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WLKP 
Westlake Chemical Partners LP (WLKP)
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Upturn Advisory Summary
12/08/2025: WLKP (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
2 Analysts rated it
Very few follow this stock; limited insights, higher-risk early investing.
1 Year Target Price $25.5
1 Year Target Price $25.5
| 1 | Strong Buy |
| 0 | Buy |
| 1 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -3.68% | Avg. Invested days 48 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 12/08/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 668.61M USD | Price to earnings Ratio 13.65 | 1Y Target Price 25.5 |
Price to earnings Ratio 13.65 | 1Y Target Price 25.5 | ||
Volume (30-day avg) 2 | Beta 0.59 | 52 Weeks Range 17.66 - 23.42 | Updated Date 12/9/2025 |
52 Weeks Range 17.66 - 23.42 | Updated Date 12/9/2025 | ||
Dividends yield (FY) 9.84% | Basic EPS (TTM) 1.39 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 4.34% | Operating Margin (TTM) 29.78% |
Management Effectiveness
Return on Assets (TTM) 15.68% | Return on Equity (TTM) 36.55% |
Valuation
Trailing PE 13.65 | Forward PE 12 | Enterprise Value 1037049041 | Price to Sales(TTM) 0.59 |
Enterprise Value 1037049041 | Price to Sales(TTM) 0.59 | ||
Enterprise Value to Revenue 0.91 | Enterprise Value to EBITDA 2.37 | Shares Outstanding 35245879 | Shares Floating 19260463 |
Shares Outstanding 35245879 | Shares Floating 19260463 | ||
Percent Insiders 44.83 | Percent Institutions 28.69 |
Upturn AI SWOT
Westlake Chemical Partners LP
Company Overview
History and Background
Westlake Chemical Partners LP (WLKP) was formed in 2014 as a limited partnership formed by Westlake Chemical Corporation. It primarily owns and operates the upstream businesses of Westlake Chemical Corporation, which are primarily focused on the production of ethylene and its derivatives. A significant milestone was its initial public offering (IPO) in 2014, establishing it as a publicly traded entity separate from its parent. The partnership's evolution is tied to Westlake Chemical Corporation's broader strategic goals, focusing on the manufacturing and marketing of petrochemicals, polymers, and building products.
Core Business Areas
- Olefins: This segment focuses on the production of ethylene and its co-products, such as propylene, butadiene, and benzene. Ethylene is a fundamental building block for many plastics and other chemical products. The partnership utilizes natural gas liquids (NGLs) as feedstock for its steam crackers.
- Vinyls: This segment involves the manufacturing and marketing of polyvinyl chloride (PVC), vinyl chloride monomer (VCM), and chlorine and caustic soda. PVC is a versatile plastic used in a wide range of applications, including construction, automotive, and healthcare. Chlorine and caustic soda are essential industrial chemicals.
Leadership and Structure
Westlake Chemical Partners LP operates under a master limited partnership (MLP) structure. Its general partner is Westlake Chemical Corporation, which controls the partnership's operations and management. Key leadership positions are typically held by executives from Westlake Chemical Corporation. Specific names and detailed organizational charts are usually found in the company's annual reports and investor relations materials.
Top Products and Market Share
Key Offerings
- Ethylene: A primary building block chemical derived from NGLs. Used to produce polyethylene, ethylene oxide, and other derivatives. Major competitors include Dow Inc. (DOW), LyondellBasell Industries N.V. (LYB), and Exxon Mobil Corporation (XOM). Market share data is difficult to isolate specifically for WLKP's ethylene production due to its integrated nature and the global market, but it is a significant producer within North America.
- Polyvinyl Chloride (PVC): A widely used plastic polymer. WLKP is a significant North American producer. Competitors include Occidental Petroleum Corporation (OXY), Formosa Plastics Corporation (FPC), and Shin-Etsu Chemical Co., Ltd. (TSE: 4063). WLKP holds a notable market share in the North American PVC market, often cited among the top producers.
- Chlorine and Caustic Soda: These are essential co-products of the VCM manufacturing process. Used in a multitude of industrial applications, including water treatment, pulp and paper, and aluminum production. Major competitors include Olin Corporation (OLN) and Covestro AG (ETR: 1COV). WLKP is a significant player in the North American chlor-alkali market.
Market Dynamics
Industry Overview
The petrochemical and plastics industry is cyclical, influenced by global economic conditions, feedstock prices (primarily natural gas liquids), and demand from downstream industries like construction, automotive, and packaging. Sustainability trends and regulations are also increasingly shaping the market.
Positioning
Westlake Chemical Partners LP benefits from its integration with Westlake Chemical Corporation, providing scale, operational efficiencies, and access to raw materials. Its strategic locations and established customer relationships in North America are key competitive advantages. The MLP structure can also offer tax advantages.
Total Addressable Market (TAM)
The TAM for the products WLKP manufactures, such as ethylene and PVC, is in the hundreds of billions of dollars globally. WLKP is a significant regional player, particularly in North America, and its positioning within this TAM is strong for its specific product lines, but it operates within a globalized market with large international competitors.
Upturn SWOT Analysis
Strengths
- Strong integration with Westlake Chemical Corporation
- Economies of scale in production
- Strategic asset locations in North America
- Experienced management team from parent company
- MLP structure providing potential tax benefits
Weaknesses
- Dependence on feedstock prices (NGLs)
- Cyclical nature of the petrochemical industry
- Capital intensive operations
- Potential for operational disruptions
- Limited diversification beyond core petrochemicals
Opportunities
- Growing demand for plastics in developing economies
- Advancements in recycling and sustainable plastics
- Potential for strategic acquisitions
- Expansion into higher-value derivative products
- Leveraging technology for improved operational efficiency
Threats
- Volatile feedstock prices
- Increased environmental regulations
- Global economic slowdown impacting demand
- Competition from new market entrants or alternative materials
- Geopolitical risks affecting supply chains
Competitors and Market Share
Key Competitors
- Dow Inc. (DOW)
- LyondellBasell Industries N.V. (LYB)
- Occidental Petroleum Corporation (OXY)
- Formosa Plastics Corporation (FPC)
- Olin Corporation (OLN)
Competitive Landscape
WLKP competes on price, product quality, reliability of supply, and customer service. Its integrated model and North American focus provide advantages, but it faces intense competition from larger global players with greater scale and diversification.
Major Acquisitions
Axiall Corporation
- Year: 2016
- Acquisition Price (USD millions): 3600
- Strategic Rationale: Westlake Chemical Corporation (parent of WLKP) acquired Axiall Corporation to significantly expand its footprint in the chlor-alkali and vinyls businesses, becoming a leading North American producer of PVC and related products. This acquisition was transformative for the combined entity.
Growth Trajectory and Initiatives
Historical Growth: WLKP has demonstrated growth primarily through its integration with Westlake Chemical Corporation and operational expansions. Its growth is closely tied to the performance of its parent and the broader chemical industry cycles.
Future Projections: Future growth projections would be based on analyst estimates, expected industry demand, and any announced capital projects or strategic initiatives by WLKP and Westlake Chemical Corporation. Analysts typically provide projections for revenue, EBITDA, and distributable cash flow per unit.
Recent Initiatives: Recent initiatives may include debottlenecking projects to increase production capacity, efficiency improvements, or investments in sustainability-related technologies. Acquisitions or divestitures by the parent company could also impact WLKP's operations and strategic direction.
Summary
Westlake Chemical Partners LP is a significant player in the North American petrochemical industry, focusing on olefins and vinyls. Its strengths lie in its integration with Westlake Chemical Corporation, operational scale, and strategic asset locations. However, it is susceptible to the cyclical nature of the industry and volatile feedstock prices. Continued focus on operational efficiency, strategic growth initiatives, and managing market risks will be crucial for its ongoing success and ability to deliver consistent unitholder returns.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Westlake Chemical Partners LP Investor Relations
- Westlake Chemical Corporation Annual Reports (10-K filings)
- Financial news and data providers (e.g., Bloomberg, Refinitiv, Yahoo Finance)
- Industry analysis reports
Disclaimers:
This analysis is based on publicly available information and does not constitute financial advice. Market share data is estimated and may vary depending on the source and specific market segment. Financial figures and projections are subject to change. Investors should conduct their own due diligence before making investment decisions.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Westlake Chemical Partners LP
Exchange NYSE | Headquaters Houston, TX, United States | ||
IPO Launch date 2014-07-30 | President, CEO & Director Mr. Jean-Marc Gilson | ||
Sector Basic Materials | Industry Chemicals | Full time employees - | Website https://www.wlkpartners.com |
Full time employees - | Website https://www.wlkpartners.com | ||
Westlake Chemical Partners LP acquires, develops, and operates ethylene production facilities and related assets in the United States. The company's ethylene production facilities which primarily convert ethane into ethylene. It also sells ethylene co-products, such as propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on either a spot or contract basis. Westlake Chemical Partners GP LLC serves as the general partner of the company. Westlake Chemical Partners LP was founded in 1991 and is headquartered in Houston, Texas.
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