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
Public permalinkhttp://www.publicnow.com/view/415D0D66E11FBC88286907866CC820DFA01ADBAD