Westlake Chemical Partners LP (NYSE:WLKP) reported fourth-quarter results on Tuesday that surpassed earnings expectations, although revenue came in below analyst forecasts.
The partnership’s units gained 0.65% in after-hours trading following the release.
Adjusted earnings totaled $0.41 per limited partner unit for the fourth quarter of 2025, slightly ahead of the consensus estimate of $0.40. Revenue, however, reached $296 million, missing analyst expectations of $313 million, despite rising 14.1% year-on-year from $260 million recorded in the fourth quarter of 2024. Net income attributable to the partnership stood at $14.5 million, broadly unchanged from $15.0 million in the comparable period last year.
The partnership reported a fourth-quarter coverage ratio of 1.13x — its strongest level since the fourth quarter of 2022 — following completion of the Petro 1 turnaround project.
Distributable cash flow for the master limited partnership totaled $18.8 million, an increase of $3.8 million compared with the fourth quarter of 2024. The improvement was mainly driven by lower maintenance capital expenditures after spending had been brought forward earlier in the year.
“The Partnership ended 2025 with our highest quarterly coverage ratio since the fourth quarter of 2022 due to solid production and sales volume and shifts in the timing of capital spending throughout the year,” said Jean-Marc Gilson, President and Chief Executive Officer. “Looking ahead to 2026, the Partnership is positioned for increased production and sales volume with no planned turnarounds following the completion of the Petro 1 turnaround in 2025.”
For the full year 2025, net income attributable to the partnership totaled $48.7 million, or $1.38 per limited partner unit, compared with $62.4 million in 2024. The decline primarily reflected reduced production and sales volumes linked to the scheduled Petro 1 turnaround.
The partnership also declared a quarterly distribution of $0.4714 per unit — its 46th consecutive quarterly payout — which was distributed on February 23, 2026.