Westlake Chemical Partners LP

Good afternoon, and thank you for standing by. Welcome to the Westlake Chemical Partners' fourth quarter 2021 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 22, 2022. I would now like to turn the call over to today's host, Jeff Holley. Westlake Chemical Partners Vice President and Treasurer. Sir, you may begin.

Thank you. Good afternoon, everyone, and welcome to the Westlake Chemical Partners fourth quarter 2021 conference call. I'm joined today by Albert Chow, our President and CEO, Steve Bender, our Executive 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 refer to our parent company, Westlake Corporation, and references to Opco refer to Westlake Chemical Opco LP, a subsidiary of Westlake and the partnership, which owns certain Olefins 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. We encourage you to learn more about the factors that could lead our actual results to differ by reviewing the cautionary statements in our regulatory filings which are also available on our investor relations website. This morning, Westlake Partners issued a press release which details our fourth quarter and full year 2021 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 callers should dial 855-859-2056. International callers may access the replay at 404-537-3406. The access code is 636-9819. Please note that information reported on this call speaks only as of today February 22, 2022, and therefore, you are advised that time-sensitive information may no longer be accurate as of the time of any replay. I would 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 2021 results. In this morning's press release, we reported record Westlake Partners full year 2021 net income of $83 million, or $2.34 per unit. Strong third-party sales margins during the year and a buyer deficiency fee contributed to consolidated net income including OPCOS, of $401 million. In the second half of 2021, we completed our planned turnaround at OPCOS Special II facility in Lake Charles, Louisiana. Westlake Partners' financial results continue to demonstrate the stability generated from our fixed-margin ethylene sales agreement for 95% of annual plant production each year. insulating us from market volatility and other production risks. This certainty, combined with our investment-grade sponsor, Westlake, produces predictable earnings and stable cash flows. This was evident despite many weather-related challenges of 2021 and the completion of our planned turnaround at Opco's Petro2 facility, and we delivered solid results and sustained distributions to our unit holders. The stable fee-based cash flow generated by our fixed margin ethylene sales contract with Westlake forms the foundation for us to deliver long-term value to our unit holders as we have since our IPO in July of 2014. This quarter's distribution is the 30th consecutive quarterly distribution since our IPO. This high degree of cash flow stability and predictability provide for our long history of reliable distributions. I would now like to turn our call over to Steve to provide more detail on the financial and operating results for the quarter.