Home / Knowledge / News / Textiles / Q1 net at Westlake Chemical Partners reaches $8.5mn
Q1 net at Westlake Chemical Partners reaches $8.5mn
06
May '15
For the first quarter ended March 31, 2105, NYSE listed Westlake Chemical Partners (WLKP) reported net income of $8.5 million, or $0.31 per limited partner unit.

In a press release, WLKP said it achieved a MLP distributable cash flow of $9.0 million, while net sales at OpCo for the quarter stood at $258.4 million.

“OpCo's sales agreement with Westlake Chemical Corporation is designed to provide for stable and predictable cash flows,” it added.

The sales agreement provides that 95 per cent of OpCo's ethylene production is sold to Westlake Chemical Corporation for a cash margin of $0.10 per pound.

This is net of operating costs, maintenance capital expenditures and reserves for future turnaround expenditures.

On April 29, 2015, WLKP had announced that it has agreed to acquire approximately 2.7 per cent of additional interest in OpCo for $135.3 million.

“This transaction was effective April 1, 2015 and is expected to be immediately accretive to MLP distributable cash flow,” WLKP had informed.

In conjunction with this transaction, WLKP also entered into a $300.0 million revolving credit facility with a finance subsidiary of Westlake Chemical Corporation to fund acquisitions and other purposes.

On April 29, 2015, the board of directors declared a quarterly distribution of $0.2829 per unit. According to WLKP, the MLP distributable cash flow provided coverage of 1.17x the declared distributions.

“This quarter highlights the benefits of the structure of our operations and the sales contract with Westlake Chemical,” it noted.

“We are beginning to see the impact of previous internal growth initiatives coming online at our Petro 2 ethylene facility, where we set several new production records throughout the quarter,” WLKP observed.

In addition to its previously announced expansion at the Petro 1 ethylene facility in Lake Charles, WLKP said it continues to evaluate opportunities to increase the capacity and efficiency of our operations.

“The built in demand for our ethylene to serve Westlake's other businesses provide an outlet and incentive to maximize production,” CEO Albert Chao too said.

“We believe continued consistent performance regardless of volatility in oil and ethylene markets will allow us to deliver long-term growth and value to our investors," Chao also added. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Coats acquires yarn manufacturer Patrick Yarn Mill

Textiles | On 12th Dec 2017

Coats acquires yarn manufacturer Patrick Yarn Mill

Coats, the world’s leading industrial thread manufacturer, has...

India’s garment imports from Bangladesh up 56% post-GST

Apparel/Garments | On 12th Dec 2017

India’s garment imports from Bangladesh up 56% post-GST

India has imported $87.4 million worth of readymade garments from...

Courtesy: Badger Sportswear

Apparel/Garments | On 12th Dec 2017

Badger Sportswear acquires Alleson Athletic

Badger Sportswear, a leading manufacturer of athletic apparel and...

Interviews View All

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search