Westlake Chemical Partners LP

Good afternoon. Thank you for standing by. Welcome to the Westlake Chemical Partners fourth quarter and full year 2024 earnings conference call. During the presentation, all participants will be in a listen-only mode. After the speaker's remarks, you'll be invited to participate in the question and answer session. As a reminder, this conference is being recorded today, February 24th, 2025. I would now like to turn the call over to your host, John Zeller, 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 and full year 2024 conference call i am joined today by albert chao our executive chairman jean-marc gilson our president and ceo steve bender our executive vice president and chief financial officer 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 Oliven'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 fourth quarter and full year 2024 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. This replay can be accessed via the partnership website. Please note that information reported on this call speaks only as of today, February 24, 2025, 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 web page at wlkpartners.com. Now I'd like to turn the call over to Jean-Marc Gilson. Jean-Marc?

Thank you, John. Good afternoon, everyone, and thank you for joining us to discuss our fourth quarter in full year 2024 results. In this morning's press release, we reported Westlake's partner's full year 2024 net income of $62 million, or $1.77 per unit. Consolidated net income, including OPCO, was $369 million for the full year 2024. 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 structure, combined with our investment-grade sponsor, Westlake, produces predictable earnings and stable cash flows. This was evident in 2024 as we delivered another year of solid results and sustained distributions to our unit holders. The stable fee-based cash flow generated by our fixed-margin 18-year sales contract with Westlake forms the foundation for us to deliver long-term value to our unit holders. This quarter's distribution is the 42nd consecutive quarterly distribution since our IPO in July of 2014 without any reductions. I would now like to turn our call over to Steve to provide more detail on the financial and operating results for the quarter and full year. Steve?