Westlake Chemical Partners Provides Tax Reporting Information

Rhea-AI Summary

Westlake Chemical Partners (NYSE: WLKP) has released information regarding the 2021 investor tax reporting, noting that a new Schedule K-3 will be used to report items of international tax relevance. This is particularly important for foreign unitholders and those with U.S. international reporting obligations. The Partnership affirms that all income is effectively connected to a U.S. trade or business. The Schedule K-3 for tax year 2021 is now available online and is recommended for review by unitholders for tax return completion.

Positive

• The introduction of Schedule K-3 may enhance transparency for international investors.
• All income reported is effectively connected to U.S. operations, stabilizing tax obligations.

Negative

• Limited number of unitholders may experience complexities due to international tax reporting requirements.

HOUSTON--(BUSINESS WIRE)-- Westlake Chemical Partners (NYSE: WLKP) today provided the following information regarding 2021 investor tax reporting:

As previously noted in the 2021 Investor Tax Reporting Package for your investment in Westlake Chemical Partners, LP, the Partnership will report items of international tax relevance to our partners on new Schedule K-3 beginning in tax year 2021. As we disclosed in our quarterly distribution press releases, all of our income is effectively connected with a United States trade or business. However, a limited number of unitholders (primarily foreign unitholders and unitholders having US international reporting obligations) may need the detailed information disclosed on Schedule K-3 for their specific reporting requirements.

Our Schedule K-3 for tax year 2021 is now available online at www.taxpackagesupport.com/WLKP . This information may be necessary in the completion of your tax return. As such we encourage you to review the information contained on your Schedule K-3 and refer to the appropriate federal laws and guidance or consult with your tax advisor.

About Westlake Chemical Partners:

Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns an 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220915006061/en/

Media Relations – L. Ben Ederington – 713.585.2900

Investor Relations – Steve Bender – 713.585.2900

Source: Westlake Chemical Partners

FAQ

What is the purpose of Schedule K-3 for Westlake Chemical Partners (WLKP)?

Schedule K-3 is used to report items of international tax relevance for investors, particularly foreign unitholders.

Where can I find the Schedule K-3 for Westlake Chemical Partners (WLKP) for 2021?

The Schedule K-3 for tax year 2021 is available online at www.taxpackagesupport.com/WLKP.

Will all investors of Westlake Chemical Partners (WLKP) need Schedule K-3?

Not all investors need Schedule K-3; it primarily concerns foreign investors and those with U.S. international reporting obligations.

How does the Schedule K-3 impact Westlake Chemical Partners (WLKP) investors?

It provides necessary tax reporting information that some unitholders may require for completing their tax returns.

What percentage interest does Westlake Chemical Partners (WLKP) hold in its operating subsidiary?

Westlake Chemical Partners owns a 22.8% interest in Westlake Chemical OpCo LP.