higher maintenance capital expenditures.
Q3 2025 EBITDA was $126.1 million, down from $139.1 million in Q3 2024; gross profit margin for Q3 2025 was 32.2%, down from 42.2% in Q3 2024.
Trailing twelve-month distribution coverage ratio was 0.75x, with a cumulative coverage ratio since IPO of approximately 1.05x.
Interest expense decreased to $5.9 million in Q3 2025 from $6.7 million in Q3 2024 due to lower rates.
Quarterly distribution of $0.4714 per unit announced, totaling approximately $16.6 million, to be paid November 26, 2025.
Outlook and guidance
No planned turnarounds for the remainder of 2025 or in 2026.
Ethylene Sales and Feedstock Supply Agreements with Westlake renewed through December 31, 2027, providing predictable, fee-based cash flows with take-or-pay protections for 95% of production.
Management expects continued stability in cash flows and distributions due to contract structure, with most excess cash distributed and capital expenditures funded externally if needed.
Global industrial and manufacturing activity remains soft, but predictable fee-based cash flow from the ethylene sales agreement is expected to support ongoing distributions.
Plan to improve distribution coverage?
Impact of renewed Ethylene Sales Agreement?
Outlook for future maintenance capital expenditures?
Future distribution coverage post-turnaround?
Significance of ESA renewal for stability?
Partnership's strategy for future growth?
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Next Westlake Chemical Partners earnings date
Q4 202520 Feb, 2026
Next Westlake Chemical Partners earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Westlake Chemical Partners LP produces ethylene and its co-products, including various types of polyethylene resins, aliphatic hydrocarbons, glycols, and associated alcohols with their respective co-products, and factors. It also offers polymer resins; aqueous ammonium hydroxide solution that is used in certain industrial applications as a chemical intermediate and to neutralize acids. It serves chemical resins manufacturers and plastic processors primarily in North America. Westlake Chemical Partners LP was founded in 2014 and is headquartered in Houston, Texas.
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