Westlake Chemical Partners has posted fourth-quarter 2025 net income of $14.5 million, or $0.41 per limited partner unit, nearly matching the $15.0 million reported in the same period last year.

 

Cash flows from operating activities totaled $120.4 million, down from $132.5 million in Q4 2024, reflecting lower net income and less favorable working capital changes. 

 

The partnership generated $18.8 million in distributable cash flow for the quarter, delivering a coverage ratio of 1.13x, up from last year’s fourth quarter. The rise was primarily due to lower maintenance capital expenditures, stemming from a shift in spending earlier in the year.

 

Q4 results were consistent with the prior quarter. Net income of $14.5 million held steady against Q3 2025’s $14.7 million, while operating cash flow climbed $15.2 million from $105.2 million in Q3 thanks to more favourable working capital. Distributable cash flow rose $3.9 million from the previous quarter’s $14.9 million, again aided by lower maintenance costs.

 

For the full year 2025, Westlake Chemical Partners reported net income of $48.7 million, or $1.38 per unit, down $13.7 million from $62.4 million in 2024. The decline was driven by lower production and sales volumes during the planned Petro 1 turnaround. 

 

Annual operating cash flow fell sharply to $280.5 million from $485.0 million in 2024, primarily due to turnaround-related expenditures. Yearly distributable cash flow totaled $53.4 million, a decrease of $13.5 million from 2024.

 

“The Partnership ended 2025 with our highest quarterly coverage ratio since the fourth quarter of 2022 due to solid production and sales volume and shifts in the timing of capital spending throughout the year,” said Jean-Marc Gilson, President and Chief Executive Officer. 

 

"Looking ahead to 2026, the Partnership is positioned for increased production and sales volume with no planned turnarounds following the completion of the Petro 1 turnaround in 2025. We expect the higher production and sales volume to result in improvement in our coverage ratio in 2026, as is typical in years following turnarounds.”