Houston-based Westlake Chemical Partners (NYSE:WLKP), the master limited partnership that owns a 13.3% limited partner interest in Westlake Chemical OpCo LP, which operates ethylene production facilities, reported fourth-quarter and full-year 2025 financial results on February 24, 2026.
For the fourth quarter ended December 31, 2025, net income attributable to the Partnership totaled $14.5 million, or $0.41 per limited partner unit, relatively in line with $15 million, or $0.42 per unit, in the year-ago quarter.
Cash flows from operating activities decreased $12.1 million to $120.4 million, primarily due to lower net income and less favorable working capital changes.
MLP distributable cash flow rose $3.8 million to $18.8 million, yielding a quarterly coverage ratio of 1.13x, driven mainly by lower maintenance capital expenditures as spending shifted earlier in the year.
Compared with the third quarter of 2025, fourth-quarter net income was essentially flat at $14.5 million versus $14.7 million, while operating cash flows increased $15.2 million to $120.4 million on more favorable working capital movements.
MLP distributable cash flow rose $3.9 million to $18.8 million, again reflecting reduced maintenance spending in the period.
For the full year 2025, net income attributable to the Partnership declined $13.7 million to $48.7 million, or $1.38 per limited partner unit, from $62.4 million, or $1.77 per unit, in 2024.
The decrease was primarily attributable to lower production and sales volumes resulting from the planned Petro 1 turnaround completed in the second quarter of 2025.
Cash flows from operating activities fell $204.5 million to $280.5 million, driven by turnaround-related cash expenditures and lower net income.