Westlake Chemical Partners LP

Good afternoon. Thank you for standing by. Welcome to the Westlake Chemical Partners Fourth Quarter 2020 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. After the speaker's remarks, you will be invited to participate in a question-and-answer session. As a reminder, this conference is being recorded today, February 23, 2021. I would now like to turn the call over to today's host, Jeff Holey, Westlake Chemical Partners Vice President and Treasurer. Sir, you may begin.

Thank you, Victor. Good afternoon, everyone, and welcome to the Westlake Chemical Partners fourth quarter 2020 conference call. I'm joined today by Albert Chao, our president and CEO, Steve Bender, our senior vice president and CFO, and other members of our management team. During this call, we refer to ourselves as Westlake Partners or the partnership. References to Westlake or Westlake Chemical refer to our parent company, Westlake Chemical Corporation, and references to OPCO refer to Westlake Chemical OPCO LP, a subsidiary of Westlake Chemical and the partnership, which owns certain Olyphant's assets. Additionally, when we refer to distributable cash flow, we are referring to Westlake Chemical Partners MLP distributable cash flow. Definitions of these terms are available on the partnership's website. Today, management is going to discuss certain topics that will contain forward-looking information that is based on management's beliefs as well as assumptions made by and information currently available to management. These forward-looking statements suggest predictions or expectations and thus are subject to risks or uncertainties. Actual results could differ materially based upon many factors including 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 prevailing economic conditions, actual and proposed governmental regulatory actions, competitive products and pricing pressures, the COVID-19 pandemic, extreme weather conditions, our ability to borrow funds and access capital markets at a reasonable cost, and other risk factors discussed in our SEC filings. This morning, Westlake Partners issued a press release with details of our fourth quarter and full year 2020 financial and operating results. This document is available in the press release section of our webpage at wlkpartners.com. A replay of today's call will be available beginning two hours after the conclusion of this call. The replay may be accessed by dialing the following numbers. Domestic caller should dial 855- 859-2056. International callers may access the replay at 404-537-3406. The access code is 392-5687. Please note that information reported on this call speaks only as of today, February 23, 2021, and therefore you're advised that time-sensitive information may no longer be accurate as of the time of any replay. I will finally advise you that this conference call is being broadcast live through an internet webcast system that can be accessed on our webpage at wlkpartners.com. Now, I would like to turn the call over to Albert Chow. Albert?

Thank you, Jeff. Good afternoon, everyone, and thank you for joining us to discuss our fourth quarter and full year 2020 results. In this morning's press release, reported consolidated net income, including off-cost earnings of $75 million for the fourth quarter of 2020. Westlake Partners' fourth quarter 2020 net income was $15 million, or 43 cents per unit. For the full year, consolidated net income was $341 million. Westlake Partners' full year 2020 net income was $66 million. This year proved to be another strong year for Wesley Chemical Partners. In spite of the unprecedented challenges driven by the impacts of the COVID-19 pandemic lockdowns and the production outages caused by hurricanes Laura and Delta, our earnings for the year remain solid, illustrating the strength of our business model. Let me provide a brief update on the hurricane's impact in the fourth quarter. With the threat of landfall of Hurricane Delta in October, we idle our facilities in Lake Charles, Louisiana, and we're fortunate to have sustained minimal damage to our facilities. Once power was restored, we worked quickly to resume operations and begin producing ethylene. I would like to say a special thank you to our dedicated employees who were vital to restarting these plants. The solid financial results we experienced in the fourth quarter, as well as for the whole year, are a testament to the stability generated from our fixed margin ethylene sales agreement for 95% of annual plant production each year, which insulates us from market volatility. This certainty, combined with our investment-grade sponsor, Wesley Chemical, produces predictable earnings and stable cash flows. I would now like to turn our call over to Steve to provide more detail on the financial and operating results for the fourth quarter and the full year of 2020. Steve?