Westlake Chemical : IR Presentation for Q1 2021

Westlake Chemical Partners LP

1st Quarter 2021

Commitment to Corporate Social Responsibility is

Formed by Five Longstanding Core Values

HEALTH, SAFETY		OUR PEOPLE
& ENVIRONMENT
("HSE")		The integrity,
		creativity,
The health and		dedication, diversity
safety of our		and drive of our
employees and		employees allow us
communities, and		to excel. We
the vigilant		support, develop
stewardship of the		and inspire our
environment and		people to achieve
sustainability are of		their personal best
utmost importance		and treat them with
and at the forefront		dignity and respect
of everything we do

QUALITY &		COMPETITIVENESS		CITIZENSHIP
CONTINUOUS
IMPROVEMENT		We are committed to		We recognize the
		enhancing the lives of		importance of
Our commitment to		people in the global
		supporting the
quality products and		marketplace every
		communities in
service is so strong		day. We do this by
		which we work and
that both are		providing innovative
		live and make it a
symbolized as the		and useful products,
		priority to take an
two check marks that		maintaining high
form the Westlake		standards of		active role in
"W" in our logo. We		customer service and		making these
seek to maintain this		operational		communities better
commitment through		excellence with a
an intensive practice		constant focus on
of "never-ending		managing costs
process of
improvement"

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Westlake Chemical Partners LP

• Predictable and stable cash flows insulated from commodity price risk
• Long history of reliable operations from strategically located assets

Stable and predictable cash flows

95% of sales at fixed margin to investment

grade parent

Long history of predictable operation

from strategically located assets

Globally cost advantaged feedstock with operating rates that exceed North American industry averages

Excellent governance and strategic

alignment with investment grade parent

Q3 2018 IDR reset with no compensation paid illustrates parent company commitment to Westlake Partners

Four levers of continued growth:

• Negotiate higher ethylene margin
• Acquisition opportunities
• Periodic drop downs from OpCo
• Expansion opportunities

• WLKP's stable and predictable cash flows gives it the flexibility to keep its distribution stable to build cash in the current MLP equity market conditions
• • Ability to keep distribution stable places WLKP among top MLPs with many other MLPs reducing distributions during 2020
  • Significant growth runway remains available at WLKP through its four growth levers

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Westlake Chemical Partners LP & Westlake Chemical Corporation

Predictable and Stable Cash Flows with Conservative Financial Structure

Investors		Investors
59.9% ownership
Westlake		Westlake
Chemical	40.1% ownership
Chemical Corp
Partners LP
	(WLK)
(WLKP)
22.8% ownership	Westlake	77.2% ownership
	Chemical
	OpCo LP

WLKP's predictable and stable cash flows are bolstered by:

• Increased earnings and extended distribution growth runway through added capacity expansions, IDR reset, significant remaining drop down capacity at OpCo, and potential opportunity to acquire an interest in the Lotte / Westlake JV cracker
• Conservative balance sheet and a DCF coverage ratio target of 1.1x providing significant flexibility to fund future growth

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Westlake Partners Assets Provide Vital Ethylene to

Westlake Chemical

Lake Charles,		Calvert City, Kentucky		Longview, Texas
Louisiana Complex		Complex		Complex

• Two ethane-based processing	• One ethane-based processing	• A 200-mile common carrier ethylene
facilities at Westlake's Lake	facility located in Calvert City,	pipeline that runs from Mont Belvieu,
Charles, Louisiana complex	Kentucky	Texas to the Longview, Texas
• Combined capacity of 3 billion	• Capacity of 730 million pounds of	chemical complex, which includes
Westlake's Longview PE production
pounds of ethylene primarily	ethylene per year primarily
facility
consumed by Westlake in the	consumed by Westlake in the
production of chemicals	production of higher value-added
including PE and PVC	chemicals including PVC

Westlake Chemical depends on Westlake Partners to supply the Ethylene used to produce all of its key end products: Polyethylene, Styrene, PVC, and Building Products

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