Westlake Chemical Partners LP Announces Second Quarter 2016 Earnings and the completion of OpCo's 250 million pound ethylene expansion in Lake Charles, Louisiana

HOUSTON, July 28, 2016

The second quarter 2016 net income attributable to the Partnership of $9.3 million, or $0.34 per limited partner unit, decreased by $2.7 million from the first quarter 2016 net income attributable to the Partnership of $12.1 million, or $0.45 per limited partner unit. Cash flow from operations of $72.7 million in the second quarter of 2016 decreased by $39.9 million from the first quarter of 2016 cash flow from operations of $112.6. Second quarter 2016 MLP distributable cash flow of $4.3 million decreased by $5.2 million compared to first quarter 2016 MLP distributable cash flow of $9.5 million. The decrease in both net income and MLP distributable cash flow since the first quarter was due to increased maintenance activity and lower operating rates at Petro 1 and Calvert City.

On July 27, 2016, the Board of Directors of Westlake Chemical Partners GP LLC, the general partner of the Partnership, announced a quarterly distribution for the second quarter of 2016 of $0.3259 per limited partner unit to be payable on August 23, 2016 to unit and IDR holders of record as of August 9, 2016. The second quarter 2016 distribution increased 12.0% compared to the second quarter 2015 distribution and 2.87% compared to the first quarter 2016 distribution.

OpCo's sales agreement with Westlake is designed to provide for stable and predictable cash flows. The sales agreement provides that 95% of OpCo's ethylene production is sold to Westlake for a cash margin of $0.10 per pound, net of operating costs, maintenance capital expenditures and reserves for future turnaround expenditures.

"We are pleased to announce the recent completion of the turnaround and expansion of OpCo's Petro 1 facility, which we are currently in the process of restarting. Our teams worked diligently through challenging weather to safely complete this project and we commend them for their efforts. This expansion adds 250 million pounds of ethylene capacity and helps in continuing our path of increasing our distributions at a low double-digit growth rate for our unitholders," said Albert Chao, President and Chief Executive Officer.

The statements in this release and the related teleconference relating to matters that are not historical facts, such as statements regarding growth of distributions and results of expansion projects, are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to, operating difficulties; the volume of ethylene that we are able to sell; the price at which we are able to sell ethylene; changes in the price and availability of electricity; changes in prevailing economic conditions; actions of Westlake Chemical Corporation; actions of third parties; unanticipated ground, grade or water conditions; inclement or hazardous weather conditions, including flooding, and the physical impacts of climate change; environmental hazards; industrial accidents; changes in laws and regulations (or the interpretation thereof); inability to acquire or maintain necessary permits; inability to obtain necessary production equipment or replacement parts; technical difficulties or failures; labor disputes; late delivery of raw materials; difficulty collecting receivables; inability of our customers to take delivery; changes in the price and availability of transportation; fires, explosions or other accidents; our ability to borrow funds and access capital markets; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to the Partnership's Annual Report on Form 10-K for the year ended December 31, 2015, which was filed with the SEC in March 2016, and the risk factors in our other filings with the SEC.

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.