Westlake Chemical Partners is a master limited partnership (MLP) formed by Westlake Corporation to hold a 22.8% limited partner interest in Westlake Chemical OpCo, which owns three ethylene production facilities in Louisiana and Kentucky with combined annual capacity of roughly 3.7B pounds, plus a 200-mile ethylene pipeline in Texas. Ethylene is a core petrochemical feedstock produced by cracking ethane at high temperatures; Westlake Corporation's downstream operations then use this ethylene to produce polyethylene and PVC for packaging, construction, and transportation end markets. The partnership sells 95% of OpCo's planned ethylene production to Westlake Corporation under a long-term take-or-pay Ethylene Sales Agreement on a cost-plus basis, earning a fixed margin of $0.10 per pound while passing all feedstock, operating, and maintenance costs through to Westlake. This structure largely insulates the partnership from commodity price swings, with production volumes and scheduled turnarounds being the primary drivers of earnings variability. The remaining ~5% of volumes and co-products like propylene and hydrogen are sold to third parties at market prices. The partnership is designed as a fee-based, pass-through vehicle targeting a distribution coverage ratio of approximately 1.1x, and has paid 46 consecutive quarterly distributions since its 2014 IPO. Growth options include increasing OpCo ownership via drop-down acquisitions from Westlake Corporation, though management acknowledges near-term opportunities are limited.