Westlake Chemical Partners LP

Previous wording

On July 8, 2026, OpCo entered into the Third Amendment (the "OpCo Revolver Amendment") to the Amended and Restated Senior Unsecured Revolving Credit Agreement (as so amended, the "OpCo Revolver"). The OpCo Revolver Amendment extended the maturity date of the OpCo Revolver to July 11, 2031 and removed the 0.10% credit spread adjustment that had previously applied to the OpCo Revolver's SOFR-based interest rate. Borrowings under the OpCo Revolver now bear interest at a variable rate of either (a) SOFR plus the Applicable Margin or, if SOFR is no longer available, (b) the Alternate Base Rate plus the Applicable Margin minus 1.0%. The Applicable Margin under the OpCo Revolver is 1.75%.

Current wording

On July 8, 2026, OpCo entered into the Third Amendment (the "OpCo Revolver Amendment") to the Amended and Restated Senior Unsecured Revolving Credit Agreement (as so amended, the "OpCo Revolver"). The OpCo Revolver Amendment extended the maturity date of the OpCo Revolver to July 11, 2031 and removed the 0.10% credit spread adjustment that had previously applied to the OpCo Revolver's Secured Overnight Financing Rate, as administered by the Federal Reserve Bank of New York ("SOFR") based interest rate. Borrowings under the OpCo Revolver now bear interest at a variable rate of either (a) SOFR plus the Applicable Margin or, if SOFR is no longer available, (b) the Alternate Base Rate plus the Applicable Margin minus 1.0%. The Applicable Margin under the OpCo Revolver is 1.75%.

Previous wording

On July 8, 2026, the Partnership entered into the Fifth Amendment (the "MLP Revolver Amendment") to the Senior Unsecured Revolving Credit Agreement (as so amended, the "MLP Revolver"). The MLP Revolver Amendment extended the maturity date of the MLP Revolver to July 11, 2031 and removed the 0.10% credit spread adjustment that had previously applied to the MLP Revolver's SOFR-based interest rate. Borrowings under the MLP Revolver will now bear interest at a variable rate of either (a) SOFR plus the Applicable Margin or, if SOFR is no longer available, (b) the Alternate Base Rate plus the Applicable Margin minus 1.0%. The Applicable Margin under the MLP Revolver varies between 1.75% and 2.75%, depending on the Partnership's Consolidated Leverage Ratio.

Current wording

On July 8, 2026, the Partnership entered into the Fifth Amendment (the "MLP Revolver Amendment") to the Senior Unsecured Revolving Credit Agreement (as so amended, the "MLP Revolver"). The MLP Revolver Amendment extended the maturity date of the MLP Revolver to July 11, 2031 and removed the 0.10% credit spread adjustment that had previously applied to the MLP Revolver's SOFR-based interest rate. Borrowings under the MLP Revolver now bear interest at a variable rate of either (a) SOFR plus the Applicable Margin or, if SOFR is no longer available, (b) the Alternate Base Rate plus the Applicable Margin minus 1.0%. The Applicable Margin under the MLP Revolver varies between 1.75% and 2.75%, depending on the Partnership's Consolidated Leverage Ratio.

Previous wording

For thesix months ended June 30, 2026, net income was$164.0 million on net sales of$602.8 million. This represents anincrease in net income of$35.9 million as compared to net income of$128.1 million on net sales of$534.7 million for the six months ended June 30, 2025. Net income attributable to the Partnership for thesix months ended June 30, 2026 was$28.4 million as compared to$19.5 million for the six months ended June 30, 2025, anincrease of$8.9 million. Income from operations was$173.9 million for thesix months ended June 30, 2026 as compared to$137.8 million for the six months ended June 30, 2025, anincrease of$36.1 million. Income from operations, net income and net income attributable to the Partnership for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, were higher primarily due to the higher ethylene sales to Westlake and higher co-products sales during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. Net sales for thesix months ended June 30, 2026 increased by$68.1 million as compared to net sales for the six months ended June 30, 2025, mainly due to higher ethylene sales volumes to Westlake and third parties as well as higher co‑products sales volumes, partially offset by lower sales prices. The increase in sales volumes in thesix months ended June 30, 2026, as compared to the six months ended June 30, 2025 was due to increased production in the current period as the prior year comparative period production volume was negatively impacted by the Petro 1 turnaround.

Current wording

For thenine months ended September 30, 2026, net income was$254.9 million on net sales of$917.2 million. This represents anincrease in net income of$40.6 million as compared to net income of$214.3 million on net sales of$843.6 million for the nine months ended September 30, 2025. Net income attributable to the Partnership for thenine months ended September 30, 2026 was$44.6 million as compared to$34.2 million for the nine months ended September 30, 2025, anincrease of$10.4 million. Income from operations was$269.4 million for thenine months ended September 30, 2026 as compared to$229.8 million for the nine months ended September 30, 2025, an increase of $39.6 million. Income from operations, net income and net income attributable to the Partnership for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, were higher primarily due to the higher sales volumes and lower feedstock costs, partially offset by higher fuel costs. The increase in sales volumes in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was due to increased production in the current period as the prior year comparative period production volume was negatively impacted by the Petro 1 turnaround.

Previous wording

Second Quarter 2026 Compared with Second Quarter 2025

Current wording

Third Quarter 2026 Compared with Third Quarter 2025

Previous wording

Net Sales. Net sales remained consistent at $297.1 million in the second quarter of 2026, compared to $297.1 million in the second quarter of 2025. Net sales in the second quarter of 2025 included a buyer deficiency fee from Westlake of $13.6 million. Excluding the effect of the buyer deficiency fee, net sales increased by $13.6 million, or 4.8%, in the second quarter of 2026 as compared to the second quarter of 2025. The increase in net sales from the prior‑year period was primarily due to higher ethylene sales volumes to Westlake and third parties, as well as higher co‑product sales volumes to third parties, partially offset by the effect of lower average sales prices to Westlake. Higher sales volumes in the second quarter of 2026 contributed to a 9.0% increase in net sales compared to the second quarter of 2025, while lower average sales prices in the second quarter of 2026 contributed to a 4.2% decrease in net sales compared to the second quarter of 2025.

Current wording

Net Sales. Net sales increased to $314.5 million in the third quarter of 2026, compared to $308.9 million in the third quarter of 2025. The increase in net sales in the third quarter of 2026 as compared to the third quarter of 2025 was primarily due to higher third-party ethylene and co-product sales prices and volumes, partially offset by the lower ethylene sales prices to Westlake. Higher average sales prices in the third quarter of 2026 contributed to a 1.2% increase in net sales compared to the third quarter of 2025. Higher sales volumes in the third quarter of 2026 contributed to a 0.6% increase in net sales compared to the third quarter of 2025.

Previous wording

Gross Profit. Gross profit decreased to $94.8 million in the second quarter of 2026 from $97.5 million in the second quarter of 2025. Gross profit margin in the second quarter of 2026 was 31.9%, as compared to 32.8% in the second quarter of 2025. The marginally lower gross profit margin was primarily due to lower sales prices in the second quarter of 2026 as compared to the second quarter of 2025, offset by lower feedstock and fuel costs.

Current wording

Gross Profit. Gross profit increased to $103.9 million in the third quarter of 2026 from $99.4 million in the third quarter of 2025. Gross profit margin in the third quarter of 2026 was 33.0%, as compared to 32.2% in the third quarter of 2025. The increase in gross profit margin was primarily due to higher average sales prices in the third quarter of 2026 as compared to the third quarter of 2025.

Previous wording

Selling, General and Administrative Expenses. Selling, general and administrative expenses increased by $1.2 million or 19.0% to $7.5 million in the second quarter of 2026 as compared to $6.3 million in the second quarter of 2025. The increase was mainly attributable to higher service costsin the second quarter of 2026 as compared to the second quarter of 2025.

Current wording

Selling, General and Administrative Expenses. Selling, general and administrative expenses increased by $0.9 million, or 12.2%, to $8.3 million in the third quarter of 2026 as compared to $7.4 million in the third quarter of 2025. The increase was mainly attributable to higher service costs in the third quarter of 2026 as compared to the third quarter of 2025.

Previous wording

Interest Expense—Westlake. Interest expense of $5.1 million in the second quarter of 2026 decreased from $5.9 million in the second quarter of 2025 mainly due to lower interest rates on the outstanding debt inthe second quarter of 2026 as compared to the second quarter of 2025.

Current wording

Interest Expense—Westlake. Interest expense of $5.1 million in the third quarter of 2026 decreased from $5.9 million in the third quarter of 2025 mainly due to lower interest rates on the outstanding debt in the third quarter of 2026 as compared to the third quarter of 2025.

Previous wording

Other Income, net. Other income, net decreased to $0.3 million in the second quarter of 2026 from $0.7 million in the second quarter of 2025, primarily due to a decrease in interest earned on investments with Westlake under the Investment Management Agreement due to a lower average amount of cash invested and lower interest rates inthe second quarter of 2026 as compared to the second quarter of 2025.

Current wording

Other Income, net. Other income, net increased to $0.6 million in the third quarter of 2026 from $0.2 million in the third quarter of 2025, primarily due to an increase in interest earned on investments with Westlake under the Investment Management Agreement due to a higher average amount of cash invested inthe third quarter of 2026 as compared to the third quarter of 2025.

Previous wording

MLP Distributable Cash Flow. MLP distributable cash flow increased by $2.6 million to $17.6 million in the second quarter of 2026 from $15.0 million in the second quarter of 2025. The increase was primarily attributable to higher production and sales volumes and lower maintenance capital expenditures in the second quarter of 2026 as a result of the prior year’s Petro 1 turnaround.

Current wording

MLP Distributable Cash Flow. MLP distributable cash flow increased by $3.1 million to $18.0 million in the third quarter of 2026 from $14.9 million in the third quarter of 2025. The increase in the third quarter of 2026, as compared to the prior-year period, was primarily attributable to lower maintenance capital expenditures and higher sales volume.

Previous wording

Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025

Current wording

Nine Months Ended September 30, 2026 Compared with Nine Months Ended September 30, 2025

Previous wording

Net Sales. Net sales increased by $68.1 million, or 12.7%, to $602.8 million in the six months ended June 30, 2026 from $534.7 million in the six months ended June 30, 2025. The increase in net sales in the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily due to higher ethylene sales volumes to Westlake and third parties as well as higher co‑products sales volumes, partially offset by lower sales prices. Net sales in the six months ended June 30, 2025 included a buyer deficiency fee from Westlake of$13.6 million. Excluding the effect of the buyer deficiency fee, the higher sales volumes in the six months ended June 30, 2026 contributed to a 21.6% increase in net sales compared to the six months ended June 30, 2025. Lower average sales prices in the six months ended June 30, 2026 contributed to a 5.9% decrease in net sales compared to the six months ended June 30, 2025.

Current wording

Net Sales. Net sales increased by $73.6 million, or 8.7%, to $917.2 million in the nine months ended September 30, 2026 from $843.6 million in the nine months ended September 30, 2025. The increase in net sales in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was primarily due to higher sales volumes to Westlake and third parties, as well as higher co‑product sales volumes to third parties, partially offset by lower average sales prices to Westlake. Net sales in the nine months ended September 30, 2025 included a Buyer Deficiency Fee from Westlake of$13.6 million. Excluding the effect of the Buyer Deficiency Fee, the higher sales volumes in the nine months ended September 30, 2026 contributed to a 13.9% increase in net sales compared to the nine months ended September 30, 2025. Lower average sales prices in the nine months ended September 30, 2026 contributed to a 3.3% decrease in net sales compared to the nine months ended September 30, 2025.

Previous wording

Gross Profit. Gross profit increased to $188.6 million in the six months ended June 30, 2026 from $151.6 million in the six months ended June 30, 2025. Gross profit margin in the six months ended June 30, 2026 was 31.3%, as compared to 28.4% in the six months ended June 30, 2025. The higher gross profit margin was primarily due to higher production and sales in the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, and lower feedstock costs, partially offset by higher fuel costs.

Current wording

Gross Profit. Gross profit increased to $292.5 million in the nine months ended September 30, 2026 from $251.0 million in the nine months ended September 30, 2025. Gross profit margin in the nine months ended September 30, 2026 was 31.9%, as compared to 29.8% in the nine months ended September 30, 2025. The higher gross profit margin was primarily due to higher production and sales volumes and lower feedstock costs, partially offset by higher fuel costs in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025.

Previous wording

Selling, General and Administrative Expenses. Selling, general and administrative expenses increased by $0.9 million or 6.5% to $14.7 million in the six months ended June 30, 2026 as compared to $13.8 million in the six months ended June 30, 2025. The increase was mainly attributable to higher service costs in the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

Current wording

Selling, General and Administrative Expenses. Selling, general and administrative expensesin creased by $1.8 million, or 8.5%, to $23.0 million in thenine months ended September 30, 2026 as compared to $21.2 million in the nine months ended September 30, 2025. The increase was mainly attributable to higher service costs in the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025.

Previous wording

Interest Expense—Westlake. Interest expense of $10.2 million in the six months ended June 30, 2026 decreased from $11.4 million in the six months ended June 30, 2025 mainly due to lower interest rates on the outstanding debt in the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

Current wording

Interest Expense—Westlake. Interest expense of $15.3 million in the nine months ended September 30, 2026 decreased from $17.4 million in the nine months ended September 30, 2025 mainly due to lower interest rates on the outstanding debt in the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025.

Previous wording

Other Income, net. Other income, net decreased to $0.7 million in the six months ended June 30, 2026 from $2.0 million in the six months ended June 30, 2025, primarily dueto a decrease in interest earned on investments with Westlake under the Investment Management Agreement due to a lower average amount of cash invested and lower interest rates in the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

Current wording

Other Income, net. Other income, net decreased to $1.3 million in the nine months ended September 30, 2026 from $2.2 million in the nine months ended September 30, 2025, primarily due to a decrease in interest earned on investments with Westlake under the Investment Management Agreement due to a lower average amount of cash invested and lower interest rates in the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025.

Previous wording

MLP Distributable Cash Flow. MLP distributable cash flow increased by $15.8 million to $35.5 million in the six months ended June 30, 2026 from $19.7 million in the six months ended June 30, 2025. The increase was primarily attributable tohigher production and sales volumes and lower maintenance capital expenditures in the six months ended June 30, 2026 as a result of the prior year’s Petro 1 turnaround.

Current wording

MLP Distributable Cash Flow. MLP distributable cash flow increased by $18.9 million to $53.5 million in the nine months ended September 30, 2026 from $34.6 million in the nine months ended September 30, 2025. The increase was primarily attributable to higher production and sales volumes and lower maintenance capital expenditures in the nine months ended September 30, 2026 as a result of the prior year's Petro 1 turnaround.

Previous wording

EBITDA. EBITDA increased by $44.5 million to $243.9 millionin the six months ended June 30, 2026 from $199.4 million in the six months ended June 30, 2025. The increase was primarily due to higher ethylene sales to Westlake and higher co-products sales in the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

Current wording

EBITDA. EBITDA increased by $46.7 million to $372.2 millionin the nine months ended September 30, 2026 from $325.5 million in the nine months ended September 30, 2025. The increase was primarily due to higher sales volumes, partially offset by the effect of lower average sales prices to Westlake in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

Previous wording

CASH FLOW DISCUSSION FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025

Current wording

CASH FLOW DISCUSSION FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025

Previous wording

Operating activities provided cash of $240.0 million in the first six months of 2026 compared to cash provided by operating activities of $54.9 million in the first six months of 2025. The $185.1 million increase in cash flows from operating activities was mainly due to higher income from operations in the first six months of 2026 as compared to the first six months of 2025 and a favorable impact in the first six months of 2026 as compared to the first six months of 2025 when significant cash was used in connection with the 2025 Petro 1 turnaround and an increase in cash provided by working capital changes. Changes in components of working capital resulted in cash inflow of $3.3 million in the first six months of 2026 as compared to $10.6 million of cash used in the first six months of 2025, resulting in an overall favorable change of $13.9 million. The favorable change in working capital was mainly attributable to a favorable change in net accounts receivable—Westlake. This favorable change was partially offset by unfavorable changes in accounts payable—third parties and accrued and other liabilities in the first six months of 2026.

Current wording

Operating activities provided cash of $362.2 million in the first nine months of 2026 compared to cash provided by operating activitiesof $160.1 million in the first nine months of 2025. The $202.1 million increase in cash flows from operating activities was mainly due to higher income from operations in the first nine months of 2026 as compared to the first nine months of 2025, a favorable impact in the first nine months of 2026 as compared to the first nine months of 2025 when significant cash was used in connection with the 2025 Petro 1 turnaround and an increase in cash provided by working capital changes. Changes in components of working capital resulted in cash inflow of $0.1 million in the first nine months of 2026 as compared to $26.2 million of cash used in the first nine months of 2025, resulting in an overall favorable change of $26.3 million. The favorable change in working capital was mainly attributable to a favorable change in net accounts receivable—Westlake, primarily due to the collection of the 2025 Buyer Deficiency Fee in 2026 and lower average sales prices. This favorable change was partially offset by unfavorable changes in accounts receivable—third parties and in accounts payable—third parties and accrued and other liabilities in the first nine months of 2026.

Previous wording

Net cash used for investing activities in the first six months of 2026 was $38.0 million as compared to net cash provided by investing activities of $49.7 million in the first six months of 2025, resulting in an overall unfavorable change of $87.7 million in investing cash flows. During the first six months of 2026, there were investments of $20.0 million with Westlake and nomaturities of investments with Westlake under the Investment Management Agreement, whereas during the first six months of 2025, there were no investments with Westlake and there were maturities of $90.0 million. Capital expenditures decreased to $18.0 million in the first six months of 2026 as compared to $40.3 million in the first six months of 2025 due to the 2025 Petro 1 turnaround. Capital expenditures in the first six months of 2026 and 2025 were primarily related to projects to increase production capacity or reduce costs, maintenance costs and safety and environmental projects at our facilities.

Current wording

Net cash used for investing activities in the first nine months of 2026 was $71.7 million as compared to net cash provided by investing activities of $50.0 million in the first nine months of 2025, resulting in an overall unfavorable change of $121.7 million in investing cash flows. During the first nine months of 2026, there were investments of $42.0 million with Westlake and no maturities of investments with Westlake under the Investment Management Agreement, whereas during the first nine months of 2025, there were no investments with Westlake and there were maturities of $120.0 million. Capital expenditures decreased to $29.7 million in the first nine months of 2026 as compared to $70.0 million in the first nine months of 2025 due to the 2025 Petro 1 turnaround. Capital expenditures in the first nine months of 2026 and 2025 were primarily related to projects to increase production capacity or reduce costs, maintenance costs and safety and environmental projects at our facilities.

Previous wording

Net cash used for financing activities in the first six months of 2026 was $197.0 million as compared to net cash used for financing activities of $126.3 million in the first six months of 2025. The cash outflows in the first six months of 2026 were related to distributions of $163.7 million to the noncontrolling interest retained in OpCo by Westlake and of $33.2 million to unitholders by the Partnership. The cash outflows in the first six months of 2025 were related to distributions of $93.0 million to the noncontrolling interest retained in OpCo by Westlake and of $33.2 million to unitholders by the Partnership.

Current wording

Net cash used for financing activities in the first nine months of 2026 was $287.1 million as compared to net cash used for financing activities of $230.5 million in the first nine months of 2025. The cash outflows in the first nine months of 2026 were related to distributions of $237.3 million to the noncontrolling interest retained in OpCo by Westlake and of $49.8 million to unitholders by the Partnership. The cash outflows in the first nine months of 2025 were related to distributions of $180.6 million to the noncontrolling interest retained in OpCo by Westlake and of $49.8 million to unitholders by the Partnership.

Previous wording

Pursuant to the terms of the Equity Distribution Agreement, entered in October 2018 and amended in February 2020, among the Partnership and various investment banks, the Partnership may offer and sell the Partnership's common units from time to time to or through the investment banks, as the Partnership's sales agents or as principals, having an aggregate offering amount of up to $50.0 million (the "ATM Program"). The Partnership intends to use the net proceeds of sales of the common units, if any, for general partnership purposes, which may include the funding of potential drop-downs and other acquisitions. No common units had been issued under the ATM Program as of June 30, 2026.

Current wording

Pursuant to the terms of the Equity Distribution Agreement, entered into in October 2018 and amended in February 2020, among the Partnership and various investment banks, the Partnership may offer and sell the Partnership's common units from time to time to or through the investment banks, as the Partnership's sales agents or as principals, having an aggregate offering amount of up to $50.0 million (the "ATM Program"). The Partnership intends to use the net proceeds of sales of the common units, if any, for general partnership purposes, which may include the funding of potential drop-downs and other acquisitions. No common units had been issued under the ATM Program as of September 30, 2026.

Previous wording

Westlake has historically funded expansion capital expenditures related to Lake Charles Olefins and Calvert City Olefins. No such funding was required by OpCo during the six months ended June 30, 2026 and 2025. Total capital expenditures for the six months ended June 30, 2026 and 2025 were $18.0 million and $40.3 million, respectively. We expect that Westlake will loan additional cash to OpCo to fund its expansion capital expenditures in the future, but Westlake is under no obligation to do so.

Current wording

Westlake has historically funded expansion capital expenditures related to Lake Charles Olefins and Calvert City Olefins. No such funding was required by OpCo during the nine months ended September 30, 2026 and 2025. Total capital expenditures for the nine months ended September 30, 2026 and 2025 were $29.7 million and $70.0 million, respectively. We expect that Westlake will loan additional cash to OpCo to fund its expansion capital expenditures in the future, but Westlake is under no obligation to do so.

Previous wording

As of June 30, 2026, our cash and cash equivalents totaled $49.3 million. In addition, we have cash invested under the Investment Management Agreement (as described below) and a revolving credit facility with Westlake available to supplement cash if needed, as described under "Indebtedness" below.

Current wording

As of September 30, 2026, our cash and cash equivalents totaled $47.6 million. In addition, we have cash invested under the Investment Management Agreement (as described below) and a revolving credit facility with Westlake available to supplement cash if needed, as described under "Indebtedness" below.

Previous wording

In August 2017, the Partnership, OpCo and Westlake executed the Investment Management Agreement that authorizes Westlake to invest the Partnership's and OpCo's excess cash with Westlake for durations of up to a maximum of nine months. Per the terms of the Investment Management Agreement, the Partnership earns a market return plus five basis points and Westlake provides daily availability of the invested cash to meet any liquidity needs of the Partnership or OpCo. The Partnership had $43.6 million of cash invested under the Investment Management Agreement at June 30, 2026.

Current wording

In August 2017, the Partnership, OpCo and Westlake executed the Investment Management Agreement that authorizes Westlake to invest the Partnership's and OpCo's excess cash with Westlake for durations of up to a maximum of nine months. Per the terms of the Investment Management Agreement, the Partnership earns a market return plus five basis points and Westlake provides daily availability of the invested cash to meet any liquidity needs of the Partnership or OpCo. The Partnership had a $65.7 million receivable under the Investment Management Agreement at September 30, 2026.

Previous wording

In connection with the IPO, OpCo entered into a $600.0 million revolving credit facility with an affiliate of Westlake, as amended in June 2017, September 2018, July 2022 and July 2026 (the "OpCo Revolver") that may be used to fund growth projects and working capital needs. The OpCo Revolver is scheduled to mature on July 11, 2031. On July 8, 2026, OpCo entered into the Third Amendment (the "OpCo Revolver Amendment") to the OpCo Revolver. The OpCo Revolver Amendment extended the maturity date to July 11, 2031 and removed the 0.10% credit spread adjustment that had previously applied to the OpCo Revolver's SOFR-based interest rate. Borrowings under the OpCo Revolver now bear interest at a variable rate of either (a) SOFR plus the Applicable Margin or, if SOFR is no longer available, (b) the Alternate Base Rate plus the Applicable Margin minus 1.0%. The Applicable Margin under the OpCo Revolver is 1.75%. As of June 30, 2026, outstanding borrowings under the OpCo Revolver totaled $22.6 million and bore interest at SOFR plus the Applicable Margin and credit spread adjustment, which is accrued in arrears quarterly.

Current wording

In connection with the IPO, OpCo entered into a $600.0 million revolving credit facility with an affiliate of Westlake, as amended in June 2017, September 2018, July 2022 and July 2026 (the "OpCo Revolver") that may be used to fund growth projects and working capital needs. The OpCo Revolver is scheduled to mature on July 11, 2031. On July 8, 2026, OpCo entered into the Third Amendment (the "OpCo Revolver Amendment") to the OpCo Revolver. The OpCo Revolver Amendment extended the maturity date to July 11, 2031 and removed the 0.10% credit spread adjustment that had previously applied to the OpCo Revolver's SOFR-based interest rate. Borrowings under the OpCo Revolver now bear interest at a variable rate of either (a) SOFR plus the Applicable Margin or, if SOFR is no longer available, (b) the Alternate Base Rate plus the Applicable Margin minus 1.0%. The Applicable Margin under the OpCo Revolver is 1.75%. As of September 30, 2026, outstanding borrowings under the OpCo Revolver totaled $22.6 million and bore interest at SOFR plus the Applicable Margin, which is accrued in arrears quarterly.

Previous wording

In 2015, we entered into a senior, unsecured revolving credit agreement with an affiliate of Westlake, as amended in August and November 2017, March 2020, July 2022 and July 2026 (the "MLP Revolver"). The MLP Revolver has a borrowing capacity of $600.0 million and is scheduled to mature on July 11, 2031. On July 8, 2026, the Partnership entered into the Fifth Amendment (the "MLP Revolver Amendment") to the MLP Revolver. The MLP Revolver Amendment extended the maturity date to July 11, 2031 and removed the 0.10% credit spread adjustment that had previously applied to the MLP Revolver's SOFR-based interest rate. Borrowings under the MLP Revolver now bear interest at a variable rate of either (a) SOFR plus the Applicable Margin or, if SOFR is no longer available, (b) the Alternate Base Rate plus the Applicable Margin minus 1.0%. The Applicable Margin under the MLP Revolver varies between 1.75% and 2.75%, depending on the Partnership's Consolidated Leverage Ratio. The MLP Revolver provides that we may pay all or a portion of the interest on any borrowings in kind, in which case any such amounts would be added to the principal amount of the loan. The MLP Revolver requires that we maintain a consolidated leverage ratio of either (1) during any one-year period following certain types of acquisitions (including acquisitions of additional interests in OpCo), 5.50:1.00 or less, or (2) during any other period, 4.50:1.00 or less. The MLP Revolver also contains certain other customary covenants. The repayment of borrowings under the MLP Revolver is subject to acceleration upon the occurrence of an event of default. As of June 30, 2026, outstanding borrowings under the MLP Revolver totaled $377.1 million and bore interest at SOFR plus the Applicable Margin and credit spread adjustment, which is accrued in arrears quarterly. We intend to use the MLP Revolver to purchase additional limited partnership interests in OpCo in the future, in the event OpCo desires to sell such additional interests to us, for other acquisitions and for general partnership purposes.

Current wording

In 2015, we entered into a senior, unsecured revolving credit agreement with an affiliate of Westlake, as amended in August and November 2017, March 2020, July 2022 and July 2026 (the "MLP Revolver"). The MLP Revolver has a borrowing capacity of $600.0 million and is scheduled to mature on July 11, 2031. On July 8, 2026, the Partnership entered into the Fifth Amendment (the "MLP Revolver Amendment") to the MLP Revolver. The MLP Revolver Amendment extended the maturity date to July 11, 2031 and removed the 0.10% credit spread adjustment that had previously applied to the MLP Revolver's SOFR-based interest rate. Borrowings under the MLP Revolver now bear interest at a variable rate of either (a) SOFR plus the Applicable Margin or, if SOFR is no longer available, (b) the Alternate Base Rate plus the Applicable Margin minus 1.0%. The Applicable Margin under the MLP Revolver varies between 1.75% and 2.75%, depending on the Partnership's Consolidated Leverage Ratio. The MLP Revolver provides that we may pay all or a portion of the interest on any borrowings in kind, in which case any such amounts would be added to the principal amount of the loan. The MLP Revolver requires that we maintain a Consolidated Leverage Ratio of either (1) during any one-year period following certain types of acquisitions (including acquisitions of additional interests in OpCo), 5.50:1.00 or less, or (2) during any other period, 4.50:1.00 or less. The MLP Revolver also contains certain other customary covenants. The repayment of borrowings under the MLP Revolver is subject to acceleration upon the occurrence of an event of default. As of September 30, 2026, outstanding borrowings under the MLP Revolver totaled $377.1 million and bore interest at SOFR plus the Applicable Margin, which is accrued in arrears quarterly. We intend to use the MLP Revolver to purchase additional limited partnership interests in OpCo in the future, in the event OpCo desires to sell such additional interests to us, for other acquisitions and for general partnership purposes.

Previous wording

•timing, funding and results of capital expenditures;

Current wording

•timing, amounts, funding and results of capital expenditures;