Westlake Chemical Partners LP Announces First Quarter 2020 Results
Maintained quarterly distribution of $0.4714 per unit May 4, 2020- Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership of $17.7 million, or $0.50 per limited partner unit, for the three months ended March 31, 2020, an increase of $2.7 million compared to first quarter 2019 net income attributable to the Partnership of $15.0 million. The increase in net income attributable to the Partnership was primarily due to the increased production at Westlake Chemical OpCo LP ("OpCo") and higher third party sales margins. Cash flows from operating activities in the first quarter of 2020 were $111.0 million, a decrease of $2.5 million compared to first quarter 2019 cash flows from operating activities of $113.5 million. This decrease in cash flows from operating activities was primarily attributable to an increase in working capital. For the three months ended March 31, 2020, MLP distributable cash flow of $18.3 million increased