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10-Q Filing

Westlake Chemical Partners LP CIK: 1604665 Q3 2022
Filing Information
Form Type 10-Q
Accession Number 0001604665-22-000036
Period End Date 20220930
Filing Date 20221103
Fiscal Year 2022
Fiscal Period Q3
XBRL Instance wlkp-20220930_htm.xml
Filing Contents
Balance Sheet 52 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $19.47M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $17.06M USD Point-in-time
Receivable under the Investment Management AgreementWestlake Corporation ("Westlake") ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent $106.24M USD Point-in-time
Receivable under the Investment Management AgreementWestlake Corporation ("Westlake") ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent $135.86M USD Point-in-time
Accounts receivable, netWestlake AccountsReceivableRelatedPartiesCurrent $98.40M USD Point-in-time
Accounts receivable, netWestlake AccountsReceivableRelatedPartiesCurrent $142.79M USD Point-in-time
Accounts receivable, netthird parties AccountsReceivableNetCurrent $5.83M USD Point-in-time
Accounts receivable, netthird parties AccountsReceivableNetCurrent $24.68M USD Point-in-time
Inventories InventoryNet $5.36M USD Point-in-time
Inventories InventoryNet $8.90M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $396.00K USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $458.00K USD Point-in-time
Total current assets AssetsCurrent $281.21M USD Point-in-time
Total current assets AssetsCurrent $284.22M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $1.01B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $1.04B USD Point-in-time
Goodwill Goodwill $5.81M USD Point-in-time
Goodwill Goodwill $5.81M USD Point-in-time
Deferred charges and other assets, net DeferredCostsAndOtherAssets $134.50M USD Point-in-time
Deferred charges and other assets, net DeferredCostsAndOtherAssets $150.13M USD Point-in-time
Total assets Assets $1.48B USD Point-in-time
Total assets Assets $1.43B USD Point-in-time
Accounts payableWestlake AccountsPayableRelatedPartiesCurrent $35.58M USD Point-in-time
Accounts payableWestlake AccountsPayableRelatedPartiesCurrent $10.80M USD Point-in-time
Accounts payablethird parties AccountsPayableCurrent $19.46M USD Point-in-time
Accounts payablethird parties AccountsPayableCurrent $35.10M USD Point-in-time
Accrued and other liabilities AccruedLiabilitiesCurrent $22.61M USD Point-in-time
Accrued and other liabilities AccruedLiabilitiesCurrent $60.90M USD Point-in-time
Total current liabilities LiabilitiesCurrent $77.66M USD Point-in-time
Total current liabilities LiabilitiesCurrent $106.80M USD Point-in-time
Long-term debt payable to Westlake DueToRelatedPartiesNoncurrent $399.67M USD Point-in-time
Long-term debt payable to Westlake DueToRelatedPartiesNoncurrent $399.67M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $1.67M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $1.53M USD Point-in-time
Total liabilities Liabilities $479.00M USD Point-in-time
Total liabilities Liabilities $508.00M USD Point-in-time
Commitments and contingencies (Note 12) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 12) CommitmentsAndContingencies - USD Point-in-time
Total Westlake Chemical Partners LP partners' capital PartnersCapital $293.98M USD Point-in-time
Total Westlake Chemical Partners LP partners' capital PartnersCapital $291.75M USD Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP ("OpCo") MinorityInterestInLimitedPartnerships $660.41M USD Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP ("OpCo") MinorityInterestInLimitedPartnerships $678.72M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $913.11M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $904.82M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $972.70M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $968.94M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $951.76M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $915.14M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $976.23M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $952.16M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.43B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.48B USD Point-in-time
Income Statement 64 line items
Line Item Tag Value Unit Period
Net salesWestlake RevenueFromRelatedParties $247.89M USD 1 Quarter
Net salesWestlake RevenueFromRelatedParties $1.02B USD 3 Qtrs
Net salesWestlake RevenueFromRelatedParties $708.65M USD 3 Qtrs
Net salesWestlake RevenueFromRelatedParties $364.27M USD 1 Quarter
Net co-products, ethylene and other salesthird parties RevenueFromContractWithCustomerExcludingAssessedTax $46.08M USD 1 Quarter
Net co-products, ethylene and other salesthird parties RevenueFromContractWithCustomerExcludingAssessedTax $175.76M USD 3 Qtrs
Net co-products, ethylene and other salesthird parties RevenueFromContractWithCustomerExcludingAssessedTax $50.85M USD 1 Quarter
Net co-products, ethylene and other salesthird parties RevenueFromContractWithCustomerExcludingAssessedTax $206.27M USD 3 Qtrs
Total net sales Revenues $415.12M USD 1 Quarter
Total net sales Revenues $293.97M USD 1 Quarter
Total net sales Revenues $884.40M USD 3 Qtrs
Total net sales Revenues $1.23B USD 3 Qtrs
Cost of sales CostOfGoodsAndServicesSold $589.75M USD 3 Qtrs
Cost of sales CostOfGoodsAndServicesSold $947.07M USD 3 Qtrs
Cost of sales CostOfGoodsAndServicesSold $218.04M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $324.63M USD 1 Quarter
Gross profit GrossProfit $279.24M USD 3 Qtrs
Gross profit GrossProfit $75.93M USD 1 Quarter
Gross profit GrossProfit $90.49M USD 1 Quarter
Gross profit GrossProfit $294.66M USD 3 Qtrs
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $24.73M USD 3 Qtrs
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $8.68M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $7.79M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $26.82M USD 3 Qtrs
Income from operations OperatingIncomeLoss $68.14M USD 1 Quarter
Income from operations OperatingIncomeLoss $252.41M USD 3 Qtrs
Income from operations OperatingIncomeLoss $81.82M USD 1 Quarter
Income from operations OperatingIncomeLoss $269.92M USD 3 Qtrs
Interest expenseWestlake InterestExpenseRelatedParty $6.65M USD 3 Qtrs
Interest expenseWestlake InterestExpenseRelatedParty $8.70M USD 3 Qtrs
Interest expenseWestlake InterestExpenseRelatedParty $3.65M USD 1 Quarter
Interest expenseWestlake InterestExpenseRelatedParty $2.19M USD 1 Quarter
Other income, net NonoperatingIncomeExpense $52.00K USD 3 Qtrs
Other income, net NonoperatingIncomeExpense $618.00K USD 1 Quarter
Other income, net NonoperatingIncomeExpense $24.00K USD 1 Quarter
Other income, net NonoperatingIncomeExpense $683.00K USD 3 Qtrs
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $78.79M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $244.39M USD 3 Qtrs
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $263.32M USD 3 Qtrs
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $65.97M USD 1 Quarter
Income tax provision (benefit) IncomeTaxExpenseBenefit $333.00K USD 3 Qtrs
Income tax provision (benefit) IncomeTaxExpenseBenefit $822.00K USD 3 Qtrs
Income tax provision (benefit) IncomeTaxExpenseBenefit $484.00K USD 1 Quarter
Income tax provision (benefit) IncomeTaxExpenseBenefit $-105.00K USD 1 Quarter
Net income ProfitLoss $66.08M USD 1 Quarter
Net income ProfitLoss $78.31M USD 1 Quarter
Net income ProfitLoss $80.83M USD 1 Quarter
Net income ProfitLoss $120.29M USD 1 Quarter
Net income ProfitLoss $243.57M USD 3 Qtrs
Net income ProfitLoss $76.62M USD 1 Quarter
Net income ProfitLoss $262.99M USD 3 Qtrs
Net income ProfitLoss $84.44M USD 1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo NetIncomeLossAttributableToNoncontrollingInterest $196.18M USD 3 Qtrs
Less: Net income attributable to noncontrolling interest in OpCo NetIncomeLossAttributableToNoncontrollingInterest $53.28M USD 1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo NetIncomeLossAttributableToNoncontrollingInterest $63.55M USD 1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo NetIncomeLossAttributableToNoncontrollingInterest $209.96M USD 3 Qtrs
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income NetIncomeLoss $47.39M USD 3 Qtrs
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income NetIncomeLoss $12.79M USD 1 Quarter
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income NetIncomeLoss $53.03M USD 3 Qtrs
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income NetIncomeLoss $14.76M USD 1 Quarter
Weighted average limited partner units outstanding (basic and diluted) (in units) WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted 35.22M shares 1 Quarter
Weighted average limited partner units outstanding (basic and diluted) (in units) WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted 35.20M shares 3 Qtrs
Weighted average limited partner units outstanding (basic and diluted) (in units) WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted 35.22M shares 3 Qtrs
Weighted average limited partner units outstanding (basic and diluted) (in units) WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted 35.21M shares 1 Quarter
Cash Flow Statement 56 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $66.08M USD 1 Quarter
Net income ProfitLoss $78.31M USD 1 Quarter
Net income ProfitLoss $80.83M USD 1 Quarter
Net income ProfitLoss $120.29M USD 1 Quarter
Net income ProfitLoss $243.57M USD 3 Qtrs
Net income ProfitLoss $76.62M USD 1 Quarter
Net income ProfitLoss $262.99M USD 3 Qtrs
Net income ProfitLoss $84.44M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $91.68M USD 3 Qtrs
Depreciation and amortization DepreciationDepletionAndAmortization $82.83M USD 3 Qtrs
Loss from disposition of property, plant and equipment GainLossOnDispositionOfAssets $-1.76M USD 3 Qtrs
Loss from disposition of property, plant and equipment GainLossOnDispositionOfAssets $-4.39M USD 3 Qtrs
Other losses, net OtherNoncashIncomeExpense $-866.00K USD 3 Qtrs
Other losses, net OtherNoncashIncomeExpense $-4.40M USD 3 Qtrs
Accounts receivablethird parties IncreaseDecreaseInAccountsAndOtherReceivables $23.11M USD 3 Qtrs
Accounts receivablethird parties IncreaseDecreaseInAccountsAndOtherReceivables $2.04M USD 3 Qtrs
Net accounts receivableWestlake IncreaseDecreaseInAccountsReceivableRelatedParties $-56.23M USD 3 Qtrs
Net accounts receivableWestlake IncreaseDecreaseInAccountsReceivableRelatedParties $-68.52M USD 3 Qtrs
Inventories IncreaseDecreaseInInventories $3.12M USD 3 Qtrs
Inventories IncreaseDecreaseInInventories $-3.54M USD 3 Qtrs
Increase (Decrease) in Prepaid Expense and Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $174.00K USD 3 Qtrs
Increase (Decrease) in Prepaid Expense and Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $62.00K USD 3 Qtrs
Accounts payablethird parties IncreaseDecreaseInAccountsPayable $-14.27M USD 3 Qtrs
Accounts payablethird parties IncreaseDecreaseInAccountsPayable $2.69M USD 3 Qtrs
Accrued and other liabilities IncreaseDecreaseInAccruedLiabilities $-32.33M USD 3 Qtrs
Accrued and other liabilities IncreaseDecreaseInAccruedLiabilities $3.69M USD 3 Qtrs
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $5.17M USD 3 Qtrs
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $19.15M USD 3 Qtrs
Cash flows from investing activities NetCashProvidedByUsedInOperatingActivities $341.16M USD 3 Qtrs
Cash flows from investing activities NetCashProvidedByUsedInOperatingActivities $386.58M USD 3 Qtrs
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $45.46M USD 3 Qtrs
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $38.49M USD 3 Qtrs
Maturities of investments with Westlake under the Investment Management Agreement MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement $203.00M USD 3 Qtrs
Maturities of investments with Westlake under the Investment Management Agreement MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement $247.00M USD 3 Qtrs
Investments with Westlake under the Investment Management Agreement InvestmentswithWestlakeundertheInvestmentManagementAgreement $276.00M USD 3 Qtrs
Investments with Westlake under the Investment Management Agreement InvestmentswithWestlakeundertheInvestmentManagementAgreement $276.00M USD 3 Qtrs
Payments for (Proceeds from) Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities $126.00K USD 3 Qtrs
Payments for (Proceeds from) Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities - USD 3 Qtrs
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-111.36M USD 3 Qtrs
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-74.46M USD 3 Qtrs
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake PaymentsToMinorityShareholders $214.49M USD 3 Qtrs
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake PaymentsToMinorityShareholders $223.94M USD 3 Qtrs
Quarterly distributions to unitholders DistributionMadeToLimitedPartnerCashDistributionsPaid $49.78M USD 3 Qtrs
Quarterly distributions to unitholders DistributionMadeToLimitedPartnerCashDistributionsPaid $49.81M USD 3 Qtrs
Net cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-264.29M USD 3 Qtrs
Net cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-273.72M USD 3 Qtrs
Net increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $2.41M USD 3 Qtrs
Net increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $1.49M USD 3 Qtrs
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $18.65M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.15M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $19.47M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.06M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $18.65M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.15M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $19.47M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.06M USD Point-in-time
Stockholders Equity 39 line items
Line Item Tag Value Unit Period
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $913.11M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $904.82M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $972.70M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $968.94M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $951.76M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $915.14M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $976.23M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $952.16M USD Point-in-time
Net income ProfitLoss $66.08M USD 1 Quarter
Net income ProfitLoss $78.31M USD 1 Quarter
Net income ProfitLoss $80.83M USD 1 Quarter
Net income ProfitLoss $120.29M USD 1 Quarter
Net income ProfitLoss $243.57M USD 3 Qtrs
Net income ProfitLoss $76.62M USD 1 Quarter
Net income ProfitLoss $262.99M USD 3 Qtrs
Net income ProfitLoss $84.44M USD 1 Quarter
Units issued for vested phantom units StockIssuedDuringPeriodValueOther $149.00K USD 1 Quarter
Units issued for vested phantom units StockIssuedDuringPeriodValueOther $262.00K USD 1 Quarter
Units issued for vested phantom units StockIssuedDuringPeriodValueOther $190.00K USD 1 Quarter
Quarterly distribution to unitholders LimitedPartnersCapitalAccountDistributionAmount $16.59M USD 1 Quarter
Quarterly distribution to unitholders LimitedPartnersCapitalAccountDistributionAmount $16.59M USD 1 Quarter
Quarterly distribution to unitholders LimitedPartnersCapitalAccountDistributionAmount $16.60M USD 1 Quarter
Quarterly distribution to unitholders LimitedPartnersCapitalAccountDistributionAmount $16.59M USD 1 Quarter
Quarterly distribution to unitholders LimitedPartnersCapitalAccountDistributionAmount $16.60M USD 1 Quarter
Quarterly distribution to unitholders LimitedPartnersCapitalAccountDistributionAmount $16.60M USD 1 Quarter
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $62.06M USD 1 Quarter
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $75.13M USD 1 Quarter
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $78.67M USD 1 Quarter
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $60.69M USD 1 Quarter
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $96.68M USD 1 Quarter
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $65.20M USD 1 Quarter
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $913.11M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $904.82M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $972.70M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $968.94M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $951.76M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $915.14M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $976.23M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $952.16M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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