Westlake Chemical Partners LP: management transactions · United States · SEC (Form 4)

About Westlake Chemical Partners LP

Westlake Chemical Partners LP (NYSE: WLKP) is a U.S.-listed master limited partnership domiciled in Delaware and headquartered in Houston, Texas, United States. The partnership was formed in March 2014 by Westlake Corporation to operate, acquire and develop ethylene production facilities and related assets. For international investors, WLKP sits firmly in the basic chemicals / materials space, with a focused asset base rather than a diversified chemical portfolio. Its appeal is primarily tied to industrial infrastructure cash flows, distribution visibility and the strategic importance of ethylene within the broader petrochemical value chain. WLKP’s operating profile is intentionally narrow. The partnership’s economics are driven mainly by its ownership interest in Westlake Chemical OpCo LP. Recent company disclosures indicate that OpCo’s assets include three production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana, where ethane and propane are processed into ethylene, plus an ethylene pipeline. In other words, WLKP is not a broad-based specialty chemicals producer; it is a partnership exposed to a core olefins platform that sits upstream of many everyday industrial and consumer applications. Ethylene is a key building block for plastics, packaging, pipe, and other derivative products, which gives the asset base structural relevance despite its relatively concentrated footprint. From a competitive standpoint, the most important strength is the relationship with Westlake Corporation, a globally diversified industrial company operating across North America, Europe and Asia. Westlake emphasizes low-cost manufacturing, vertical integration and operational reliability, all of which support the economics of its olefins chain. WLKP benefits from this sponsor relationship and from the fact that its assets are embedded in a larger industrial system. That said, the concentration of the business also means the investment case is more dependent on the operating performance of a limited number of facilities and on ethylene market conditions than would be the case for a more diversified chemical company. Geographically, the partnership is highly concentrated in the United States, with operations centered in Kentucky and Louisiana. That U.S. focus simplifies the asset story but limits geographic diversification. The listing on the NYSE under the ticker WLKP makes the security part of the U.S. public equity market, and specifically a structure that many income-oriented investors monitor for recurring distributions. Recent news flow has remained active. Westlake reported first-quarter 2026 results in May 2026 and announced a quarterly distribution of $0.4714 per unit, marking the 47th consecutive quarterly distribution. The company also filed its 2025 annual report in March 2026 and released full-year 2025 results earlier in the year. In addition, Westlake recently announced a leadership succession plan at the partnership level, naming Jean-Marc Gilson as President and CEO of Westlake Chemical Partners GP LLC. Overall, WLKP remains a specialized industrial income vehicle tied closely to Westlake Corporation and the economics of U.S. ethylene production.