The following is a summary of the Westlake Chemical Partners LP Common Units (WLKP) Q3 2024 Earnings Call Transcript:
Financial Performance:
Westlake Partners reported third quarter 2024 net income of $18 million, or $0.51 per unit.
Consolidated net income, including OpCo's earnings, was $104 million on net sales of $277 million.
Distributable cash flow for the quarter was reported at $18 million, or $0.51 per unit, a $4 million increase from the third quarter of 2023.The partnership announced a quarterly distribution of $0.4714 per unit.
Business Progress:
Decision to defer the Petro 1 ethylene unit turnaround to the first quarter of 2025 enabled higher third-party sales volume in Q3 2024.
Westlake increased its quarterly distributions by 71% since its IPO in 2014.
No planned turnarounds for the remainder of 2024 following the deferral.
Opportunities:
Ethylene sales agreement provides a predictable fee-based cash flow structure from OpCo production, minimizing impact of economic fluctuations.
Risks:
Lower third-party ethylene sales prices and margins projected for Q4 due to strategic shift in sales volume to Q3.
Global macroeconomic unpredictability continues to present a risk for market volatility.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
