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Last $77.05 USD
Change Today +1.08 / 1.42%
Volume 657.7K
WLK On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 04/24/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

2801 Post Oak Boulevard

Suite 600

Houston, TX 77056

United States

Phone: 713-960-9111

Fax:

Westlake Chemical Corporation operates as a vertically integrated global manufacturer and marketer of basic chemicals, vinyls, polymers, and fabricated building products. The company’s products include some of the used chemicals in the world, which are fundamental to various consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, and residential and commercial construction, as well as other durable and non-durable goods. Segments The company operates in two principal operating segments, Olefins and Vinyls. Olefins segment This segment manufactures ethylene (through Westlake Chemical OpCo LP (OpCo)), polyethylene, styrene, and associated co-products at the company’s manufacturing facility in Lake Charles and polyethylene at its Longview facility. Products Ethylene: Ethylene is the key building block used to produce various value-added chemicals, including polyethylene, ethylene dichloride (EDC), VCM (vinyl chloride monomer), and styrene. OpCo has the capacity to produce 2.7 billion pounds of ethylene per year at the company’s Lake Charles site, and it has the capability to consume all of OpCo's production that the company purchases at Lake Charles to produce polyethylene and styrene monomer in its Olefins business and to produce VCM and EDC in its Vinyls business. OpCo also produces ethylene for the company’s Vinyls segment at its Calvert City site, and all of the ethylene that the company purchases from OpCo at Calvert City is used internally in the production of VCM. In addition, the company (through OpCo) produces ethylene co-products, including chemical grade propylene, crude butadiene, pyrolysis gasoline, and hydrogen. The company (through OpCo) sells its entire output of these co-products to external customers. Polyethylene: Polyethylene is used in the manufacture of various film, coatings and molded product applications primarily used in packaging. Polyethylene is classified as either LDPE (low-density polyethylene), linear LDPE, or high-density polyethylene (HDPE). LDPE is used in end products, such as bread bags, dry cleaning bags, food wraps, milk carton coatings, and snack food packaging. Linear LDPE is used for higher film strength applications, such as stretch film and heavy duty sacks. HDPE is used to manufacture products, such as grocery, merchandise and trash bags, rigid plastic containers, plastic closures, and pipe. Styrene: Styrene is used to produce derivatives, such as polystyrene, acrylonitrile butadiene styrene, unsaturated polyester, and synthetic rubber. These derivatives are used in various applications, including consumer disposables, food packaging, housewares, paints and coatings, building materials, tires, and toys. Feedstocks The company, through OpCo, produces majority of the ethylene required to produce its polyethylene, VCM and styrene. Ethylene could be produced from either petroleum liquid feedstocks, such as naphtha, condensates and gas oils, or from natural gas liquid feedstocks, such as ethane, propane and butane. Both of OpCo's Lake Charles ethylene plants use ethane as the primary feedstock. The company owns a 50% interest in a 104-mile natural gas liquids pipeline from Mont Belvieu to its Lake Charles site. OpCo owns a 200-mile ethylene pipeline that runs from Mont Belvieu to its Longview site. In addition to ethylene supplied by OpCo, the company acquires ethylene from third parties to supply a portion of its ethylene requirements. The company acquires butene and hexene to manufacture polyethylene and benzene to manufacture styrene. It receives butene and hexene at the Lake Charles site and hexene at the Longview site through rail car from various suppliers. The company receives benzene through barges, ships and pipeline pursuant to short-term arrangements. The company purchases electricity for its Lake Charles facility under long-term industrial contracts. Marketing, Sales and Distribution The company has an internal sales force that sells its products directly to its customers. The company’s polyethylene customers are some of the major producers of film and flexible packaging. The compan

 

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Valuation WLK Industry Range
Price/Earnings 15.0x
Price/Sales 2.3x
Price/Book 3.5x
Price/Cash Flow 14.9x
TEV/Sales 1.8x
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