Westlake Chemical Partners Lp Reports Earnings Results for the Fourth Quarter Ended December 31, 2020
February 23, 2021 at 11:30 am
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Westlake Chemical Partners LP announced earnings results for the fourth quarter ended December 31, 2020. For the fourth quarter, the company announced total revenue was USD 245.652 million compared to USD 272.798 million a year ago. Operating income was USD 77.609 million compared to USD 95.753 million a year ago. Net income was USD 15.025 million compared to USD 17.371 million a year ago. Basic earnings per share from continuing operations was USD 0.43 compared to USD 0.49 a year ago. For the full year, total revenue was USD 966.670 million compared to USD 1,091.871 million a year ago. Operating income was USD 352.988 million compared to USD 350.150 million a year ago. Net income was USD 66.167 million compared to USD 60.981 million a year ago. Basic earnings per share from continuing operations was USD 1.88 compared to USD 1.77 a year ago.
Westlake Chemical Partners LP is a limited partnership formed by Westlake Corporation to operate, acquire, and develop ethylene production facilities and other qualified assets. The Companyâs business and operations are conducted through Westlake Chemical OpCo LP (OpCo). OpCos assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana, and an ethylene pipeline. The ethylene production facilities primarily convert ethane into ethylene and have an aggregate annual capacity of approximately 3.7 billion pounds, and a 200-mile ethylene pipeline. It owns two ethylene production facilities at Westlake's Lake Charles, Louisiana site (Petro 1 and Petro 2, collectively Lake Charles Olefins), with an annual combined capacity of approximately 3.0 billion pounds. The Company owns one ethylene production facility at Westlake's Calvert City, Kentucky site (Calvert City Olefins), with an annual capacity of approximately 730 million pounds.