Q1 2026 Westlake Chemical Partners LP Earnings Call

May 5, 2026

Operator: Good afternoon. Thank you for standing by. Welcome to the Westlake Chemical Partners Q1 2026 Earnings Conference Call. During the presentation, all participants will be in listen-only mode. After the speaker's remarks, you will be invited to participate in a question and answer session. As a reminder, this conference is being recorded today, 5 May 2026. I would now like to turn the call over to today's host, Jeffrey A. Holy, Westlake Chemical Partners Vice President and Chief Accounting Officer. Sir, you may begin.

Operator: Good afternoon. Thank you for standing by. Welcome to the Westlake Chemical Partners Q1 2026 Earnings Conference Call. During the presentation, all participants will be in listen-only mode. After the speaker's remarks, you will be invited to participate in a question and answer session. As a reminder, this conference is being recorded today, 5 May 2026. I would now like to turn the call over to today's host, Jeff Holy, Westlake Chemical Partners Vice President and Chief Accounting Officer. Sir, you may begin.

Speaker #1: After the speakers' remarks, you will be invited to participate in a question-and-answer session. As a reminder, this conference is being recorded today, May 5, 2026.

Speaker #1: I would now like to turn the call over to today's host, Jeff Holy, Westlake Chemical Partners Vice President and Chief Accounting Officer. Sir, you may begin.

Speaker #2: Thank you, Kelly. Good afternoon, everyone, and welcome to the Westlake Chemical Partners first quarter 2026 conference call. I'm joined today by Albert Chow, our Executive Chairman; Jean-Marc Gilson, our President and CEO; Steve Bender, our Executive Vice President and Chief Financial Officer; and other members of our management team.

Jeffrey A. Holy: Thank you, Kelly. Good afternoon, everyone, and welcome to the Westlake Chemical Partners Q1 2026 Conference Call. I'm joined today by Albert Chao, our Executive Chairman, Jean-Marc Gilson, our President and CEO, Steve Bender, our Executive Vice President and Chief Financial Officer, and other members of our management team. During this call, we refer to ourselves as Westlake Partners or the Partnership. References to Westlake refer to our parent company, Westlake Corporation, and references to OpCo refer to Westlake Chemical OpCo LP, a subsidiary of Westlake 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 terms are available on the Partnership's website.

Jeff Holy: Thank you, Kelly. Good afternoon, everyone, and welcome to the Westlake Chemical Partners Q1 2026 Conference Call. I'm joined today by Albert Chao, our Executive Chairman, Jean-Marc Gilson, our President and CEO, Steve Bender, our Executive Vice President and Chief Financial Officer, and other members of our management team. During this call, we refer to ourselves as Westlake Partners or the Partnership. References to Westlake refer to our parent company, Westlake Corporation, and references to OpCo refer to Westlake Chemical OpCo LP, a subsidiary of Westlake 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 terms are available on the Partnership's website.

Speaker #2: During this call, we refer to ourselves as Westlake Partners or the Partnership. References to Westlake refer to our parent company, Westlake Corporation, and references to OpCo refer to Westlake Chemical OpCo LP, a subsidiary of Westlake and the Partnership, which owns certain olefins assets.

Speaker #2: Additionally, when we refer to distributable cash flow, we are referring to Westlake Chemical Partners MLP distributable cash flow. Definitions of these terms are available on the partnership's website.

Speaker #2: 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.

Jeffrey A. Holy: 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. We encourage you to learn more about the factors that could lead our actual results to differ by reviewing the cautionary statements in our regulatory filings, which are also available on our investor relations website. This morning, Westlake Partners issued a press release with details of our Q1 2026 financial and operating results. This document is available in the press release section of our webpage at wlkpartners.com. A replay of today's call will be available beginning 2 hours after the conclusion of this call. The replay can be accessed via the Partnership's website.

Jeff Holy: 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. We encourage you to learn more about the factors that could lead our actual results to differ by reviewing the cautionary statements in our regulatory filings, which are also available on our investor relations website. This morning, Westlake Partners issued a press release with details of our Q1 2026 financial and operating results. This document is available in the press release section of our webpage at wlkpartners.com. A replay of today's call will be available beginning two hours after the conclusion of this call. The replay can be accessed via the Partnership's website.

Speaker #2: These forward-looking statements suggest predictions or expectations, and thus are subject to risks or uncertainties. We encourage you to learn more about the factors that could lead our actual results to differ by reviewing the cautionary statements in our regulatory filings, which are also available on our investor relations website.

Speaker #2: This morning, Westlake Partners issued a press release with details of our first quarter 2026 financial and operating results. This document is available in the press release section of our webpage at wlkpartners.com.

Speaker #2: A replay of today's call will be available beginning two hours after the conclusion of this call. The replay can be accessed via the partnership's website.

Speaker #2: Please note that information reported on this call speaks only as of today, May 5, 2026, and therefore you are advised that time-sensitive information may no longer be accurate.

Jeffrey A. Holy: Please note that information reported on this call speaks only as of today, 5 May 2026, and therefore you are advised that time-sensitive information may no longer be accurate as of the time of any replay. I would finally advise you that this conference call is being broadcast live through an internet webcast system that can be accessed on our webpage at wlkpartners.com. Now, I'd like to turn the call over to Jean-Marc Gilson. Jean-Marc.

Jeff Holy: Please note that information reported on this call speaks only as of today, 5 May 2026, and therefore you are advised that time-sensitive information may no longer be accurate as of the time of any replay. I would finally advise you that this conference call is being broadcast live through an internet webcast system that can be accessed on our webpage at wlkpartners.com. Now, I'd like to turn the call over to Jean-Marc Gilson. Jean-Marc.

Speaker #2: As of the time of any replay, I would finally advise you that this conference call is being broadcast live through an internet webcast system that can be accessed on our webpage at wlkpartners.com.

Speaker #2: Now, I'd like to turn the call over to Jean-Marc Gilson. Jean-Marc.

Speaker #3: Thank you, Jeff, and good afternoon, everyone, and thank you for joining us to discuss our first quarter 2026 results. In this morning's press release, we reported Westlake Partners' first quarter 2026 net income of $14 million, or $0.40 per unit.

Jean-Marc Gilson: Thank you, Jeff, and good afternoon, everyone. Thank you for joining us to discuss our Q1 2026 results. In this morning's press release, we reported Westlake Partners' Q1 2026 net income of $14 million or $0.40 per unit. Compared to Q4 2025, our Q1 sales and earnings benefited from a higher third-party average sales price that was offset by slightly lower production and sales volume. The stability of Westlake Partners' business model is consistently demonstrated through our fixed margin ethylene sales agreement, which minimizes market volatility and other production risk. The high degree of stability in cash flow when paired with the predictability of our business has enabled us to deliver the long history of reliable distribution and coverage.

Jean-Marc Gilson: Thank you Jeff, and good afternoon, everyone. Thank you for joining us to discuss our Q1 2026 results. In this morning's press release, we reported Westlake Partners' Q1 2026 net income of $14 million or $0.40 per unit. Compared to Q4 2025, our Q1 sales and earnings benefited from a higher third-party average sales price that was offset by slightly lower production and sales volume. The stability of Westlake Partners' business model is consistently demonstrated through our fixed margin ethylene sales agreement, which minimizes market volatility and other production risk. The high degree of stability in cash flow when paired with the predictability of our business has enabled us to deliver the long history of reliable distribution and coverage.

Speaker #3: Compared to the fourth quarter of 2025, our first quarter sales and earnings benefited from a higher third-party average sales price that was offset by slightly lower production and sales volume.

Speaker #3: The stability of Westlake Partners' business model is consistently demonstrated through our fixed margin ethylene sales agreement, which minimizes market volatility and other production risks.

Speaker #3: The high degree of stability in cash flow, when paired with the predictability of our business, has enabled us to deliver the long history of reliable distribution and coverage.

Jean-Marc Gilson: This quarter distribution is the 47th consecutive quarterly distributions since our IPO in July 2014 without any reductions. Before I turn the call over to Steve Bender, I want to provide some thoughts on our CFO transition. As you may have read, on 20 April, we announced that on 15 June, Jonathan H. Baksht will join Westlake Corporation and Westlake Partners LP as Senior Vice President and Chief Financial Officer. John brings experience from the oil and gas, packaging, and building product industries, as well as investment banking to Westlake, and we look forward to him joining the partnership. On 15 June, M. Steven Bender will transition to the role of Special Advisor and will continue to report to me as he supports the transition. We anticipate that Steve will participate in the Q2 earnings call in August.

Jean-Marc Gilson: This quarter distribution is the 47th consecutive quarterly distributions since our IPO in July 2014 without any reductions. Before I turn the call over to Steve Bender, I want to provide some thoughts on our CFO transition. As you may have read, on 20 April we announced that on 15 June, Jon Baksht will join Westlake Corporation and Westlake Partners LP as Senior Vice President and Chief Financial Officer. Jon brings experience from the oil and gas, packaging, and building product industries, as well as investment banking to Westlake, and we look forward to him joining the partnership. On 15 June, M. Steven Bender will transition to the role of Special Advisor and will continue to report to me as he supports the transition. We anticipate that Steve will participate in the Q2 earnings call in August.

Speaker #3: This quarter, the distribution is the 47th consecutive quarterly distribution since our IPO in July 2014, without any reductions. Before I turn the call over to Steve, I want to provide some thoughts on our CFO transition.

Speaker #3: As you may have read, on April 20th we announced that on June 15th, John Baxter will join Westlake Corporation and Westlake Partners LP as Senior Vice President and Chief Financial Officer.

Speaker #3: John brings experience from the oil and gas, packaging, and building products industries, as well as investment banking, to Westlake, and we look forward to him joining the partnership.

Speaker #3: On June 15, Steve Bender will transition to the role of Special Advisor and will continue to report to me as he supports the transition.

Speaker #3: We anticipate that Steve will participate in the second quarter earnings call in August. And with that, I would like to turn our call over to Steve to provide more detail on the financial and operating results for the quarter.

Jean-Marc Gilson: With that, I would like to turn our call over to Steve to provide more detail on the financial and operating results for the quarter. Steve?

Speaker #3: Steve?

Speaker #2: Thank you, John Mark, and good afternoon, everyone. In this morning's press release, we reported Westlake Partners' first quarter 2026 net income of $14 million, or $0.40 per unit.

Steve Bender: Thank you, Jean-Marc Gilson, and good afternoon, everyone. In this morning's press release, we reported Westlake Partners Q1 2026 net income of $14 million or $0.40 per unit. Consolidated net income, including OpCo's earnings, was $82 million on consolidated net sales of $306 million. The partnership had distributable cash flow for the quarter of $18 million or $0.51 per unit. Q1 2026 net income for Westlake Partners of $14 million was $9 million above the Q1 2025 partnership net income, due primarily to higher production and sales volumes as a result of last year's planned turnaround at Petro 1.

Speaker #2: Consolidated net income, including OpCo's earnings, was $82 million on consolidated net sales of $306 million. The partnership had distributable cash flow for the quarter of $18 million, or 51 cents per unit.

Speaker #2: First quarter 2026 net income for Westlake Partners of $14 million was $9 million above the first quarter of 2025 partnership net income, due primarily to higher production and sales volumes as a result of last year's planned turnaround at Petro One.

Speaker #2: Distributable cash flow of $18 million for the first quarter of 2026 increased by $13 million when compared to the first quarter of 2025. This was due to higher production sales and sales volumes, and more maintenance capital expenditures as a result of last year's Petro One planned turnaround.

Steve Bender: Distributable cash flow of $18 million for Q1 2026 increased by $13 million when compared to Q1 2025 due to higher production, sales and sales volumes, and more maintenance capital expenditures as a result of last year's Petro 1 planned turnaround. As compared to Q4 2025, net income for Westlake Partners in Q1 2026 declined by less than $1 million due to lower production and sales volumes that was mostly offset by higher third-party average sales price. Sequentially, our trailing 12-month coverage ratio improved to 1x from 0.8x, reflecting the aging out of the impact of the Petro 1 turnaround that occurred in Q1 2025.

Speaker #2: As compared to the fourth quarter of 2025, net income for Westlake Partners in the first quarter of 2026 declined by less than $1 million due to lower production and sales volumes that was mostly offset by a higher third-party average sales price.

Speaker #2: Sequentially, our trailing 12-month coverage ratio improved to 1.0 times from 0.8 times, reflecting the aging out of the impact of the Petro One turnaround that occurred in the first quarter of 2025.

Speaker #2: Additionally, our operating surplus improved by $1 million, as we achieved a coverage ratio above one in the first quarter. Turning our attention to the balance sheet and cash flows, at the end of the first quarter, we had consolidated cash and cash investments with Westlake, through our investment management agreement, totaling $81 million.

Steve Bender: Additionally, our operating surplus improved by $1 million as we achieved a coverage ratio above 1 in the first quarter. Turning our attention to the balance sheet and cash flows, at the end of the first quarter, we had consolidated cash and cash investments with Westlake through our investment management agreement totaling $81 million. Long-term debt at the end of the quarter was $400 million, of which $377 million was at the partnership. The remaining $23 million was at OpCo. In Q1 2026, OpCo spent $6 million on capital expenditures. We maintained our strong leverage metrics with a consolidated leverage ratio of approximately 1 times.

Speaker #2: Long-term debt at the end of the quarter was $400 million, of which $377 million was at the partnership. The remaining $23 million was at OpCo.

Speaker #2: In the first quarter of 2026, Opco spent $6 million on capital expenditures. We maintained our strong leverage metrics with a consolidated leverage ratio of approximately one times.

Speaker #2: On May 4, 2026, we announced a quarterly distribution of $47.14 per unit with respect to the first quarter of 2026. Since our IPO in 2014, the partnership has made 47 consecutive quarterly distributions to unit holders, and we have grown distributions 71% since the partnership's original minimum quarterly distribution of $27.50 per unit.

Steve Bender: On 04 May 2026, we announced a quarterly distribution of $0.4714 per unit with respect to the Q1 2026. Since our IPO in 2014, the partnership has made 47 consecutive quarterly distributions to unitholders, and we have grown distributions 71% since the partnership's original minimum quarterly distribution of $0.275 per unit. The partnership's Q1 distribution will be paid on 01 June 2026 to unitholders of record on 14 May 2026. The partnership's predictable fee-based cash flow continues to prove beneficial in today's environment and is differentiated by consistency of our earnings and cash flows. Looking back, since our IPO in July of 2024, we have maintained a cumulative distribution coverage ratio of approximately 1 times.

Speaker #2: The partnership's first quarter distribution will be paid on June 1, 2026, to unitholders of record on May 14, 2026. The partnership's predictable fee-based cash flow continues to prove beneficial in today's environment and is differentiated by the consistency of our earnings and cash flows.

Speaker #2: Looking back, since our IPO in July of 2024, we have maintained a cumulative distribution coverage ratio of approximately 1.0 times, and with the partnership's stability in cash flows, we were able to sustain our current distribution without the need to access capital markets.

Steve Bender: In the partnership stability and cash flows, we were able to sustain our current distribution without the need to access capital markets. For modeling purposes, we have no planned turnarounds in 2026. Now I'd like to turn the call back over to Jean-Marc to make some closing comments. Jean-Marc?

Speaker #2: For modeling purposes, we have no planned turnarounds in 2026. I'd like to turn the call back over to John Mark to make some closing comments.

Speaker #2: John Mark?

Speaker #3: Thank you, Steve. We are pleased with the partnership’s financial and operational performance during the first quarter. Solid operating rates at OpCo’s ethylene facilities during the quarter resulted in a quarterly coverage ratio of 1.0x.

Jean-Marc Gilson: Thank you, Steve. We are pleased with the partnership financial and operational performance during the first quarter. Solid operating rates at OpCo's ethylene facilities during the quarter resulted in a quarterly coverage ratio of 1.0x. Turning to our outlook, the conflict in the Middle East has significantly disrupted the global supply of oil, chemical feedstocks, and polymers. Resulting supply concerns are prompting global chemical customers to source more material from North America in response to the conflict, which is supporting higher demand and prices for North American ethylene.

Speaker #3: Turning to our outlook, the conflict in the Middle East has significantly disrupted the global supply of oil, chemical feedstocks, and polymers. Resulting supply concerns are prompting global chemical customers to source more material from North America in response to the conflict.

Speaker #3: This is supporting higher demand and prices for North American ethylene. While most of OpCo's ethylene volume is contracted to Westlake at a fixed margin of $0.10 per pound, margin for the approximately 5% of production that OpCo typically sells to third parties is benefiting from higher selling prices as a result of the factors I just discussed.

Jean-Marc Gilson: While most of OpCo's ethylene volume is contracted to Westlake at a fixed margin of $0.10 per pound, margin for the approximately 5% of production that OpCo typically sells to third parties is benefiting from higher selling prices as a result of the factors I just discussed. Turning to our capital structure, we maintain a strong balance sheet with conservative financial and leverage metrics. As we continue to navigate market conditions, we will evaluate opportunities via our 4 levers of growth in the future, including increases of our ownership interest of OpCo, acquisitions of other qualified income streams, organic growth opportunities such as expansions of our current ethylene facilities, and negotiation of a higher fixed margin in our ethylene sales agreement with Westlake. We remain focused on our ability to continue to provide long-term value and distribution to our unitholders.

Speaker #3: Turning to our capital structure, we maintain a strong balance sheet with conservative financial and leverage metrics. As we continue to navigate market conditions, we will evaluate opportunities via our four levers of growth in the future, including increases of our ownership interest of OpCo, acquisitions of other qualified income streams, organic growth opportunities such as expansions of our current ethylene facilities, and negotiation of a higher fixed margin in our ethylene sales agreement with Westlake.

Speaker #3: We remain focused on our ability to continue to provide long-term value and distribution to our unitholders. As always, we will continue to focus on safe operations, along with being good stewards of the environment where we work and live, as part of our broader sustainability efforts.

Jean-Marc Gilson: As always, we will continue to focus on safe operations, along with being good stewards of the environment where we work and live as part of our broader sustainability efforts. Thank you very much for listening to our Q1 earnings call. Now I will turn the call back over to Jeff.

Speaker #3: Thank you very much for listening to our first quarter earnings call. Now I will turn the call back over to Jeff.

Speaker #2: Thank you, John Mark. Before we begin taking questions, I would like to remind you that a replay of this teleconference will be available two hours after the call has ended.

Jeffrey A. Holy: Thank you, Jean-Marc. Before we begin taking questions, I'd like to remind you that a replay of this teleconference will be available 2 hours after the call has ended. We'll provide instructions to access the replay at the end of the call. Kelly, we will now take questions.

Jeff Holy: Thank you, Jean-Marc. Before we begin taking questions, I'd like to remind you that a replay of this teleconference will be available 2 hours after the call has ended. We'll provide instructions to access the replay at the end of the call. Kelly, we will now take questions.

Speaker #2: We'll provide instructions to access the replay at the end of the call. Kelly, we'll now take questions.

Speaker #4: Thank you. At this time, we will conduct the question and answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced.

Operator: Thank you. At this time, we will conduct the question-and-answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Jake Auchincloss of Aviation Advisory Service Inc. Your line is now open.

Speaker #4: To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster. Our first question comes from the line of James Alchill of Aviation Advisory Service, Inc. Your line is now open.

Speaker #5: Oh, good afternoon and thanks for taking my call. In your prepared remarks, you mentioned that you anticipate—or I don't know if you anticipate, you're seeing—I believe, increased margins on the 5% of your sales to third parties as a result of the war, and thus the increased interest in sourcing your products from a North America-based supplier.

Jake Auchincloss: Good afternoon, thanks for taking my call. In your prepared remarks, you mentioned that you anticipate, or I don't know if you anticipate, you're seeing, I believe increased margins on the 5% of your sales to third parties as a result of the war and thus the increased interest in sourcing your products from a North America-based supplier. Did we really see the impact of that in Q1? The war started at the end of February and I'm not remembering exactly when the price of oil started to jump and the shipping was intercepted. Are we gonna see a more significant impact in Q2?

James Altschul: Good afternoon, thanks for taking my call. In your prepared remarks, you mentioned that you anticipate, or I don't know if you anticipate, you're seeing, I believe increased margins on the 5% of your sales to third parties as a result of the war and thus the increased interest in sourcing your products from a North America-based supplier. Did we really see the impact of that in Q1? The war started at the end of February and I'm not remembering exactly when the price of oil started to jump and the shipping was intercepted. Are we gonna see a more significant impact in Q2?

Speaker #5: Did we really see the impact of that in the first quarter? Because the war started at the end of February, and I'm not remembering exactly when the price of oil started to jump and when the shipping was intercepted.

Speaker #5: Are we going to see a more significant impact in the second quarter?

Speaker #3: Yes, it's a very good question. And I will say that as a result of the run-up in ethylene pricing, we did take the opportunity in the first quarter, in March, to actually sell more third-party ethylene volumes than would normally be the case.

Steve Bender: Yes, it's a very good question. I will say that as a result of the run-up in ethylene pricing, we did take the opportunity in Q1, in March, to actually sell more third parties ethylene volumes than would be normally the case. We typically try to take opportunities to maximize the margin in this business when we see opportunities like this. We did sell more volume in Q1 than might be typically done as an example, last year's Q1. It did improve the margins associated with the business as a result of doing so.

Speaker #3: We typically try to take opportunities to maximize the margin in this business when we see opportunities like this. And we did sell more volume in the first quarter than might be typically done, as an example, last year's first quarter.

Speaker #3: And it did improve the margins associated with the business as a result of doing so.

Speaker #5: Okay.

Jake Auchincloss: Okay. I'm.

James Altschul: Okay. I'm...

Steve Bender: As we look into Q2, if we see opportunities of this nature and continue to see elevated ethylene, we'll continue to do so.

Speaker #3: As we look into the second I was going to say as we were as we look into the second quarter, if we see opportunities of this nature and continue to see elevated ethylene, we'll continue to do so.

Speaker #5: Okay. But I'm looking at the income statement, and it says on the revenue, the figure for third-party sales is a few million less than the comparable quarter last year.

Jake Auchincloss: Okay. I'm looking at the income statement and it says under revenue, the figure for third-party sales is a few million less than the comparable quarter last year. Of course, that's sales, not margin.

James Altschul: Okay. I'm looking at the income statement and it says under revenue, the figure for third-party sales is a few million less than the comparable quarter last year. Of course, that's sales, not margin.

Speaker #5: But of course, that's sales, not margin.

Speaker #3: Yeah, and so again, just the impact of only one month of activity. I do expect that if the ethylene remains as elevated as it has been recently, you'll see more of a positive impact in the second quarter.

Steve Bender: Yeah. Again, just the impact of only one month of activity, I do expect that if the ethylene remains as elevated as it has been recently, you'll see more of a positive impact in Q2.

Speaker #5: Excellent. Thank you very much.

Jake Auchincloss: Excellent. Thank you very much.

James Altschul: Excellent. Thank you very much.

Speaker #3: You're quite welcome.

Steve Bender: You're quite welcome.

Speaker #4: Thank you. I am showing no questions at this time. I will now turn the call back over to Jeff Holy.

Operator: Thank you. I am showing no questions at this time. I will now turn the call back over to Jeff Hawley.

Operator: Thank you. I am showing no questions at this time. I will now turn the call back over to Jeff Holly.

Speaker #2: Thank you, Kelly. Thanks, everyone, for participating in today's call. We hope you'll join us for our next conference call to discuss our second quarter 2026 results.

Jeffrey A. Holy: Thank you, Kelly. Thanks everyone for participating in today's call. We hope you'll join us for our next conference call to discuss our Q2 2026 results.

Jeff Holy: Thank you, Kelly. Thanks everyone for participating in today's call. We hope you'll join us for our next conference call to discuss our Q2 2026 results.

Speaker #4: Question in today's Westlake Chemical Partners first quarter 2026 earnings conference call. As a reminder, this call will be available for replay beginning two hours after the call has ended and may be accessed until 11:59 p.m. Eastern Time on Tuesday, May 19, 2026.

Operator: In today's Westlake Chemical Partners Q1 2026 Earnings Conference Call. As a reminder, this call will be available for replay beginning 2 hours after the call has ended and may be accessed until 11:59 PM Eastern Time on Tuesday, 19 May 2026. The replay can be accessed via the partnership website. Goodbye.