10-Q Filing

Westlake Chemical Partners LP CIK: 1604665 Q3 2023

Filing Information

Form Type	10-Q
Accession Number	`0001604665-23-000033`
Period End Date	20230930
Filing Date	20231102
Fiscal Year	2023
Fiscal Period	Q3
XBRL Instance	wlkp-20230930_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 46 Income Statement 52 Cash Flow Statement 58 Stockholders Equity 38

Balance Sheet 46 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$64.78M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$65.87M	USD	Point-in-time
Receivable under the Investment Management AgreementWestlake Corporation ("Westlake")	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$84.36M	USD	Point-in-time
Receivable under the Investment Management AgreementWestlake Corporation ("Westlake")	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$65.00M	USD	Point-in-time
Receivables, Net, Current	`ReceivablesNetCurrent`	$20.03M	USD	Point-in-time
Receivables, Net, Current	`ReceivablesNetCurrent`	$21.63M	USD	Point-in-time
Inventories	`InventoryNet`	$4.71M	USD	Point-in-time
Inventories	`InventoryNet`	$4.39M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$599.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$305.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$231.47M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$245.79M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$990.21M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$959.11M	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`	$145.11M	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`	$31.36M	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`	$75.60M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.66M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.66M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$3.31M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$468.27M	USD	Point-in-time
Total liabilities	`Liabilities`	$480.24M	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`	$282.24M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP ("OpCo")	`MinorityInterestInLimitedPartnerships`	$611.78M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP ("OpCo")	`MinorityInterestInLimitedPartnerships`	$579.03M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$976.23M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$861.27M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$903.71M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$867.96M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$952.16M	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`	$968.94M	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 52 line items

Line Item	Tag	Value	Unit	Period
Total net sales	`Revenues`	$893.52M	USD	3 Qtrs
Total net sales	`Revenues`	$321.66M	USD	1 Quarter
Total net sales	`Revenues`	$415.12M	USD	1 Quarter
Total net sales	`Revenues`	$1.23B	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$324.63M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$228.68M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$947.07M	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$606.74M	USD	3 Qtrs
Gross profit	`GrossProfit`	$286.78M	USD	3 Qtrs
Gross profit	`GrossProfit`	$279.24M	USD	3 Qtrs
Gross profit	`GrossProfit`	$90.49M	USD	1 Quarter
Gross profit	`GrossProfit`	$92.98M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$21.88M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$26.82M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.68M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.74M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$81.82M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$264.89M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$252.41M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$86.24M	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$683.00K	USD	3 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$1.27M	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$3.15M	USD	3 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$618.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$248.18M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$81.08M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$244.39M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$78.79M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$607.00K	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$484.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$822.00K	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$222.00K	USD	1 Quarter
Net income	`ProfitLoss`	$91.45M	USD	1 Quarter
Net income	`ProfitLoss`	$75.26M	USD	1 Quarter
Net income	`ProfitLoss`	$78.31M	USD	1 Quarter
Net income	`ProfitLoss`	$80.85M	USD	1 Quarter
Net income	`ProfitLoss`	$84.44M	USD	1 Quarter
Net income	`ProfitLoss`	$247.57M	USD	3 Qtrs
Net income	`ProfitLoss`	$80.83M	USD	1 Quarter
Net income	`ProfitLoss`	$243.57M	USD	3 Qtrs
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$207.59M	USD	3 Qtrs
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`	$63.55M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$67.65M	USD	1 Quarter
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income	`NetIncomeLoss`	$39.98M	USD	3 Qtrs
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income	`NetIncomeLoss`	$14.76M	USD	1 Quarter
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`	$13.21M	USD	1 Quarter
Weighted average limited partner units outstanding (basic and diluted) (in units)	`WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted`	35.23M	shares	1 Quarter
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`	35.22M	shares	3 Qtrs
Weighted average limited partner units outstanding (basic and diluted) (in units)	`WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted`	35.22M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$91.45M	USD	1 Quarter
Net income	`ProfitLoss`	$75.26M	USD	1 Quarter
Net income	`ProfitLoss`	$78.31M	USD	1 Quarter
Net income	`ProfitLoss`	$80.85M	USD	1 Quarter
Net income	`ProfitLoss`	$84.44M	USD	1 Quarter
Net income	`ProfitLoss`	$247.57M	USD	3 Qtrs
Net income	`ProfitLoss`	$80.83M	USD	1 Quarter
Net income	`ProfitLoss`	$243.57M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$81.90M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$91.68M	USD	3 Qtrs
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-4.44M	USD	3 Qtrs
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-4.39M	USD	3 Qtrs
Other losses (gains), net	`OtherNoncashIncomeExpense`	$-4.40M	USD	3 Qtrs
Other losses (gains), net	`OtherNoncashIncomeExpense`	$86.00K	USD	3 Qtrs
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$23.11M	USD	3 Qtrs
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$1.51M	USD	3 Qtrs
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-68.52M	USD	3 Qtrs
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-26.63M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-3.54M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-321.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$62.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$294.00K	USD	3 Qtrs
Accounts payablethird parties	`IncreaseDecreaseInAccountsPayable`	$4.77M	USD	3 Qtrs
Accounts payablethird parties	`IncreaseDecreaseInAccountsPayable`	$-14.27M	USD	3 Qtrs
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$9.55M	USD	3 Qtrs
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-32.33M	USD	3 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$5.17M	USD	3 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$28.97M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$344.33M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$341.16M	USD	3 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$45.46M	USD	3 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$33.98M	USD	3 Qtrs
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$164.12M	USD	3 Qtrs
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$276.00M	USD	3 Qtrs
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	$145.00M	USD	3 Qtrs
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	$247.00M	USD	3 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-74.46M	USD	3 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-53.09M	USD	3 Qtrs
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	$155.25M	USD	3 Qtrs
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	-	USD	3 Qtrs
Repayment of debt payable to Westlake	`RepaymentsOfRelatedPartyDebt`	-	USD	3 Qtrs
Repayment of debt payable to Westlake	`RepaymentsOfRelatedPartyDebt`	$155.25M	USD	3 Qtrs
Distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$49.81M	USD	3 Qtrs
Distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$49.81M	USD	3 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-290.15M	USD	3 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-264.29M	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.09M	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.41M	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$64.78M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$65.87M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.06M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.47M	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`	$65.87M	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`	$19.47M	USD	Point-in-time
Payments of Ordinary Dividends, Noncontrolling Interest	`PaymentsOfDividendsMinorityInterest`	$214.49M	USD	3 Qtrs
Payments of Ordinary Dividends, Noncontrolling Interest	`PaymentsOfDividendsMinorityInterest`	$240.33M	USD	3 Qtrs

Stockholders Equity 38 line items

Line Item	Tag	Value	Unit	Period
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$976.23M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$861.27M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$903.71M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$867.96M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$952.16M	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`	$968.94M	USD	Point-in-time
Net income	`ProfitLoss`	$91.45M	USD	1 Quarter
Net income	`ProfitLoss`	$75.26M	USD	1 Quarter
Net income	`ProfitLoss`	$78.31M	USD	1 Quarter
Net income	`ProfitLoss`	$80.85M	USD	1 Quarter
Net income	`ProfitLoss`	$84.44M	USD	1 Quarter
Net income	`ProfitLoss`	$247.57M	USD	3 Qtrs
Net income	`ProfitLoss`	$80.83M	USD	1 Quarter
Net income	`ProfitLoss`	$243.57M	USD	3 Qtrs
Units issued for vested phantom units	`StockIssuedDuringPeriodValueOther`	$190.00K	USD	1 Quarter
Units issued for vested phantom units	`StockIssuedDuringPeriodValueOther`	$141.00K	USD	1 Quarter
Distribution to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$16.61M	USD	1 Quarter
Distribution to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$16.60M	USD	1 Quarter
Distribution to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$16.60M	USD	1 Quarter
Distribution to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$16.60M	USD	1 Quarter
Distribution to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$16.60M	USD	1 Quarter
Distribution to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$16.60M	USD	1 Quarter
Distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$75.13M	USD	1 Quarter
Distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$71.07M	USD	1 Quarter
Distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$88.68M	USD	1 Quarter
Distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$80.58M	USD	1 Quarter
Distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$60.69M	USD	1 Quarter
Distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$78.67M	USD	1 Quarter
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$976.23M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$861.27M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$903.71M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$867.96M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$952.16M	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`	$968.94M	USD	Point-in-time

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