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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): May 1, 2024
Westlake Corporation
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
| Delaware | | 001-32260 | | 76-0346924 |
(State or other jurisdiction
of incorporation) | | (Commission File Number) | | (I.R.S. Employer
Identification No.) |
| | | | | | | | | | | | | | |
| 2801 Post Oak Boulevard, | | Suite 600 | | |
| Houston, | | Texas | | 77056 |
| (Address of principal executive offices) | | | | (Zip Code) |
Registrant's telephone number, including area code: (713) 960-9111
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | | | | |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value | WLK | The New York Stock Exchange |
| 1.625% Senior Notes due 2029 | WLK29 | The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻
Item 2.02. Results of Operations and Financial Condition.
On May 1, 2024, Westlake Corporation (the "Company"), issued a press release announcing its 2024 first quarter results. A copy of the press release is furnished with this Current Report as Exhibit 99.1.
The information furnished pursuant to this Current Report, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed by Westlake Corporation under the Securities Act of 1933, as amended, unless specifically identified as being incorporated therein.
Item 7.01. Regulation FD Disclosure.
The Company is holding a conference call on May 1, 2024 to discuss its 2024 first quarter results. Information about the call can be found in the press release furnished with this Current Report as Exhibit 99.1. In addition, the Company made available an investor presentation regarding its 2024 first quarter results, which is furnished with this Current Report as Exhibit 99.2.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are furnished herewith:
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | | | | | | | |
| | | | WESTLAKE CHEMICAL CORPORATION |
| Date: | May 1, 2024 | | By: | /S/ ALBERT CHAO |
| | | | Albert Chao
President and Chief Executive Officer |
DocumentEXHIBIT 99.1
WESTLAKE CORPORATION
Contact—(713) 960-9111
Investors—Steve Bender
Media—L. Benjamin Ederington
Westlake Corporation Reports First Quarter 2024 Results
•Record first quarter Housing and Infrastructure Products (HIP) income from operations of $210 million with a 20% operating income margin
•HIP EBITDA of $264 million rose 29% year-over-year with a record first quarter EBITDA margin of 25%
•PEM sales volume grew 3% sequentially from gradual demand recovery with stable average sales prices
HOUSTON--(BUSINESS WIRE)--Westlake Corporation (NYSE: WLK) (the "Company" or "Westlake") today announced first quarter 2024 results.
SUMMARY FINANCIAL HIGHLIGHTS (in millions of dollars, except per share data and percentages)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2024 | | Three Months Ended December 31, 2023 | | Three Months Ended March 31, 2023 | | | | | | | | |
| | | | | | | | | | | | | | |
| Westlake Corporation | | | | | | | | | | | | | | |
| Net sales | | $ | 2,975 | | $ | 2,826 | | $ | 3,356 | | | | | | | | |
Income (loss) from operations | | $ | 223 | | $ | (552) | | $ | 536 | | | | | | | | |
| | | | | | | | | | | | | | |
Net income (loss) attributable to Westlake Corporation | | $ | 174 | | $ | (497) | | $ | 394 | | | | | | | | |
Diluted earnings (loss) per common share | | $ | 1.34 | | $ | (3.86) | | $ | 3.05 | | | | | | | | |
| EBITDA | | $ | 546 | | $ | (235) | | $ | 825 | | | | | | | | |
Identified Items (1) | | $ | — | | $ | 625 | | $ | — | | | | | | | | |
EBITDA excl. Identified Items | | $ | 546 | | $ | 390 | | $ | 825 | | | | | | | | |
EBITDA margin (2) | | 18% | | 14% | | 25% | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Performance and Essential Materials ("PEM") Segment | | | | | | | | | | | | | | |
| Net sales | | $ | 1,931 | | $ | 1,880 | | $ | 2,349 | | | | | | | | |
Income (loss) from operations | | $ | 22 | | $ | (664) | | $ | 403 | | | | | | | | |
| | | | | | | | | | | | | | |
| EBITDA | | $ | 253 | | $ | (424) | | $ | 615 | | | | | | | | |
Identified Items (1) | | $ | — | | $ | 625 | | $ | — | | | | | | | | |
EBITDA excl. Identified Items | | $ | 253 | | $ | 201 | | $ | 615 | | | | | | | | |
EBITDA margin (2) | | 13% | | 11% | | 26% | | | | | | | | |
| | | | | | | | | | | | | | |
| Housing and Infrastructure Products ("HIP") Segment | | | | | | | | | | | | | | |
| Net sales | | $ | 1,044 | | $ | 946 | | $ | 1,007 | | | | | | | | |
| Income from operations | | $ | 210 | | $ | 121 | | $ | 143 | | | | | | | | |
| | | | | | | | | | | | | | |
| EBITDA | | $ | 264 | | $ | 173 | | $ | 205 | | | | | | | | |
| EBITDA margin | | 25% | | 18% | | 20% | | | | | | | | |
______________________________
(1)"Identified Items" include a $475 million non-cash impairment charge and a $150 million charge to fully resolve certain liability claims
(2)Excludes Identified Items
BUSINESS HIGHLIGHTS
In the first quarter of 2024, Westlake achieved net sales of $3.0 billion, net income of $174 million and EBITDA (earnings before interest expense, income taxes, depreciation and amortization) of $546 million. The Company benefitted from continued strong demand in housing end markets, particularly for pipe & fittings and siding & trim, that drove record first quarter EBITDA in our HIP segment, while results in our PEM segment reflected continued weak global industrial and manufacturing activity.
Sales volume for Housing and Infrastructure Products in the first quarter increased 12% from the fourth quarter of 2023 while Performance and Essential Materials sales volume increased 3% quarter-over-quarter. Overall sales volume for the Company increased 6% sequentially from the previous quarter.
Housing and Infrastructure Products first quarter average sales price decreased 2% from the fourth quarter of 2023 while Performance and Essential Materials average sales price decreased less than 1% quarter-over-quarter. Overall average sales price for the Company decreased 1% sequentially from the previous quarter.
In the first quarter of 2024, HIP's EBITDA margin increased to 25% from 18% in the fourth quarter of 2023, while PEM's EBITDA margin increased to 13% from 11%, excluding Identified Items, over the same period of time.
EXECUTIVE COMMENTARY
"Our first quarter of 2024 results demonstrated the value of the diversity of the businesses in our portfolio as sales volume growth and margin expansion in our HIP segment supported our overall earnings at a time when pricing and margins in our PEM segment remain challenged by weak global demand. HIP sales volume grew a solid 12% sequentially as our leading positions in key channels enabled us to capitalize on resilient North American residential construction and infrastructure activity. The solid sales volume growth, combined with cost savings initiatives, enabled HIP EBITDA margin to expand to a first-quarter record of 25% from 18% in the fourth quarter of 2023," said Albert Chao, President and Chief Executive Officer.
"PEM segment sales volume improved 3% sequentially with most product categories growing due to favorable seasonality and modest improvement in end market demand. Average sales price, while relatively stable sequentially, remained depressed by continued weak global industrial and manufacturing activity and low-priced Asian imports," continued Mr. Chao.
"Looking ahead, we expect the growth in our HIP segment to continue despite elevated inflation and interest rates, as the supply of houses remains limited and the demographics supporting housing demand remain favorable. In our PEM segment, we expect relatively stable near-term performance as growth is constrained by continuing weak end market demand and low-priced Asian imports in some product categories and geographies. While we await an improvement in macroeconomic conditions, we are progressing with our efforts to improve the profitability of our European operations through structural cost improvement and we continue to make investments to improve the reliability and efficiency of our plants," concluded Mr. Chao.
RESULTS
Consolidated Results
(Unless otherwise noted the financial numbers below exclude the Identified Items)
For the three months ended March 31, 2024, the Company reported quarterly net income of $174 million, or $1.34 per share, on net sales of $3.0 billion. The year-over-year decrease in net income of $220 million was primarily due to lower average sales price and margins in our PEM segment, which were partially offset by lower material costs and higher margins in our HIP segment.
First quarter 2024 net income of $174 million increased by $81 million as compared to the fourth quarter of 2023. The sequential increase in net income compared to the prior quarter was primarily due to higher sales volume, driven by seasonal demand improvement and strong demand for both Housing Products and Infrastructure Products.
EBITDA of $546 million for the first quarter of 2024 decreased by $279 million compared to first quarter 2023 EBITDA of $825 million. First quarter 2024 EBITDA increased by $156 million compared to fourth quarter 2023 EBITDA of $390 million.
A reconciliation of EBITDA to net income, income from operations (including and excluding Identified Items) and net cash provided by operating activities can be found in the financial schedules at the end of this press release.
Cash and Debt
Net cash provided by operating activities was $169 million for the first quarter of 2024 and capital expenditures were $272 million. As of March 31, 2024, cash and cash equivalents were $3.1 billion and total debt was $4.9 billion.
Performance and Essential Materials Segment
(Unless otherwise noted the financial numbers below exclude the Identified Items)
For the first quarter of 2024, Performance and Essential Materials income from operations was $22 million as compared to $403 million in the first quarter of 2023. This year-over-year decrease of $381 million was due to lower average sales price for most of the Company's major products, particularly caustic soda and epoxy resin. The lower average sales price in the first quarter of 2024 was partially offset by higher sales volume in the quarter.
Sequentially, Performance and Essential Materials income from operations increased by $61 million as compared to the fourth quarter of 2023. This increase in income from operations versus the prior quarter was primarily driven by higher sales volume, particularly for epoxy resin and PVC resin. Average sales price declined by less than 1% sequentially as increases in epoxy resin and olefins nearly offset decreases in chlorovinyls.
Housing and Infrastructure Products Segment
For the first quarter of 2024, Housing and Infrastructure Products income from operations of $210 million increased by $67 million as compared to the first quarter of 2023. The year-over-year increase was the result of higher sales volume, particularly for pipe and fittings, and lower material costs.
Sequentially, Housing and Infrastructure Products income from operations increased by $89 million as compared to the fourth quarter of 2023. This increase in income from operations versus the prior quarter was primarily due to higher sales volume and approximately $15 million lower plant closure costs associated with our footprint optimization program.
UPCOMING HOUSING & INFRASTRUCTURE PRODUCTS-FOCUSED INVESTOR EVENT
Westlake will host an investor event focused on its Housing & Infrastructure Products businesses on Thursday, June 13, 2024, from 9:00 a.m. to 1:00 p.m. Eastern Time. During the event, Albert Chao, President and Chief Executive Officer; Steve Bender, Executive Vice President and Chief Financial Officer; Robert Buesinger, Executive Vice President – Housing & Infrastructure Products, IT & Digital; and the leaders of Westlake Royal Building Products, Westlake Pipe & Fittings, and Westlake Global Compounds, will present an in-depth review of the Company's HIP segment and its financials. The event will cover Westlake's integrated and expanded business portfolio, including the breadth of diversified and market-leading products and solutions produced by the HIP businesses, which serve the home building and construction markets, municipal water and sewer infrastructure, and automotive and healthcare industries.
The event will take place in New York City, and information on registering for in-person attendance will be provided in the coming days.
A live webcast will be accessible on https://www.westlake.com/investor-relations at the time of the event. For those who are unable to attend in-person or watch the live webcast, a replay of the webcast will be available on the Investor Relations website.
Forward-Looking Statements
The statements in this release and the related teleconference relating to matters that are not historical facts, including statements regarding our outlook for the performance of our business segments, consumer spending in the U.S., global macroeconomic conditions, continuing stabilization or increases in sales prices and volumes in both domestic and export markets for most of our products, industrial, manufacturing, residential construction and infrastructure activity in our target markets, trends in labor markets and interest rates, our ability to weather economic volatility, raw material costs, higher energy prices, the continuation of low-priced exports out of Asia, our market position, our ability to improve reliability and efficiency of our plants, further commercialization of new product innovations, our cost savings initiatives, global demand for our products, and our ability to deliver greater value to customers and investors as general economic conditions improve are forward-looking statements.
These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to: general economic and business conditions; the cyclical nature of the chemical and building products industries; the availability, cost and volatility of raw materials and energy; uncertainties associated with the United States, European and worldwide economies, including those due to political tensions and conflict in the Middle East, Russia and Ukraine and elsewhere; uncertainties associated with pandemic infectious diseases; uncertainties associated with climate change; the potential impact on demand for ethylene, polyethylene and polyvinyl chloride due to initiatives such as recycling and customers seeking alternatives to polymers; current and potential governmental regulatory actions in the United States and other countries; industry production capacity and operating rates; the supply/demand balance for Westlake's products; competitive products and pricing pressures; instability in the credit and financial markets; access to capital markets; terrorist acts; operating interruptions; changes in laws and regulations, including trade policies; technological developments; information systems failures and cyberattacks; foreign currency exchange risks; our ability to implement our business strategies; creditworthiness of our customers; the effect and results of litigation and settlements of litigation; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to Westlake's Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC in February 2024.
Use of Non-GAAP Financial Measures
This release makes reference to certain "non-GAAP" financial measures, such as EBITDA, free cash flow and other measures that exclude the effects of the Identified Items, as defined in Regulation G of the U.S. Securities Exchange Act of 1934, as amended. For this purpose, a non-GAAP financial measure is generally defined by the Securities and Exchange Commission (SEC) as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. We report our financial results in accordance with U.S. generally accepted accounting principles (U.S. GAAP), but believe that certain non-GAAP financial measures, such as EBITDA, free cash flow and measures that exclude the effects of the Identified Items, provide useful supplemental information to investors regarding the underlying business trends and performance of the Company's ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with U.S. GAAP. A reconciliation of (i) EBITDA to net income, income from operations and net cash provided by operating activities, (ii) free cash flow to net cash provided by operating activities, and (iii) other measures reflecting adjustments for the effects of the Identified Items can be found in the financial schedules at the end of this press release.
About Westlake
Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, with operations in Asia, Europe and North America, we provide the building blocks for vital solutions — from housing and construction, to packaging and healthcare, to automotive and consumer goods. For more information, visit the Company's web site at www.westlake.com.
Westlake Corporation Conference Call Information:
A conference call to discuss Westlake Corporation's first quarter 2024 results will be held Wednesday, May 1, 2024 at 11:00 AM Eastern Time (10:00 AM Central Time). To access the conference call, it is necessary to pre-register at https://register.vevent.com/register/BI6dd9f6d378244f26a329eb8dfb3d39ae. Once registered, you will receive a phone number and unique PIN number.
A replay of the conference call will be available beginning two hours after its conclusion. The conference call and replay will be available via webcast at https://edge.media-server.com/mmc/p/b4szy7np.
WESTLAKE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | |
| | | | Three Months Ended March 31, |
| | | | | | 2024 | | 2023 |
| | | | | | | | |
| | | | | | (in millions of dollars, except per share data and share amounts) |
| Net sales | | | | | | $ | 2,975 | | | $ | 3,356 | |
| Cost of sales | | | | | | 2,509 | | | 2,564 | |
| Gross profit | | | | | | 466 | | | 792 | |
| Selling, general and administrative expenses | | | | | | 209 | | | 222 | |
| | | | | | | | |
| Amortization of intangibles | | | | | | 30 | | | 31 | |
| Restructuring, transaction and integration-related costs | | | | | | 4 | | | 3 | |
| Income from operations | | | | | | 223 | | | 536 | |
| Interest expense | | | | | | (40) | | | (42) | |
| Other income, net | | | | | | 50 | | | 22 | |
| Income before income taxes | | | | | | 233 | | | 516 | |
| Provision for income taxes | | | | | | 48 | | | 109 | |
| Net income | | | | | | 185 | | | 407 | |
| Net income attributable to noncontrolling interests | | | | | | 11 | | | 13 | |
| Net income attributable to Westlake Corporation | | | | | | $ | 174 | | | $ | 394 | |
| Earnings per common share attributable to Westlake Corporation: | | | | | | | | |
| Basic | | | | | | $ | 1.35 | | | $ | 3.07 | |
| Diluted | | | | | | $ | 1.34 | | | $ | 3.05 | |
| Weighted average common shares outstanding: | | | | | | | | |
| Basic | | | | | | 128,359,983 | | | 127,548,287 | |
| Diluted | | | | | | 129,020,370 | | | 128,459,368 | |
WESTLAKE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | | | | | | | | | | | | |
| | March 31,
2024 | | December 31,
2023 |
| | | | |
| | (in millions of dollars) |
| ASSETS | | | | |
| Current assets | | | | |
| Cash and cash equivalents | | $ | 3,108 | | | $ | 3,304 | |
| Accounts receivable, net | | 1,691 | | | 1,601 | |
| Inventories | | 1,661 | | | 1,622 | |
| Prepaid expenses and other current assets | | 66 | | | 82 | |
| | | | |
| Total current assets | | 6,526 | | | 6,609 | |
| Property, plant and equipment, net | | 8,523 | | | 8,519 | |
| | | | |
| Other assets, net | | 5,911 | | | 5,907 | |
| Total assets | | $ | 20,960 | | | $ | 21,035 | |
| | | | |
| LIABILITIES AND EQUITY | | | | |
| Current liabilities (accounts payable and accrued and other liabilities) | | $ | 2,355 | | | $ | 2,491 | |
| Current portion of long-term debt, net | | 300 | | | 299 | |
| | | | |
| Long-term debt, net | | 4,590 | | | 4,607 | |
| | | | |
| Other liabilities | | 2,862 | | | 2,874 | |
| Total liabilities | | 10,107 | | | 10,271 | |
| Total Westlake Corporation stockholders' equity | | 10,331 | | | 10,241 | |
| Noncontrolling interests | | 522 | | | 523 | |
| Total equity | | 10,853 | | | 10,764 | |
| Total liabilities and equity | | $ | 20,960 | | | $ | 21,035 | |
WESTLAKE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| | | | | | | | | | | | | | |
| | Three Months Ended March 31, |
| | 2024 | | 2023 |
| | | | |
| | (in millions of dollars) |
| Cash flows from operating activities | | | | |
| Net income | | $ | 185 | | | $ | 407 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
| Depreciation and amortization | | 273 | | | 267 | |
| Deferred income taxes | | (22) | | | (16) | |
| Net loss on disposition and others | | 11 | | | 11 | |
| | | | |
| Other balance sheet changes | | (278) | | | (157) | |
| Net cash provided by operating activities | | 169 | | | 512 | |
| Cash flows from investing activities | | | | |
| | | | |
| Additions to investments in unconsolidated subsidiaries | | (1) | | | (1) | |
| Additions to property, plant and equipment | | (272) | | | (267) | |
| | | | |
| Other, net | | 1 | | | 5 | |
| Net cash used for investing activities | | (272) | | | (263) | |
| Cash flows from financing activities | | | | |
| | | | |
| Distributions to noncontrolling interests | | (10) | | | (10) | |
| Dividends paid | | (65) | | | (47) | |
| | | | |
| | | | |
| | | | |
Proceeds from exercise of stock options | | 7 | | | 5 | |
| | | | |
| Repurchase of common stock for treasury | | — | | | (22) | |
| Other, net | | (6) | | | (1) | |
| Net cash used for financing activities | | (74) | | | (75) | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | | (18) | | | 9 | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | | (195) | | | 183 | |
| Cash, cash equivalents and restricted cash at beginning of period | | 3,319 | | | 2,246 | |
| Cash, cash equivalents and restricted cash at end of period | | $ | 3,124 | | | $ | 2,429 | |
| | | | |
WESTLAKE CORPORATION
SEGMENT INFORMATION
(Unaudited)
| | | | | | | | | | | | | | | | | | |
| | | | Three Months Ended March 31, |
| | | | | | 2024 | | 2023 |
| | | | | | | | |
| | | | | | (in millions of dollars) |
| Net external sales | | | | | | | | |
| Performance and Essential Materials | | | | | | | | |
| Performance Materials | | | | | | $ | 1,164 | | | $ | 1,282 | |
| Essential Materials | | | | | | 767 | | | 1,067 | |
| Total Performance and Essential Materials | | | | | | 1,931 | | | 2,349 | |
| Housing and Infrastructure Products | | | | | | | | |
| Housing Products | | | | | | 879 | | | 818 | |
| Infrastructure Products | | | | | | 165 | | | 189 | |
| Total Housing and Infrastructure Products | | | | | | 1,044 | | | 1,007 | |
| | | | | | $ | 2,975 | | | $ | 3,356 | |
| Income (loss) from operations | | | | | | | | |
| Performance and Essential Materials | | | | | | $ | 22 | | | $ | 403 | |
| Housing and Infrastructure Products | | | | | | 210 | | | 143 | |
| Corporate and other | | | | | | (9) | | | (10) | |
| | | | | | $ | 223 | | | $ | 536 | |
| Depreciation and amortization | | | | | | | | |
| Performance and Essential Materials | | | | | | $ | 220 | | | $ | 210 | |
| Housing and Infrastructure Products | | | | | | 50 | | | 55 | |
| Corporate and other | | | | | | 3 | | | 2 | |
| | | | | | $ | 273 | | | $ | 267 | |
| Other income, net | | | | | | | | |
| Performance and Essential Materials | | | | | | $ | 11 | | | $ | 2 | |
| Housing and Infrastructure Products | | | | | | 4 | | | 7 | |
| Corporate and other | | | | | | 35 | | | 13 | |
| | | | | | $ | 50 | | | $ | 22 | |
WESTLAKE CORPORATION
RECONCILIATION OF EBITDA TO NET INCOME AND INCOME FROM OPERATIONS AND
NET CASH PROVIDED BY OPERATING ACTIVITIES (INCLUDING AND EXCLUDING IDENTIFIED ITEMS)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | | | Three Months Ended March 31, |
| | 2023 | | | | | | 2024 | | 2023 |
| | | | | | | | | | |
| | (in millions of dollars, except percentages) |
Net cash provided by operating activities | | $ | 573 | | | | | | | $ | 169 | | | $ | 512 | |
| Changes in operating assets and liabilities and other | | (1,168) | | | | | | | (6) | | | (121) | |
| Deferred income taxes | | 108 | | | | | | | 22 | | | 16 | |
Net income (loss) | | (487) | | | | | | | 185 | | | 407 | |
| Add: | | | | | | | | | | |
Impairment charge | | 475 | | | | | | 0 | | 0 |
Litigation settlement charge, after-tax | | 115 | | | | | | 0 | | 0 |
Net income excl. Identified Items | | $ | 103 | | | | | | | $ | 185 | | | $ | 407 | |
| | | | | | | | | | |
| Net income (loss) | | (487) | | | | | | | 185 | | | 407 | |
| Less: | | | | | | | | | | |
| Other income, net | | 35 | | | | | | | 50 | | | 22 | |
| Interest expense | | (41) | | | | | | | (40) | | | (42) | |
Benefit from (provision for) income taxes | | 71 | | | | | | | (48) | | | (109) | |
Income (loss) from operations | | (552) | | | | | | | 223 | | | 536 | |
| Add: | | | | | | | | | | |
Impairment charge | | 475 | | | | | | 0 | | 0 |
Litigation settlement charge, pre-tax | | 150 | | | | | | 0 | | 0 |
Income from operations excl. Identified Items | | 73 | | | | | | 223 | | 536 |
| Add: | | | | | | | | | | |
| Depreciation and amortization | | 282 | | | | | | | 273 | | | 267 | |
| Other income, net | | 35 | | | | | | | 50 | | | 22 | |
EBITDA excl. Identified Items | | 390 | | | | | | 546 | | 825 |
| Less: | | | | | | | | | | |
Impairment charge | | 475 | | | | | | 0 | | 0 |
Litigation settlement charge, pre-tax | | 150 | | | | | | 0 | | 0 |
| EBITDA | | $ | (235) | | | | | | | $ | 546 | | | $ | 825 | |
| Net external sales | | $ | 2,826 | | | | | | | $ | 2,975 | | | $ | 3,356 | |
Operating income (loss) margin | | (20)% | | | | | | 7% | | 16% |
Operating income margin excl. Identified Items | | 3% | | | | | | 7% | | 16% |
| EBITDA Margin | | (8)% | | | | | | 18% | | 25% |
EBITDA margin excl. Identified Items | | 14% | | | | | | 18% | | 25% |
WESTLAKE CORPORATION
RECONCILIATION OF DILUTED EARNINGS PER COMMON SHARE TO DILUTED EARNINGS PER COMMON SHARE EXCLUDING IDENTIFIED ITEMS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | | | Three Months Ended March 31, |
| | 2023 | | | | | | 2024 | | 2023 |
| | | | | | | | | | |
| | (per share data) |
Diluted earnings (loss) per common share attributable to Westlake Corporation | | $ | (3.86) | | | | | | $ | 1.34 | | $ | 3.05 |
| Add: | | | | | | | | | | |
Impairment charge | | 3.69 | | | | | | — | | — |
Litigation settlement charge | | 0.89 | | | | | | — | | — |
Diluted earnings per common share attributable to Westlake Corporation excl. Identified Items | | $ | 0.72 | | | | | | $ | 1.34 | | $ | 3.05 |
WESTLAKE CORPORATION
RECONCILIATION OF FREE CASH FLOW TO NET CASH PROVIDED BY OPERATING ACTIVITIES
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | | | Three Months Ended March 31, |
| | 2023 | | | | | | 2024 | | 2023 |
| | | | | | | | | | |
| | (in millions of dollars) |
Net cash provided by operating activities | | $ | 573 | | | | | | | $ | 169 | | | $ | 512 | |
| Less: | | | | | | | | | | |
| Additions to property, plant and equipment | | 282 | | | | | | | 272 | | | 267 | |
Free cash flow | | $ | 291 | | | | | | | $ | (103) | | | $ | 245 | |
WESTLAKE CORPORATION
RECONCILIATION OF PEM SEGMENT EBITDA TO INCOME FROM OPERATIONS (INCLUDING AND EXCLUDING IDENTIFIED ITEMS)
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | | | Three Months Ended March 31, |
| | 2023 | | | | | | 2024 | | 2023 |
| | | | | | | | | | |
| | (in millions of dollars, except percentages) |
| Performance and Essential Materials Segment | | | | | | | | | | |
Income (loss) from operations | | $ | (664) | | | | | | | $ | 22 | | | $ | 403 | |
| Add: | | | | | | | | | | |
Impairment charge | | 475 | | | | | | | — | | | — | |
Litigation settlement charge | | 150 | | | | | | | — | | | — | |
Income (loss) from operations excl. Identified Items | | (39) | | | | | | | 22 | | | 403 | |
| Add: | | | | | | | | | | |
| Depreciation and amortization | | 229 | | | | | | | 220 | | | 210 | |
| Other income, net | | 11 | | | | | | | 11 | | | 2 | |
EBITDA excl. Identified Items | | 201 | | | | | | | 253 | | | 615 | |
| Less: | | | | | | | | | | |
Impairment charge | | 475 | | | | | | | — | | | — | |
Litigation settlement charge | | 150 | | | | | | | — | | | — | |
EBITDA | | $ | (424) | | | | | | | $ | 253 | | | $ | 615 | |
| Net external sales | | $ | 1,880 | | | | | | | $ | 1,931 | | | $ | 2,349 | |
Operating income (loss) margin | | (35)% | | | | | | 1% | | 17% |
Operating income (loss) margin excl. Identified Items | | (2)% | | | | | | 1% | | 17% |
| EBITDA Margin | | (23)% | | | | | | 13% | | 26% |
EBITDA margin excl. Identified Items | | 11% | | | | | | 13% | | 26% |
WESTLAKE CORPORATION
RECONCILIATION OF HIP SEGMENT EBITDA TO INCOME FROM OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | | | Three Months Ended March 31, |
| | 2023 | | | | | | 2024 | | 2023 |
| | | | | | | | | | |
| | (in millions of dollars, except percentages) |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Housing and Infrastructure Products Segment | | | | | | | | | | |
| Income from operations | | $ | 121 | | | | | | | $ | 210 | | | $ | 143 | |
| Add: | | | | | | | | | | |
| Depreciation and amortization | | 50 | | | | | | | 50 | | | 55 | |
| Other income, net | | 2 | | | | | | | 4 | | | 7 | |
| EBITDA | | $ | 173 | | | | | | | $ | 264 | | | $ | 205 | |
| Net external sales | | $ | 946 | | | | | | | $ | 1,044 | | | $ | 1,007 | |
| Operating Income Margin | | 13% | | | | | | 20% | | 14% |
| EBITDA Margin | | 18% | | | | | | 25% | | 20% |
WESTLAKE CORPORATION
SUPPLEMENTAL INFORMATION
PRODUCT SALES PRICE AND VOLUME VARIANCE BY OPERATING SEGMENTS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | First Quarter 2024 vs. First Quarter 2023 | | First Quarter 2024 vs. Fourth Quarter 2023 |
| | Average
Sales Price | | Volume | | Average
Sales Price | | Volume |
| Performance and Essential Materials | | -23 | % | | +5 | % | | -1 | % | | +3 | % |
| Housing and Infrastructure Products | | -10 | % | | +14 | % | | -2 | % | | +12 | % |
| Company | | -19 | % | | +8 | % | | -1 | % | | +6 | % |
ex992_20240331earningspr
1 Earnings Presentation 1Q 2024
2 First Quarter 2024 Highlights (1) Excludes “Identified Items” consisting of a $475 million non-cash impairment charge and a $150 million ($115 million after tax) charge to fully resolve certain claims (2) Reconciliation of Net Income and Net Income Per Share excl. Identified Items to Net Income and Net Income Per Share can be found on page 11 (3) Reconciliation of EBITDA excl. Identified Items to Net Income, Income from Operations and Net Cash Provided by Operating Activities can be found on page 12 1Q 2024 Financial Results Volume momentum continues along with stabilizing pricing • Housing and Infrastructure Products (HIP) reported records in income from operations of $210 million, EBITDA of $264 million and EBITDA margin of 25% • Solid 8% YoY sales volume growth with contributions from each segment • HIP trailing twelve-month EBITDA exceeds $1 billion for the first time, with a 24% EBITDA margin, as it becomes a larger part of the overall company’s earnings • Achieved ~$35 million of cost savings in 1Q towards our 2024 target of $125 – $150 million • Investment-grade balance sheet with $3.1 billion of cash and equivalents and $4.9 billion of debt at fixed interest rates averaging 3.2% with a weighted average maturity over 15 years $3.0B Net Sales 5% increase vs. 4Q $174M Net Income 87% increase vs. 4Q(1,2) $546M EBITDA 40% increase vs. 4Q(1,3) $1.34 Net Income Per Share $169M Net Cash Provided by Operating Activities $3.1B Cash and Equivalents
3 Westlake Corporation 1Q 2024 Record HIP first quarter EBITDA of $264 million and EBITDA margin of 25% Lower YoY average sales price driven by caustic soda, PVC resin and Epoxy resin due to price reductions that occurred in mid-2023 Slowly improving global macro- economic conditions driving volumes and stabilizing prices in PEM Solid 8% YoY sales volume growth with contributions from each segment led by Pipe & Fittings and Siding & Trim in HIP and chlorovinyls in PEM (1) Excludes “Identified Items” consisting of a $475 million non-cash impairment charge and a $150 million charge to fully resolve certain claims (2) Reconciliations of EBITDA excl. Identified Items, Performance and Essential Materials EBITDA excl. Identified Items, Housing and Infrastructure Products EBITDA and Corporate EBITDA to the applicable GAAP measures can be found on pages 12 and 13 Westlake 1Q 2024 vs. 4Q 2023 Average Sales Price -1.1% Volume +6.4% Westlake 1Q 2024 vs. 1Q 2023 Average Sales Price -19.1% Volume +7.8% 1Q'24 4Q'23 QoQ% 1Q'23 YoY% $2,975 $2,826 5% $3,356 (11%) $ 223 $ 73 205% $536 (58%) Performance and Essential Materials $253 $201 26% $615 (59%) Housing and Infrastructure Products $264 $173 53% $205 29% Corporate $29 $16 - $5 - $546 $390 40% $825 (34%) Operating Income(1) Sales EBITDA(1,2) ($ in millions)
4 Housing and Infrastructure Products (“HIP”) Segment Performance HIP Segment 1Q 2024 vs. 4Q 2023 Average Sales Price -2.0% Volume +12.3% HIP Segment 1Q 2024 vs. 1Q 2023 Average Sales Price -9.7% Volume +13.5% Record first quarter EBITDA and EBITDA margin driven by solid sales volume growth, lower materials costs, improved sales mix, and cost-saving actions compared to 1Q’23 Solid 14% YoY sales volume growth reflects the strong value of our brands and the importance of our products to our customers’ ability to create value for home buyers despite elevated mortgage rates Cost savings from acquisition synergies and automation efficiencies HIP backlog order volume remains solid for most product categories to start 2Q’24, indicating a continuation of recent strong demand (1) Reconciliations of HIP EBITDA to the applicable GAAP measure can be found on page 13 (2) HIP EBITDA margin is calculated by dividing HIP EBITDA by Total HIP Sales 1Q'24 4Q'23 QoQ% 1Q'23 YoY% Housing Products Sales $879 $795 11% $818 7% Infrastructure Products Sales $165 $151 9% $189 (13%) Total HIP Sales $1,044 $946 10% $1,007 4% Operating Income $210 $121 74% $143 47% EBITDA(1) $264 $173 53% $205 29% EBITDA Margin (2) 25% 18% - 20% - ($ in millions)
5 Housing and Infrastructure Products Update 2 Longer-term fundamentals for housing strength remain intact due to decade-plus of under- building, increasingly favorable demographics and increasing popularity of remote work 3 Pipe and fittings demand growth remains strong, particularly for large-diameter pipe, which is typically a positive leading indicator for future new residential construction that would benefit Westlake’s broader Housing Products business 4 The breadth of our footprint and expansive offerings provide customers the branded products they need to execute their growth plans and provided the product cross-selling and product suite sales opportunities that helped drive our record first quarter operating income 1 Leading positions in key markets enabling HIP to capitalize on resilient North American residential construction and infrastructure activity
6 Leveraging HIP’s Leading Positions in Attractive Markets BRAND VALUE Royal Building Products branding drives higher and more stable margins ~80% OF SALES Go through 1 Step distributors who sell to the final customer enhancing margins over other channels to market FLAGSHIP BRANDS US TAM(1) MARKET POSITIONS GROWTH OPPORTUNITIES Siding & Accessories $10B #1 Non-Wood Shutters #3 Premium Siding • Vinyl siding has lowest installed cost • Stable Repair & Remodel (R&R) spend • Strong housing construction demand Trim & Molding $3B #1 Premium PVC Trim #1 Poly-Ash Trim • Displacing wood & other alternatives • Stable R&R spend • Strong housing construction demand Roofing $15B #1 Concrete & Clay Tile #1 Composite Tile #2 Stone Coated Metal • Displacing natural slate & alternatives • Stable R&R spend • Strong housing construction demand Decorative Stone $4B #1 Architectural Stone Veneer • Housing construction, R&R spend • Market-leading brands support demand • WLK’s innovation in cultured stone Pipe & Fittings $10B #1 Horizontal Direction Drilling #2 Municipal Housing, Infrastructure Pipe • Patented pipe connecting tech • PVCO transports more water with less raw materials Outdoor Living Leading brands in decking driving higher penetration in Outdoor Living • Displacing wood decking • Growing outdoor trends post-pandemic • Market-leading brands, aesthetics LONG-TERM DEMAND DRIVERS Royal Building Products • Decade+ of underbuilding in U.S. residential housing • Demographics and work flexibility drive housing growth • Repair and remodel spend Pipe and Fittings • Residential housing growth • PVC replacing iron and concrete pipe for water usage • Aging infrastructure and U.S. Infrastructure Bill with our Made-in-the-USA products • Electrification trends Global Compounds • U.S. infrastructure bill spending on power grid and broadband • Growing housing, construction and EV and other electrification trends • Medical equipment demand growth • Sustainable automotive interiors • Growing consumer commitment to Made-in-the-USA sustainable products (1) Total Addressable Market
7 Performance and Essential Materials (“PEM”) Segment Performance (1) Excludes “Identified Items” consisting of a $475 million non-cash impairment charge and a $150 million charge to fully resolve certain claims (2) Reconciliations of PEM EBITDA excl. Identified Items to the applicable GAAP measure can be found on page 13 (3) PEM EBITDA margin is calculated by dividing PEM EBITDA excl. Identified Items by Total PEM Sales PEM Segment 1Q 2024 vs. 4Q 2023 Average Sales Price -0.7% Volume +3.4% PEM Segment 1Q 2024 vs. 1Q 2023 Average Sales Price -23.1% Volume +5.3% Slowly improving macroeconomic conditions driving volume and stabilizing pricing Lower YoY average sales price, particularly for caustic soda, PVC and epoxy resin, drove the decline in EBITDA and EBITDA margin Sales volume rose QoQ, led by PVC and epoxy resin, reflecting an end to the destocking experienced in 2023 Lower feedstock, fuel & power costs in North America combined with higher global oil prices expand our U.S. Gulf Coast global cost advantage and support margins 1Q'24 4Q'23 QoQ% 1Q'23 YoY% Performance Materials Sales $1,164 $1,107 5% $1,282 (9%) Essential Materials Sales $767 $773 (1%) $1,067 (28%) Total PEM Sales $1,931 $1,880 3% $2,349 (18%) Operating Income (Loss)(1) 22 (39) N/A $403 (95%) EBITDA(1,2) $253 $201 26% $615 (59%) EBITDA Margin (1,3) 13% 11% - 26% - ($ in millions)
8 Performance and Essential Materials Update 2 Our North American feedstock advantage expanded in the first quarter of 2024 due to both higher global oil prices and lower U.S. feedstock and power prices 3 Improving global demand across the industrial and manufacturing sector as prices for many of our products begin to improve 4 Long-term growth fundamentals remain in place, supported by the global need for clean water, transportation, renewable energy, packaging and consumer goods 1 Sales volume improved sequentially driven by an end to customer destocking, seasonal improvement in demand and reduced competition from low-price Asian imports in Europe as a result of shipping disruptions in the Red Sea
99 Financial Reconciliations
10 Consolidated Statements of Operations Performance and Essential Materials Sales $ 1,931 $ 2,349 $ 1,880 Housing and Infrastructure Products Sales 1,044 1,007 946 Net sales 2,975 3,356 2,826 Cost of sales Gross profit Selling, general and administrative expenses Impairment of goodwill and long-lived assets Amortization of intangibles Restructuring, transaction and integration-related costs Income (loss) from operations Interest expense Other income, net Income (loss) before income taxes Provision for (benefit from) income taxes Net income (loss) Net income attributable to noncontrolling interests Net income (loss) attributable to Westlake Corporation $ 174 $ 394 $ (497) Earnings (loss) per common share attributable to Westlake Corporation: Basic $ 1.35 $ 3.07 $ (3.86) Diluted $ 1.34 $ 3.05 $ (3.86) 13 10 11 (487) 109 22 (552) (41) 35 2023 (In millions of dollars, except per share data) (558) (71) 48 (40) (42) 407 233 516 50 22 185 4 3 223 536 - - 475 30 31 30 209 222 224 Three months ended March 31, Three months ended December 31, 466 792 2023 2,627 199 2,509 2,564 2024
11 Reconciliation of Net Income Attributable to Westlake Corporation and Earnings Per Diluted Share to Net Income and Diluted Earnings Per Share excl. Identified Items Net income (loss) $ 185 $ 407 $ (487) Less: Net income attributable to noncontrolling interests Net income (loss) attributable to Westlake Corporation 174 394 (497) Add: Impairment charge, after-tax Litigation settlement charge of $150 million, after-tax Net income attributable to Westlake Corporation excl. Identified Items $ 174 $ 394 $ 93 Diluted earnings (loss) per common share attributable to Westlake Corporation $ 1.34 $ 3.05 $ (3.86) Add: Impairment charge per share 3.69 Litigation settlement charge per share 0.89 Diluted earnings per common share attributable to Westlake Corporation excl. Identified Items $ 1.34 $ 3.05 $ 0.72 - - - - - 475 115 - 11 13 10 - - Three months ended March 31, Three months ended December 31, 2024 2023 2023 (In millions of dollars, except per share data)
12 Reconciliation of EBITDA excl. Identified Items to EBITDA, Net Income, Income from Operations and Net Cash Provided by Operating Activities Net cash provided by operating activities $ 169 $ 512 $ 573 Changes in operating assets and liabilities and other Deferred income taxes Net income (loss) Less: Other income, net Interest expense Provision for income taxes Income (loss) from operations Add: Depreciation and amortization Other income, net EBITDA 546 825 Add: Impairment Charge Litigation Settlement Charge EBITDA excl. Identified Items $ 546 $ 825 $ 390 Income (loss) from operations margin 7% 16% (20%) EBITDA excl. Identified Items margin 18% 25% 14% - - 150 - - 475 Three months ended March 31, 20232024 2023 Three months ended December 31, (In millions of dollars) (1,168)(6) (121) 108 22 16 (487)185 407 (41)(40) (42) 35 50 22 (552) 223 536 71 (48) (109) 35 50 22 282 273 267 (235)
13 Reconciliation of PEM EBITDA excl. Identified Items, HIP EBITDA and Corporate EBITDA to Operating Income (Loss) Three months ended March 31, Three months ended December 31, 2024 2023 2023 Performance and Essential Materials EBITDA excl. Identified Items $ 253 $ 615 $ 201 Less: Impairment Charge - - 475 Litigation Settlement Charge - - 150 Depreciation and Amortization 220 210 229 Other income, net 11 2 11 Performance and Essential Materials Operating Income (Loss) 22 403 (664) Housing and Infrastructure Products EBITDA 264 205 173 Less: Depreciation and Amortization 50 55 50 Other income, net 4 7 2 Housing and Infrastructure Products Operating Income (Loss) 210 143 121 Corporate EBITDA 29 5 16 Less: Depreciation and Amortization 3 2 3 Other income, net 35 13 22 Corporate Operating Income (Loss) (9) (10) (9) Performance and Essential Materials Operating Income (Loss) 22 403 (664) Housing and Infrastructure Products Operating Income (Loss) 210 143 121 Corporate Operating Income (Loss) (9) (10) (9) Total Operating Income (Loss) 223$ 536$ (552)$ (In millions of dollars)
14 Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities Net cash provided by operating activities $ 169 $ 512 $ 573 Less: Additions to property, plant and equipment Free Cash Flow $ (103) $ 245 $ 291 272 267 282 (In millions of dollars) Three months ended March 31, Three months ended December 31, 2024 2023 2023
15 Safe Harbor Language This presentation contains certain forward-looking statements including statements regarding our cost savings objectives and our ability to maintain synergies, pricing and demand for our products, global macroeconomic conditions, anticipated sales volumes, expectations regarding the non-recurring nature of unusual items such as the Identified Items, industry outlook for both of our segments, our cost control and efficiency efforts, the effects of changing demographics in the markets that we serve, anticipated residential construction and infrastructure growth, consumer trends, such as the popularity of remote work; housing market fundamentals; the proliferation of electrification, consumer sentiment regarding products manufactured domestically and sustainability, expectations regarding mortgage rates and their effects on the affordability of homes, expectations regarding homebuilder confidence, the anticipated effects of our branding efforts and cross-selling activities, our cost advantages in the North American chemicals market; shipping disruptions; and customer inventory levels resulting from destocking activities. Actual results may differ materially depending on factors, including, but not limited to, the following: general economic and business conditions, including inflation, interest rates and possible recession; the cyclical nature of the chemical and building products industries; the availability, cost and volatility of raw materials and energy; uncertainties associated with the United States, European and worldwide economies, including those due to political tensions and conflict in the Middle East, Russia, Ukraine and elsewhere; uncertainties associated with pandemic infectious diseases; uncertainties associated with climate change; the potential impact on the demand for ethylene, polyethylene and polyvinyl chloride due to initiatives such as recycling and customers seeking alternatives to polymers; current and potential governmental regulatory actions in the United States and other countries; industry production capacity and operating rates; the supply/demand balance for our products; competitive products and pricing pressures; instability in the credit and financial markets; access to capital markets; terrorist acts; operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, labor difficulties, transportation interruptions, spills and releases and other environmental risks); changes in laws or regulations, including trade policies; technological developments; information systems failures and cyber attacks; foreign currency exchange risks; our ability to implement our business strategies; and other factors described in our reports filed with the Securities and Exchange Commission. Many of these factors are beyond our ability to control or predict. Any of these factors, or a combination of these factors, could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements. These forward-looking statements are not guarantees of our future performance, and our actual results and future developments may differ materially from those projected in the forward-looking statements. Management cautions against putting undue reliance on forward-looking statements. Every forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements. Investor Relations Contacts Steve Bender Executive Vice President & Chief Financial Officer John Zoeller Vice President & Treasurer Westlake Corporation 2801 Post Oak Boulevard, Suite 600, Houston, Texas 77056 | 713-960-9111
