Westlake Chemical Partners Posts $14M Q1 Income, Sustains 47th $0.4714 Distribution
Westlake Chemical Partners earned $14 million net income in Q1 2026 and generated $18 million of distributable cash flow, funding its 47th consecutive quarterly distribution of $0.4714 per unit. Its fee-based fixed-margin ethylene sales agreement and absence of turnarounds underpinned stable cash flows and supported a conservative 1x leverage profile.
1. Q1 2026 Financial Results
Westlake Chemical Partners posted net income of $14.2 million ($0.40 per unit) on revenue of $305.7 million and generated $18 million of distributable cash flow ($0.51 per unit). Higher third-party ethylene sales prices offset slightly lower production volumes versus the prior quarter.
2. Stable Distribution Model
The partnership maintained its 47th consecutive quarterly distribution at $0.4714 per unit, marking a 71% increase since its 2014 IPO. Performance stability is anchored by a fixed-margin ethylene sales agreement with Westlake Corporation and the absence of a planned Petro 1 turnaround in Q1 2026.
3. Conservative Balance Sheet
Management reported a consolidated leverage ratio of approximately 1x and a trailing 12-month coverage ratio that improved to 1x, underscoring a conservative financial profile with no planned turnarounds for the remainder of the year.