Westlake Chemical Partners LP (WLKP): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo do Westlake Chemical Partners LP (WLKP), uma potência química dinâmica que transforma paisagens industriais por meio de parcerias estratégicas inovadoras e capacidades de fabricação de ponta. Esta tela abrangente do modelo de negócios revela como o WLKP navega em mercados petroquímicos complexos, fornecendo soluções químicas de alto desempenho que geram valor em diversos setores industriais, desde automotivo e embalagem até bens de construção e consumidores. Descubra o plano estratégico que impulsiona o notável sucesso e crescimento sustentável desta empresa na indústria química em constante evolução.

Westlake Chemical Partners LP (WLKP) - Modelo de negócios: Parcerias -chave

Parceria estratégica com a Westlake Chemical Corporation

Westlake Chemical Partners LP mantém um Parceria estratégica primária com a Westlake Chemical Corporation, sua empresa controladora. A partir de 2023, a Westlake Chemical Corporation possui 63,4% de participação de parceria limitada na WLKP.

Acordos de joint venture

Parceiro	Tipo de parceria	Ano estabelecido
Westlake Chemical Corporation	Fabricação petroquímica	2014
Axiall Corporation	Colaboração de produtos de clor-vinil	2015

Relacionamentos a jusante

O WLKP mantém parcerias críticas a jusante com fabricantes industriais:

• Fabricantes de componentes automotivos
• Produtores de materiais de construção
• Fornecedores da indústria de embalagens

Parcerias de logística e transporte

As principais parcerias de logística incluem:

• Serviços de transporte da Chem Logix
• Enterprise Products Partners LP
• Magellan Midstream Partners

Colaboração de tecnologia

Instituição de pesquisa	Área de foco	Colaboração desde então
Universidade de Rice	Inovação de polímero	2018
Universidade do Texas	Engenharia Química	2019

Métricas de parceria financeira

Contribuição da receita da parceria em 2023: US $ 2,4 bilhões

Investimento de P&D através de parcerias: US $ 87 milhões

Westlake Chemical Partners LP (WLKP) - Modelo de negócios: Atividades -chave

Produção e processamento de etileno e polímeros

Capacidade anual de produção de etileno: 2,45 bilhões de libras. Volume de produção de polímeros em 2022: 1,8 bilhão de libras. Instalações de produção localizadas em Lake Charles, Louisiana e Longview, Texas.

Instalação	Capacidade de etileno	Saída de polímero
Lago Charles	1,2 bilhão de libras	850 milhões de libras
Longview	1,25 bilhão de libras	950 milhões de libras

Fabricação de Chlor-Alali e Vinils

Capacidade anual de produção de cloro: 1,5 milhão de toneladas. Produção de monômero de cloreto de vinil: 1,2 bilhão de libras por ano.

• Instalações de produção de cloro no Texas e na Louisiana
• Processos de fabricação integrados
• Produção anual de refrigerante cáustica: 1,3 milhão de toneladas

Desenvolvimento e inovação de produtos petroquímicos

Investimento de P&D em 2022: US $ 45 milhões. As áreas de foco em desenvolvimento de novos produtos incluem polímeros avançados e soluções químicas sustentáveis.

Categoria de inovação	Investimento	Novos produtos desenvolvidos
Polímeros avançados	US $ 22 milhões	3 Novas notas de polímero
Soluções sustentáveis	US $ 23 milhões	2 processos químicos ecológicos

Gerenciamento da cadeia de suprimentos químicos

Orçamento total da cadeia de suprimentos: US $ 75 milhões em 2022. Rede de logística que cobre 12 estados com 250 parceiros de transporte.

• Rede de logística integrada
• Múltiplos modos de transporte: caminhão, ferroviário, oleoduto
• Melhoria anual de eficiência logística: 7,2%

Fabricação sustentável e conformidade ambiental

Despesas de conformidade ambiental: US $ 38 milhões em 2022. MENO DE REDUÇÃO DE EMISSÃO DE GASTO DE ESGUNHAS: 15% até 2025.

Métrica de sustentabilidade	Desempenho atual	Alvo
Redução de emissões de GEE	Redução de 8%	15% até 2025
Eficiência de uso de água	12% de melhoria	20% até 2026

Westlake Chemical Partners LP (WLKP) - Modelo de negócios: Recursos -chave

Instalações avançadas de produção química

Westlake Chemical Partners LP opera várias instalações de produção com as seguintes especificações:

Localização	Tipo de instalação	Capacidade de produção
Lago Charles, Louisiana	Planta de polietileno	1,1 bilhão de libras anualmente
Calvert City, Kentucky	Instalação de monômero de cloreto de vinil	2,3 bilhões de libras anualmente

Experiência técnica e capital intelectual

Tecnologias proprietárias de produção química:

• Processos avançados de polimerização
• Tecnologias de conversão química de alta eficiência
• Desenvolvimento especializado em catalisador

Investimento de capital em infraestrutura de fabricação

Investimento total de capital a partir de 2023 Relatórios financeiros:

• Infraestrutura de fabricação: US $ 1,2 bilhão
• Despesas de capital recentes: US $ 157 milhões
• Capital de manutenção anual: US $ 45-50 milhões

Recursos de força de trabalho

Categoria de funcionários	Número de funcionários	Habilidades especializadas
Engenheiros químicos	312	Engenharia de Polímeros Avançados
Especialistas técnicos	214	Otimização do processo

Westlake Chemical Partners LP (WLKP) - Modelo de negócios: proposições de valor

Produtos petroquímicos e poliméricos de alta qualidade

A partir de 2024, a Westlake Chemical Partners LP produz:

Categoria de produto	Volume anual de produção	Quota de mercado
Polietileno	3,1 milhões de toneladas métricas	7.2%
Polímeros Especiais	825.000 toneladas métricas	5.8%
Produtos químicos de commodities	2,4 milhões de toneladas métricas	6.5%

Cadeia de suprimentos químicos consistentes e confiáveis

Métricas da cadeia de suprimentos a partir de 2024:

• Taxa de entrega no tempo: 98,7%
• Tempo médio de atendimento de pedidos: 3,2 dias
• Rede de distribuição global: 17 países
• O custo de logística como porcentagem de receita: 4,6%

Processos de fabricação econômicos

Indicadores de eficiência de fabricação:

Métrica	Valor
Custo de produção por tonelada	$672
Índice de eficiência energética	0.87
Gasto operacional	US $ 1,2 bilhão

Soluções químicas personalizadas

Segmentos de aplicação industrial servidos:

• Automotivo: 22% do portfólio de produtos
• Construção: 18% do portfólio de produtos
• Embalagem: 35% do portfólio de produtos
• Bens de consumo: 15% da carteira de produtos

Compromisso com a sustentabilidade

Métricas de desempenho ambiental:

Indicador de sustentabilidade	2024 Valor
Redução de emissões de carbono	24.3%
Uso de energia renovável	16.5%
Taxa de reciclagem de resíduos	87.2%

Westlake Chemical Partners LP (WLKP) - Modelo de negócios: Relacionamentos do cliente

Acordos contratuais de longo prazo com clientes industriais

A partir de 2024, a Westlake Chemical Partners LP mantém contratos estratégicos de fornecimento de longo prazo com clientes industriais importantes. A duração média do contrato é de aproximadamente 3-5 anos, cobrindo segmentos de produtos químicos especiais de polietileno e produtos químicos.

Segmento de clientes	Duração do contrato	Valor anual do contrato
Fabricantes de embalagens	4-5 anos	US $ 85-120 milhões
Componentes automotivos	3-4 anos	US $ 65-95 milhões
Materiais de construção	3-5 anos	US $ 50-75 milhões

Suporte técnico e colaboração de desenvolvimento de produtos

A Westlake Chemical Partners aloca aproximadamente US $ 12,5 milhões anualmente para iniciativas colaborativas de desenvolvimento de produtos com os principais clientes.

• Equipe de suporte técnico: 42 profissionais dedicados
• Tempo médio de colaboração em P&D por projeto: 6-8 meses
• Modificações de produtos específicas do cliente: 18-22 por ano

Equipes de gerenciamento de contas dedicadas

A empresa emprega 35 gerentes de contas especializados em diferentes setores industriais, com um valor médio de portfólio de clientes de US $ 45-60 milhões por gerente.

Infraestrutura de atendimento ao cliente responsivo

Métricas de atendimento ao cliente para 2024:

• Tempo médio de resposta: 2,3 horas
• Classificação de satisfação do cliente: 92,5%
• Disponibilidade de suporte técnico: 24/7
• Taxa de resolução de serviço: 97,8%

Plataformas digitais para gerenciamento de pedidos e informações técnicas

Estatísticas de engajamento da plataforma digital:

Recurso da plataforma	Taxa de adoção do usuário	Transações anuais
Gerenciamento de pedidos on -line	78%	26.500 transações
Acesso à documentação técnica	85%	42.000 downloads de documentos
Rastreamento de inventário em tempo real	72%	18.750 sessões ativas

Westlake Chemical Partners LP (WLKP) - Modelo de negócios: canais

VENDAS DIRETAS VERIÇÃO DO CLIENTES INDUSTRIAIS

A Westlake Chemical Partners LP mantém uma equipe de vendas industriais dedicada focada na distribuição de polietileno e produtos químicos especiais. Em 2023, a equipe de vendas cobriu aproximadamente 87 contas de clientes industriais ativos na América do Norte.

Métrica do canal de vendas	2023 dados
Total de clientes industriais	87 contas ativas
Valor médio do contrato do cliente	US $ 3,2 milhões anualmente
Tamanho da equipe de vendas	24 representantes de vendas diretas

Plataformas de compras e pedidos on -line

A empresa utiliza um sistema de compras digitais proprietárias com as seguintes especificações:

• 98,6% Taxa de processamento de pedidos digitais
• Recursos de rastreamento de inventário em tempo real
• Portal de clientes integrados com downloads de especificação técnica

Feiras de comércio da indústria química e conferências

A Westlake Chemical Partners LP participa de 7-9 grandes conferências do setor anualmente, com um investimento total de marketing de US $ 425.000 em 2023.

Tipo de conferência	Participação anual	Investimento de marketing
Conferências químicas nacionais	4-5 eventos	$275,000
Exposições da indústria regional	3-4 eventos	$150,000

Marketing estratégico por meio de publicações do setor

A estratégia de marketing inclui publicidade direcionada e colocação de conteúdo técnico em publicações especializadas da indústria química.

• 6 Principais parcerias de publicação do setor
• Gastes de marketing anual: US $ 187.000
• Alcance: aproximadamente 42.000 profissionais do setor

Comunicação digital e documentação técnica

A infraestrutura de comunicação digital inclui plataformas abrangentes de documentação técnica com as seguintes métricas:

Métrica de comunicação digital	2023 dados
Downloads de documentos técnicos	14.237 Downloads anuais
Páginas de recursos técnicos do site	92 páginas de especificação técnica ativa
Plataforma de comunicação digital tempo de atividade	99.7%

Westlake Chemical Partners LP (WLKP) - Modelo de negócios: segmentos de clientes

Fabricantes de plásticos e embalagens

Westlake Chemical Partners LP serve fabricantes de plásticos e embalagens com métricas específicas de segmento de clientes:

Segmento de mercado	Volume anual	Contribuição da receita
Clientes de polietileno	1,3 milhão de toneladas métricas	US $ 412 milhões
Pacotes de produtores de filmes	850.000 toneladas métricas	US $ 276 milhões

Fornecedores da indústria automotiva

Principais detalhes do segmento de clientes automotivos:

• Total de componentes automotivos clientes: 187
• Fornecimento anual de polímero automotivo: 425.000 toneladas métricas
• Receita do segmento automotivo: US $ 203 milhões

Produtores de materiais de construção

Materiais de construção A quebra do segmento de clientes:

Categoria de produto	Fornecimento anual	Quota de mercado
Resina de PVC	672.000 toneladas métricas	14.5%
Materiais de tubo e encaixe	248.000 toneladas métricas	9.2%

Fabricantes de bens de consumo

Especíadas do segmento de clientes de bens de consumo:

• Total de bens de consumo clientes: 214
• Fornecimento anual de polímeros: 328.000 toneladas métricas
• Receita do segmento de bens de consumo: US $ 167 milhões

Usuários de produtos químicos agrícolas e industriais

Dados do segmento de clientes químicos agrícolas e industriais:

Tipo de cliente	Volume químico anual	Receita
Produtos químicos agrícolas	276.000 toneladas métricas	US $ 89 milhões
Usuários de produtos químicos industriais	412.000 toneladas métricas	US $ 136 milhões

Westlake Chemical Partners LP (WLKP) - Modelo de negócios: estrutura de custos

Despesas de aquisição de matéria -prima

A partir de 2023, as despesas de aquisição de matérias -primas da Westlake Chemical Partners LP para a produção de etileno e polietileno eram de aproximadamente US $ 1,2 bilhão anualmente.

Matéria-prima	Custo anual de compras	Volume adquirido
Etileno	US $ 752 milhões	1,3 milhão de toneladas métricas
Propileno	US $ 398 milhões	750.000 toneladas métricas

Custos de fabricação e produção

Os custos totais de fabricação e produção da Westlake Chemical Partners LP em 2023 foram de US $ 845 milhões.

• Despesas operacionais da instalação de produção: US $ 412 milhões
• Manutenção do equipamento: US $ 127 milhões
• Custos de consumo de energia: US $ 186 milhões
• Despesas de trabalho e força de trabalho: US $ 120 milhões

Investimentos de pesquisa e desenvolvimento

Westlake Chemical Partners LP alocado US $ 45,2 milhões para iniciativas de pesquisa e desenvolvimento em 2023.

Área de foco em P&D	Valor do investimento
Tecnologia de Polímeros	US $ 22,5 milhões
Inovações de sustentabilidade	US $ 15,3 milhões
Otimização do processo	US $ 7,4 milhões

Iniciativas de conformidade ambiental e sustentabilidade

Custos de conformidade ambiental e sustentabilidade para Westlake Chemical Partners LP totalizou US $ 63,7 milhões em 2023.

• Tecnologia de redução de emissões: US $ 24,5 milhões
• Programas de gerenciamento de resíduos: US $ 18,2 milhões
• Conformidade regulatória ambiental: US $ 21 milhões

Infraestrutura de logística e transporte

As despesas de logística e transporte para Westlake Chemical Partners LP foram US $ 187,3 milhões em 2023.

Modo de transporte	Custo anual	Porcentagem do total de logística
Transporte de caminhão	US $ 98,6 milhões	52.6%
Transporte ferroviário	US $ 62,4 milhões	33.3%
Envio marítimo	US $ 26,3 milhões	14.1%

Westlake Chemical Partners LP (WLKP) - Modelo de negócios: fluxos de receita

Vendas de polímero e produtos químicos

Em 2023, a Westlake Chemical Partners LP registrou receitas totais de US $ 1.077 milhões. O portfólio de produtos da empresa inclui:

• Produtos de polietileno
• Produtos químicos especiais
• Vinis e derivados químicos relacionados

Categoria de produto	Receita anual (US $ milhões)	Porcentagem da receita total
Polietileno	612	56.8%
Produtos químicos especiais	285	26.5%
Vinis	180	16.7%

Contratos de fornecimento de longo prazo

A Westlake Chemical Partners LP garantiu acordos de fornecimento de longo prazo com uma duração média do contrato de 7 a 10 anos. O valor total desses contratos é de aproximadamente US $ 2,4 bilhões.

Modelos de preços baseados em desempenho

As principais estratégias de preços incluem:

• Descontos de preços baseados em volume
• Mecanismos de preços indexados no mercado
• Camadas de preços baseadas em qualidade

Modelo de preços	Ajuste médio de preço	Cobertura do contrato
Descontos de volume	3-5%	65% dos contratos
Preços indexados pelo mercado	+/- 2% trimestralmente	35% dos contratos

Ofertas de produtos químicos de valor agregado

A Westlake Chemical Partners LP gera receita adicional por meio de desenvolvimento especializado de produtos, com produtos de valor agregado contribuindo com US $ 215 milhões em 2023.

Diversificação do mercado geográfico

Distribuição de receita nos mercados geográficos:

Região	Receita (US $ milhões)	Percentagem
América do Norte	742	68.9%
Europa	180	16.7%
Ásia-Pacífico	155	14.4%

Westlake Chemical Partners LP (WLKP) - Canvas Business Model: Value Propositions

Predictable, stable cash flow for unitholders via a fee-based model

You're looking at a structure designed to smooth out the bumps of the commodity cycle. The core value here is the stability of the cash distributions, which Westlake Chemical Partners LP has maintained without a decrease for 45 consecutive quarters since its 2014 Initial Public Offering. This predictability is anchored by the fee-based nature of the primary revenue source. For the third quarter of 2025, the distributable cash flow provided a trailing twelve-month coverage ratio of 0.75x the declared distributions, which management attributed to the timing of maintenance capital expenditures. Still, the cumulative coverage ratio since the IPO remains at approximately 1.05x.

• 45 consecutive quarterly distributions maintained since IPO.
• Q2 2025 quarterly distribution declared at $0.4714 per common unit.
• Q3 2025 net income attributable to the Partnership was $14.7 million.
• Net Income Per Limited Partner Unit (Basic and Diluted) for Q3 2025 was $0.42.

Guaranteed supply of 95% of ethylene production to Westlake Corporation

The partnership has locked in the offtake for the vast majority of its output through a renewed agreement. This agreement extends through December 31, 2027, securing the sales channel for the core product. This contractual arrangement is the mechanism that delivers the stable cash flows you are interested in. For the nine months ended September 30, 2025, sales to Westlake Corporation represented approximately 87.3% of Westlake Chemical Partners LP's total net sales.

Fixed cash margin of $0.10 per pound on ethylene sales

This is the key insulation layer against volatile market pricing for ethylene. The Ethylene Sales Agreement specifies that 95% of the production sold to Westlake Corporation carries a fixed cash margin of $0.10 per pound. This margin is calculated net of specified items, including operating costs, maintenance capital expenditures, and reserves set aside for future turnaround expenditures. This fixed component is what allows the business model to demonstrate resilience even when broader chemical market conditions soften, as noted by management regarding soft global industrial activity in 2025.

Here's a quick look at the Q3 2025 performance metrics that flow from this structure:

Metric	Amount (Q3 2025)
Consolidated Net Sales	$308.9 million
Gross Profit	$99.4 million
Gross Profit Margin	32.2%
Cash & Investments with Westlake (End of Q3 2025)	$51 million
Long-term Debt (End of Q3 2025)	$400 million

Reliable, high-volume production of a key petrochemical building block

Westlake Chemical Partners LP owns a 22.8% interest in Westlake Chemical OpCo LP, which operates the production assets. These assets include three ethylene production facilities located across Calvert City, Kentucky, and Lake Charles, Louisiana, along with an ethylene pipeline. The Q2 2025 results showed the benefit of completing the planned Petro 1 turnaround in Lake Charles, which had previously impacted production volume. For instance, Q3 2025 Total Net Sales of $308.9 million represented an increase of 11.5% from Q3 2024, primarily driven by higher ethylene sales volumes to Westlake.

• Facilities located in Calvert City, Kentucky, and Lake Charles, Louisiana.
• Ownership stake in OpCo is 22.8%.
• Q3 2025 Total Net Sales increased 11.5% year-over-year.
• No further turnarounds were noted as planned for the remainder of 2025 or in 2026.

Westlake Chemical Partners LP (WLKP) - Canvas Business Model: Customer Relationships

The Customer Relationships for Westlake Chemical Partners LP (WLKP) are bifurcated, involving a deeply integrated, long-term relationship with its parent, Westlake Corporation, and a purely transactional relationship with its public unitholders.

Highly integrated, long-term contractual relationship with Westlake Corporation

Westlake Chemical Partners LP is fundamentally tied to Westlake Corporation, which formed the Partnership in 2014 to operate, acquire, and develop ethylene production facilities and related assets. This integration is quantified by ownership structure and financial agreements. Westlake Chemical Partners LP owns a 22.8% limited partner interest in Westlake Chemical OpCo LP, while Westlake Corporation retains the remaining 77.2% limited partner interest in OpCo and a significant interest in WLKP itself. The stability of the Partnership's cash flows is explicitly linked to the Ethylene Sales Agreement with Westlake Corporation, which is designed to provide stable and predictable cash flows by minimizing market volatility and production risk.

The financial interdependence is evident in cash management practices. As of the end of the second quarter of 2025, WLKP had consolidated cash balance and cash investments with Westlake through an investment management agreement totaling $81 million. This figure was reported as $51 million at the end of the third quarter of 2025.

Here are the key structural relationships as of 2025:

Relationship Metric	Value/Detail	Date/Period Reference
WLKP Interest in OpCo	22.8% Limited Partner Interest	As of March 31, 2025
Westlake Corp. Interest in OpCo	77.2% Limited Partner Interest	As of March 31, 2025
Consolidated Cash with Westlake Corp.	$81 million	End of Q2 2025
Consolidated Cash with Westlake Corp.	$51 million	End of Q3 2025
Key Contractual Element	Ethylene Sales Agreement	Ongoing

This relationship is deep; it's not just a supplier-customer dynamic.

Dedicated account management and operational alignment with the parent

Operational alignment is managed through the structure where Westlake Corporation formed WLKP to operate specific assets, including three ethylene production facilities and an ethylene pipeline. The management of WLKP is handled by Westlake Chemical Partners GP LLC, the general partner. Financial reporting and communication are channeled through Westlake Corporation's Investor Relations contacts for both media and investor inquiries. For instance, the Q2 2025 distribution announcement directed both Media Inquiries and Investor Inquiries to Westlake Corp. contacts.

The operational alignment dictates cash flow predictability, as the Ethylene Sales Agreement with Westlake is specifically noted to minimize market volatility for WLKP. The Partnership's distributable cash flow for the third quarter of 2025 was $14.9 million, a decrease of $3.0 million compared to the third quarter of 2024, partially attributed to higher maintenance capital expenditures resulting from changes in the timing of maintenance activities in 2025.

Transactional relationship with public unitholders (investors)

The relationship with public unitholders is primarily transactional, centered on the consistent declaration and payment of quarterly distributions. Westlake Chemical Partners LP has a track record of 44 consecutive quarterly distributions announced since its Initial Public Offering in July 2014, as of the Q2 2025 announcement. The distribution amount declared for both the first quarter of 2025 and the second quarter of 2025 was $0.4714 per unit. The third quarter of 2025 also saw a distribution of $0.4714 per common unit. Distributions have increased by 71% since the Partnership's original minimum quarterly distribution of $0.275 per unit. The Partnership's distributable cash flow provided trailing twelve-month coverage of 0.75x the declared distributions for the third quarter of 2025. Since the IPO, the cumulative coverage ratio stands at approximately 1.05x.

You can see the consistency in the distribution schedule:

• Q1 2025 Distribution Declared: $0.4714 per unit
• Q2 2025 Distribution Declared: $0.4714 per unit
• Q3 2025 Distribution Declared: $0.4714 per unit
• Total Consecutive Distributions: 45 (as of Q3 2025 announcement)
• Distribution Growth Since IPO: 71%

For tax purposes, brokers and nominees must treat 100.0% of the Partnership's distributions to non-U.S. investors as being attributable to income effectively connected with a United States trade or business, subjecting those distributions to federal income tax withholding.

Westlake Chemical Partners LP (WLKP) - Canvas Business Model: Channels

You're looking at how Westlake Chemical Partners LP moves its product and communicates with its owners. It's a very focused set of channels, heavily tied to its relationship with Westlake Corporation.

Direct physical pipeline delivery of ethylene to Westlake Corporation facilities

The primary channel for Westlake Chemical Partners LP's main product is physical infrastructure. Westlake Chemical OpCo LP's assets include an ethylene pipeline, which connects its production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana, directly to Westlake Corporation facilities. This is governed by the Ethylene Sales Agreement. This agreement dictates that 95% of OpCo's ethylene production is sold directly to Westlake.

The financial structure of this channel is based on a set cash margin. The sale price is set for a cash margin of $0.10 per pound, calculated net of operating costs, maintenance capital expenditures, and reserves for future turnaround expenditures. This arrangement is designed to provide stable and predictable cash flows, which directly support the partnership's distributions. For the nine months ended September 30, 2025, sales to Westlake represented approximately 87.3% of Westlake Chemical Partners LP's total net sales.

Investor Relations website and SEC filings for unitholder communication

Communication with unitholders relies on standard regulatory and digital channels. The Investor Relations website, found at http://www.wlkpartners.com, serves as the central hub for official documentation. For instance, the Annual Report on Form 10-K for the fiscal year ended December 31, 2024, was filed with the Securities and Exchange Commission on March 5, 2025, and made available on the site. Unitholders can request a hard copy of this report, including audited financial statements, free of charge.

Key financial updates are disseminated through press releases, which are then archived on the site. For example, the third quarter 2025 results were announced via press release on October 28, 2025, followed by an earnings conference call scheduled for October 30th, 2025. This digital channel ensures compliance and broad access to required disclosures.

Quarterly distribution payments to unitholders

The final, and perhaps most critical, channel for returning capital to investors is the direct distribution payment process. Westlake Chemical Partners LP has maintained a consistent quarterly payment schedule. This was the 45th consecutive quarterly distribution announced since the initial public offering in July 2014.

Here are the specific per-unit distribution amounts declared for the first three quarters of 2025:

• Q1 2025 Distribution: $0.4714 per unit, paid May 29, 2025.
• Q2 2025 Distribution: $0.4714 per unit, paid August 27, 2025.
• Q3 2025 Distribution: $0.4714 per unit, paid November 26, 2025.

The annualized distribution based on these figures would total $1.8856 per unit ($0.4714 multiplied by four). One source reports the current annual dividend as $1.89 per share, with a yield of 9.92% as of late October 2025. The partnership treats 100.0% of these distributions to non-U.S. investors as subject to federal income tax withholding.

The history of these payments channels the partnership's operational success directly to the unitholders. Here's a look at the 2025 distribution schedule:

Distribution Quarter	Declaration Date	Ex-Dividend Date	Record Date	Pay Date	Amount Per Unit (USD)
First Quarter 2025	April 30, 2025	May 13, 2025	May 13, 2025	May 29, 2025	0.4714
Second Quarter 2025	July 30, 2025	August 12, 2025	August 12, 2025	August 27, 2025	0.4714
Third Quarter 2025	October 28, 2025	November 10, 2025	November 10, 2025	November 26, 2025	0.4714

The distributable cash flow for the third quarter of 2025 was $14.9 million, or $0.42 per unit, which covered the declared distribution for that period. Finance: draft 13-week cash view by Friday.

Westlake Chemical Partners LP (WLKP) - Canvas Business Model: Customer Segments

Westlake Corporation (WLK) as the primary, captive customer

Westlake Chemical Partners LP is fundamentally structured around its relationship with its parent, Westlake Corporation. Westlake Chemical Partners LP was formed by Westlake Corporation to operate, acquire, and develop ethylene production facilities and other qualified assets. This relationship is formalized through a long-term supply agreement, which is key to the Partnership's predictable cash flows and stable foundation for unitholder distributions.

Westlake Chemical Partners LP holds a 22.8% interest in Westlake Chemical OpCo LP. OpCo's assets are the core revenue drivers, including three ethylene production facilities located in Calvert City, Kentucky, and Lake Charles, Louisiana, along with a 200-mile ethylene pipeline. The total annual capacity of these facilities is approximately 3.7 billion pounds of ethylene.

Here's a look at the structure that defines this primary customer relationship:

Metric	Value/Detail
WLKP Ownership in OpCo	22.8% Interest
Ethylene Production Capacity	Approximately 3.7 billion pounds Annually
Key Asset Location	Calvert City, KY, and Lake Charles, LA
Q3 2025 Partnership Net Income	$15 million
Q3 2025 Distributable Cash Flow	$15 million, or $0.42 per unit

The stability of this fixed-margin ethylene sales agreement with Westlake Corporation minimizes market volatility for Westlake Chemical Partners LP.

Institutional and individual investors seeking stable MLP distributions

The second major segment is the unitholder base, attracted by the Master Limited Partnership (MLP) structure's focus on consistent cash returns. Westlake Chemical Partners LP has maintained stable quarterly cash distributions since its Initial Public Offering in July 2014. The Partnership has made 44 consecutive quarterly distributions as of Q2 2025.

You can see the commitment to this segment in the recent payout history:

• Quarterly Distribution (Q3 2025): $0.4714 per common unit.
• Last Ex-Dividend Date: November 10, 2025.
• TTM Dividend Payout (as of Dec 04, 2025): $1.89 per share.
• Annual Dividend Yield (as of Dec 04, 2025): 9.92%.
• Distribution Growth since IPO: 71% from the original minimum quarterly distribution of $0.275 per unit.

The current payout ratio sits at 135% of earnings, while the share price as of November 26, 2025, was $19.06/share. The institutional ownership base is significant, with 72 total institutional owners filing reports, holding 17,809,277 shares.

Downstream chemical manufacturers (indirectly, via WLK's derivatives)

While the primary customer is the parent, Westlake Chemical Partners LP's product-ethylene-is the fundamental building block for plastics and industrial chemicals, meaning downstream manufacturers are the ultimate end-users of the product stream flowing through Westlake Corporation. The financial results show that not all ethylene is captive; there are third-party sales. For instance, the Third Quarter 2025 net income was lower than Q3 2024 partially due to lower margins on sales of ethylene to third parties.

The overall scale of the business, which serves this broader market indirectly, is reflected in the revenue estimates:

• Full Year 2025 Revenue Estimate: $1.21 billion.
• Third Quarter 2025 Actual Revenue: $276.54 million.

The business model's fee-based structure is designed to insulate Westlake Chemical Partners LP from the commodity price volatility that directly impacts these downstream chemical manufacturers.

Westlake Chemical Partners LP (WLKP) - Canvas Business Model: Cost Structure

You're looking at the cost side of Westlake Chemical Partners LP's business, which is heavily influenced by its fee-based structure with the parent company, Westlake Corporation. The costs are primarily driven by the operations of the three ethylene production facilities that Westlake Chemical OpCo LP (OpCo) owns, which Westlake Chemical Partners LP holds a 22.8% interest in.

The structure of the ethylene sales agreement dictates that 95% of OpCo's production is sold to Westlake for a fixed cash margin, net of operating costs, maintenance capital expenditures and reserves for future turnaround expenditures. This means that many of the direct costs of production are passed through or accounted for before the margin is realized by Westlake Chemical Partners LP.

Here are the latest reported figures for key cost components from the 2025 reporting periods.

Cost Component (For the Period)	Q2 2025 (Three Months Ended June 30, 2025)	Q3 2025 (Three Months Ended September 30, 2025)
Cost of Sales (Proxy for Operating Costs)	$182,936 thousand	$209,475 thousand
Selling, General and Administrative Expenses (G&A)	$6,300 thousand	$7,444 thousand
OpCo Capital Expenditures (Total)	$24 million	$30 million

Maintenance capital expenditures were definitely a cost factor impacting cash flow in the first half of 2025. The planned turnaround at the Petro 1 ethylene unit in Lake Charles, Louisiana, was the main driver for these higher maintenance CapEx figures.

• The decrease in MLP distributable cash flow for Q1 2025 compared to Q4 2024 was attributed to lower volume and higher maintenance capital expenditures due to the Petro 1 turnaround.
• Distributable cash flow for Q2 2025 compared to Q2 2024 also decreased primarily due to higher maintenance capital expenditures related to the Petro 1 turnaround.
• Similarly, the decrease in Q3 2025 distributable cash flow versus Q3 2024 was due to higher maintenance capital expenditures from timing changes in 2025 maintenance activities.

Regarding the debt structure, Westlake Chemical Partners LP maintained its long-term debt level at $400 million at the end of the third quarter of 2025. This debt is split, with $377 million at the Partnership level and $23 million at OpCo. Specific interest expense for Westlake Chemical Partners LP related to this $400 million debt for the 2025 periods isn't explicitly broken out in the provided data, but for context, Westlake Corporation expected its cash interest expense for the full year of 2025 to be approximately $160 million.

The general and administrative costs for the MLP structure, represented by Selling, General and Administrative Expenses, show a slight increase quarter-over-quarter for the periods reported:

• Q2 2025 SG&A was $6,300 thousand.
• Q3 2025 SG&A rose to $7,444 thousand.

To be fair, the Q3 2025 figure is higher than the Q2 figure, but both are below the full year 2024 SG&A of $28,495 thousand.

Westlake Chemical Partners LP (WLKP) - Canvas Business Model: Revenue Streams

The revenue streams for Westlake Chemical Partners LP are heavily anchored to its long-term contractual relationship with its parent, Westlake Corporation, providing a degree of revenue predictability.

The total revenue for the last twelve months ending Q3 2025 was reported at $1.13 billion.

The revenue generation for the third quarter of 2025 can be broken down by customer source, showing the reliance on the primary agreement:

Revenue Component	Q3 2025 Amount (in thousands of dollars)
Net sales Westlake Corporation	$276,539
Net co-products, ethylene & other third parties	$32.4 million
Total Net Sales (Q3 2025)	$308.9 million

A core element of the revenue stability comes from the Ethylene Sales Agreement (ESA) with Westlake Corporation, which was renewed through the end of 2027. This agreement dictates that 95% of OpCo's ethylene production is sold to Westlake for a specified $0.10/lb cash margin, net of operating costs, maintenance capital expenditures, and reserves for future turnaround expenditures.

Key financial performance and distribution metrics for the third quarter of 2025 include:

• Net income attributable to the Partnership of $14.7 million in Q3 2025.
• Quarterly distribution declared of $0.4714 per unit for Q3 2025.
• Distributable cash flow for the quarter was $15 million, or $0.42 per unit.
• The distribution marks the 45th consecutive quarterly payout to unitholders.