The following is a summary of the Westlake Chemical Partners LP Common Units (WLKP) Q3 2024 Earnings Call Transcript:
Financial Performance:
Westlake Partners reported third quarter 2024 net income of $18 million, or $0.51 per unit.
Consolidated net income, including OpCo's earnings, was $104 million on net sales of $277 million.
Distributable cash flow for the quarter was reported at $18 million, or $0.51 per unit, a $4 million increase from the third quarter of 2023.The partnership announced a quarterly distribution of $0.4714 per unit.
Business Progress:
Decision to defer the Petro 1 ethylene unit turnaround to the first quarter of 2025 enabled higher third-party sales volume in Q3 2024.
Westlake increased its quarterly distributions by 71% since its IPO in 2014.
No planned turnarounds for the remainder of 2024 following the deferral.
Opportunities:
Ethylene sales agreement provides a predictable fee-based cash flow structure from OpCo production, minimizing impact of economic fluctuations.
Risks:
Lower third-party ethylene sales prices and margins projected for Q4 due to strategic shift in sales volume to Q3.
Global macroeconomic unpredictability continues to present a risk for market volatility.
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
