Revenue: As of FY2026 Q1, the actual value is USD 305.68 M.EPS: As of FY2026 Q1, the actual value is USD 0.4.EBIT: As of FY2026 Q1, the actual value is USD 91.39 M.Westlake Chemical Partners LP operates through one reportable segment, OpCo, which encompasses the entirety of its operations.<h4>Revenue</h4><ul><li>Total Net Sales: Increased by 28.7% to $305.7 million for the three months ended March 31, 2026, compared to $237.6 million for the same period in 2025.<ul><li>Net sales to Westlake increased to $263.1 million in Q1 2026 from $190.8 million in Q1 2025.</li><li>Net co-products, ethylene, and other sales to third parties decreased to $42.6 million in Q1 2026 from $46.8 million in Q1 2025.</li><li>The increase in net sales was primarily driven by higher ethylene sales volumes to Westlake and higher co-products sales volumes, partially offset by lower sales prices and lower ethylene sales volumes to third parties. Higher sales volumes contributed a 36.4% increase, while lower average sales prices contributed a -7.7% decrease to net sales in Q1 2026 compared to Q1 2025.</li></ul></li></ul><h4>Operational Metrics</h4><ul><li>Cost of Sales: Increased to $211.9 million in Q1 2026 from $183.5 million in Q1 2025.<ul><li>Raw material, energy, manufacturing, and logistics costs for OpCo were $177.6 million in Q1 2026, up from $156.5 million in Q1 2025.</li></ul></li><li>Gross Profit: Increased to $93.8 million in Q1 2026 from $54.1 million in Q1 2025.</li><li>Gross Profit Margin: Was 30.7% in Q1 2026, up from 22.8% in Q1 2025, primarily due to higher production and sales not impacted by the Petro 1 turnaround in Q1 2025, partially offset by higher natural gas costs.</li><li>Selling, General and Administrative Expenses: Remained relatively consistent at $7.2 million in Q1 2026 compared to $7.5 million in Q1 2025.<ul><li>Services received from Westlake included in these expenses were $6.4 million in Q1 2026 and $6.4 million in Q1 2025.</li></ul></li><li>Income from Operations: Increased to $86.6 million in Q1 2026 from $46.6 million in Q1 2025, an increase of $40.0 million.</li><li>Interest Expense—Westlake: Decreased to -$5.1 million in Q1 2026 from -$5.5 million in Q1 2025, mainly due to lower interest rates on outstanding debt.</li><li>Other Income, Net: Decreased to $0.3 million in Q1 2026 from $1.3 million in Q1 2025, primarily due to lower interest earned on investments with Westlake and lower average cash invested.</li><li>Net Income: Increased to $81.7 million in Q1 2026 from $42.3 million in Q1 2025.<ul><li>Net income attributable to Westlake Chemical Partners LP was $14.2 million in Q1 2026, up from $4.9 million in Q1 2025.</li></ul></li><li>Depreciation and Amortization: Totaled $34.3 million in Q1 2026, up from $27.1 million in Q1 2025.</li><li>MLP Distributable Cash Flow: Increased by $13.2 million to $17.9 million in Q1 2026 from $4.7 million in Q1 2025, mainly due to increased earnings at OpCo and lower maintenance capital expenditures.</li><li>EBITDA: Increased by $46.2 million to $121.2 million in Q1 2026 from $75.0 million in Q1 2025, primarily due to higher ethylene and co-products sales, partially offset by higher natural gas costs.</li><li>Maintenance Capital Expenditures: Were -$7.8 million in Q1 2026 compared to -$20.6 million in Q1 2025.</li><li>Contribution to Turnaround Reserves: Was -$10.2 million in Q1 2026 compared to -$7.6 million in Q1 2025.</li><li>Domestic US Prices Percentage Change (YoY): Fuel cost (Natural Gas) increased by 33.9%, while feedstock (Ethane) decreased by -14.0% in Q1 2026.</li><li>Weighted Average Interest Rate on Long-Term Debt: Was 5.5% at March 31, 2026, compared to 5.8% at December 31, 2025.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Provided by Operating Activities: Increased to $110.2 million in Q1 2026 from $45.8 million in Q1 2025, mainly due to higher income from operations and a favorable impact from the absence of significant cash usage related to the 2025 Petro 1 turnaround.</li><li>Net Cash Used for Investing Activities: Was -$18.6 million in Q1 2026, compared to net cash provided of $14.0 million in Q1 2025. This change was due to investments of $13.0 million with Westlake and no maturities under the Investment Management Agreement in Q1 2026, contrasting with no investments and $30.0 million in maturities in Q1 2025. Capital expenditures decreased to -$5.6 million in Q1 2026 from -$16.0 million in Q1 2025.</li><li>Net Cash Used for Financing Activities: Was -$91.6 million in Q1 2026, compared to -$68.5 million in Q1 2025. This included distributions of -$75.0 million to noncontrolling interest and -$16.6 million to unitholders in Q1 2026.</li><li>Cash and Cash Equivalents: Stood at $44.3 million at March 31, 2026.</li><li>Investments under Investment Management Agreement: Totaled $36.4 million at March 31, 2026.</li></ul><h4>Future Outlook and Strategy</h4>Westlake Chemical Partners LP expects to distribute most of its excess cash generated from operations to partners. Capital expenditures are anticipated to be funded primarily from external sources, including borrowing from Westlake and future issuances of equity or debt, if internal cash flow is insufficient. The company maintains the ATM Program for up to $50.0 million to fund general partnership purposes, including potential drop-downs and acquisitions, though no units have been issued under it as of March 31, 2026.

Westlake Chemical Partners LP | 10-Q: FY2026 Q1 Revenue: USD 305.68 M