What changed in this filing

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Item 1. Financial Statements

2026-08-05 compared with 2026-05-06 · 102 added, 47 removed, 373 unchanged (29% of the section changed)

27 unchanged sentences

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

issued and outstanding at March 31, 2026 and December 31, 2025, respectively)

issued and outstanding at June 30, 2026 and December 31, 2025, respectively)

457,957 460,848

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

outstanding at March 31, 2026 and December 31, 2025, respectively)

outstanding at June 30, 2026 and December 31, 2025, respectively)

38,328 40,260

7 unchanged sentences

CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

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

2026 2025 2026 2025

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

33 unchanged sentences

Balances at March 31, 2026 $ 459,382 $ 39,280 $ ( 242,572 ) $ 536,296 $ 792,386

Net income 8,533 5,705 — 68,124 82,362

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

Distribution to noncontrolling interest retained in OpCo by Westlake — — — ( 88,720 ) ( 88,720 )

Balances at June 30, 2026 $ 457,957 $ 38,328 $ ( 242,572 ) $ 515,700 $ 769,413

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

12 unchanged sentences

Balances at March 31, 2025 $ 464,339 $ 42,699 $ ( 242,572 ) $ 538,640 $ 803,106

Net income 8,724 5,834 — 71,237 85,795

Distribution to unitholders ( 9,954 ) ( 6,657 ) — — ( 16,611 )

Distribution to noncontrolling interest retained in OpCo by Westlake — — — ( 41,125 ) ( 41,125 )

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

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

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended March 31,

Six Months Ended June 30,

(in thousands of dollars)

28 unchanged sentences

Net increase (decrease) in cash and cash equivalents

5,052 ( 21,737 )

Cash and cash equivalents at beginning of period 44,269 58,316

27 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 March 31, 2026, its results of operations for the three months ended March 31, 2026 and 2025 and the changes in its cash position for the three months ended March 31, 2026 and 2025.

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, 2026, its results of operations for the three and six months ended June 30, 2026 and 2025 and the changes in its cash position for the six months ended June 30, 2026 and 2025.

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, 2026 or any other interim period.

31 unchanged sentences

Property, Plant and Equipment

Depreciation expense on property, plant and equipment of $ 22,339 and $ 20,836 is included in cost of sales in the consolidated statements of operations for the three months ended March 31, 2026 and 2025, respectively.

Deferred Charges and Other Assets

Amortization expense on deferred charges and other assets of $ 11,960 and $ 6,232 is included in cost of sales in the consolidated statements of operations for the three months ended March 31, 2026 and 2025, respectively .

Depreciation expense on property, plant and equipment of $ 22,913 and $ 21,587 is included in cost of sales in the consolidated statements of operations for the three months ended June 30, 2026 and 2025, respectively.

Depreciation expense on property, plant and equipment of $ 45,252 and $ 42,423 is included in cost of sales in the consolidated statements of operations for the six months ended June 30, 2026 and 2025 , respectively.

WESTLAKE CHEMICAL PARTNERS LP

1 unchanged sentence

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

Deferred Charges and Other Assets

Amortization expense on deferred charges and other assets of $ 12,115 and $ 10,897 is included in cost of sales in the consolidated statements of operations for the three months ended June 30, 2026 and 2025, respectively .

Amortization expense on deferred charges and other assets of $ 24,075 and $ 17,129 is included in cost of sales in the consolidated statements of operations for the six months ended June 30, 2026 and 2025, respectively.

Distributions and Net Income Per Limited Partner Unit

On May 4, 2026, 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 March 31, 2026 of 0.4714 per common unit.

This distribution is payable on June 1, 2026 to unitholders of record as of May 14, 2026.

On August 3, 2026, 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, 2026 of 0.4714 per common unit.

This distribution is payable on August 28, 2026 to unitholders of record as of August 13, 2026.

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 March 31,

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

2026 2025 2026 2025

Net income attributable to the Partnership $ 14,238 $ 14,558 $ 28,407 $ 19,506

8 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 March 31, 2026

Three Months Ended June 30, 2026

Limited Partners' Common Units Incentive Distribution Rights Total

8 unchanged sentences

Basic and diluted $ 0.40

Three Months Ended March 31, 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 June 30, 2025

Limited Partners' Common Units Incentive Distribution Rights Total

8 unchanged sentences

Basic and diluted $ 0.41

Six Months Ended June 30, 2026

Limited Partners' Common Units Incentive Distribution Rights Total

Net income attributable to the Partnership:

Distribution $ 33,230 $ — $ 33,230

Distribution in excess of net income

( 4,823 ) — ( 4,823 )

Net income $ 28,407 $ — $ 28,407

Weighted average units outstanding:

Basic and diluted 35,245,879 35,245,879

Net income per limited partner unit:

Basic and diluted $ 0.81

Six Months Ended June 30, 2025

Limited Partners' Common Units Incentive Distribution Rights Total

Net income attributable to the Partnership:

Distribution $ 33,223 $ — $ 33,223

Distribution in excess of net income

( 13,717 ) — ( 13,717 )

Net income $ 19,506 $ — $ 19,506

Weighted average units outstanding:

Basic and diluted 35,238,556 35,238,556

Net income per limited partner unit:

Basic and diluted $ 0.55

WESTLAKE CHEMICAL PARTNERS LP

10 unchanged sentences

If cash distributions to the Partnership's unitholders do not exceed $ 1.2938 per common unit in a quarter, then no distribution is made with respect to the Partnership's incentive distribution rights for such quarter.

The Partnership's distribution for the three months ended March 31, 2026 was $ 0.4714 per common unit, which 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 June 30, 2026 was $ 0.4714 per common unit, which 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 months ended March 31, 2026 and 2025 were as follows:

Three Months Ended March 31,

Distributions per common unit for the three and six months ended June 30, 2026 and 2025 were as follows:

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

2026 2025 2026 2025

Distributions per common unit $ 0.4714 $ 0.4714 $ 0.9428 $ 0.9428

18 unchanged sentences

Sales to related parties were as follows:

Three Months Ended March 31,

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

2026 2025 2026 2025

Net sales—Westlake $ 238,030 $ 269,076 $ 501,121 $ 459,857

During the quarter ended March 31, 2026, OpCo's production resulted in expected "excess quantities" of ethylene produced based on annual estimated production.

As of June 30, 2026, OpCo's production resulted in expected "excess quantities" of ethylene produced based on annual estimated production.

Pursuant to the terms of the Ethylene Sales Agreement, the excess quantities produced by the Partnership were sold to Westlake at prices that excluded certain fixed costs of production.

The fixed cost of production associated with the estimated excess quantities for the quarter ended March 31, 2026 was approximately $ 800 .

The fixed cost of production associated with the estimated excess quantities for the six months ended June 30, 2026 was approximately $ 2,100 .

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 March 31,

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

2026 2025 2026 2025

Feedstock purchased from Westlake and included in cost of sales $ 86,595 $ 90,567 $ 183,656 $ 176,066

3 unchanged sentences

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

Three Months Ended March 31,

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

2026 2025 2026 2025

Services received from Westlake and included in selling, general and administrative expenses $ 6,618 $ 5,276 $ 13,037 $ 11,707

5 unchanged sentences

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

Three Months Ended March 31,

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

2026 2025 2026 2025

Goods and services purchased from Westlake and capitalized as assets $ 533 $ 1,053 $ 1,074 $ 6,481

2 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 $ 269 and $ 206 was included in the receivable under the Investment Management Agreement balance at March 31, 2026 and December 31, 2025, respectively.

Total interest earned related to the Investment Management Agreement was $ 269 and $ 1,357 for the three months ended March 31, 2026 and 2025, respectively.

Accrued interest of $ 405 and $ 206 was included in the receivable under the Investment Management Agreement balance at June 30, 2026 and December 31, 2025, respectively.

Total interest earned related to the Investment Management Agreement was $ 405 and $ 752 for the three months ended June 30, 2026 and 2025, respectively, and $ 674 and $ 2,109 for the six months ended June 30, 2026 and 2025, respectively.

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

12 unchanged sentences

Accounts receivable—Westlake $ 39,464 $ 63,571

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

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

Accounts Payable to Related Parties

3 unchanged sentences

Accounts payable—Westlake $ 15,630 $ 19,132

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

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

Related Party Leases

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 $ 437 and $ 338 for the three months ended March 31, 2026 and 2025, 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 $ 481 and $ 440 for the three months ended June 30, 2026 and 2025, respectively, and $ 918 and $ 778 for the six months ended June 30, 2026 and 2025 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 March 31, 2026 and 2025 was $ 5,085 and $ 5,537 , respecti vely.

Interest on related party debt payable balances, net of capitalized interest, for the three months ended June 30, 2026 and 2025 was $ 5,119 and $ 5,907 , respecti vely.

Interest on related party debt payable balances, net of capitalized interest, for the six months ended June 30, 2026 and 2025 was $ 10,204 and $ 11,444 , respectively.

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

At March 31, 2026 and December 31, 2025, accrued interest on related party debt was $ 5,085 and $ 5,508 , respectively, and is reflected as a component of accrued and other liabilities in the consolidated balance sheets.

At June 30, 2026 and December 31, 2025, accrued interest on related party debt was $ 5,119 and $ 5,508 , 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:

2 unchanged sentences

Major Customer and Concentration of Credit Risk

During the three months ended March 31, 2026 and 2025, Westlake accounted for approximately 86.1 % and 80.3 %, respectively, of the Partnership's net sale s.

During the three months ended June 30, 2026 and 2025, Westlake accounted for approximately 80.1 % and 90.6 %, respectively, of the Partnership's net sale s.

During the six months ended June 30, 2026 and 2025, Westlake accounted for approximately 83.1 % and 86.0 % , 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

4 unchanged sentences

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

As of March 31, 2026, 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 June 30, 2026, 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 %.

The Applicable Margin under the MLP Revolver varies between 1.75 % and 2.75 %, depending on the Partnership's Consolidated Leverage Ratio.

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 5.5 % and 5.8 % at March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026, the Partnership was in compliance with all of the covenants under the OpCo Revolver and the MLP Revolver.

WESTLAKE CHEMICAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued

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

As of June 30, 2026, the OpCo Revolver and the MLP Revolver were scheduled to mature on July 12, 2027.

See Note 14 for information regarding amendments to the OpCo and MLP Revolvers.

The weighted average interest rate on all long-term debt was 5.5 % and 5.8 % at June 30, 2026 and December 31, 2025, respectively.

As of June 30, 2026, the Partnership was in compliance with all of the covenants under the OpCo Revolver and the MLP Revolver.

Fair Value Measurements

7 unchanged sentences

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 March 31, 2026 and December 31, 2025 are summarized in the table below.

The carrying and fair values of the Partnership's long-term debt at June 30, 2026 and December 31, 2025 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.

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Value Carrying

5 unchanged sentences

Accrued and Other Liabilities

Accrued and other liabilities were $ 21,847 and $ 22,199 at March 31, 2026 and December 31, 2025, respectively.

Accrued taxes, accrued turnaround costs, accrued PP&E capital expenditures and accrued interest on related party debt, which are components of accrued and other liabilities, were $ 3,409 , $ 5,082 , $ 2,892 and $ 5,085 , respectively, at March 31, 2026 and $ 2,104 , $ 6,372 , $ 994 and $ 5,508 , respectively, at December 31, 2025.

Accrued and other liabilities were $ 19,135 and $ 22,199 at June 30, 2026 and December 31, 2025, respectively.

Accrued taxes, accrued maintenance and accrued interest on related party debt, which are components of accrued and other liabilities, were $ 4,949 , $ 2,371 and $ 5,119 , respectively, at June 30, 2026 and $ 2,104 , $ 2,764 and $ 5,508 , respectively, at December 31, 2025.

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 $ 5,681 and $ 14,756 at March 31, 2026 and 2025, respectively.

Capital expenditure related liabilities, included in accounts payable—third parties and accrued and other liabilities, were $ 5,277 and $ 10,915 at June 30, 2026 and 2025, respectively.

Operating Leases

There were no right-of-use assets obtained in exchange for operating lease obligations for the three months ended March 31, 2026.

Right-of-use assets for operating lease obligations for the three months ended March 31, 2025 were $ 173 , respectively.

There were no right-of-use assets obtained in exchange for operating lease obligations for the six months ended June 30, 2026.

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

Commitments and Contingencies

13 unchanged sentences

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 March 31,

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

2026 2025 2026 2025

Significant segment expenses and other segment items

4 unchanged sentences

Other segment items (1)

146 ( 117 ) 287 ( 1,088 )

Interest expense—Westlake

4 unchanged sentences

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

Three Months Ended March 31,

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

2026 2025 2026 2025

Net income from OpCo

9 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 July 8, 2026, OpCo entered into the Third Amendment to the OpCo Revolver and the Partnership entered into the Fifth Amendment to the MLP Revolver, which extended the maturity dates of the OpCo Revolver and the MLP Revolver and removed the 0.10 % credit spread adjustments that had previously applied to the SOFR-based interest rates under the OpCo Revolver and the MLP Revolver.

The OpCo Revolver and the MLP Revolver are now scheduled to mature on July 11, 2031.

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