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Westlake Chemical Corp (WLK) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Westlake Chemical Corp

CIK: 1262823 Ticker: WLK


EXHIBIT 99.1
WESTLAKE CHEMICAL CORPORATION

Contact—(713) 960-9111
Investors—Steve Bender
Media—L. Benjamin Ederington

 

Westlake Chemical Corporation Announces Fourth Quarter and Full Year 2015 Earnings

Second highest annual earnings of $646.0 million in 2015
Generated cash flow from operations in 2015 of $1,078.8 million
Ended 2015 with cash and marketable securities of $1,182.7 million
Westlake Chemical Corporation (NYSE: WLK) today reported net income for the three months ended December 31, 2015 of $111.0 million, or $0.84 per diluted share, compared to net income of $183.3 million, or $1.37 per diluted share, reported for the fourth quarter of 2014. Net sales for the three months ended December 31, 2015 of $986.8 million decreased $149.1 million compared to net sales of $1,135.9 million in the same period of 2014, primarily due to lower sales prices for all of our major products, partially offset by higher sales volumes. Income from operations was $181.1 million in the fourth quarter of 2015 compared to $302.4 million for the fourth quarter of 2014. The decrease in income from operations was primarily the result of lower integrated Olefins and Vinyls margins, largely due to lower selling prices for all of our major products, partially offset by lower feedstock and energy costs and higher sales volumes. Income from operations for the fourth quarter of 2015 was negatively impacted by lower production rates, unabsorbed manufacturing costs and other costs associated with several polyethylene turnarounds.
Fourth quarter 2015 net income of $111.0 million, or $0.84 per diluted share, decreased by $72.6 million from the $183.6 million, or $1.39 per diluted share, reported in the third quarter of 2015. Net sales in the fourth quarter of 2015 of $986.8 million decreased $201.2 million from net sales of $1,188.0 million in the third quarter of 2015, mainly due to lower sales prices and volumes for all of our major products. Fourth quarter 2015 income from operations was $181.1 million as compared to $254.0 million for the third quarter of 2015, a decrease of $72.9 million. The decrease in operating income in the fourth quarter of 2015 as compared to the third quarter of 2015 was primarily the result of lower integrated product margins resulting from lower sales prices for our major products, partially offset by lower feedstock and energy costs. Net income for the third quarter of 2015 benefited from a lower effective tax rate resulting from several discrete items and other adjustments, partially offset by lost production and costs associated with turnaround activity.
For the year ended December 31, 2015, net income was $646.0 million, or $4.86 per diluted share, on net sales of $4,463.3 million. This represents a decrease in net income of $32.5 million, or $0.21 per diluted share, from 2014 net income of $678.5 million, or $5.07 per diluted share, on net sales of $4,415.4 million. Net income for the year ended December 31, 2015 benefited from a net pre-tax gain of $20.4 million, or $0.16 per diluted share, related to the bargain purchase gain from the acquisition of additional interest in our Huasu joint venture, net of related expenses, and a lower effective tax rate, primarily due to several discrete tax items and other adjustments, which collectively lowered the 2015 effective tax rate to 31.0% as compared to the 2015 effective tax rate on ordinary income of 33.6%. Net sales for the year ended December 31, 2015 increased $47.9 million to $4,463.3 million compared to net sales for 2014 of $4,415.4 million, primarily due to a full year of sales contributed by our specialty PVC resin business, Vinnolit, which we acquired on July 31, 2014, and higher sales volumes for most of our major products, partially offset by lower sales prices for all our major products. Income from operations was $959.8 million for the year ended December 31, 2015 as compared to $1,124.0 million for 2014. The decrease in 2015 income from operations as compared to 2014 was mainly attributable to lower olefins integrated product margins, primarily caused by lower sales prices and costs related to several turnarounds in 2015, partially offset by the contribution from Vinnolit for the full year 2015, increased production at our Calvert City, Kentucky facilities following the completion of the feedstock conversion and ethylene expansion project, higher production rates at our Geismar, Louisiana chlor-alkali plant and lower feedstock and

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The following information was filed by Westlake Chemical Corp (WLK) on Tuesday, February 23, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Accounts And Notes Payable
Accounts And Notes Payable (details)
Accounts And Notes Payable (tables)
Accounts Receivable
Accounts Receivable (schedule Of Accounts Receivable) (details)
Accounts Receivable (tables)
Accumulated Other Comprehensive Income (tables)
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income Changes In Aoci (details)
Accumulated Other Comprehensive Income Reclassifications In Aoci (details)
Acquisitions
Acquisitions (assets Acquired And Liabilities Assume - Huasu) (details)
Acquisitions (assets Acquired And Liabilities Assumed - Vinnolit) (details)
Acquisitions (narrative) (details)
Acquisitions (pro Forma Information) (details)
Acquisitions (tables)
Commitments And Contingencies
Commitments And Contingencies (future Minimum Lease Commitments) (details)
Commitments And Contingencies (minimum Purchase Obligations) (details)
Commitments And Contingencies (narrative) (details)
Commitments And Contingencies (tables)
Derivative Commodity Instruments
Derivative Commodity Instruments (fair Values Of Derivative Instruments In Consolidated Balance Sheets) (details)
Derivative Commodity Instruments (impact Of Derivative Instruments Designated As Fair Value Hedges) (details)
Derivative Commodity Instruments (impact Of Derivative Instruments Not Designated As Fair Value Hedges) (details)
Derivative Commodity Instruments (narrative) (details)
Derivative Commodity Instruments (tables)
Derivative Commodity Instruments Derivative Commodity Instruments (offsetting Asset) (details)
Derivative Commodity Instruments Derivative Commodity Instruments (offsetting Liability) (details)
Description Of Business And Significant Accounting Policies
Description Of Business And Significant Accounting Policies (narrative) (details)
Description Of Business And Significant Accounting Policies (policy)
Description Of Business And Significant Accounting Policies (schedule Of Estimated Useful Lives Of Assets) (details)
Description Of Business And Significant Accounting Policies (tables)
Earnings Per Share
Earnings Per Share (narrative) (details)
Earnings Per Share (reconciliation Of Denominator For Basic And Diluted Earnings (loss) Per Share) (details)
Earnings Per Share (schedule Of Net Income Attributable To Common Stockholders) (details)
Earnings Per Share (tables)
Employee Benefits
Employee Benefits (multiemployer Plans) (details)
Employee Benefits (narrative Defined Benefit Plans) (details)
Employee Benefits (narrative Defined Contribution Plans) (details)
Employee Benefits (schedule Of Accumulated Benefit Obligations In Excess Of Plan Assets) (details)
Employee Benefits (schedule Of Amounts Recognized In Accumulated Other Comprehensive Income) (details)
Employee Benefits (schedule Of Amounts Recognized In The Consolidated Balance Sheet) (details)
Employee Benefits (schedule Of Change In Benefit Obligation) (details)
Employee Benefits (schedule Of Change In Plan Assets) (details)
Employee Benefits (schedule Of Estimated Future Benefit Payments) (details)
Employee Benefits (schedule Of Fair Value Of Pension Plan Assets) (details)
Employee Benefits (schedule Of Net Benefit Costs And Amounts Recognized In Other Comprehensive Income) (details)
Employee Benefits (schedule Of Weighted Average Assumptions Used) (details)
Employee Benefits (tables)
Fair Value Measurements
Fair Value Measurements (schedule Of Assets And Liabilities On A Recurring Basis) (details)
Fair Value Measurements (schedule Of Carrying And Fair Values Of Long-term Debt) (details)
Fair Value Measurements (tables)
Financial Instruments
Financial Instruments (tables)
Financial Instruments Available-for-sale Securities (details)
Financial Instruments Cash Equivalents (details)
Financial Instruments Marketable Securities (details)
Guarantor Disclosures
Guarantor Disclosures (condensed Consolidating Financial Information Balance Sheet) (details)
Guarantor Disclosures (condensed Consolidating Financial Information Statement Of Cash Flows) (details)
Guarantor Disclosures (condensed Consolidating Financial Information Statement Of Operations) (details)
Guarantor Disclosures (narrative) (details)
Guarantor Disclosures (tables)
Income Taxes
Income Taxes (components Of Income (loss) Before Income Taxes) (details)
Income Taxes (narrative) (details)
Income Taxes (reconciliation Of Taxes Computed At The Statutory Rate To Income Tax Expense) (details)
Income Taxes (schedule Of Changes In Gross Unrecognized Tax Benefits) (details)
Income Taxes (schedule Of Deferred Tax Assets And Liabilities) (details)
Income Taxes (schedule Of The Provision For (benefit From) Income Taxes) (details)
Income Taxes (tables)
Insurance Recovery
Insurance Recovery (details)
Inventories
Inventories (schedule Of Inventory) (details)
Inventories (tables)
Long-term Debt
Long-term Debt (additional Disclosures) (details)
Long-term Debt (debt Covenants And Credit Facility) (details)
Long-term Debt (go Zone Act Senior Notes Due 2029) (details)
Long-term Debt (go Zone Act Senior Notes Due 2032) (details)
Long-term Debt (go Zone Act Senior Notes Due 2035) (details)
Long-term Debt (ike Zone Act Senior Notes Due 2035) (details)
Long-term Debt (schedule Of Long-term Debt) (details)
Long-term Debt (senior Notes Due 2022) (details)
Long-term Debt (senior Secured Revolving Credit Facility) (details)
Long-term Debt (tables)
Other Assets
Other Assets (goodwill) (details)
Other Assets (narrative) (details)
Other Assets (schedule Of Other Assets) (details)
Other Assets (tables)
Property, Plant And Equipment
Property, Plant And Equipment (narrative) (details)
Property, Plant And Equipment (schedule Of Property, Plant And Equipment) (details)
Property, Plant And Equipment (tables)
Quarterly Financial Information
Quarterly Financial Information (summary Of Quarterly Financial Information) (details)
Quarterly Financial Information (tables)
Related Party And Affiliate Transactions
Related Party And Affiliate Transactions (details)
Segment And Geographic Information
Segment And Geographic Information (capital Expenditures) (details)
Segment And Geographic Information (geographic Information For Sales To External Customers And Long-lived Assets) (details)
Segment And Geographic Information (narrative) (details)
Segment And Geographic Information (reconciliation Of Total Segment Income From Operations To Consolidated Income Before Income Taxes) (details)
Segment And Geographic Information (segment Reporting Information) (details)
Segment And Geographic Information (tables)
Segment And Geographic Information (total Assets) (details)
Stock-based Compensation
Stock-based Compensation (narrative) (details)
Stock-based Compensation (schedule Of Non-vested Restricted Stock Award And Rsu Activity And Changes) (details)
Stock-based Compensation (schedule Of Option Activity And Changes) (details)
Stock-based Compensation (schedule Of Range Of Exercise Prices For Outstanding Options) (details)
Stock-based Compensation (schedule Of Weighted Average Value And Assumptions For Fair Value Of Options) (details)
Stock-based Compensation (tables)
Stockholders' Equity
Stockholders' Equity (details)
Subsequent Events
Supplemental Information
Supplemental Information (details)
Supplemental Information (tables)
Westlake Chemical Partners Lp
Westlake Chemical Partners Lp (details)
Westlake Chemical Partners Lp (tables)
Ticker: WLK
CIK: 1262823
Form Type: 10-K Annual Report
Accession Number: 0001262823-16-000030
Submitted to the SEC: Wed Feb 24 2016 3:21:39 PM EST
Accepted by the SEC: Wed Feb 24 2016
Period: Thursday, December 31, 2015
Industry: Industrial Organic Chemicals

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