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Westlake Chemical Partners posts Q4 net income of $8.6mn
02
Mar '15
For the fourth quarter ended December 31, 2014, Westlake Chemical Partners LP said it posted net income attributable to the Partnership of $8.6 million, or $0.32 per limited partner unit.

Westlake Chemical Partners reported MLP distributable cash flow of $8.5 million for its first full quarter of operations.

For the 2014 post IPO period from August 4, 2014 through December 31, 2014, net income attributable to the Partnership was $13.6 million, or $0.50 per limited partner unit.

For the same period MLP distributable cash flow was $13.8 million.

Net sales for the fourth quarter of 2014 amounted to $273.5 million and for the post IPO period, net sales were $445.1 million.

“The Partnership's sales agreement with Westlake Chemical Corporation is designed to provide for stable and predictable cash flows,” it said in a press release.

The sales agreement provides that 95 per cent of the Partnership's ethylene production is sold to Westlake Chemical Corporation providing a cash margin of $0.10 per pound, net of operating costs.

On January 30, 2015, Westlake Chemical Partners GP LLC, the general partner of the Partnership, declared a quarterly distribution of $0.275 per unit to be payable to unit holders of record.

The Post IPO Period MLP distributable cash flow provided coverage of 1.15x the declared distributions.

"As a result of the long-term ethylene sales agreement with our sponsor, 95 per cent of our sales are not subject to the volatility in the oil and ethylene markets,” said, CEO Albert Chao.

He added, “We believe that the stability of the cash flows generated by our business, along with multiple growth opportunities provide us the ability to generate long-term growth and value to our unit holders."

According to Westlake Chemical Partners, because results presented for periods prior to the IPO do not factor into MLP distributable cash flow, this earnings release focuses on results of operations for the post IPO period in 2014. (AR)

Fibre2fashion News Desk - India

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