10-Q Filing

Westlake Chemical Partners LP CIK: 1604665 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001604665-23-000017`
Period End Date	20230331
Filing Date	20230504
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	wlkp-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 30 Cash Flow Statement 52 Stockholders Equity 14

Balance Sheet 48 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$64.78M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$104.59M	USD	Point-in-time
Receivable under the Investment Management AgreementWestlake Corporation ("Westlake")	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$52.08M	USD	Point-in-time
Receivable under the Investment Management AgreementWestlake Corporation ("Westlake")	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$65.00M	USD	Point-in-time
Accounts receivable, netWestlake	`AccountsReceivableRelatedPartiesCurrent`	$50.45M	USD	Point-in-time
Accounts receivable, netWestlake	`AccountsReceivableRelatedPartiesCurrent`	$90.97M	USD	Point-in-time
Accounts receivable, netthird parties	`AccountsReceivableNetCurrent`	$19.69M	USD	Point-in-time
Accounts receivable, netthird parties	`AccountsReceivableNetCurrent`	$20.03M	USD	Point-in-time
Inventories	`InventoryNet`	$4.71M	USD	Point-in-time
Inventories	`InventoryNet`	$5.47M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$153.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$305.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$245.79M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$232.43M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$977.47M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$990.21M	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`	$126.97M	USD	Point-in-time
Deferred charges and other assets, net	`DeferredCostsAndOtherAssets`	$130.16M	USD	Point-in-time
Total assets	`Assets`	$1.37B	USD	Point-in-time
Total assets	`Assets`	$1.34B	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$14.65M	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$34.09M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$15.77M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$15.32M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$17.54M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$21.06M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$66.94M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$51.48M	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`	$1.66M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.64M	USD	Point-in-time
Total liabilities	`Liabilities`	$468.27M	USD	Point-in-time
Total liabilities	`Liabilities`	$452.80M	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`	$291.93M	USD	Point-in-time
Total Westlake Chemical Partners LP partners' capital	`PartnersCapital`	$290.22M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP ("OpCo")	`MinorityInterestInLimitedPartnerships`	$599.66M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP ("OpCo")	`MinorityInterestInLimitedPartnerships`	$611.78M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$972.70M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$889.88M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$976.23M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$903.71M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.37B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.34B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net salesWestlake	`RevenueFromRelatedParties`	$290.66M	USD	1 Quarter
Net salesWestlake	`RevenueFromRelatedParties`	$257.47M	USD	1 Quarter
Net co-products, ethylene and other salesthird parties	`RevenueFromContractWithCustomerExcludingAssessedTax`	$71.74M	USD	1 Quarter
Net co-products, ethylene and other salesthird parties	`RevenueFromContractWithCustomerExcludingAssessedTax`	$50.21M	USD	1 Quarter
Total net sales	`Revenues`	$307.68M	USD	1 Quarter
Total net sales	`Revenues`	$362.40M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$201.60M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$270.96M	USD	1 Quarter
Gross profit	`GrossProfit`	$91.44M	USD	1 Quarter
Gross profit	`GrossProfit`	$106.07M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.23M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.91M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$98.16M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$83.21M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$7.32M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$2.20M	USD	1 Quarter
Other income (expense), net	`NonoperatingIncomeExpense`	$820.00K	USD	1 Quarter
Other income (expense), net	`NonoperatingIncomeExpense`	$-25.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$91.66M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$80.99M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$212.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$163.00K	USD	1 Quarter
Net income	`ProfitLoss`	$80.83M	USD	1 Quarter
Net income	`ProfitLoss`	$91.45M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$76.56M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$64.63M	USD	1 Quarter
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income	`NetIncomeLoss`	$16.19M	USD	1 Quarter
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income	`NetIncomeLoss`	$14.89M	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`	35.21M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$80.83M	USD	1 Quarter
Net income	`ProfitLoss`	$91.45M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$31.28M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$26.64M	USD	1 Quarter
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-367.00K	USD	1 Quarter
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-2.97M	USD	1 Quarter
Other losses, net	`OtherNoncashIncomeExpense`	$-992.00K	USD	1 Quarter
Other losses, net	`OtherNoncashIncomeExpense`	$-575.00K	USD	1 Quarter
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$248.00K	USD	1 Quarter
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$21.59M	USD	1 Quarter
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-56.74M	USD	1 Quarter
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-20.90M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.01M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$751.00K	USD	1 Quarter
Increase (Decrease) in Prepaid Expense and Other Assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-152.00K	USD	1 Quarter
Increase (Decrease) in Prepaid Expense and Other Assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-158.00K	USD	1 Quarter
Accounts payablethird parties	`IncreaseDecreaseInAccountsPayable`	$-11.63M	USD	1 Quarter
Accounts payablethird parties	`IncreaseDecreaseInAccountsPayable`	$2.79M	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$5.47M	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-35.36M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$581.00K	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$2.48M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$144.86M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$104.81M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.66M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.34M	USD	1 Quarter
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$90.12M	USD	1 Quarter
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$55.00M	USD	1 Quarter
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	$103.00M	USD	1 Quarter
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	$50.00M	USD	1 Quarter
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.34M	USD	1 Quarter
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$228.00K	USD	1 Quarter
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	$39.00M	USD	1 Quarter
Repayments of Related Party Debt	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Repayments of Related Party Debt	`RepaymentsOfRelatedPartyDebt`	$39.00M	USD	1 Quarter
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$60.69M	USD	1 Quarter
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$88.68M	USD	1 Quarter
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$16.60M	USD	1 Quarter
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$16.60M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-77.29M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-105.28M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.18M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$39.81M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.06M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$104.59M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.23M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$64.78M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.06M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$104.59M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.23M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$64.78M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$972.70M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$889.88M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$976.23M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$903.71M	USD	Point-in-time
Net income	`ProfitLoss`	$80.83M	USD	1 Quarter
Net income	`ProfitLoss`	$91.45M	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`	$88.68M	USD	1 Quarter
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$60.69M	USD	1 Quarter
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$972.70M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$889.88M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$976.23M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$903.71M	USD	Point-in-time

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