HOUSTON, April 29, 2015 /PRNewswire/ -- The Board of Directors of Westlake Chemical Partners GP LLC , the general partner of Westlake Chemical Partners LP (the "Partnership") (NYSE:WLKP) declared on April 29, 2015, a distribution of $0.2829 per unit. This distribution represents an increase of 2.87% over the distribution made for the fourth quarter of 2014 which was paid on February 24, 2015. This is the third distribution announced by the Partnership since its successful IPO closing on August 4, 2014. The distribution will be payable on May 27, 2015, to unit holders of record on May 12, 2015.
"This distribution is the first step to achieve our stated annualized low double-digit growth in distributions," stated Albert Chao, Westlake Partners President and Chief Executive Officer. "We intend to provide consistent, quarterly increases in distributions to our unit holders to achieve this goal."
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
The statements in this release that are not historical facts, but forward-looking statements, including the expectation of long-term distribution growth, could be adversely affected by, among other things, operating difficulties; the volume of ethylene that we are able to sell; the price at which we are able to sell ethylene; changes in the price and availability of electricity; changes in prevailing economic conditions; unanticipated ground, grade or water conditions; inclement or hazardous weather conditions, including flooding, and the physical impacts of climate change; environmental hazards; industrial accidents; changes in laws and regulations (or the interpretation thereof); inability to acquire or maintain necessary permits; inability to obtain necessary production equipment or replacement parts; technical difficulties or failures; labor disputes; late delivery of raw materials; difficulty collecting receivables; inability of our customers to take delivery; changes in the price and availability of transportation; fires, explosions or other accidents; our ability to borrow funds and access capital markets; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially from the projections contained herein, please refer to Westlake Partners' Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the Securities and Exchange Commission on March 9, 2015.
Westlake Chemical Partners LP (WLKP)
Westlake Chemical Partners is a limited partnership formed by Westlake Chemical Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, TX, the Partnership owns a 13.3% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana, and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com/.
SOURCE Westlake Chemical Partners