What changed in this filing

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Item 1. Financial Statements

2025-10-31 compared with 2025-08-06 · 119 added, 84 removed, 387 unchanged (34% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS

September 30,

2025 December 31,

23 unchanged sentences

Common unitholders—publicly and privately held ( 21,123,649 and 21,116,326 units

issued and outstanding at June 30, 2025 and December 31, 2024, respectively)

issued and outstanding at September 30, 2025 and December 31, 2024, respectively)

462,093 471,328

Common unitholder—Westlake ( 14,122,230 and 14,122,230 units issued and outstanding

at June 30, 2025 and December 31, 2024, respectively)

Common unitholder—Westlake ( 14,122,230 and 14,122,230 units issued and

outstanding at September 30, 2025 and December 31, 2024, respectively)

41,091 47,373

7 unchanged sentences

CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

38 unchanged sentences

Balances at June 30, 2025 $ 463,109 $ 41,876 $ ( 242,572 ) $ 568,752 $ 831,165

Net income 8,781 5,872 — 71,561 86,214

Units issued for vested phantom units 161 — — — 161

Distribution to unitholders ( 9,958 ) ( 6,657 ) — — ( 16,615 )

Distribution to noncontrolling interest retained in OpCo by Westlake — — — ( 87,614 ) ( 87,614 )

Balances at September 30, 2025 $ 462,093 $ 41,091 $ ( 242,572 ) $ 552,699 $ 813,311

The accompanying notes are an integral part of the consolidated financial statements.

17 unchanged sentences

Balances at June 30, 2024 $ 471,199 $ 47,408 $ ( 242,572 ) $ 558,812 $ 834,847

Net income 10,867 7,269 — 85,964 104,100

Units issued for vested phantom units 183 — — — 183

Distribution to unitholders ( 9,953 ) ( 6,657 ) — — ( 16,610 )

Distribution to noncontrolling interest retained in OpCo by Westlake — — — ( 84,706 ) ( 84,706 )

Balances at September 30, 2024 $ 472,296 $ 48,020 $ ( 242,572 ) $ 560,070 $ 837,814

The accompanying notes are an integral part of the consolidated financial statements.

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended June 30,

Nine Months Ended September 30,

(in thousands of dollars)

4 unchanged sentences

Loss from disposition of property, plant and equipment 2,279 2,241

Other losses, net

Other losses (gains), net

Changes in operating assets and liabilities

10 unchanged sentences

Additions to property, plant and equipment ( 69,988 ) ( 35,497 )

Investments with Westlake under the Investment Management Agreement — ( 15,000 )

Maturities of investments with Westlake under the Investment Management Agreement 120,000 —

38 unchanged sentences

Westlake's retained interest of 77.2 % is recorded as noncontrolling interest in the Partnership's consolidated financial statements.

In the opinion of the Partnership's management, the accompanying unaudited consolidated interim financial statements reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Partnership's financial position as of June 30, 2025, its results of operations for the three and six months ended June 30, 2025 and 2024 and the changes in its cash position for the six months ended June 30, 2025 and 2024.

In the opinion of the Partnership's management, the accompanying unaudited consolidated interim financial statements reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Partnership's financial position as of September 30, 2025, its results of operations for the three and nine months ended September 30, 2025 and 2024 and the changes in its cash position for the nine months ended September 30, 2025 and 2024.

Results of operations and changes in cash position for the interim periods presented are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2025 or any other interim period.

6 unchanged sentences

Recently Issued Accounting Pronouncements

Income Taxes (ASU No.

In December 2023, the Financial Accounting Standards Board ("FASB") issued an accounting standards update requiring additional tax disclosures under Topic 740 primarily related to the rate reconciliation and income taxes paid disclosures.

The amendments in this update will be effective for annual periods beginning after December 15, 2024 and are to be applied on a prospective basis.

Retrospective application is also permitted.

The update is not expected to have a material impact on the Partnership's disclosures.

Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU No.

In July 2025, the Financial Accounting Standards Board ("FASB") issued an accounting standards update to add a practical expedient in developing reasonable and supportable forecasts as part of estimating expected credit losses.

All entities may elect a practical expedient that assumes the current conditions as of the balance sheet date do not change for the remaining life of the asset.

The amendments in this update are effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods, with early adoption permitted.

Entities should apply the new guidance prospectively.

The Partnership does not expect that this accounting standard, upon adoption, will have a material impact on the Partnership's consolidated financial statements.

Disaggregation of Income Statement Expenses (ASU No.

3 unchanged sentences

Early adoption is permitted.

The Partnership is currently evaluating the impact of the update on the disclosures in the Partnership's financial statements.

The Partnership is currently evaluating the impact of the update on the disclosures in the Partnership's consolidated financial statements.

Income Taxes (ASU No.

In December 2023, the FASB issued an accounting standards update requiring additional tax disclosures primarily related to the rate reconciliation and income taxes paid disclosures.

The amendments in this update will be effective for annual periods beginning after December 15, 2024 and are to be applied on a prospective basis.

Retrospective application is also permitted.

The update is not expected to have a material impact on the disclosures in the Partnership's consolidated financial statements.

Recently Adopted Accounting Pronouncement

7 unchanged sentences

Accounts receivable—third parties consist of the following:

September 30,

2025 December 31,

2 unchanged sentences

Accounts receivable, net—third parties $ 16,141 $ 11,576

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

Inventories consist of the following:

September 30,

2025 December 31,

2 unchanged sentences

Inventories $ 3,078 $ 4,058

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

Property, Plant and Equipment

Depreciation expense on property, plant and equipment of $ 21,587 and $ 21,830 is included in cost of sales in the consolidated statements of operations for the three months ended June 30, 2025 and 2024, respectively.

Depreciation expense on property, plant and equipment of $ 42,423 and $ 43,367 is included in cost of sales in the consolidated statements of operations for the six months ended June 30, 2025 and 2024 , respectively.

Depreciation expense on property, plant and equipment of $ 21,966 and $ 21,626 is included in cost of sales in the consolidated statements of operations for the three months ended September 30, 2025 and 2024, respectively.

Depreciation expense on property, plant and equipment of $ 64,389 and $ 64,993 is included in cost of sales in the consolidated statements of operations for the nine months ended September 30, 2025 and 2024 , respectively.

Deferred Charges and Other Assets

Amortization expense on deferred charges and other assets of $ 10,897 and $ 6,485 is included in cost of sales in the consolidated statements of operations for the three months ended June 30, 2025 and 2024, respectively .

Amortization expense on deferred charges and other assets of $ 17,129 and $ 12,942 is included in cost of sales in the consolidated statements of operations for the six months ended June 30, 2025 and 2024, respectively.

Amortization expense on deferred charges and other assets of $ 11,906 and $ 6,486 is included in cost of sales in the consolidated statements of operations for the three months ended September 30, 2025 and 2024, respectively .

Amortization expense on deferred charges and other assets of $ 29,035 and $ 19,428 is included in cost of sales in the consolidated statements of operations for the nine months ended September 30, 2025 and 2024, respectively.

Distributions and Net Income Per Limited Partner Unit

On July 30, 2025, the board of directors of Westlake Chemical Partners GP LLC ("Westlake GP"), the Partnership's general partner, declared a quarterly cash distribution for the three months ended June 30, 2025 of $ 0.4714 per common unit.

This distribution is payable on August 27, 2025 to unitholders of record as of August 12, 2025.

On October 28, 2025, the board of directors of Westlake Chemical Partners GP LLC ("Westlake GP"), the Partnership's general partner, declared a quarterly cash distribution for the three months ended September 30, 2025 of 0.4714 per common unit.

This distribution is payable on November 26, 2025 to unitholders of record as of November 10, 2025.

Distributions are declared subsequent to quarter end;

therefore, the table below represents total cash distributions declared from earnings of the related periods pertaining to such distributions.

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

1 unchanged sentence

Limited partners' distribution declared on common units 16,615 16,611 49,838 49,826

Distribution in excess of net income

Net income in excess of distribution (Distribution in excess of net income)

$ ( 1,962 ) $ 1,525 $ ( 15,679 ) $ ( 2,430 )

5 unchanged sentences

Basic and diluted net income per unit is the same because the Partnership does not have any potentially dilutive units outstanding for the periods presented.

Three Months Ended June 30, 2025

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

Three Months Ended September 30, 2025

Limited Partners' Common Units Incentive Distribution Rights Total

8 unchanged sentences

Basic and diluted $ 0.42

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Limited Partners' Common Units Incentive Distribution Rights Total

1 unchanged sentence

Distribution $ 16,611 $ — $ 16,611

Distribution in excess of net income ( 2,181 ) — ( 2,181 )

Net income in excess of distribution 1,525 — 1,525

Net income $ 18,136 $ — $ 18,136

3 unchanged sentences

Basic and diluted $ 0.51

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Limited Partners' Common Units Incentive Distribution Rights Total

7 unchanged sentences

Basic and diluted $ 0.97

Six Months Ended June 30, 2024

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

Nine Months Ended September 30, 2024

Limited Partners' Common Units Incentive Distribution Rights Total

17 unchanged sentences

50.0 % 50.0 %

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

The Partnership's distribution for the three months ended June 30, 2025 did not exceed the $ 1.2938 per unit threshold, and, as a result, no distribution was made with respect to the Partnership's incentive distribution rights to Westlake, as the holder of the Partnership's incentive distribution rights.

The Partnership's distribution for the three months ended September 30, 2025 did not exceed the $ 1.2938 per unit threshold, and, as a result, no distribution was made with respect to the Partnership's incentive distribution rights to Westlake, as the holder of the Partnership's incentive distribution rights.

Distributions Per Common Unit

Distributions per common unit for the three and six months ended June 30, 2025 and 2024 were as follows:

Three Months Ended June 30, Six Months Ended June 30,

Distributions per common unit for the three and nine months ended September 30, 2025 and 2024 were as follows:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

3 unchanged sentences

The Equity Distribution Agreement was amended on February 28, 2020 to reference a new shelf registration and subsequent renewals thereof for utilization under this agreement.

No common units were issued under this program as of June 30, 2025.

No common units were issued under this program as of September 30, 2025.

On March 29, 2019, the Partnership completed the issuance and sale of 2,940,818 common units at a price of $ 21.40 per unit through a private placement.

TTWF LP, Westlake's principal stockholder and a related party, acquired 1,401,869 common units out of 2,940,818 common units issued in the private placement.

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

Related Party Transactions

8 unchanged sentences

Sales to related parties were as follows:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Net sales—Westlake $ 276,539 $ 215,799 $ 736,396 $ 690,535

As of June 30, 2025, OpCo forecasted an annual production deficiency under the Ethylene Sales Agreement for the full year 2025 primarily due to the Petro 1 turnaround extending into April 2025, which was later than the planned completion in March 2025.

As a result, the Partnership recognized buyer deficiency fees of $ 13,613 during the three and six months ended June 30, 2025.

As of September 30, 2025, OpCo forecasted an annual production deficiency under the Ethylene Sales Agreement for the full year 2025 primarily due to the Petro 1 turnaround extending into April 2025, which was later than the planned completion in March 2025.

As a result, the Partnership recognized buyer deficiency fees of $ 13,613 in the second quarter of 2025.

The total buyer deficiency fees recognized by the Partnership during the nine months ended September 30, 2025 was $ 13,613 .

The buyer deficiency fee is measured based upon the lower of the actual production deficiency at period end or the estimated annual production deficiency.

The buyer deficiency fees are classified as a component of net sales—Westlake.

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

Cost of Sales from Related Parties

2 unchanged sentences

Charges from related parties for significant inputs included in cost of sales were as follows:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

4 unchanged sentences

Charges from related parties included within selling, general and administrative expenses were as follows:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Services received from Westlake and included in selling, general and administrative expenses $ 6,691 $ 6,618 $ 18,398 $ 19,793

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

Goods and Services from Related Parties Capitalized as Assets

1 unchanged sentence

Charges from related parties for goods and services capitalized as assets were as follows:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

3 unchanged sentences

Per the terms of the Investment Management Agreement, the Partnership earns a market return plus five basis points and Westlake provides daily availability of the invested cash to meet any liquidity needs of the Partnership or OpCo.

Accrued interest of $ 752 and $ 1,385 was included in the receivable under the Investment Management Agreement balance at June 30, 2025 and December 31, 2024, respectively.

Total interest earned related to the Investment Management Agreement was $ 752 and $ 1,306 for the three months ended June 30, 2025 and 2024, respectively, and $ 2,109 and $ 2,611 for the six months ended June 30, 2025 and 2024, respectively.

Accrued interest of $ 224 and $ 1,385 was included in the receivable under the Investment Management Agreement balance at September 30, 2025 and December 31, 2024, respectively.

Total interest earned related to the Investment Management Agreement was $ 224 and $ 1,368 for the three months ended September 30, 2025 and 2024, respectively, and $ 2,333 and $ 3,979 for the nine months ended September 30, 2025 and 2024, respectively.

The Partnership's receivable under the Investment Management Agreement was as follows:

September 30,

2025 December 31,

Receivable under the Investment Management Agreement $ 13,396 $ 134,557

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

Accounts Receivable from Related Parties

The Partnership's accounts receivable from Westlake result primarily from ethylene sales to Westlake and any buyer deficiency fee and shortfall fee recognized under the Ethylene Sales Agreement.

The buyer deficiency fees discussed above under "Sales to Related Parties" recognized in the six months ended June 30, 2025 are scheduled to be received by the Partnership after December 31, 2025.

The buyer deficiency fees discussed above under "Sales to Related Parties" recognized in the nine months ended September 30, 2025 are scheduled to be received by the Partnership after December 31, 2025.

As a result of the Partnership's decision to postpone the maintenance turnaround at the Petro 1 facility from the third quarter of 2024 to the first quarter of 2025, OpCo's production resulted in "excess quantities" of ethylene for the contract year ended December 31, 2024.

1 unchanged sentence

As of December 31, 2024, accounts receivable included sales associated with the excess quantities, which were at a lower sales price.

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

The Partnership's accounts receivable from Westlake were as follows:

September 30,

2025 December 31,

3 unchanged sentences

The Partnership's accounts payable to Westlake were as follows:

September 30,

2025 December 31,

2 unchanged sentences

OpCo is obligated to Westlake under various long-term and short-term noncancelable operating leases, primarily related to rail cars and land.

Operating lease rentals paid to Westlake for such leases were $ 440 and $ 430 for the three months ended June 30, 2025 and 2024, respectively, and $ 778 and $ 855 for the six months ended June 30, 2025 and 2024 respectively, an d are reflected in other charges from Westlake that are included in cost of sales.

Operating lease rentals paid to Westlake for such leases were $ 468 and $ 471 for the three months ended September 30, 2025 and 2024, respectively, and $ 1,246 and $ 1,326 for the nine months ended September 30, 2025 and 2024 respectively, an d are reflected in other charges from Westlake that are included in cost of sales.

OpCo has two site lease agreements with Westlake, each of which has a term of 50 years.

2 unchanged sentences

See Note 9 for a description of related party debt payable balances.

Interest on related party debt payable balances, net of capitalized interest, for the three months ended June 30, 2025 and 2024 was $ 5,907 and $ 6,651 , respecti vely.

Interest on related party debt payable balances, net of capitalized interest, for the six months ended June 30, 2025 and 2024 was $ 11,444 and $ 13,232 , respectively.

Interest on related party debt payable balances, net of capitalized interest, for the three months ended September 30, 2025 and 2024 was $ 5,947 and $ 6,698 , respecti vely.

Interest on related party debt payable balances, net of capitalized interest, for the nine months ended September 30, 2025 and 2024 was $ 17,391 and $ 19,930 , respectively.

Interest on related party debt payable is presented as interest expense—Westlake in the consolidated statements of operations.

At June 30, 2025 and December 31, 2024, accrued interest on related party debt was $ 5,907 and $ 5,848 , respectively, and is reflected as a component of accrued and other liabilities in the consolidated balance sheets.

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

At September 30, 2025 and December 31, 2024, accrued interest on related party debt was $ 5,945 and $ 5,848 , respectively, and is reflected as a component of accrued and other liabilities in the consolidated balance sheets.

Debt payable to related parties was as follows:

September 30,

2025 December 31,

1 unchanged sentence

Major Customer and Concentration of Credit Risk

During the three months ended June 30, 2025 and 2024, Westlake accounted for approximately 90.6 % and 84.3 %, respectively, of the Partnership's net sale s.

During the six months ended June 30, 2025 and 2024, Westlake accounted for approximately 86.0 % and 83.5 % , respectively, of the Partnership's net sales.

During the three months ended September 30, 2025 and 2024, Westlake accounted for approximately 89.5 % and 77.9 %, respectively, of the Partnership's net sale s.

During the nine months ended September 30, 2025 and 2024, Westlake accounted for approximately 87.3 % and 81.6 % , respectively, of the Partnership's net sales.

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

Long-Term Debt Payable to Westlake

Long-term debt payable to Westlake consists of the following:

September 30,

2025 December 31,

2 unchanged sentences

Long-term debt payable to Westlake $ 399,674 $ 399,674

As of June 30, 2025, outstanding borrowings under the OpCo Revolver and the MLP Revolver bore interest at the Secured Overnight Financing Rate, as administered by the Federal Reserve Bank of New York ("SOFR") plus the Applicable Margin plus a 0.10 % credit spread adjustment.

As of September 30, 2025, outstanding borrowings under the OpCo Revolver and the MLP Revolver bore interest at the Secured Overnight Financing Rate, as administered by the Federal Reserve Bank of New York ("SOFR") plus the Applicable Margin plus a 0.10 % credit spread adjustment.

The Applicable Margin under the OpCo Revolver is 1.75 %.

1 unchanged sentence

The OpCo Revolver and the MLP Revolver are scheduled to mature on July 12, 2027.

The weighted average interest rate on all long-term debt was 6.1 % and 6.4 % at June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025, the Partnership was in compliance with all of the covenants under the OpCo Revolver and the MLP Revolver.

The weighted average interest rate on all long-term debt was 6.1 % and 6.4 % at September 30, 2025 and December 31, 2024, respectively.

As of September 30, 2025, the Partnership was in compliance with all of the covenants under the OpCo Revolver and the MLP Revolver.

Fair Value Measurements

4 unchanged sentences

Unobservable inputs that are not corroborated by market data.

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

The Partnership has financial assets and liabilities subject to fair value measures.

1 unchanged sentence

The amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, net and accounts payable approximate their fair value due to the short maturities of these instruments.

The carrying and fair values of the Partnership's long-term debt at June 30, 2025 and December 31, 2024 are summarized in the table below.

The carrying and fair values of the Partnership's long-term debt at September 30, 2025 and December 31, 2024 are summarized in the table below.

The fair value of long-term debt is determined based on the present value of expected future cash flows using a discounted cash flow methodology.

1 unchanged sentence

Inputs used to estimate the fair values of the Partnership's long-term debt include the selection of an appropriate discount rate.

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Value Carrying

Long-term debt payable to Westlake $ 399,674 $ 409,299 $ 399,674 $ 411,489

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

Supplemental Information

Accrued and Other Liabilities

Accrued and other liabilities were $ 36,263 and $ 16,920 at June 30, 2025 and December 31, 2024, respectively.

Accrued taxes, accrued maintenance expense, accrued turnaround costs, accrued capital expenditures and accrued interest on related party debt, which are components of accrued and other liabilities, were $ 5,696 , $ 4,002 , $ 12,031 , $ 4,303 and $ 5,907 , respectively, at June 30, 2025 and $ 2,415 , $ 1,458 , $ 933 , $ 2,102 and $ 5,848 , respectively, at December 31, 2024.

Accrued and other liabilities were $ 32,036 and $ 16,920 at September 30, 2025 and December 31, 2024, respectively.

Accrued taxes, accrued turnaround costs and accrued interest on related party debt, which are components of accrued and other liabilities, were $ 6,177 , $ 12,649 and $ 5,945 , respectively, at September 30, 2025 and $ 2,415 , $ 933 and $ 5,848 , respectively, at December 31, 2024.

No other component of accrued and other liabilities was more than five percent of total current liabilities.

1 unchanged sentence

Non-cash Investing Activity

Capital expenditure related liabilities, included in accounts payable—third parties and accrued and other liabilities, were $ 10,915 and $ 4,640 at June 30, 2025 and 2024, respectively.

Capital expenditure related liabilities, included in accounts payable—third parties and accrued and other liabilities, were $ 5,768 and $ 7,376 at September 30, 2025 and 2024, respectively.

Interest Paid

Interest paid by the Partnership, net of interest capitalized, was $ 11,386 and $ 13,228 for the six months ended June 30, 2025 and 2024, respectively.

Interest paid by the Partnership, net of interest capitalized, was $ 17,292 and $ 19,852 for the nine months ended September 30, 2025 and 2024, respectively.

Operating Leases

Right-of-use assets obtained in exchange for operating lease obligations were $ 173 and $ 616 for the six months ended June 30, 2025 and 2024, respectively.

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

Right-of-use assets obtained in exchange for operating lease obligations were $ 920 and $ 758 for the nine months ended September 30, 2025 and 2024, respectively.

Commitments and Contingencies

7 unchanged sentences

After considering all relevant facts and circumstances, including applicable insurance and indemnification by Westlake, the Partnership does not believe that any of these legal proceedings will have a material adverse effect on its financial condition, results of operations or cash flows.

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

Segment Information

1 unchanged sentence

Consolidated net sales and provision for income taxes as disclosed in the consolidated statements of operations and depreciation and amortization and additions to property, plant and equipment as disclosed in the consolidated statements of cash flows are fully attributed to the OpCo segment, and as such, separate OpCo segment amounts are not repeated in the tables below.

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

11 unchanged sentences

OpCo $ 92,669 $ 111,320 $ 233,296 $ 303,505

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

A reconciliation of total segment net income to consolidated net income is as follows:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

4 unchanged sentences

$ 86,214 $ 104,100 $ 214,318 $ 281,772

September 30,

2025 December 31,

4 unchanged sentences

(1) Other segment items includes interest expense—Westlake, other income, net and provision for income taxes.

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

(in thousands of dollars, except unit amounts and per unit data)

Subsequent Events

On October 28, 2025, OpCo and Westlake agreed to renew both the Ethylene Sales Agreement and the Feedstock Supply Agreement through December 31, 2027 in accordance with their respective terms (the "Renewal"), which each provide for an initial term through December 31, 2026 and automatic 12 -month renewal periods until terminated at the end of the initial term or any renewal term on not less than 12 -months' notice.

In connection with the Renewal, on October 28, 2025, OpCo and certain affiliates of Westlake entered into an amendment to the Services and Secondment Agreement to align the date of expiration of such agreement with the date of expiration term of the Ethylene Sales Agreement.

In addition, the Partnership, OpCo and certain affiliates of Westlake also entered into an amendment to the Omnibus Agreement to provide that the Omnibus Agreement would terminate upon termination of the Ethylene Sales Agreement.

The amendment also addressed certain procedural requirements in connection with Westlake's obligation to indemnify the Partnership for certain matters, including, among others, environmental and tax matters, under the Omnibus Agreement.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements