http://westlakepartners.investorroom.com/news-events.
WESTLAKE CHEMICAL PARTNERS LP ('WESTLAKE PARTNERS')
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended December 31, Twelve Months Ended December 31,
2016 2015 2016 2015
(In thousands of dollars, except per unit data)
Revenue

Net sales-Westlake Chemical Corporation ('Westlake')

$ 246,860 $ 213,480 $ 853,719 $ 834,918

Net co-product, ethylene and other sales-third parties

47,077 35,026 133,017 172,303
Total net sales 293,937 248,506 986,736 1,007,221
Cost of sales 188,202 150,524 595,405 624,339
Gross profit 105,735 97,982 391,331 382,882
Selling, general and administrative expenses 7,154 5,724 24,887 23,550
Income from operations 98,581 92,258 366,444 359,332
Other income (expense)
Interest expense-Westlake (5,226 ) (1,173 ) (12,607 ) (4,967 )
Other income, net 371 195 601 160
Income before income taxes 93,726 91,280 354,438 354,525
Provision for income taxes 145 105 1,035 672
Net income 93,581 91,175 353,403 353,853

Less: Net income attributable to noncontrolling interests in Westlake Chemical OpCo LP ('OpCo')

82,730 80,390 312,463 314,022
Net income attributable to Westlake Partners $ 10,851 $ 10,785 $ 40,940 $ 39,831

Net income per limited partners unit attributable to Westlake Partners (basic and diluted)

Common units $ 0.39 $ 0.40 $ 1.50 $ 1.47
Subordinated units $ 0.39 $ 0.40 $ 1.50 $ 1.47
Distributions declared per unit $ 0.3450 $ 0.3080 $ 1.3230 $ 1.1813
MLP distributable cash flow $ 11,762 $ 10,059 $ 32,405 $ 37,730
Distribution declared
Limited partner units-public $ 4,463 $ 3,985 $ 17,116 $ 15,283
Limited partner units-Westlake 4,872 4,350 18,684 16,683
Incentive distribution rights 142 - 281 -
Total distribution declared $ 9,477 $ 8,335 $ 36,081 $ 31,966
EBITDA $ 129,690 $ 113,026 $ 465,255 $ 440,702
WESTLAKE CHEMICAL PARTNERS LP ('WESTLAKE PARTNERS')
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

December 31,

2016

December 31,

2015

(In thousands of dollars)
ASSETS
Current assets
Cash and cash equivalents $ 88,900 $ 169,559
Accounts receivable, net-Westlake 126,977 39,655
Accounts receivable, net-third parties 12,085 11,927
Inventories 3,934 3,879
Prepaid expenses and other current assets 269 267
Total current assets 232,165 225,287
Property, plant and equipment, net 1,222,238 1,020,469
Other assets, net 100,825 44,593
Total assets $ 1,555,228 $ 1,290,349
LIABILITIES AND EQUITY
Current liabilities (accounts payable and accrued liabilities) $ 37,777 $ 57,694
Long-term debt payable to Westlake 594,629 384,006
Other liabilities 1,859 1,482
Total liabilities 634,265 443,182
Common unitholders-public 297,367 294,565
Common unitholder-Westlake 4,813 4,502
Subordinated unitholder-Westlake 42,534 39,786
General partner-Westlake (242,430 ) (242,572 )
Accumulated other comprehensive income 200 280
Total Westlake Partners partners' capital 102,484 96,561
Noncontrolling interest in OpCo 818,479 750,606
Total equity 920,963 847,167
Total liabilities and equity $ 1,555,228 $ 1,290,349
WESTLAKE CHEMICAL PARTNERS LP ('WESTLAKE PARTNERS')
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Twelve Months Ended December 31,
2016 2015
(In thousands of dollars)
Cash flows from operating activities
Net income $ 353,403 $ 353,853
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 98,210 81,210
Other balance sheet changes (163,887 ) 17,479
Net cash provided by operating activities 287,726 452,542
Cash flows from investing activities
Additions to property, plant and equipment (299,638 ) (231,185 )
Proceeds from disposition of assets 157 -
Net cash used for investing activities (299,481 ) (231,185 )
Cash flows from financing activities
Proceeds from debt payable to Westlake 212,175 291,709
Repayment of debt payable to Westlake (1,552 ) (135,341 )
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake (244,590 ) (310,842 )
Quarterly distributions to unitholders (34,937 ) (31,074 )
Net cash used for financing activities (68,904 ) (185,548 )
Net (decrease) increase in cash and cash equivalents (80,659 ) 35,809
Cash and cash equivalents at beginning of the year 169,559 133,750
Cash and cash equivalents at end of the year $ 88,900 $ 169,559
WESTLAKE CHEMICAL PARTNERS LP ('WESTLAKE PARTNERS')
RECONCILIATION OF MLP DISTRIBUTABLE CASH FLOW TO NET INCOME
AND NET CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES
(Unaudited)

Three

Months Ended

September 30,

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2016 2016 2015 2016 2015
(In thousands of dollars)

Net cash (used for) provided by operating activities

$ (7,907 ) $ 110,356 $ 121,339 $ 287,726 $ 452,542

Changes in operating assets and liabilities and other

83,835 (16,820 ) (30,261 ) 66,021 (99,145 )
Deferred income taxes (69 ) 45 97 (344 ) 456

Net income

$ 75,859 $ 93,581 $ 91,175 $ 353,403 $ 353,853
Add:

Distributable cash flow attributable to noncontrolling interests in OpCo

(55,853 ) (89,620 ) (75,650 ) (258,560 ) (301,215 )
Incentive distribution rights (91 ) (142 ) - (281 ) -
Maintenance capital expenditures (21,747 ) (16,744 ) (18,989 ) (120,353 ) (67,935 )
Contribution to turnaround reserves (17,625 ) (6,051 ) (7,050 ) (40,014 ) (28,183 )
Depreciation and amortization 26,290 30,738 20,573 98,210 81,210
MLP distributable cash flow $ 6,833 $ 11,762 $ 10,059 $ 32,405 $ 37,730
WESTLAKE CHEMICAL PARTNERS LP ('WESTLAKE PARTNERS')
RECONCILIATION OF EBITDA TO NET INCOME AND NET CASH
(USED FOR) PROVIDED BY OPERATING ACTIVITIES
(Unaudited)

Three Months

Ended

September 30,

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2016 2016 2015 2016 2015
(In thousands of dollars)

Net cash (used for) provided by operating activities

$ (7,907 ) $ 110,356 $ 121,339 $ 287,726 $ 452,542

Changes in operating assets and liabilities and other

83,835 (16,820 ) (30,261 ) 66,021 (99,145 )
Deferred income taxes (69 ) 45 97 (344 ) 456
Net income $ 75,859 $ 93,581 $ 91,175 $ 353,403 $ 353,853
Add:
Provision for income taxes 194 145 105 1,035 672
Interest expense 4,947 5,226 1,173 12,607 4,967
Depreciation and amortization 26,290 30,738 20,573 98,210 81,210
EBITDA $ 107,290 $ 129,690 $ 113,026 $ 465,255 $ 440,702

View source version on businesswire.com:http://www.businesswire.com/news/home/20170221005422/en/

Source: Westlake Chemical Partners LP

Westlake Chemical Partners LP
Investors
Steve Bender, 713-585-2900
or
Media
L. Benjamin Ederington, 713-585-2900

Westlake Chemical Corporation published this content on 21 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 21 February 2017 11:59:04 UTC.

Original documenthttp://www.westlake.com/newsroom/article?reqid=2247563

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