Westlake Chemical Partners LP

Good afternoon. Thank you for standing by, and welcome to the Westlake Chemical Partners First Quarter 2022 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, May 3, 2022. I would now like to turn the call over to today's host, Jeff Coley. Jeff Hawley, Westlake Chemical Partners Vice President and Treasurer. Sir, you may begin.

Thank you. Good afternoon, everyone, and welcome to the Westlake Chemical Partners first quarter 2022 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 Oliphant'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. 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 with details of our first quarter 2022 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 673-9002. Please note that information reported on this call speaks only as of today, May 3, 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. 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 first quarter 2022 results. In this morning's press release, we reported Westlake Partners' first quarter 2022 net income of $16 million, or 46 cents per unit. Strong production after the Petro2 turnaround paired with healthy third-party sales margins during the quarter, drove consolidated net income, including OPCOs, of $81 million. Westlake Partners consistently demonstrated the stability generated from our fixed-margin ethylene sales agreement for 95 percent of annual planned production and delivered stable fee-based cash flow through its insulative qualities. minimizing market volatility and other production risks. This high degree of cash flow stability and the predictability of our business has supported a long history of reliable distributions. This quarter's distribution is the 31st consecutive quarterly distribution since our IPO. I would now like to turn our call over to Steve to provide more detail on the financial and operating results for the quarter.