Westlake Chemical Partners Lp · NYSE:WLKP
Westlake Chemical Partners Lp — Investor Presentation (October 2025)
17 slides from Westlake Chemical Partners Lp's investor presentation, Oct 30, 2025
Slide 1: Ethylene Sales Agreement Renewal
Ethylene Sales Agreement Renewal
Slide 2: Stability of WLKP Distributable Cash Flow Supported by the Ethylene Sales Agreement
2 The Stability of Westlake Chemical Partners’ (WLKP) Distributable Cash Flow is Supported By The Ethylene Sales Agreement (ESA) WLKP IS THE CRITICAL SUPPLIER OF ETHYLENE FOR WESTLAKE CORPORATION (WLK) • Ethylene Sales Agreement between OpCo and WLK provides stable 10 cents per pound margin on 95% o
Slide 3: Ethylene Sales Agreement Insulates WLKP from Commodity Risk and Provides Enhanced Cash Flow Stability
3 Ethylene Sales Agreement Insulates WLKP from Commodity Risk and Provides Enhanced Cash Flow Stability • Integrated margin is well above $0.10 historically, as shown in the chart below, supporting margin sustainability and potential to increase margin through negotiation • Requires WLK to purchase
Slide 4: OpCo and WLK Agree to Renew The ESA Through 2027
4 OpCo and WLK Agree to Renew The ESA Through 2027 THE ESA IS A CRITICAL DRIVER OF STABLE, CONSISTENT DISTRIBUTABLE CASH FLOW FOR WLKP • OpCo and WLK have agreed to renew the ESA, as the original contract provided for, through the end of 2027, providing continued offtake on attractive terms for 95%
Slide 5: Westlake Chemical Partners LP (WLKP) At-a-Glance
5 Westlake Chemical Partners LP (WLKP) At-a-Glance WLKP OVERVIEW • Limited partnership formed by Westlake Corporation (WLK) to operate, acquire, and develop ethylene production facilities and related assets • Critical supplier of ethylene that WLK needs to produce its products • Predictable and cons
Slide 6: Compelling Investment Opportunity
6 Compelling Investment Opportunity ► 95% of sales at fixed margin to investment-grade parent, WLK, insulates WLKP from commodity risks ► Conservative financial and leverage metrics Stable, Predictable Cash Flows and Strong Balance Sheet ► Globally cost advantaged feedstock with operating rates that
Slide 7: OpCo Supplies Vital Ethylene to WLK
7 OpCo Supplies Vital Ethylene to WLK LAKE CHARLES, LOUISIANA • Two ethane-based processing facilities at WLK’s complex • Combined ethylene capacity of 3 billion pounds – Primarily consumed by WLK for chemical production, including polyethylene and PVC CALVERT CITY, KENTUCKY • One ethane-based proce
Slide 8: WLK's Short Position in Ethylene Provides Strong and Contractual Demand for WLKP
8 WLK’s Short Position in Ethylene Provides Strong and Contractual Demand for WLKP Westlake Corp is Still Short ~ 1.2B Pounds of Ethylene and Needs all the Supply WLKP can Provide Additional Ethylene via LACC JV Eligible for WLKP ~1.1 Billion Pounds Chlorine Caustic Soda Epoxy Intermediates Polyethy
Slide 9: WLKP's Contractual Structure with WLK Enables Stable Cash Flows and Distributions
9 WLKP’s Contractual Structure with WLK Enables Stable Cash Flows and Distributions Through Challenging Market Conditions • Strong, stable, and predictable cash flow from selling 95% of its product at fixed margin to investment-grade parent, WLK, is a significant differentiator – Enabled WLKP to gro
Slide 10: Strong Distributable Cash Flows from Ethylene Sales Contract with WLK
10 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Distributable Cash Flow Operating Cash Surplus Strong Distributable Cash Flows from Ethylene Sales Contract with WLK ANNUAL DISTRIBUTABLE CASH FLOWS & CASH SURPLUS SINCE IPO • Higher, steady product
Slide 11: Four Levers of Growth for Stable, Growing Cash Flows
11 Four Levers of Growth for Stable, Growing Cash Flows Increase ownership interest in OpCo over time by purchasing new OpCo interests or purchasing outstanding interests in OpCo from WLK • Purchased 2.7% of OpCo for $135M in May 2015 • Purchased 5.0% of additional OpCo interests for $229M in Septem
Slide 12: Solid Leverage Metrics | Well-Capitalized with Strong Balance Sheet
12 Solid Leverage Metrics | Well-Capitalized with Strong Balance Sheet to Provide Financial Stability 1) Includes cash invested with WLK under investment management agreement 2) Peers: EQM, MPLX, PSXP, WES, as of latest date information is available in Bloomberg 0% 20% 40% 60% 80% WLKP B D C A 0.0x
Slide 13: Sustainable Commitments Embedded Across Westlake
13 Sustainable Commitments Embedded Across Westlake Through Investments, Goals, and Products Reducing Scope 1 and 2 Emissions per Tons of Production by 20% by 20301 • To further reduce our carbon footprint, we are allocating capital to both proven and emerging technologies, including product and ope
Slide 14: Key Investment Drivers
14 Key Investment Drivers WLKP is Well-Positioned to Continue Delivering Value to Unitholders ► Experienced and incentivized management team ► Strategically located assets ► Stable, predictable cash flows not encumbered by IDRs ► Strategic relationship with WLK ► WLK’s increasing demand for ethylene
Slide 15: Appendix
Appendix
Slide 16: Commitment to the Environment Through Company Action and Industry Organizations
16 Commitment to the Environment Through Both Company Action and Dedicated Industry Organizations PARTICIPATING IN MULTI-INDUSTRY ASSOCIATIONS FOR ENVIRONMENTAL PROTECTION Westlake is a proud partner with the following organizations to drive sustainable action to eliminate plastic waste, capture mor
Slide 17: Disclaimer
17 Disclaimer This presentation contains certain forward-looking statements, including statements with respect to the ability to resume distribution growth, potential levers for growth, remaining drop-down opportunities, potential increases in margin, avoiding the creation of any capital market need
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