Matthew Blair

- Westlake reported **net sales of $2.8 billion** and **EBITDA of $313 million** for Q3 2025.  **[0001604665_2217542:0]** 
- The company incurred a **net loss attributable to Westlake Corporation of $(782) million**, or **$(6.06) diluted earnings per share**, primarily due to a **$727 million non-cash goodwill impairment charge** in North America Chlorovinyls.  **[0001604665_2217542:1]** **[0001604665_2217542:7]** 
- Westlake achieved **~$115 million in company-wide cost savings year-to-date**, including **$40 million in Q3 2025**, and is progressing towards **$200 million in identified cost savings for 2026**.  **[0001604665_2217542:0]** **[0001604665_2217542:1]** 
- The Housing and Infrastructure Products (HIP) segment demonstrated **solid sales and EBITDA**, with sales growth outpacing the market, while the Performance and Essential Materials (PEM) segment's operating rate and sales volume improved as Q3 2025 progressed.  **[0001604665_2217542:0]** **[0001604665_2217542:3]**

Westlake Reports Q3 2025 Financial Results with Significant Goodwill Impairment

- **Westlake Chemical Partners LP** has renewed its **Ethylene Sales Agreement** with Westlake Corporation through **December 31, 2027**, maintaining the **pricing formula** and **sales volume protections for 95% of ethylene production**.  **[1604665_331dd64d9c6940d09cb90a4dd1e94ccb]**  This renewal is crucial for ensuring **stable and predictable cash flows**, enabling the Partnership to sustain its record of **45 consecutive quarterly distributions**.  **[1604665_331dd64d9c6940d09cb90a4dd1e94ccb]** 
- Despite a decline in **third quarter 2025 net income** and **distributable cash flow** due to higher maintenance capital expenditures, the Partnership's **cash flow remained stable** because of the **fee-based structure with take-or-pay protections** in the agreement.  **[1604665_331dd64d9c6940d09cb90a4dd1e94ccb]** 
- The renewal also includes amendments to the Services and Secondment Agreement and Omnibus Agreement to align terms and clarify indemnification obligations, and **Westlake Chemical Partners** owns a **22.8% interest in Westlake Chemical OpCo LP**, which operates **three ethylene production facilities** and an **ethylene pipeline**.  **[1604665_331dd64d9c6940d09cb90a4dd1e94ccb]**

Westlake Chemical Partners Renews Ethylene Sales Agreement Through 2027

- **Westlake Chemical Partners** reported **Third Quarter 2025 net income of $15 million, or $0.42 per unit**, with consolidated net income of **$86 million** on consolidated net sales of **$309 million**.  **[0001604665_2217198_0]** **[0001604665_2217198_1]** 
- The Partnership's **distributable cash flow for Q3 2025 was $15 million, or $0.42 per unit**, representing a **$3 million decrease** compared to Q3 2024, primarily due to **higher maintenance capital expenditures** and lower margins on third-party ethylene sales.  **[0001604665_2217198_1]**  The planned turnaround in Q2 2025 also impacted cash flows, but the company expects full coverage from its operating surplus now that the turnaround is complete.  **[0001604665_2217198_3]** 
- A **quarterly distribution of $0.4714 per unit** for Q3 2025 was announced, payable on November 26, 2025.  **[0001604665_2217198_1]**  The **ethylene sales agreement was renewed through the end of 2027** with Westlake Corporation, maintaining stable pricing and sales volume protections.  **[0001604665_2217198_2]** 
- The company ended Q3 2025 with **$51 million in consolidated cash** and **$400 million in long-term debt**, maintaining a consolidated leverage ratio of approximately **one time**. No planned turnarounds are scheduled for the remainder of 2025 or in 2026.  **[0001604665_2217198_1]**

Westlake Chemical Partners Reports Q3 2025 Results and Renews Ethylene Sales Agreement

- Westlake Chemical Partners LP (WLKP) announced the **renewal of its Ethylene Sales Agreement** with Westlake Chemical OpCo LP and Westlake Corporation through **December 31, 2027**. This renewal maintains the same pricing formula and sales volume protections, ensuring the continued offtake of **95%** of OpCo's ethylene production.  **[1604665_0001604665-25-000038_ex992_20250930pressrelease.htm:0]** **[1604665_0001604665-25-000038_exhibit993.htm:1]** **[1604665_0001604665-25-000038_wlkp-20251030.htm:1]** 
- For the third quarter of 2025, net income attributable to the Partnership was **$14.7 million**, and MLP distributable cash flow was **$14.9 million**. These figures represent a decrease from Q3 2024, which saw net income of $18.1 million and MLP distributable cash flow of $17.9 million.  **[1604665_0001604665-25-000038_ex991_20250930earningsrele.htm:1]** **[1604665_0001604665-25-000038_ex991_20250930earningsrele.htm:4]** **[1604665_0001604665-25-000038_ex991_20250930earningsrele.htm:6]**  Cash flows from operating activities for Q3 2025 were **$105.2 million**, a decrease from $126.1 million in Q3 2024, but a significant increase from $9.1 million in Q2 2025 due to a decline in cash payments related to a turnaround.  **[1604665_0001604665-25-000038_ex991_20250930earningsrele.htm:1]** **[1604665_0001604665-25-000038_ex991_20250930earningsrele.htm:6]** 
- The Partnership declared its **45th consecutive quarterly distribution** of **$0.4714 per unit** for Q3 2025.  **[1604665_0001604665-25-000038_ex991_20250930earningsrele.htm:1]** **[1604665_0001604665-25-000038_ex991_20250930earningsrele.htm:4]**  The trailing twelve-month coverage ratio for Q3 2025 was **0.75x**, down from 0.79x at the end of Q2 2025, primarily due to higher maintenance capital expenditures.  **[1604665_0001604665-25-000038_ex991_20250930earningsrele.htm:1]**

Westlake Chemical Partners (WLKP)