10-Q Filing

Westlake Chemical Partners LP CIK: 1604665 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001604665-23-000025`
Period End Date	20230630
Filing Date	20230803
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	wlkp-20230630_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 40 Income Statement 50 Cash Flow Statement 56 Stockholders Equity 26

Balance Sheet 40 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$64.78M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$59.43M	USD	Point-in-time
Receivable under the Investment Management AgreementWestlake Corporation ("Westlake")	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$94.23M	USD	Point-in-time
Receivable under the Investment Management AgreementWestlake Corporation ("Westlake")	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$65.00M	USD	Point-in-time
Inventories	`InventoryNet`	$3.26M	USD	Point-in-time
Inventories	`InventoryNet`	$4.71M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$718.00K	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`	$220.55M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$963.49M	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`	$145.73M	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
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$26.95M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$17.54M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$66.94M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$66.32M	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`	$467.63M	USD	Point-in-time
Total liabilities	`Liabilities`	$468.27M	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`	$285.50M	USD	Point-in-time
Total Westlake Chemical Partners LP partners' capital	`PartnersCapital`	$291.93M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP ("OpCo")	`MinorityInterestInLimitedPartnerships`	$582.46M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP ("OpCo")	`MinorityInterestInLimitedPartnerships`	$611.78M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$889.88M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$968.94M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$867.96M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$976.23M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$903.71M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$972.70M	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 50 line items

Line Item	Tag	Value	Unit	Period
Total net sales	`Revenues`	$264.18M	USD	1 Quarter
Total net sales	`Revenues`	$448.79M	USD	1 Quarter
Total net sales	`Revenues`	$571.85M	USD	2 Qtrs
Total net sales	`Revenues`	$811.18M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$622.44M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$378.06M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$351.48M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$176.46M	USD	1 Quarter
Gross profit	`GrossProfit`	$97.30M	USD	1 Quarter
Gross profit	`GrossProfit`	$188.74M	USD	2 Qtrs
Gross profit	`GrossProfit`	$193.79M	USD	2 Qtrs
Gross profit	`GrossProfit`	$87.72M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$18.15M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$15.14M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.23M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.92M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$80.49M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$170.59M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$87.38M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$178.65M	USD	2 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$1.88M	USD	2 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$65.00K	USD	2 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$90.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$1.06M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$75.44M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$84.61M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$167.10M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$165.60M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$385.00K	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$338.00K	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$175.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$173.00K	USD	1 Quarter
Net income	`ProfitLoss`	$84.44M	USD	1 Quarter
Net income	`ProfitLoss`	$75.26M	USD	1 Quarter
Net income	`ProfitLoss`	$91.45M	USD	1 Quarter
Net income	`ProfitLoss`	$165.26M	USD	2 Qtrs
Net income	`ProfitLoss`	$80.83M	USD	1 Quarter
Net income	`ProfitLoss`	$166.72M	USD	2 Qtrs
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$63.38M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$132.63M	USD	2 Qtrs
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$139.94M	USD	2 Qtrs
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$68.00M	USD	1 Quarter
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income	`NetIncomeLoss`	$16.44M	USD	1 Quarter
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income	`NetIncomeLoss`	$32.63M	USD	2 Qtrs
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income	`NetIncomeLoss`	$26.78M	USD	2 Qtrs
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income	`NetIncomeLoss`	$11.89M	USD	1 Quarter
Weighted average limited partner units outstanding (basic and diluted) (in units)	`WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted`	35.21M	shares	2 Qtrs
Weighted average limited partner units outstanding (basic and diluted) (in units)	`WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted`	35.22M	shares	2 Qtrs
Weighted average limited partner units outstanding (basic and diluted) (in units)	`WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted`	35.21M	shares	1 Quarter
Weighted average limited partner units outstanding (basic and diluted) (in units)	`WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted`	35.22M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$84.44M	USD	1 Quarter
Net income	`ProfitLoss`	$75.26M	USD	1 Quarter
Net income	`ProfitLoss`	$91.45M	USD	1 Quarter
Net income	`ProfitLoss`	$165.26M	USD	2 Qtrs
Net income	`ProfitLoss`	$80.83M	USD	1 Quarter
Net income	`ProfitLoss`	$166.72M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$53.68M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$62.29M	USD	2 Qtrs
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-3.43M	USD	2 Qtrs
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-422.00K	USD	2 Qtrs
Other losses, net	`OtherNoncashIncomeExpense`	$-303.00K	USD	2 Qtrs
Other losses, net	`OtherNoncashIncomeExpense`	$-3.37M	USD	2 Qtrs
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-2.27M	USD	2 Qtrs
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$39.03M	USD	2 Qtrs
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-82.80M	USD	2 Qtrs
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-21.48M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-1.45M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-1.46M	USD	2 Qtrs
Increase (Decrease) in Prepaid Expense and Other Assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-329.00K	USD	2 Qtrs
Increase (Decrease) in Prepaid Expense and Other Assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$413.00K	USD	2 Qtrs
Accounts payablethird parties	`IncreaseDecreaseInAccountsPayable`	$-12.48M	USD	2 Qtrs
Accounts payablethird parties	`IncreaseDecreaseInAccountsPayable`	$15.37M	USD	2 Qtrs
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$9.49M	USD	2 Qtrs
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-39.16M	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$2.60M	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$27.36M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$243.40M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$225.67M	USD	2 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$32.33M	USD	2 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$17.17M	USD	2 Qtrs
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$170.00M	USD	2 Qtrs
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$164.12M	USD	2 Qtrs
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	$147.00M	USD	2 Qtrs
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	$135.00M	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-55.33M	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-46.28M	USD	2 Qtrs
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	$98.50M	USD	2 Qtrs
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	-	USD	2 Qtrs
Repayments of Related Party Debt	`RepaymentsOfRelatedPartyDebt`	-	USD	2 Qtrs
Repayments of Related Party Debt	`RepaymentsOfRelatedPartyDebt`	$98.50M	USD	2 Qtrs
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$135.82M	USD	2 Qtrs
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$169.26M	USD	2 Qtrs
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$33.20M	USD	2 Qtrs
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$33.21M	USD	2 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-202.47M	USD	2 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-169.02M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.31M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.35M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.06M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$59.43M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$64.78M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.37M	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`	$59.43M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$64.78M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.37M	USD	Point-in-time

Stockholders Equity 26 line items

Line Item	Tag	Value	Unit	Period
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$889.88M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$968.94M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$867.96M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$976.23M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$903.71M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$972.70M	USD	Point-in-time
Net income	`ProfitLoss`	$84.44M	USD	1 Quarter
Net income	`ProfitLoss`	$75.26M	USD	1 Quarter
Net income	`ProfitLoss`	$91.45M	USD	1 Quarter
Net income	`ProfitLoss`	$165.26M	USD	2 Qtrs
Net income	`ProfitLoss`	$80.83M	USD	1 Quarter
Net income	`ProfitLoss`	$166.72M	USD	2 Qtrs
Quarterly distribution to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$16.60M	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 unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$16.60M	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`	$88.68M	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`	$80.58M	USD	1 Quarter
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$889.88M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$968.94M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$867.96M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$976.23M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$903.71M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$972.70M	USD	Point-in-time

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