Westlake Chemical Partners LP (NYSE:WLKP) Q4 2019 Earnings Conference Call - Final Transcript

Feb 18, 2020 • 12:00 pm ET


Westlake Chemical Partners LP (NYSE:WLKP) Q4 2019 Earnings Conference Call - Final Transcript


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Good morning, thank you for standing by. Welcome to the Westlake Chemical Partners Fourth Quarter and Full Year 2019 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. After the speakers remark, you will be invited to participate in the question-and-answer session. As a reminder, this conference is being recorded today, February 18, 2020.

I would now like to turn the call over to today's host Jeff Holy, Westlake Chemical Partners, Vice President and Treasurer. Sir, you may begin.

Jeff Holy

Thank you. Good morning, everyone, and welcome to the Westlake Chemical Partners fourth quarter and full year 2019 conference call. I'm joined today by Albert Chao, our President and CEO; Steve Bender, our Senior Vice President and CFO; and other members of our management team.

The conference call will begin with Albert, who will open up with a few comments regarding Westlake Chemical Partners performance as well as the current outlook on our strategy and opportunities. Steve will then provide a more detailed look at our financial and operating results. Finally, Albert will add a few concluding comments, and then we'll open the call up to questions.

During this call, we refer to ourselves as Westlake Partners or the Partnership. References to Westlake or Westlake Chemical refer to our parent company Westlake Chemical Corporation and references to OpCo refer to Westlake Chemical OpCo LP, a subsidiary of Westlake Chemical and the Partnership, which owns certain olefins assets. Additionally, when we refer to distributable cash flow we are referring to Westlake Chemical Partners MLP distributable cash flow. Definitions of these items are available on the Partnership's website.

Today, management is going to discuss certain topics that will contain forward-looking information that is based on management's beliefs as well as assumptions made by and information currently available to management. These forward-looking statements suggest predictions or expectations and thus are subject to risks or uncertainties, actual results could differ materially based upon many factors, including 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 prevailing economic conditions, actual and proposed governmental regulatory actions, competitive products and pricing pressures, our ability to borrow funds and access capital markets at a reasonable cost and other risk factors discussed in our SEC filings.

This morning Westlake Partners issued a press release with details of our fourth quarter and record 2019 financial and operating results. This document is available in the press release section of our web page at wlkpartners.com.

A replay of today's call will be available beginning two hours after the conclusion of this call. The replay may be accessed by dialing the following numbers. Domestic callers should dial 855-859-2056, international callers may access the replay at 404-537-3406. The access code for both is 5679302.

Please note that information reported on this call speaks only as of today, February 18, 2020 and therefore you're advised that time-sensitive information may no longer be accurate as of the