Westlake Chemical Partners LP Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 03, 2023 at 06:30 am EDT
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Westlake Chemical Partners LP reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 224.58 million compared to USD 365.11 million a year ago. Revenue was USD 264.18 million compared to USD 448.79 million a year ago. Net income was USD 11.89 million compared to USD 16.44 million a year ago. Basic earnings per share from continuing operations was USD 0.34 compared to USD 0.47 a year ago.
For the six months, sales was USD 482.05 million compared to USD 655.77 million a year ago. Revenue was USD 571.85 million compared to USD 811.19 million a year ago. Net income was USD 26.78 million compared to USD 32.63 million a year ago. Basic earnings per share from continuing operations was USD 0.76 compared to USD 0.93 a year ago.
Westlake Chemical Partners LP is a limited partnership formed by Westlake Corporation to operate, acquire, and develop ethylene production facilities and other qualified assets. The Companyâs business and operations are conducted through Westlake Chemical OpCo LP (OpCo). OpCos assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana, and an ethylene pipeline. The ethylene production facilities primarily convert ethane into ethylene and have an aggregate annual capacity of approximately 3.7 billion pounds, and a 200-mile ethylene pipeline. It owns two ethylene production facilities at Westlake's Lake Charles, Louisiana site (Petro 1 and Petro 2, collectively Lake Charles Olefins), with an annual combined capacity of approximately 3.0 billion pounds. The Company owns one ethylene production facility at Westlake's Calvert City, Kentucky site (Calvert City Olefins), with an annual capacity of approximately 730 million pounds.