October 24, 2014 11:41 PM ET

Company Overview of Westlake Olefins Corporation

Company Overview

Westlake Olefins Corporation was incorporated in 1989 and is based in Houston, Texas. Westlake Olefins Corporation operates as a subsidiary of Westlake Chemical Corp.

2801 Post Oak Boulevard

FLoor 6

Houston, TX 77056-6136

United States

Founded in 1989

Phone:

281-960-9111

Key Executives for Westlake Olefins Corporation

President
Age: 64
Compensation as of Fiscal Year 2014.

Westlake Olefins Corporation Key Developments

Westlake Olefins Corporation Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2013; Provides Earnings Guidance for the Fiscal 2013

Westlake Olefins Corporation reported unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported income from operations was $161.1 million, an increase of $31.9 million compared to the $129.2 million reported in the first quarter of 2012. This increase was mainly attributable to higher olefin integrated product margins as compared to the first quarter of 2012. Margins improved primarily as a result of significantly lower feedstock and energy costs, which were only partially offset by lower sales prices. Income from operations in the first quarter of 2013 was negatively impacted as a result of the lost production, unabsorbed fixed manufacturing costs and other costs related to the turnaround and expansion of the lake charles ethylene unit. Sales were $583 million for the first quarter of 2013 compared to $732 million in the same period of 2012. The company would estimate an additional $30 million impacting the second quarter 2013 pretax earnings.

Westlake Olefins Corporation Announces Unaudited Earnings Results for the Third Quarter Ended September 30, 2012

Westlake Olefins Corporation announced unaudited earnings results for the third quarter ended September 30, 2012. For the quarter, the company’s net operating income was $124 million during the third quarter of 2012, which was an increase of $19 million from the $105 million reported in the third quarter of 2011. The Olefins segment third quarter 2012 results included the impact of $10.5 million in costs related to the turnaround of styrene unit. The increase in Olefins operating income is largely attributable to the increase in integrated Olefins margins resulting from the sharp decrease in feedstock costs, partially offset by lower prices for polyethylene. Comparing the third quarter of 2012 to the second quarter of 2012, earnings from operations decreased from $156 million to $124 million, a decrease of $32 million.

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