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Westlake Chemical Partners Westlake Chemical Partners LP Announces Third Quarter 2021 Results November 2 , 2021 • Declared quarterly distribution of $ 0.4714 per unit ; 29 th consecutive quarterly distribution HOUSTON -- ( BUSINESS WIRE ) -- Westlake Chemical Partners LP ( NYSE : WLKP ) ( the " Partnership " ) today reported net income attributable to the Partnership in the third quarter of 2021 of $ 12.8 million , or $ 0.36 per limited partner unit , a decrease of $ 5.7 million compared to third quarter 2020 net income attributable to the Partnership of $ 18.5 million . The decrease in net income was a result of reduced sales to Westlake attributable to a buyer deficiency fee from Westlake Chemical Corporation ( " Westlake Chemical " ) that was recognized in the third quarter of 2020 in connection with Hurricanes Laura and Delta as well as the commencement of the planned turnaround of Westlake Chemical OpCo LP's ( " OpCo " ) Petro 2 facility and associated planned production outage for the turnaround of Petro 2. Cash flows from operating activities in the third quarter of 2021 were $ 99.5 million , a decrease of $ 17.7 million compared to third quarter 2020 cash flows from operating activities of $ 117.2 million . This decrease in cash flows from operating activities was primarily due to lower earnings . For the three months ended September 30 , 2021 , MLP distributable cash flow of $ 13.0 million decreased by $ 8.2 million from third quarter 2020 MLP distributable cash flow of $ 21.2 million . The decrease in operating cash flows and MLP distributable cash flow was primarily attributable to lower earnings at OpCo and higher maintenance costs . Third quarter 2021 net income attributable to the Partnership of $ 12.8 million decreased by $ 12.3 million compared to second quarter 2021 net income attributable to the Partnership of $ 25.1 million . This decrease was primarily attributable to lower production at OpCo and lower third - party sales . Additionally , second quarter 2021 net income attributable to the Partnership benefited from a buyer deficiency fee associated with year - to - date lower planned production that was a result of Winter Storm Uri . Third quarter 2021 cash flows from operating activities of $ 99.5 million decreased by $ 32.2 million compared to second quarter 2021 cash flows from operating activities of $ 131.7 million . Third quarter 2021 MLP distributable cash flow of $ 13.0 million decreased by $ 12.5 million compared to second quarter 2021 MLP distributable cash flow of $ 25.5 million . This decrease in MLP distributable cash flow was primarily due to lower earnings at OpCo . Net income attributable to the Partnership of $ 53.0 million , or $ 1.51 per limited partner unit , for the nine months ended September 30 , 2021 increased by $ 1.9 million compared to the first nine months of 2020 net income attributable to the Partnership of $ 51.1 million . Cash flows from operating activities in the first nine months of 2021 were $ 386.6 million , an increase of $ 45.7 million compared to the first nine months of 2020 cash flows from operating activities of $ 340.9 million . This increase in cash flows from operating activities versus the prior - year period was primarily due to the receipt of a prior year receivable from Westlake Chemical . For the nine months ended September 30 , 2021 , MLP distributable cash flow of $ 54.8 million decreased by $ 1.6 million compared to the first nine months of 2020 MLP distributable cash flow of $ 56.4 million . The decrease in MLP distributable cash flow as compared to the prior - year period was primarily attributable to reduced earnings attributable to the planned turnaround of Petro 2 as well as increased maintenance costs and turnaround reserves . On November 1 , 2021 , the Partnership announced that the Board of Directors of Westlake Chemical Partners GP LLC had approved a quarterly distribution for the third quarter of 2021 of $ 0.4714 per unit to be payable on November 29 , 2021 to unitholders of record as of November 12 , 2021 , representing the 29th consecutive quarterly distribution to our unitholders . MLP distributable cash flow provided trailing twelve - month coverage of 1.06x the declared distributions for the third quarter of 2021 . " We are working diligently to complete the turnaround of our Petro 2 facility and expect to restart the facility in December . The Partnership continues to see strong consumer markets for construction materials and packaging , which drove downstream demand for ethylene , " said Albert Chao , President and Chief Executive Officer . " As we look ahead we are seeing sustained strength in our business and the demand for downstream derivatives . The Partnership is well positioned to provide consistent cash flows while continuing to pay a healthy distribution . We are optimistic about the future and the value we can deliver to our unitholders . " OpCo's Ethylene Sales Agreement with Westlake Chemical is designed to provide for stable and predictable cash flows . The agreement provides that 95 % of OpCo's ethylene production is sold to Westlake Chemical for a cash margin of $ 0.10 per pound , net of operating costs , maintenance capital expenditures and reserves for future turnaround expenditures . The statements in this release and the related teleconference relating to matters that are not historical facts , such as those with respect to timing expectations regarding the restart of the Petro 2 facility following completion of the turnaround , the ability to provide consistent cash flow and pay a healthy distribution , and the expectation for sustained strength in the business are forward- looking statements . These forward - looking statements are subject to significant risks and uncertainties . Actual results could differ materially , based on factors including , but not limited to , the COVID - 19 pandemic and the response thereto ; operating difficulties ; the volume of ethylene that we are able to sell ; the price at which we are able to sell ethylene ; changes in the price and availability of feedstocks ; changes in prevailing economic conditions ; actions and commitments of Westlake Chemical Corporation ; actions of third parties ; inclement or hazardous weather conditions , including flooding , and the physical impacts of climate change ;