Westlake Chemical Partners LP Common Units (NYSE:WLKP ) Q3 2024 Earnings Conference Call November 5, 2024 1:00 PM ET Company Participants John Zoeller - Vice President & Treasurer Jean-Marc Gilson - President & Chief Executive Officer Steve Bender - Executive Vice President & Chief Financial Officer Conference Call Participants Matthew Blair - TPH Operator Good afternoon. Thank you for standing by.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the third quarter of 2024 of $18.1 million, or $0.51 per limited partner unit, an increase of $4.9 million compared to the third quarter 2023 net income of $13.2 million. Cash flows from operating activities in the third quarter of 2024 were $126.1 million, an increase of $25.2 million compared to third quarter 2023 cash flows from operating activ.

HOUSTON--(BUSINESS WIRE)--The Board of Directors of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (the "Partnership") (NYSE:WLKP), has declared a distribution of $0.4714 per unit. This is the 41st quarterly distribution announced by the Partnership since its initial public offering. The distribution will be payable on November 27, 2024, to unit holders of record on November 12, 2024. This release is intended to be a qualified notice under Treasury Regul.

Westlake Chemical Partners LP (NYSE:WLKP ) Q2 2024 Earnings Conference Call August 6, 2024 1:00 PM ET Company Participants John Zoeller - VP and Treasurer Albert Chao - Executive Chairman Jean-Marc Gilson - President and CEO Steve Bender - EVP and CFO Conference Call Participants Matthew Blair - TPH Operator Good afternoon. Thank you for standing by.

HOUSTON--(BUSINESS WIRE)--The Board of Directors of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (the "Partnership") (NYSE:WLKP), has declared a distribution of $0.4714 per unit. This is the 40th quarterly distribution announced by the Partnership since its initial public offering. The distribution will be payable on August 27, 2024, to unit holders of record on August 12, 2024. This release is intended to be a qualified notice under Treasury Regulatio.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners (NYSE: WLKP) today provided the following information regarding 2023 investor tax reporting: As previously noted in the 2023 Investor Tax Reporting Package for our unitholders' investment in Westlake Chemical Partners, LP, the Partnership will report items of international tax relevance to our partners on Schedule K-3 for tax year 2023. As we disclosed in our quarterly distribution press releases, all of our income is effectively connected wi.

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Westlake Chemical Partners LP (NYSE:WLKP ) Q1 2024 Earnings Conference Call May 1, 2024 1:00 PM ET Company Participants John Zoeller - Vice President and Treasurer Albert Chao - President and Chief Executive Officer Steve Bender - Executive Vice President and Chief Financial Officer Conference Call Participants Matthew Blair - TPH Salvator Tiano - Bank of America Securities Operator Good afternoon, and thank you for standing by. Welcome to the Westlake Chemical Partners First Quarter 2024 Earnings Conference Call.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the first quarter of 2024 of $14.8 million, or $0.42 per limited partner unit, which was in-line with first quarter 2023 net income of $14.9 million. Cash flows from operating activities in the first quarter of 2024 were $104.6 million, a decrease of $40.3 million compared to first quarter 2023 cash flows from operating activities of $144.9 millio.

HOUSTON--(BUSINESS WIRE)--The Board of Directors of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (the "Partnership") (NYSE:WLKP), has declared a distribution of $0.4714 per unit. This is the 39th quarterly distribution announced by the Partnership since its initial public offering. The distribution will be payable on May 29, 2024, to unit holders of record on May 13, 2024. This release is intended to be a qualified notice under Treasury Regulation Sect.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners (NYSE: WLKP) will release its first quarter 2024 earnings prior to the market opening on Wednesday, May 1, 2024. The company will host a conference call at 1:00 p.m. Eastern Time (12:00 p.m. Central Time) on the same day to discuss the earnings release. To access the conference by phone, it is necessary to pre-register at https://register.vevent.com/register/BI945f608342d94f3bb7f420c75004538c. Once registered, you will receive a phone number.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (the “Partnership”) (NYSE: WLKP) today provided an update on the availability of the Partnership's 2023 Investor Tax Packages including Schedule K-1 for its common unitholders. The Partnership's 2023 K-1 tax packages are now available. The information reported to you on Schedule K-1 is based on tax laws currently in effect for 2023. This information may be subject to change depending on actions taken by Congress and the President. If the T.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") announced that it filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission on February 28, 2024. A copy of this 10-K may be found on the Partnership's website, www.wlkpartners.com, by selecting the "Investor Relations" tab, then "SEC Filings." Unitholders of the Partnership may receive a hard copy of its Annual Report on Form 10-K, includin.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (the “Partnership”) (NYSE: WLKP) today provided an update on the expected availability of the Partnership's 2023 Investor Tax Packages including Schedule K-1 for its common unitholders. Historically, the Partnership's Investor Tax Packages have been available by the end of February for the preceding tax year; however, the timing of the availability of Partnership's 2023 Investor Tax Packages is dependent upon actions of the U.S. Congress a.

Westlake Chemical Partners LP (WLKP) Q4 2023 Earnings Call Transcript

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the fourth quarter of 2023 of $14.3 million, or $0.41 per limited partner unit, a decrease of $2.5 million compared to fourth quarter 2022 net income of $16.8 million. The decrease in net income in the fourth quarter of 2023 when compared to the prior-year period was largely driven by higher interest expense. Cash flows from operating activities i.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners (NYSE: WLKP) will release its fourth quarter and full year 2023 earnings prior to the market opening on Tuesday, February 20, 2024. The company will host a conference call at 1:00 p.m. Eastern Time (12:00 p.m. Central Time) on the same day to discuss the earnings release. To access the conference by phone, it is necessary to pre-register at https://register.vevent.com/register/BI4edd1a6cc9e749b585fb66878269ae6f. Once registered, you will rece.

HOUSTON--(BUSINESS WIRE)--The Board of Directors of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (the "Partnership") (NYSE:WLKP), has declared a distribution of $0.4714 per unit. This is the 38th quarterly distribution announced by the Partnership since its initial public offering. The distribution will be payable on February 20, 2024, to unit holders of record on February 2, 2024. This release is intended to be a qualified notice under Treasury Regula.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the third quarter of 2023 of $13.2 million, or $0.37 per limited partner unit, compared to third quarter 2022 net income of $14.8 million. The reduction in Partnership net income in the third quarter of 2023 compared to the third quarter of 2022 was the result of higher interest expense attributable to higher interest rates on floating rate debt.

HOUSTON--(BUSINESS WIRE)--The Board of Directors of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (the "Partnership") (NYSE:WLKP), has declared a distribution of $0.4714 per unit. This is the 37th quarterly distribution announced by the Partnership since its initial public offering. The distribution will be payable on November 27, 2023, to unit holders of record on November 10, 2023. This release is intended to be a qualified notice under Treasury Regul.

HOUSTON--(BUSINESS WIRE)--Please replace the release with the following corrected version to update the link to pre-register to https://register.vevent.com/register/BIba82e736e2dc4c7795c84d6a93ba20f8 The updated release reads: WESTLAKE CHEMICAL PARTNERS ANNOUNCE THIRD QUARTER 2023 EARNINGS CONFERENCE CALL Westlake Chemical Partners (NYSE: WLKP) will release its third quarter 2023 earnings prior to the market opening on Thursday, November 2, 2023. The company will host a conference call at 1:00.

HOUSTON--(BUSINESS WIRE)--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. The reduction in Partnership net income in the second quarter of 2023 compared to the second quarter of 2022 was the result of lower production volumes, due to the planned Calvert C.

Westlake Chemical Partners benefits from capital expenditures and investments in environmental compliance, which may attract ESG-focused institutional investors. The company operates in the commercialization of ethylene and has three production facilities with a significant production capacity. The company's balance sheet includes debts and accounts receivable with Westlake Corporation, which may not be appreciated by minority investors.

HOUSTON--(BUSINESS WIRE)--The Board of Directors of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (the "Partnership") (NYSE:WLKP), has declared a distribution of $0.4714 per unit. This is the 36th quarterly distribution announced by the Partnership since its initial public offering. The distribution will be payable on August 25, 2023, to unit holders of record on August 11, 2023. This release is intended to be a qualified notice under Treasury Regulatio.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners (NYSE: WLKP) will release its second quarter 2023 earnings prior to the market opening on Thursday, August 3, 2023. The company will host a conference call at 1:00 p.m. Eastern Time (12:00 p.m. Central Time) on the same day to discuss the earnings release. To access the conference by phone, it is necessary to pre-register at https://register.vevent.com/register/BIb635b9f0d11a495fb699666f55842f0b. Once registered, you will receive a phone numb.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners (NYSE: WLKP) today provided the following information regarding 2022 investor tax reporting: As previously noted in the 2022 Investor Tax Reporting Package for our unitholders' investment in Westlake Chemical Partners, LP, the Partnership will report items of international tax relevance to our partners on Schedule K-3 for tax year 2022. As we disclosed in our quarterly distribution press releases, all of our income is effectively connected wi.

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Westlake Chemical Partners LP (NYSE:WLKP ) Q1 2023 Earnings Conference Call May 4, 2023 1:00 PM ET Company Participants Jeff Holy - Vice President and Treasurer Albert Chao - President and Chief Executive Officer Steve Bender - Executive Vice President and Chief Financial Officer Conference Call Participants Matthew Blair - TPH Operator Good afternoon. Thank you for standing by.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the first quarter of 2023 of $14.9 million, or $0.42 per limited partner unit, a decrease of $1.3 million compared to first quarter 2022 net income of $16.2 million. The Partnership's net income in the first quarter of 2023 was the result of strong production volumes with the decrease in net income compared to the first quarter of 2022 attributable to higher interest expense. Cash flows from operating activities in the first quarter of 2023 were $144.9 million, an increase of $40.1 million compared to first quarter 2022 cash flows from operating activities of $104.8 million. The increase was primarily due to favorable working capital changes. For the three months ended March 31, 2023, MLP distributable cash flow was $17.6 million, a decrease of $1.7 million compared to first quarter 2022 MLP distributable cash flow. The decrease in MLP distributable cash flow was primarily attributable to higher interest expense partially offset by the higher earnings and lower maintenance capital spending at OpCo. First quarter 2023 net income attributable to the Partnership of $14.9 million decreased by $1.9 million compared to fourth quarter 2022 net income of $16.8 million due to higher interest expense. First quarter 2023 cash flows from operating activities of $144.9 million increased by $22.3 million compared to fourth quarter 2022 cash flows from operating activities of $122.6 million due to the timing of payments from Westlake related to the 2022 buyer deficiency fee. First quarter 2023 MLP distributable cash flow of $17.6 million decreased by $2.7 million compared to fourth quarter 2022 MLP distributable cash flow of $20.3 million, primarily due to higher interest expense and higher maintenance capital spending at OpCo. "The Partnership's performance in the first quarter of 2023 reflects strong production volumes and a modest improvement in third-party ethylene margins from the fourth quarter of 2022. We remain well positioned to deliver solid earnings and cash flows as we continue to benefit from robust production levels paired with our sales agreement with Westlake that delivers a fixed margin on 95% of our production," said Albert Chao, President and Chief Executive Officer. "As we look to the remainder of 2023, we have already sold or contracted the majority of our third-party volume at favorable prices compared to the second half of 2022, and we are excited about the strong underlying fundamentals of the Partnership and continuing to deliver a premium value and predictable cash flows to our unitholders." On May 2, 2023, the Partnership announced that the Board of Directors of Westlake Chemical Partners GP LLC had approved a quarterly distribution for the first quarter of 2023 of $0.4714 per unit to be payable on May 26, 2023 to unitholders of record as of May 12, 2023, representing the 35th consecutive quarterly distribution to our unitholders. MLP distributable cash flow provided trailing twelve-month coverage of 1.12x the declared distributions for the first quarter of 2023. OpCo's Ethylene Sales Agreement with Westlake is designed to provide for stable and predictable cash flows. The agreement provides that 95% of OpCo's ethylene production is sold to Westlake for a cash margin of $0.10 per pound, net of operating costs, maintenance capital expenditures and reserves for future turnaround expenditures. The statements in this release and the related teleconference relating to matters that are not historical facts, such as those with respect to the ability to deliver value, returns, predictable cash flows and distributions to unitholders, demand for ethylene and expected margins and production volumes, contracted volumes, the expectation that strong distributions will continue, and the nature of the sales agreement with Westlake, are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to, the COVID-19 pandemic and the response thereto; operating difficulties; the volume of ethylene that we are able to sell; the price at which we are able to sell ethylene; changes in the price and availability of feedstocks; changes in prevailing economic conditions, including inflation, interest rates and possible recession; actions and commitments of Westlake Corporation; actions of third parties; inclement or hazardous weather conditions, including flooding, and the physical impacts of climate change; environmental hazards; changes in laws and regulations (or the interpretation thereof); inability to acquire or maintain necessary permits; inability to obtain necessary production equipment or replacement parts; technical difficulties or failures; labor disputes; difficulty collecting receivables; inability of our customers to take delivery; fires, explosions or other industrial accidents; our ability to borrow funds and access capital markets; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to the Partnership's Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC in March 2023. This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Use of Non-GAAP Financial Measures This release makes reference to certain "non-GAAP" financial measures, such as MLP distributable cash flow and EBITDA. For this purpose, a non-GAAP financial measure is generally defined by the Securities and Exchange Commission ("SEC") as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. We report our financial results in accordance with U.S. GAAP, but believe that certain non-GAAP financial measures, such as MLP distributable cash flow and EBITDA, provide useful supplemental information to investors regarding the underlying business trends and performance of our ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with U.S. GAAP. We define MLP distributable cash flow as distributable cash flow less distributable cash flow attributable to Westlake Corporation's noncontrolling interest in OpCo and distributions attributable to the incentive distribution rights holder. MLP distributable cash flow does not reflect changes in working capital balances. We define EBITDA as net income before interest expense, income taxes, depreciation and amortization. MLP distributable cash flow and EBITDA are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess our operating performance as compared to other publicly traded partnerships, our ability to incur and service debt and fund capital expenditures and the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities. Reconciliations of MLP distributable cash flow to net income and to net cash provided by operating activities and of EBITDA to net income, income from operations and net cash provided by operating activities can be found in the financial schedules at the end of this press release. Westlake Chemical Partners LP Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com. Westlake Chemical Partners LP Conference Call Information: A conference call to discuss Westlake Chemical Partners' first quarter 2023 results will be held Thursday, May 4, 2023 at 1:00 PM Eastern Time (12:00 PM Central Time). To access the conference call, it is necessary to pre-register at https://register.vevent.com/register/BI16a50f5d0c114b199639e3cf58096652. Once registered, you will receive a phone number and unique PIN number. A replay of the conference call will be available beginning two hours after its conclusion. The conference call and replay will be available via webcast at https://edge.media-server.com/mmc/p/cmm2ahd6. WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS") CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2023 2022 (In thousands of dollars, except per unit data) Revenue Net sales—Westlake Corporation ("Westlake") $ 257,471 $ 290,657 Net co-products, ethylene and other sales—third parties 50,206 71,743 Total net sales 307,677 362,400 Cost of sales 201,604 270,961 Gross profit 106,073 91,439 Selling, general and administrative expenses 7,914 8,227 Income from operations 98,159 83,212 Other income (expense) Interest expense—Westlake (7,315 ) (2,199 ) Other income (expense), net 820 (25 ) Income before income taxes 91,664 80,988 Provision for income taxes 212 163 Net income 91,452 80,825 Less: Net income attributable to noncontrolling interest in Westlake Chemical OpCo LP ("OpCo") 76,560 64,631 Net income attributable to Westlake Partners $ 14,892 $ 16,194 Net income per limited partner unit attributable to Westlake Partners (basic and diluted) Common units $ 0.42 $ 0.46 Distributions declared per unit $ 0.4714 $ 0.4714 MLP distributable cash flow $ 17,551 $ 19,291 Distributions declared Limited partner units—publicly and privately held $ 9,946 $ 9,943 Limited partner units—Westlake 6,657 6,657 Total distributions declared $ 16,603 $ 16,600 EBITDA $ 125,615 $ 114,469 WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2023 December 31, 2022 (In thousands of dollars) ASSETS Current assets Cash and cash equivalents $ 104,588 $ 64,782 Receivable under the Investment Management Agreement—Westlake 52,079 64,996 Accounts receivable, net—Westlake 50,453 90,965 Accounts receivable, net—third parties 19,691 20,030 Inventories 5,466 4,715 Prepaid expenses and other current assets 153 305 Total current assets 232,430 245,793 Property, plant and equipment, net 977,469 990,213 Other assets, net 132,779 135,973 Total assets $ 1,342,678 $ 1,371,979 LIABILITIES AND EQUITY Current liabilities (accounts payable and accrued and other liabilities) $ 51,482 $ 66,941 Long-term debt payable to Westlake 399,674 399,674 Other liabilities 1,644 1,656 Total liabilities 452,800 468,271 Common unitholders—publicly and privately held 479,617 480,643 Common unitholder—Westlake 53,173 53,859 General partner—Westlake (242,572 ) (242,572 ) Total Westlake Partners partners' capital 290,218 291,930 Noncontrolling interest in OpCo 599,660 611,778 Total equity 889,878 903,708 Total liabilities and equity $ 1,342,678 $ 1,371,979 WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31, 2023 2022 (In thousands of dollars) Cash flows from operating activities Net income $ 91,452 $ 80,825 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 26,636 31,282 Net loss on disposition and other 942 3,962 Other balance sheet changes 25,830 (11,259 ) Net cash provided by operating activities 144,860 104,810 Cash flows from investing activities Additions to property, plant and equipment (12,656 ) (20,342 ) Investments with Westlake under the Investment Management Agreement (90,116 ) (55,000 ) Maturities of investments with Westlake under the Investment Management Agreement 103,000 50,000 Net cash provided by (used for) investing activities 228 (25,342 ) Cash flows from financing activities Proceeds from debt payable to Westlake 39,000 — Repayment of debt payable to Westlake (39,000 ) — Quarterly distributions to noncontrolling interest retained in OpCo by Westlake (88,678 ) (60,688 ) Quarterly distributions to unitholders (16,604 ) (16,603 ) Net cash used for financing activities (105,282 ) (77,291 ) Net increase in cash and cash equivalents 39,806 2,177 Cash and cash equivalents at beginning of period 64,782 17,057 Cash and cash equivalents at end of period $ 104,588 $ 19,234 WESTLAKE CHEMICAL PARTNERS LP RECONCILIATION OF MLP DISTRIBUTABLE CASH FLOW TO NET INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Three Months Ended December 31, Three Months Ended March 31, 2022 2023 2022 (In thousands of dollars) Net cash provided by operating activities $ 122,574 $ 144,860 $ 104,810 Changes in operating assets and liabilities and other (31,314 ) (53,408 ) (23,985 ) Net income 91,260 91,452 80,825 Add: Depreciation, amortization and disposition of property, plant and equipment 29,711 27,003 34,253 Less: Contribution to turnaround reserves (7,364 ) (7,306 ) (7,204 ) Maintenance capital expenditures (7,077 ) (8,024 ) (13,453 ) Distributable cash flow attributable to noncontrolling interest in OpCo (86,269 ) (85,574 ) (75,130 ) MLP distributable cash flow $ 20,261 $ 17,551 $ 19,291 WESTLAKE CHEMICAL PARTNERS LP RECONCILIATION OF EBITDA TO NET INCOME, INCOME FROM OPERATIONS AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Three Months Ended December 31, Three Months Ended March 31, 2022 2023 2022 (In thousands of dollars) Net cash provided by operating activities $ 122,574 $ 144,860 $ 104,810 Changes in operating assets and liabilities and other (31,314 ) (53,408 ) (23,985 ) Net income 91,260 91,452 80,825 Less: Other income (expense), net 883 820 (25 ) Interest expense—Westlake (4,704 ) (7,315 ) (2,199 ) Provision for income taxes (195 ) (212 ) (163 ) Income from operations 95,276 98,159 83,212 Add: Depreciation and amortization 29,392 26,636 31,282 Other income (expense), net 883 820 (25 ) EBITDA $ 125,551 $ 125,615 $ 114,469

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the first quarter of 2023 of $14.9 million, or $0.42 per limited partner unit, a decrease of $1.3 million compared to first quarter 2022 net income of $16.2 million. The Partnership's net income in the first quarter of 2023 was the result of strong production volumes with the decrease in net income compared to the first quarter of 2022 attributabl.

HOUSTON--(BUSINESS WIRE)--The Board of Directors of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (the "Partnership") (NYSE:WLKP), has declared a distribution of $0.4714 per unit. This is the 35th quarterly distribution announced by the Partnership since its initial public offering. The distribution will be payable on May 26, 2023, to unit holders of record on May 12, 2023. This release is intended to be a qualified notice under Treasury Regulation Sect.

HOUSTON--(BUSINESS WIRE)--The Board of Directors of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (the "Partnership") (NYSE:WLKP), has declared a distribution of $0.4714 per unit. This is the 35th quarterly distribution announced by the Partnership since its initial public offering. The distribution will be payable on May 26, 2023, to unit holders of record on May 12, 2023. This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. About Westlake Chemical Partners LP Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP’s assets include three facilities in Calvert City, Kentucky, and Lake Charles, Louisiana which process ethane and propane into ethylene, and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners (NYSE: WLKP) today announced that Ms. Lisa A. Friel has been appointed to the board of directors of its general partner, Westlake Chemical Partners GP LLC. She will replace Ms. Angela A. Minas, who previously informed the company that she would resign from the board effective upon the appointment of her successor. Ms. Friel was the Managing Partner of Ernst & Young LLP’s San Antonio, Texas office from July 2012 until her retirement in September 2020. Ms. Friel began her career with Ernst & Young LLP in 1988. She is currently the Chair of the Board of Directors for the United Way of San Antonio. Ms. Friel holds a bachelor’s of science degree in Accounting and Business Administration from the University of Kansas and is a Certified Public Accountant. “We are extremely grateful to Angela for her service on our board. We wish her the best in her future endeavors,” stated James Chao, Chairman of Westlake Chemical Partners GP LLC. “We are very pleased that Lisa Friel has been appointed to our board. We know that her business and accounting experience will add considerable value to the partnership.” About Westlake Chemical Partners: Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns an 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners (NYSE: WLKP) today announced that Ms. Lisa A. Friel has been appointed to the board of directors of its general partner, Westlake Chemical Partners GP LLC. She will replace Ms. Angela A. Minas, who previously informed the company that she would resign from the board effective upon the appointment of her successor. Ms. Friel was the Managing Partner of Ernst & Young LLP's San Antonio, Texas office from July 2012 until her retirement in Sep.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners (NYSE: WLKP) will release its first quarter 2023 earnings prior to the market opening on Thursday, May 4, 2023. The company will host a conference call at 1:00 p.m. Eastern Time (12:00 p.m. Central Time) on the same day to discuss the earnings release. To access the conference by phone, it is necessary to pre-register at https://register.vevent.com/register/BI16a50f5d0c114b199639e3cf58096652. Once registered, you will receive a phone number and unique PIN number. When you dial in, you will input the PIN number to be placed into the call. The conference call and replay will be available via webcast at https://edge.media-server.com/mmc/p/cmm2ahd6 and the earnings release can be obtained via the company's Web page at, https://investors.wlkpartners.com/corporate-profile/default.aspx. About Westlake Chemical Partners: Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns an 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners (NYSE: WLKP) will release its first quarter 2023 earnings prior to the market opening on Thursday, May 4, 2023. The company will host a conference call at 1:00 p.m. Eastern Time (12:00 p.m. Central Time) on the same day to discuss the earnings release. To access the conference by phone, it is necessary to pre-register at https://register.vevent.com/register/BI16a50f5d0c114b199639e3cf58096652. Once registered, you will receive a phone number and unique PIN number. When you dial in, you will input the PIN number to be placed into the call. The conference call and replay will be available via webcast at https://edge.media-server.com/mmc/p/cmm2ahd6 and the earnings release can be obtained via the company's Web page at, https://investors.wlkpartners.com/corporate-profile/default.aspx. About Westlake Chemical Partners: Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns an 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.

Retirement of Dr Sarah Ryan and Dr Christopher Haynes from the Woodside Board PERTH, AUSTRALIA / ACCESSWIRE / March 8, 2023 / The Board of Woodside announces the retirement of Dr Sarah Ryan and Dr Christopher Haynes as Directors of Woodside. Dr Ryan and Dr Haynes will be standing down from their respective offices with effect from the conclusion of Woodside's 2023 Annual General Meeting, scheduled to be held on 28 April 2023 (2023 AGM).

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") announced that it filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 with the Securities and Exchange Commission on March 1, 2023. A copy of this 10-K may be found on the Partnership's website, www.wlkpartners.com, by selecting the "Investor Relations" tab, then "SEC Filings." Unitholders of the Partnership may receive a hard copy of its Annual Report on Form 10-K, including complete audited financial statements, free of charge. Requests should be submitted in writing to Westlake Chemical Partners LP – 2022 Form 10-K, 2801 Post Oak Blvd., Suite 600, Houston, TX 77056. About Westlake Chemical Partners LP Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP’s assets include three facilities in Calvert City, Kentucky, and Lake Charles, Louisiana which process ethane and propane into ethylene, and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com/.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") announced that it filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 with the Securities and Exchange Commission on March 1, 2023. A copy of this 10-K may be found on the Partnership's website, www.wlkpartners.com, by selecting the "Investor Relations" tab, then "SEC Filings.

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Westlake Chemical Partners LP (NYSE:WLKP ) Q4 2022 Results Conference Call February 21, 2023 1:00 PM ET Company Participants Jeff Holy - Vice President and Treasurer Albert Chao - President and Chief Executive Officer Steve Bender - Executive Vice President and Chief Financial Officer Operator Good afternoon. Thank you for standing by.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the fourth quarter of 2022 of $16.8 million, or $0.48 per limited partner unit, a decrease of $12.7 million compared to fourth quarter 2021 net income of $29.5 million.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the fourth quarter of 2022 of $16.8 million, or $0.48 per limited partner unit, a decrease of $12.7 million compared to fourth quarter 2021 net income of $29.5 million. Net income in the fourth quarter of 2021 benefitted from a $32 million buyer deficiency fee resulting from an unplanned outage related to the Petro 2 turnaround at Westlake Chemical OpCo, LP ("OpCo"). The decrease in net income in the fourth quarter of 2022 when compared to the prior-year period was a result of a lower buyer deficiency fee of $10 million recorded in the period as well as higher interest expense, partially offset by higher production at OpCo. Cash flows from operating activities in the fourth quarter of 2022 were $122.6 million, an increase of $100.7 million compared to fourth quarter 2021 cash flows from operating activities of $21.9 million, due to higher production at OpCo as well as cash flows from operations in the fourth quarter of 2021 being impacted by expenditures related to OpCo's Petro 2 turnaround. For the three months ended December 31, 2022, MLP distributable cash flow was $20.3 million, an increase of $5.0 million compared to fourth quarter 2021 MLP distributable cash flow of $15.3 million. The increase in MLP distributable cash flow and associated trailing twelve-month coverage ratio was primarily attributable to higher production and lower maintenance capital spending. Fourth quarter 2022 net income attributable to the Partnership of $16.8 million increased by $2.0 million compared to third quarter 2022 net income of $14.8 million, primarily due to higher production volume, partially offset by higher interest expense. Fourth quarter 2022 cash flows from operating activities of $122.6 million increased by $7.1 million compared to third quarter 2022 cash flows from operating activities of $115.5 million due to higher production. Fourth quarter 2022 MLP distributable cash flow of $20.3 million increased by $3.6 million compared to third quarter 2022 MLP distributable cash flow of $16.7 million, primarily due to lower maintenance capital expenditures. For the full year 2022, net income attributable to the Partnership of $64.2 million, or $1.82 per limited partner unit, decreased by $18.3 million compared to full year of 2021 net income attributable to the Partnership of $82.5 million. The decrease in net income attributable to the Partnership was primarily due to lower third-party sales margins, higher interest expense, and a lower buyer deficiency fee than in the prior-year period. Cash flows from operating activities for the full year of 2022 were $463.7 million, an increase of $55.3 million compared to the full year of 2021 cash flows from operating activities of $408.4 million. This increase in cash flows from operating activities was primarily due to higher production at OpCo, significantly lower turnaround expenditures, and the receipt of a prior-year receivable from Westlake. For the year ended December 31, 2022, MLP distributable cash flow was $75.9 million, an increase of $5.8 million compared to MLP distributable cash flow of $70.1 million for the year ended December 31, 2021. "2022 presented its share of challenges including decades-high inflation, tighter monetary policy, and the highest feedstock and energy costs for U.S. ethylene producers since 2011. While each year brings new challenges, the Partnership's financial performance in 2022, supported by our sales agreement with Westlake, once again demonstrated the resiliency and consistency of its earnings and cash flows. This consistent cash flow enabled us to declare our 34th consecutive quarterly distribution payment and improve our twelve-month coverage ratio to 1.14x in 2022," said Albert Chao, President and Chief Executive Officer. "2023 will likely bring new challenges, such as the current low third-party ethylene sales margins and relatively high interest rates; however, despite these headwinds, the insulative attributes of the agreement with Westlake give us confidence in another year of solid performance and cash flows." On January 23, 2023, the Partnership announced that the Board of Directors of Westlake Chemical Partners GP LLC had approved a quarterly distribution for the fourth quarter of 2022 of $0.4714 per unit to be payable on February 16, 2023 to unitholders of record as of February 2, 2023, representing the 34th consecutive quarterly distribution to our unitholders. MLP distributable cash flow provided trailing twelve-month coverage of 1.14x the declared distributions for the fourth quarter of 2022, which was an increase from the trailing twelve-month coverage ratio of 1.07x at the end of the third quarter of 2022. OpCo's Ethylene Sales Agreement with Westlake is designed to provide for stable and predictable cash flows. The agreement provides that 95% of OpCo's ethylene production is sold to Westlake for a cash margin of $0.10 per pound, net of operating costs, maintenance capital expenditures and reserves for future turnaround expenditures. The statements in this release and the related teleconference relating to matters that are not historical facts, such as those with respect to the ability to deliver value, returns, predictable cash flows and distributions to unitholders, the expectation that strong distributions will continue, and the nature of the sales agreement with Westlake, are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to, the COVID-19 pandemic and the response thereto; operating difficulties; the volume of ethylene that we are able to sell; the price at which we are able to sell ethylene; changes in the price and availability of feedstocks; changes in prevailing economic conditions; actions and commitments of Westlake Corporation; actions of third parties; inclement or hazardous weather conditions, including flooding, and the physical impacts of climate change; environmental hazards; changes in laws and regulations (or the interpretation thereof); inability to acquire or maintain necessary permits; inability to obtain necessary production equipment or replacement parts; technical difficulties or failures; labor disputes; difficulty collecting receivables; inability of our customers to take delivery; fires, explosions or other industrial accidents; our ability to borrow funds and access capital markets; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to the Partnership's Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC in March 2022, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, which was filed with the SEC in November 2022. This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Use of Non-GAAP Financial Measures This release makes reference to certain "non-GAAP" financial measures, such as MLP distributable cash flow and EBITDA. For this purpose, a non-GAAP financial measure is generally defined by the Securities and Exchange Commission ("SEC") as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. We report our financial results in accordance with U.S. GAAP, but believe that certain non-GAAP financial measures, such as MLP distributable cash flow and EBITDA, provide useful supplemental information to investors regarding the underlying business trends and performance of our ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with U.S. GAAP. We define MLP distributable cash flow as distributable cash flow less distributable cash flow attributable to Westlake Corporation's noncontrolling interest in OpCo and distributions attributable to the incentive distribution rights holder. MLP distributable cash flow does not reflect changes in working capital balances. We define EBITDA as net income before interest expense, income taxes, depreciation and amortization. MLP distributable cash flow and EBITDA are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess our operating performance as compared to other publicly traded partnerships, our ability to incur and service debt and fund capital expenditures and the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities. Reconciliations of MLP distributable cash flow to net income and to net cash provided by operating activities and of EBITDA to net income, income from operations and net cash provided by operating activities can be found in the financial schedules at the end of this press release. Westlake Chemical Partners LP Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com. Westlake Chemical Partners LP Conference Call Information: A conference call to discuss Westlake Chemical Partners' fourth quarter 2022 results will be held Tuesday, February 21, 2023 at 1:00 PM Eastern Time (12:00 PM Central Time). To access the conference call, please register at: https://register.vevent.com/register/BI9783ef61b8b547ef9b507fc63dc0f073. A dial-in will be provided upon registration. The conference call will also be available via webcast at: https://edge.media-server.com/mmc/p/n8a3yw3a and the earnings release can be obtained via the Partnership web page at: https://investors.wlkpartners.com/corporate-profile/default.aspx. WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS") CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 (In thousands of dollars, except per unit data) Revenue Net sales—Westlake Corporation ("Westlake") $ 322,868 $ 317,940 $ 1,342,910 $ 1,026,586 Net co-products, ethylene and other sales—third parties 43,971 12,516 250,237 188,272 Total net sales 366,839 330,456 1,593,147 1,214,858 Cost of sales 268,709 183,406 1,215,782 773,152 Gross profit 98,130 147,050 377,365 441,706 Selling, general and administrative expenses 2,854 6,284 29,678 31,018 Income from operations 95,276 140,766 347,687 410,688 Other income (expense) Interest expense—Westlake (4,704 ) (2,166 ) (13,407 ) (8,816 ) Other income, net 883 10 1,566 62 Income before income taxes 91,455 138,610 335,846 401,934 Provision for income taxes 195 216 1,017 549 Net income 91,260 138,394 334,829 401,385 Less: Net income attributable to noncontrolling interests in Westlake Chemical OpCo LP ("OpCo") 74,476 108,882 270,656 318,838 Net income attributable to Westlake Partners $ 16,784 $ 29,512 $ 64,173 $ 82,547 Net income per limited partner unit attributable to Westlake Partners (basic and diluted) Common units $ 0.48 $ 0.84 $ 1.82 $ 2.34 Distributions declared per unit $ 0.4714 $ 0.4714 $ 1.8856 $ 1.8856 MLP distributable cash flow $ 20,261 $ 15,297 $ 75,870 $ 70,057 Distributions declared Limited partner units—publicly and privately held $ 9,947 $ 9,943 $ 39,775 $ 39,760 Limited partner units—Westlake 6,657 6,657 26,628 26,628 Total distributions declared $ 16,604 $ 16,600 $ 66,403 $ 66,388 EBITDA $ 125,551 $ 166,760 $ 470,327 $ 519,564 WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) December 31, 2022 2021 (In thousands of dollars) ASSETS Current assets Cash and cash equivalents $ 64,782 $ 17,057 Receivable under the Investment Management Agreement—Westlake 64,996 106,243 Accounts receivable, net—Westlake 90,965 142,791 Accounts receivable, net—third parties 20,030 5,825 Inventories 4,715 8,898 Prepaid expenses and other current assets 305 396 Total current assets 245,793 281,210 Property, plant and equipment, net 990,213 1,043,539 Other assets, net 135,973 155,949 Total assets $ 1,371,979 $ 1,480,698 LIABILITIES AND EQUITY Current liabilities (accounts payable and accrued and other liabilities) $ 66,941 $ 106,796 Long-term debt payable to Westlake 399,674 399,674 Other liabilities 1,656 1,530 Total liabilities 468,271 508,000 Common unitholders—publicly and privately held 480,643 481,796 Common unitholder—Westlake 53,859 54,754 General partner—Westlake (242,572 ) (242,572 ) Total Westlake Partners partners' capital 291,930 293,978 Noncontrolling interest in OpCo 611,778 678,720 Total equity 903,708 972,698 Total liabilities and equity $ 1,371,979 $ 1,480,698 WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Twelve Months Ended December 31, 2022 2021 (In thousands of dollars) Cash flows from operating activities Net income $ 334,829 $ 401,385 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 121,074 108,814 Net loss on disposition and other 5,063 3,922 Other balance sheet changes 2,770 (105,682 ) Net cash provided by operating activities 463,736 408,439 Cash flows from investing activities Additions to property, plant and equipment (54,118 ) (81,171 ) Investments with Westlake under the Investment Management Agreement (319,884 ) (276,000 ) Maturities of investments with Westlake under the Investment Management Agreement 362,000 293,000 Other — (130 ) Net cash used for investing activities (12,002 ) (64,301 ) Cash flows from financing activities Proceeds from debt payable to Westlake 32,000 — Repayment of debt payable to Westlake (32,000 ) — Quarterly distributions to noncontrolling interest retained in OpCo by Westlake (337,598 ) (277,856 ) Quarterly distributions to unitholders (66,411 ) (66,379 ) Net cash used for financing activities (404,009 ) (344,235 ) Net increase (decrease) in cash and cash equivalents 47,725 (97 ) Cash and cash equivalents at beginning of the year 17,057 17,154 Cash and cash equivalents at end of the year $ 64,782 $ 17,057 WESTLAKE CHEMICAL PARTNERS LP RECONCILIATION OF MLP DISTRIBUTABLE CASH FLOW TO NET INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Three Months Ended September 30, Three Months Ended December 31, Twelve Months Ended December 31, 2022 2022 2021 2022 2021 (In thousands of dollars) Net cash provided by operating activities $ 115,495 $ 122,574 $ 21,862 $ 463,736 $ 408,439 Changes in operating assets and liabilities and other (37,190 ) (31,314 ) 116,532 (128,907 ) (7,054 ) Net income 78,305 91,260 138,394 334,829 401,385 Add: Depreciation, amortization and disposition of property, plant and equipment 30,349 29,711 28,442 125,781 113,032 Less: Contribution to turnaround reserves (7,323 ) (7,364 ) (44,500 ) (29,175 ) (80,090 ) Maintenance capital expenditures (14,348 ) (7,077 ) (46,350 ) (45,249 ) (87,783 ) Distributable cash flow attributable to noncontrolling interest in OpCo (70,249 ) (86,269 ) (60,689 ) (310,316 ) (276,487 ) MLP distributable cash flow $ 16,734 $ 20,261 $ 15,297 $ 75,870 $ 70,057 WESTLAKE CHEMICAL PARTNERS LP RECONCILIATION OF EBITDA TO NET INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Three Months Ended September 30, Three Months Ended December 31, Twelve Months Ended December 31, 2022 2022 2021 2022 2021 (In thousands of dollars) Net cash provided by operating activities $ 115,495 $ 122,574 $ 21,862 $ 463,736 $ 408,439 Changes in operating assets and liabilities and other (37,190 ) (31,314 ) 116,532 (128,907 ) (7,054 ) Net income 78,305 91,260 138,394 334,829 401,385 Less: Other income, net 618 883 10 1,566 62 Interest expense—Westlake (3,645 ) (4,704 ) (2,166 ) (13,407 ) (8,816 ) Provision for income taxes (484 ) (195 ) (216 ) (1,017 ) (549 ) Income from operations 81,816 95,276 140,766 347,687 410,688 Add: Depreciation and amortization 29,391 29,392 25,984 121,074 108,814 Other income, net 618 883 10 1,566 62 EBITDA $ 111,825 $ 125,551 $ 166,760 $ 470,327 $ 519,564

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners (NYSE: WLKP) will release its fourth quarter and full year 2022 earnings prior to the market opening on Tuesday, February 21, 2023. The company will host a conference call at 1:00 p.m. Eastern Time (12:00 p.m. Central Time) on the same day to discuss the earnings release. To access the conference by phone, it is necessary to pre-register at https://register.vevent.com/register/BI9783ef61b8b547ef9b507fc63dc0f073. Once registered, you will receive a phone number and unique PIN number. When you dial in, you will input the PIN number to be placed into the call. The conference call and replay will be available via webcast at https://edge.media-server.com/mmc/p/n8a3yw3a and the earnings release can be obtained via the company's Web page at, https://investors.wlkpartners.com/corporate-profile/default.aspx. About Westlake Chemical Partners: Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns an 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.

HOUSTON--(BUSINESS WIRE)--The Board of Directors of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (the "Partnership") (NYSE:WLKP), has declared a distribution of $0.4714 per unit. This is the 34th quarterly distribution announced by the Partnership since its initial public offering. The distribution will be payable on February 16, 2023, to unit holders of record on February 2, 2023. This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. About Westlake Chemical Partners LP Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP’s assets include three facilities in Calvert City, Kentucky, and Lake Charles, Louisiana which process ethane and propane into ethylene, and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.

HOUSTON--( BUSINESS WIRE )--The Board of Directors of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (the "Partnership") (NYSE:WLKP), has declared a distribution of $0.4714 per unit. This is the 34th quarterly distribution announced by the Partnership since its initial public offering. The distribution will be payable on February 16, 2023, to unit holders of record on February 2, 2023.

Westlake Chemical Partners LP (NYSE:WLKP ) Q3 2022 Earnings Conference Call November 3, 2022 1:00 PM ET Company Participants Jeff Holy - Vice President and Treasurer Albert Chao - President and Chief Executive Officer Steve Bender - Executive Vice President and Chief Financial Officer Conference Call Participants Michael Leithead - Barclays Operator Thank you for standing by. Welcome to the Westlake Chemical Partners Third Quarter 2022 Earnings Conference Call.

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the third quarter of 2022 of $14.8 million, or $0.42 per limited partner unit, an increase of $2.0 million compared to third quarter 2021 of $12.8 million. Volatile downstream demand lowered planned offtake, resulting in a $13.9 million buyer deficiency fee from Westlake Corporation ("Westlake"). The difference in net income for the third quarter of 2022 as compared to the third quarter of 2021 was primarily due to higher production at Westlake Chemical LP's ("OpCo") Petro 2 facility in Lake Charles, Louisiana, where production was impacted in the prior-period by a planned turnaround in the second half of 2021 and the buyer deficiency fee. These increases were partially offset by lower margins on third party ethylene sales and higher interest expense. Cash flows from operating activities in the third quarter of 2022 were $115.5 million, an increase of $16.0 million compared to third quarter 2021 cash flows from operating activities of $99.5 million due to higher net income. For the three months ended September 30, 2022, MLP distributable cash flow was $16.7 million, an increase of $3.7 million compared to third quarter 2021 MLP distributable cash flow of $13.0 million. The increase in MLP distributable cash flow and associated trailing twelve-month coverage ratio was primarily attributable to higher production and net income at OpCo. Third quarter 2022 net income attributable to the Partnership of $14.8 million decreased by $1.6 million compared to second quarter 2022 net income of $16.4 million, primarily due to lower third-party revenues and lower production partially offset by the buyer deficiency fee. Third quarter 2022 cash flows from operating activities of $115.5 million decreased by $5.4 million compared to second quarter 2022 cash flows from operating activities of $120.9 million due to lower production and net income. Third quarter 2022 MLP distributable cash flow of $16.7 million, decreased by $2.9 million compared to second quarter 2022 MLP distributable cash flow of $19.6 million. The decrease was primarily due to lower third-party revenues and lower production partially offset by the buyer deficiency fee. "The Partnership's performance in the third quarter of 2022 reflects the ratable and long-term strength of our market position and the protective provisions of our sales agreement with Westlake. We are well positioned to continue to deliver solid distributions as a result of the sales agreement that provides a fixed margin on 95% of our production," said Albert Chao, President and Chief Executive Officer. "As we look ahead to 2023, we remain optimistic about the ethylene market and we will continue to benefit from the insulative attributes of the agreement with Westlake. These attributes should drive strong returns and predictable cash flows to our unitholders, providing a premium value as market conditions evolve." On October 31, 2022, the Partnership announced that the Board of Directors of Westlake Chemical Partners GP LLC had approved a quarterly distribution for the third quarter of 2022 of $0.4714 per unit to be payable on November 28, 2022 to unitholders of record as of November 10, 2022, representing the 33rd consecutive quarterly distribution to our unitholders. MLP distributable cash flow provided trailing twelve-month coverage of 1.07x the declared distributions for the third quarter of 2022, which was an increase from the trailing twelve-month coverage ratio of 1.01x at the end of the second quarter of 2022. OpCo's Ethylene Sales Agreement with Westlake is designed to provide for stable and predictable cash flows. The agreement provides that 95% of OpCo's ethylene production is sold to Westlake for a cash margin of $0.10 per pound, net of operating costs, maintenance capital expenditures and reserves for future turnaround expenditures. The statements in this release and the related teleconference relating to matters that are not historical facts, such as those with respect to the ability to deliver value, returns, predictable cash flows and distributions to unitholders, optimism about the ethylene market, and the expectation that strong distributions will continue and provide premium value, are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to, the COVID-19 pandemic and the response thereto; operating difficulties; the volume of ethylene that we are able to sell; the price at which we are able to sell ethylene; changes in the price and availability of feedstocks; changes in prevailing economic conditions; actions and commitments of Westlake Corporation; actions of third parties; inclement or hazardous weather conditions, including flooding, and the physical impacts of climate change; environmental hazards; changes in laws and regulations (or the interpretation thereof); inability to acquire or maintain necessary permits; inability to obtain necessary production equipment or replacement parts; technical difficulties or failures; labor disputes; difficulty collecting receivables; inability of our customers to take delivery; fires, explosions or other industrial accidents; our ability to borrow funds and access capital markets; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to the Partnership's Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC in March 2022, and Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, which was filed with the SEC in August 2022. This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Use of Non-GAAP Financial Measures This release makes reference to certain "non-GAAP" financial measures, such as MLP distributable cash flow and EBITDA. For this purpose, a non-GAAP financial measure is generally defined by the Securities and Exchange Commission ("SEC") as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. We report our financial results in accordance with U.S. GAAP, but believe that certain non-GAAP financial measures, such as MLP distributable cash flow and EBITDA, provide useful supplemental information to investors regarding the underlying business trends and performance of our ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with U.S. GAAP. We define MLP distributable cash flow as distributable cash flow less distributable cash flow attributable to Westlake Corporation's noncontrolling interest in OpCo and distributions attributable to the incentive distribution rights holder. MLP distributable cash flow does not reflect changes in working capital balances. We define EBITDA as net income before interest expense, income taxes, depreciation and amortization. MLP distributable cash flow and EBITDA are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess our operating performance as compared to other publicly traded partnerships, our ability to incur and service debt and fund capital expenditures and the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities. Reconciliations of MLP distributable cash flow to net income and to net cash provided by operating activities and of EBITDA to net income, income from operations and net cash provided by operating activities can be found in the financial schedules at the end of this press release. Westlake Chemical Partners LP Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com. Westlake Chemical Partners LP Conference Call Information: A conference call to discuss Westlake Chemical Partners' third quarter 2022 results will be held Thursday, November 3, 2022 at 1:00 PM Eastern Time (12:00 PM Central Time). To access the conference call, please register at: https://register.vevent.com/register/BIf58da988154b49dea6b2903159febb3b. A dial-in will be provided upon registration. A replay of the conference call will be available beginning two hours after its conclusion. The conference call and replay will be available via webcast at: https://edge.media-server.com/mmc/p/jcohy5gt. WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS") CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In thousands of dollars, except per unit data) Revenue Net sales—Westlake Corporation ("Westlake") $ 364,273 $ 247,887 $ 1,020,042 $ 708,646 Net co-products, ethylene and other sales—third parties 50,850 46,079 206,266 175,756 Total net sales 415,123 293,966 1,226,308 884,402 Cost of sales 324,629 218,038 947,073 589,746 Gross profit 90,494 75,928 279,235 294,656 Selling, general and administrative expenses 8,678 7,792 26,824 24,734 Income from operations 81,816 68,136 252,411 269,922 Other income (expense) Interest expense—Westlake (3,645 ) (2,190 ) (8,703 ) (6,650 ) Other income, net 618 24 683 52 Income before income taxes 78,789 65,970 244,391 263,324 Income tax provision (benefit) 484 (105 ) 822 333 Net income 78,305 66,075 243,569 262,991 Less: Net income attributable to noncontrolling interests in Westlake Chemical OpCo LP ("OpCo") 63,548 53,285 196,180 209,956 Net income attributable to Westlake Partners $ 14,757 $ 12,790 $ 47,389 $ 53,035 Net income per limited partners unit attributable to Westlake Partners (basic and diluted) Common units $ 0.42 $ 0.36 $ 1.35 $ 1.51 Distributions declared per unit $ 0.4714 $ 0.4714 $ 1.4142 $ 1.4142 MLP distributable cash flow $ 16,734 $ 12,977 $ 55,609 $ 54,760 Distributions declared Limited partner units—publicly and privately held $ 9,947 $ 9,943 $ 29,828 $ 29,817 Limited partner units—Westlake 6,657 6,657 19,971 19,971 Total distributions declared $ 16,604 $ 16,600 $ 49,799 $ 49,788 EBITDA $ 111,825 $ 94,746 $ 344,776 $ 352,804 WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2022 December 31, 2021 (In thousands of dollars) ASSETS Current assets Cash and cash equivalents $ 19,468 $ 17,057 Receivable under the Investment Management Agreement—Westlake 135,863 106,243 Accounts receivable, net—Westlake 98,399 142,791 Accounts receivable, net—third parties 24,675 5,825 Inventories 5,359 8,898 Prepaid expenses and other current assets 458 396 Total current assets 284,222 281,210 Property, plant and equipment, net 1,006,633 1,043,539 Other assets, net 140,311 155,949 Total assets $ 1,431,166 $ 1,480,698 LIABILITIES AND EQUITY Current liabilities (accounts payable and accrued and other liabilities) $ 77,657 $ 106,796 Long-term debt payable to Westlake 399,674 399,674 Other liabilities 1,671 1,530 Total liabilities 479,002 508,000 Common unitholders—publicly and privately held 480,535 481,796 Common unitholder—Westlake 53,787 54,754 General partner—Westlake (242,572 ) (242,572 ) Total Westlake Partners partners' capital 291,750 293,978 Noncontrolling interest in OpCo 660,414 678,720 Total equity 952,164 972,698 Total liabilities and equity $ 1,431,166 $ 1,480,698 WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended September 30, 2022 2021 (In thousands of dollars) Cash flows from operating activities Net income $ 243,569 $ 262,991 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 91,682 82,830 Net loss on disposition and other 8,788 2,629 Other balance sheet changes (2,877 ) 38,127 Net cash provided by operating activities 341,162 386,577 Cash flows from investing activities Additions to property, plant and equipment (45,458 ) (38,490 ) Maturities of investments with Westlake under the Investment Management Agreement 247,000 203,000 Investments with Westlake under the Investment Management Agreement (276,000 ) (276,000 ) Other — 126 Net cash used for investing activities (74,458 ) (111,364 ) Cash flows from financing activities Quarterly distributions to noncontrolling interest retained in OpCo by Westlake (214,486 ) (223,941 ) Quarterly distributions to unitholders (49,807 ) (49,779 ) Net cash used for financing activities (264,293 ) (273,720 ) Net increase in cash and cash equivalents 2,411 1,493 Cash and cash equivalents at beginning of period 17,057 17,154 Cash and cash equivalents at end of period $ 19,468 $ 18,647 WESTLAKE CHEMICAL PARTNERS LP RECONCILIATION OF MLP DISTRIBUTABLE CASH FLOW TO NET INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Three Months Ended June 30, Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 2021 2022 2021 (In thousands of dollars) Net cash provided by operating activities $ 120,857 $ 115,495 $ 99,459 $ 341,162 $ 386,577 Changes in operating assets and liabilities and other (36,418 ) (37,190 ) (33,384 ) (97,593 ) (123,586 ) Net income 84,439 78,305 66,075 243,569 262,991 Add: Depreciation, amortization and disposition of property, plant and equipment 31,469 30,349 26,958 96,070 84,590 Less: Contribution to turnaround reserves (7,284 ) (7,323 ) (10,795 ) (21,811 ) (35,590 ) Maintenance capital expenditures (10,372 ) (14,348 ) (15,346 ) (38,172 ) (41,433 ) Distributable cash flow attributable to noncontrolling interest in OpCo (78,668 ) (70,249 ) (53,915 ) (224,047 ) (215,798 ) MLP distributable cash flow $ 19,584 $ 16,734 $ 12,977 $ 55,609 $ 54,760 WESTLAKE CHEMICAL PARTNERS LP RECONCILIATION OF EBITDA TO NET INCOME, INCOME FROM OPERATIONS AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Three Months Ended June 30, Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 2021 2022 2021 (In thousands of dollars) Net cash provided by operating activities $ 120,857 $ 115,495 $ 99,459 $ 341,162 $ 386,577 Changes in operating assets and liabilities and other (36,418 ) (37,190 ) (33,384 ) (97,593 ) (123,586 ) Net income 84,439 78,305 66,075 243,569 262,991 Less: Other income, net 90 618 24 683 52 Interest expense (2,859 ) (3,645 ) (2,190 ) (8,703 ) (6,650 ) Income tax benefit (provision) (175 ) (484 ) 105 (822 ) (333 ) Income from operations 87,383 81,816 68,136 252,411 269,922 Add: Depreciation and amortization 31,009 29,391 26,586 91,682 82,830 Other income, net 90 618 24 683 52 EBITDA $ 118,482 $ 111,825 $ 94,746 $ 344,776 $ 352,804

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the third quarter of 2022 of $14.8 million, or $0.42 per limited partner unit, an increase of $2.0 million compared to third quarter 2021 of $12.8 million. Volatile downstream demand lowered planned offtake, resulting in a $13.9 million buyer deficiency fee from Westlake Corporation ("Westlake"). The difference in net income for the third quarter of 2022 as compared to the third quarter of 2021 was primarily due to higher production at Westlake Chemical LP's ("OpCo") Petro 2 facility in Lake Charles, Louisiana, where production was impacted in the prior-period by a planned turnaround in the second half of 2021 and the buyer deficiency fee. These increases were partially offset by lower margins on third party ethylene sales and higher interest expense. Cash flows from operating activities in the third quarter of 2022 were $115.5 million, an increase of $16.0 million compared to third quarter 2021 cash flows from operating activities of $99.5 million due to higher net income. For the three months ended September 30, 2022, MLP distributable cash flow was $16.7 million, an increase of $3.7 million compared to third quarter 2021 MLP distributable cash flow of $13.0 million. The increase in MLP distributable cash flow and associated trailing twelve-month coverage ratio was primarily attributable to higher production and net income at OpCo. Third quarter 2022 net income attributable to the Partnership of $14.8 million decreased by $1.6 million compared to second quarter 2022 net income of $16.4 million, primarily due to lower third-party revenues and lower production partially offset by the buyer deficiency fee. Third quarter 2022 cash flows from operating activities of $115.5 million decreased by $5.4 million compared to second quarter 2022 cash flows from operating activities of $120.9 million due to lower production and net income. Third quarter 2022 MLP distributable cash flow of $16.7 million, decreased by $2.9 million compared to second quarter 2022 MLP distributable cash flow of $19.6 million. The decrease was primarily due to lower third-party revenues and lower production partially offset by the buyer deficiency fee. "The Partnership's performance in the third quarter of 2022 reflects the ratable and long-term strength of our market position and the protective provisions of our sales agreement with Westlake. We are well positioned to continue to deliver solid distributions as a result of the sales agreement that provides a fixed margin on 95% of our production," said Albert Chao, President and Chief Executive Officer. "As we look ahead to 2023, we remain optimistic about the ethylene market and we will continue to benefit from the insulative attributes of the agreement with Westlake. These attributes should drive strong returns and predictable cash flows to our unitholders, providing a premium value as market conditions evolve." On October 31, 2022, the Partnership announced that the Board of Directors of Westlake Chemical Partners GP LLC had approved a quarterly distribution for the third quarter of 2022 of $0.4714 per unit to be payable on November 28, 2022 to unitholders of record as of November 10, 2022, representing the 33rd consecutive quarterly distribution to our unitholders. MLP distributable cash flow provided trailing twelve-month coverage of 1.07x the declared distributions for the third quarter of 2022, which was an increase from the trailing twelve-month coverage ratio of 1.01x at the end of the second quarter of 2022. OpCo's Ethylene Sales Agreement with Westlake is designed to provide for stable and predictable cash flows. The agreement provides that 95% of OpCo's ethylene production is sold to Westlake for a cash margin of $0.10 per pound, net of operating costs, maintenance capital expenditures and reserves for future turnaround expenditures. The statements in this release and the related teleconference relating to matters that are not historical facts, such as those with respect to the ability to deliver value, returns, predictable cash flows and distributions to unitholders, optimism about the ethylene market, and the expectation that strong distributions will continue and provide premium value, are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to, the COVID-19 pandemic and the response thereto; operating difficulties; the volume of ethylene that we are able to sell; the price at which we are able to sell ethylene; changes in the price and availability of feedstocks; changes in prevailing economic conditions; actions and commitments of Westlake Corporation; actions of third parties; inclement or hazardous weather conditions, including flooding, and the physical impacts of climate change; environmental hazards; changes in laws and regulations (or the interpretation thereof); inability to acquire or maintain necessary permits; inability to obtain necessary production equipment or replacement parts; technical difficulties or failures; labor disputes; difficulty collecting receivables; inability of our customers to take delivery; fires, explosions or other industrial accidents; our ability to borrow funds and access capital markets; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to the Partnership's Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC in March 2022, and Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, which was filed with the SEC in August 2022. This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Use of Non-GAAP Financial Measures This release makes reference to certain "non-GAAP" financial measures, such as MLP distributable cash flow and EBITDA. For this purpose, a non-GAAP financial measure is generally defined by the Securities and Exchange Commission ("SEC") as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. We report our financial results in accordance with U.S. GAAP, but believe that certain non-GAAP financial measures, such as MLP distributable cash flow and EBITDA, provide useful supplemental information to investors regarding the underlying business trends and performance of our ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with U.S. GAAP. We define MLP distributable cash flow as distributable cash flow less distributable cash flow attributable to Westlake Corporation's noncontrolling interest in OpCo and distributions attributable to the incentive distribution rights holder. MLP distributable cash flow does not reflect changes in working capital balances. We define EBITDA as net income before interest expense, income taxes, depreciation and amortization. MLP distributable cash flow and EBITDA are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess our operating performance as compared to other publicly traded partnerships, our ability to incur and service debt and fund capital expenditures and the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities. Reconciliations of MLP distributable cash flow to net income and to net cash provided by operating activities and of EBITDA to net income, income from operations and net cash provided by operating activities can be found in the financial schedules at the end of this press release. Westlake Chemical Partners LP Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com. Westlake Chemical Partners LP Conference Call Information: A conference call to discuss Westlake Chemical Partners' third quarter 2022 results will be held Thursday, November 3, 2022 at 1:00 PM Eastern Time (12:00 PM Central Time). To access the conference call, please register at: https://register.vevent.com/register/BIf58da988154b49dea6b2903159febb3b. A dial-in will be provided upon registration. A replay of the conference call will be available beginning two hours after its conclusion. The conference call and replay will be available via webcast at: https://edge.media-server.com/mmc/p/jcohy5gt. WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS") CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In thousands of dollars, except per unit data) Revenue Net sales—Westlake Corporation ("Westlake") $ 364,273 $ 247,887 $ 1,020,042 $ 708,646 Net co-products, ethylene and other sales—third parties 50,850 46,079 206,266 175,756 Total net sales 415,123 293,966 1,226,308 884,402 Cost of sales 324,629 218,038 947,073 589,746 Gross profit 90,494 75,928 279,235 294,656 Selling, general and administrative expenses 8,678 7,792 26,824 24,734 Income from operations 81,816 68,136 252,411 269,922 Other income (expense) Interest expense—Westlake (3,645 ) (2,190 ) (8,703 ) (6,650 ) Other income, net 618 24 683 52 Income before income taxes 78,789 65,970 244,391 263,324 Income tax provision (benefit) 484 (105 ) 822 333 Net income 78,305 66,075 243,569 262,991 Less: Net income attributable to noncontrolling interests in Westlake Chemical OpCo LP ("OpCo") 63,548 53,285 196,180 209,956 Net income attributable to Westlake Partners $ 14,757 $ 12,790 $ 47,389 $ 53,035 Net income per limited partners unit attributable to Westlake Partners (basic and diluted) Common units $ 0.42 $ 0.36 $ 1.35 $ 1.51 Distributions declared per unit $ 0.4714 $ 0.4714 $ 1.4142 $ 1.4142 MLP distributable cash flow $ 16,734 $ 12,977 $ 55,609 $ 54,760 Distributions declared Limited partner units—publicly and privately held $ 9,947 $ 9,943 $ 29,828 $ 29,817 Limited partner units—Westlake 6,657 6,657 19,971 19,971 Total distributions declared $ 16,604 $ 16,600 $ 49,799 $ 49,788 EBITDA $ 111,825 $ 94,746 $ 344,776 $ 352,804 WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2022 December 31, 2021 (In thousands of dollars) ASSETS Current assets Cash and cash equivalents $ 19,468 $ 17,057 Receivable under the Investment Management Agreement—Westlake 135,863 106,243 Accounts receivable, net—Westlake 98,399 142,791 Accounts receivable, net—third parties 24,675 5,825 Inventories 5,359 8,898 Prepaid expenses and other current assets 458 396 Total current assets 284,222 281,210 Property, plant and equipment, net 1,006,633 1,043,539 Other assets, net 140,311 155,949 Total assets $ 1,431,166 $ 1,480,698 LIABILITIES AND EQUITY Current liabilities (accounts payable and accrued and other liabilities) $ 77,657 $ 106,796 Long-term debt payable to Westlake 399,674 399,674 Other liabilities 1,671 1,530 Total liabilities 479,002 508,000 Common unitholders—publicly and privately held 480,535 481,796 Common unitholder—Westlake 53,787 54,754 General partner—Westlake (242,572 ) (242,572 ) Total Westlake Partners partners' capital 291,750 293,978 Noncontrolling interest in OpCo 660,414 678,720 Total equity 952,164 972,698 Total liabilities and equity $ 1,431,166 $ 1,480,698 WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended September 30, 2022 2021 (In thousands of dollars) Cash flows from operating activities Net income $ 243,569 $ 262,991 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 91,682 82,830 Net loss on disposition and other 8,788 2,629 Other balance sheet changes (2,877 ) 38,127 Net cash provided by operating activities 341,162 386,577 Cash flows from investing activities Additions to property, plant and equipment (45,458 ) (38,490 ) Maturities of investments with Westlake under the Investment Management Agreement 247,000 203,000 Investments with Westlake under the Investment Management Agreement (276,000 ) (276,000 ) Other — 126 Net cash used for investing activities (74,458 ) (111,364 ) Cash flows from financing activities Quarterly distributions to noncontrolling interest retained in OpCo by Westlake (214,486 ) (223,941 ) Quarterly distributions to unitholders (49,807 ) (49,779 ) Net cash used for financing activities (264,293 ) (273,720 ) Net increase in cash and cash equivalents 2,411 1,493 Cash and cash equivalents at beginning of period 17,057 17,154 Cash and cash equivalents at end of period $ 19,468 $ 18,647 WESTLAKE CHEMICAL PARTNERS LP RECONCILIATION OF MLP DISTRIBUTABLE CASH FLOW TO NET INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Three Months Ended June 30, Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 2021 2022 2021 (In thousands of dollars) Net cash provided by operating activities $ 120,857 $ 115,495 $ 99,459 $ 341,162 $ 386,577 Changes in operating assets and liabilities and other (36,418 ) (37,190 ) (33,384 ) (97,593 ) (123,586 ) Net income 84,439 78,305 66,075 243,569 262,991 Add: Depreciation, amortization and disposition of property, plant and equipment 31,469 30,349 26,958 96,070 84,590 Less: Contribution to turnaround reserves (7,284 ) (7,323 ) (10,795 ) (21,811 ) (35,590 ) Maintenance capital expenditures (10,372 ) (14,348 ) (15,346 ) (38,172 ) (41,433 ) Distributable cash flow attributable to noncontrolling interest in OpCo (78,668 ) (70,249 ) (53,915 ) (224,047 ) (215,798 ) MLP distributable cash flow $ 19,584 $ 16,734 $ 12,977 $ 55,609 $ 54,760 WESTLAKE CHEMICAL PARTNERS LP RECONCILIATION OF EBITDA TO NET INCOME, INCOME FROM OPERATIONS AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Three Months Ended June 30, Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 2021 2022 2021 (In thousands of dollars) Net cash provided by operating activities $ 120,857 $ 115,495 $ 99,459 $ 341,162 $ 386,577 Changes in operating assets and liabilities and other (36,418 ) (37,190 ) (33,384 ) (97,593 ) (123,586 ) Net income 84,439 78,305 66,075 243,569 262,991 Less: Other income, net 90 618 24 683 52 Interest expense (2,859 ) (3,645 ) (2,190 ) (8,703 ) (6,650 ) Income tax benefit (provision) (175 ) (484 ) 105 (822 ) (333 ) Income from operations 87,383 81,816 68,136 252,411 269,922 Add: Depreciation and amortization 31,009 29,391 26,586 91,682 82,830 Other income, net 90 618 24 683 52 EBITDA $ 118,482 $ 111,825 $ 94,746 $ 344,776 $ 352,804

HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the third quarter of 2022 of $14.8 million, or $0.42 per limited partner unit, an increase of $2.0 million compared to third quarter 2021 of $12.8 million.