Westlake Chemical Corporation 2018 Jefferies Industrials Conference. August 2018
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1 Westlake Chemical Corporation 2018 Jefferies Industrials Conference August 2018
2 Westlake Chemical Corporation A Leading Integrated Plastics Materials Company (LTM 2Q 2018) Net Sales EBITDA (1,2) Net Income (3,4) $8,505 Million $2,185 Million $1,578 Million Olefins Vinyls $796 million EBITDA (1) $1,458 million 35% % of Total 65% OUR MISSION profitable growth in businesses we understand globally in areas we can gain an edge in a disciplined and opportunistic manner (1) See page 22 (2) Includes WLK Corporate EBITDA Pictures: Benecke (3) Net Income attributable to WLK (4) Includes tax benefit recorded in the fourth quarter of 2017 of approximately $591 million, resulting from the reduction of the federal corporate income tax rate under the Tax Act 2
3 Strong Value Creation and Profitable Growth Capacity (MM lbs.) 45,000 40,000 Company Begins Operation in Lake Charles Started Styrene Acquired 3 Pipe Plants Olefins Acquired CAO Started Petro 2 Vinyls Acquired Axiall Petro 1 Ethylene Expansion IPO Acquired Vinnolit Calvert City Ethylene / PVC Expansion Calvert City Ethylene Expansion 35,000 30,000 25,000 20,000 15,000 Started Petro 1 Acquired PVC Plant Acquired VCM in Calvert Acquired 1 Pipe Plant Acquired 3 Pipe Plants Calgary Window Plant Start Suzhou China Film Plant Started Suzhou PVC Plant Started Poly 3 Acquired NY Windows Plant Acquired Geismar VCM/PVC Plant 20th Anniversary Acquired Longview Acquired Certain Teed, Petro 2 Ethylene & Geismar Chlor Alkali Expansion 10,000 Increased LDPE By 500 MM/lbs 5, Note: Axiall capacity includes PVC and Chlorine based on IHS Markit North American capacity Source:IHS Markit 3
4 A Diverse, Vertically-Integrated Chemicals Leader Created Though Strategic Growth Global leading position in North America, Europe and Asian PVC and Caustic Soda. Global leader in specialty PVC and a leader in specialty LDPE for the Americas Westlake s vertical integration strategy through expansions and acquisitions provides the ability to capture value throughout the chain & earnings cycle and enhance margin stability Further integration through global PVC, Chlor Alkali and VCM expansions planned from 2019 to 2021 provide additional operational certainty, growth opportunities and geographic diversification The Lake Charles Ethylene plant built jointly with Lotte will provide additional Ethylene feedstock integration with expected start up in 2019 Synergy savings and cost reductions from Axiall acquisition remain on-track; $170 MM realized in 2017 and expecting to achieve a total of $250MM Westlake Chemical Partners provides a low-cost source of equity capital to fund future growth Source: IHS Markit 4
5 Westlake Chemical Partners LP (WLKP) Provides Cost-Advantaged Capital to Westlake Chemical (WLK) Westlake Chemical Partners provides Ethane-based, cost-advantaged ethylene feedstock to WLK at a fixed margin via a long term contract, WLK uses this as the feedstock for the majority of its products. WLKP s recent reset of the IDR distribution tiers will allow the Partnership to continue its historical growth in distributions per unit for 10 years before the next IDR payment is earned. Due to the unique structure, WLK will receive the same cash flows while extending the runway for WLKP to grow and provide cost advantaged equity to WLK. 56.2% ownership Public Unitholders Westlake Chemical Partners LP (WLKP) Capital to fund future growth 43.8% ownership Westlake Chemical Corp (WLK) Four Levers of Growth Margin expansion from the existing 10 cents per pound Westlake Chemical OpCo LP Periodic drop downs - WLK has over 81% of current drop down inventory available to fund future growth Acquisitions - Lotte ethylene JV scheduled to start up in 2019 which provides potential growth for WLKP and thus additional capital to WLK Expand current production capacities via organic growth to increase future earnings 5
6 Westlake s Short Position in Ethylene Provides Cost Advantages in Coming Years All ethane feedstock capability Westlake Ethylene 3.7B lbs Polyethylene 2.6B lbs Merchant Ethylene Purchases ~1.9B lbs Additional Ethylene via JV with Lotte ~220MM to 1.1B lbs Chlorine 7.1B lbs PVC 6.8B lbs Styrene 570MM lbs Vinyls Building Products 2.0B lbs Key: Expansion Olefins Vinyls Chlorinated Products Caustic Soda 7.9B lbs Chlorinated Products 3.0 B lbs Additional global capacity expansions announced: 750MM lbs of PVC, 200MM lbs of VCM, 60MM lbs of Caustic Soda and 55MM lbs of Chlorine The JV with Lotte provides potential further ethylene integration and a reduction in purchased merchant ethylene 6
7 NGL Feedstock Flexibility & Infrastructure Westlake Westlake World Ethylene Ethane 100% Ethane Capable Ethane Non-Ethane Feed Westlake s North American Ethylene Feedslate Capability Well positioned to take advantage of ethane and other NGL s: The shale oil & gas revolution has triggered an increase in infrastructure build over the last several years The continuing NGL s flowing from these basins will drive further pipeline and infrastructure expansion through 2018 and beyond Westlake ethylene plants are fully capable to use ethane and have some NGL flexibility Lake Charles ethylene plants are able to access ethane in basins and shale plays from Eagle Ford, Permian, Rockies, Marcellus and Utica Calvert City ethylene plant is now receiving ethane from the Marcellus and Utica basins Westlake s European business (Vinnolit) purchases ethylene which is naphtha based and provides further feedstock diversification Source: IHS Markit 19% 60% 9% 12% Ethane Other NGL's Western Europe Ethylene Industry Feedslate Ethane Propane Naphtha Other 7
8 Advantaged Polyethylene Product Mix LDPE vs. HDPE LDPE vs. LLDPE LDPE vs. HDPE LDPE vs. LLDPE 2017 Global Industry Demand (% share) HDPE 45% LDPE 23% LLDPE 32% 2017 Total Demand: 211 billion pounds Source: IHS Markit Westlake Capacity (% share) /lb 9 6 LDPE Is More Profitable Average Margin Advantage of LDPE vs. Other PE Grades LLDPE, 42% LDPE, 58% Total Capacity: 2.6 billion pounds Average Average Source:IHS Markit 8
9 Advantaged Product Mix Westlake s Unique LDPE Focus LDPE Capacity as a Percentage of Total Company PE Capacity The Autoclave Advantage Westlake Westlake % 20% LyondellBasell ExxonMobil Westlake has one of the highest LDPE product mix percentages in North America North America 2018 World 2018 World % 33% 48% 66% 65% 52% 2% Autoclave Tubular Undeclared DowDuPont Chevron Phillips 0% 20% 40% 60% 80% Autoclave vs Tubular LDPE: Autoclave LDPE is a more specialty product with broader applications and better margins Supply/demand balance for autoclave grows tighter Source for both charts: IHS Markit 9
10 Change in Capacity Industry Global Polyethylene Growth Focused on LLDPE and HDPE, not on LDPE World Polyethylene Capacity Growth by Product 7.00% 5.00% 3.00% 1.00% -1.00% to 2021 Ave LDPE LLDPE HDPE 1x GDP Forecast 1.5x GDP Forecast Westlake is focused on LDPE, a product which: New additions intended to primarily serve Asian & European markets Global polyethylene demand grows between 1.0x to 1.5x GDP LDPE capacity additions are almost all tubular Sources: IHS Markit, OECD
11 Global Geographic Footprint Facilities in North America, Europe and Asia Provide Geographic Diversification North America - Highly integrated, low cost production: 11 Chemical sites 20+ Manufacturing sites Europe - Global leader in specialty PVC: 6 Chemical sites Asia - High quality PVC resin and film products in a growth region: 2 Chemical sites 1 Manufacturing site 11
12 Low Cost Producer of PVC Driven by High Integration Positive Industry Fundamentals Chlor-Alkali Caustic Soda Overview of the Vinyls Chain Chlorinated Products Typical Vinyls Industry Margin Distribution Over the Last Cycle Chlorine Ethylene Dichloride (EDC) Vinyl Chloride Monomer (VCM) Polyvinyl Chloride (PVC) PVC Building Products) Ethylene Merchant Sales Majority of margin captured in chlor-alkali and ethylene Most producers are integrated into chlor-alkali, not ethylene In North America, only Westlake in the USA and Formosa are integrated into both Integration has historically allowed Westlake to operate its chlorovinyls plants at higher operating rates than US industry average and enjoy strong margins Source: IHS Markit Vinyls Industry Margin Distribution Over Recent Cycle Through backward integration into chlor-alkali (shale gas based power) and ethylene (shale gas based ethane), Westlake is one of the lowest cost producers globally Able to export cost competitive PVC, minimizing exposure to domestic housing cycle Source: IHS Markit 12
13 Global PVC Demand (thousand Metric Tons) Growing Global PVC Demand Supports Exports North America PVC Exports (as % of Total North America Production) 60,000 60% 50,000 "Global PVC Demand" "North American PVC Exports" 50% 40,000 40% 30,000 30% 20,000 20% 10,000 10% - 0% Source: IHS Markit Global Demand CAGR = 3.2% Global Demand CAGR = 3.2% Global growth in PVC demand has reverted to pre-recession levels Global growth in PVC demand and advantaged feedstocks in PVC production supports North American production Producers with a high level of integration benefit with higher margins over the cycle Rationalization of PVC in Europe by producers will increasingly open new opportunities to export low cost PVC to Europe 13
14 North American Chlorovinyls Leader with Enhanced Scale North American PVC capacity (KMT) 3,500 3,000 2,500 2,000 1,500 1, Westlake is the second largest producer of PVC in North America and the third largest globally SHINTECH WLK Oxy FPC Mexichem North American Chlor- Alkali capacity (KMT) 6,000 5,000 4,000 3,000 2,000 1,000 Westlake is the third largest producer of Chlor Alkali in North America and the third largest globally 0 Olin Oxy WLK DowDuPont INEOS 14
15 Capacity (kmt) Westlake is the Global Leader in Specialty PVC 600 Westlake / Vinnolit is a leading specialty PVC producer 2017 Specialty PVC global capacity: ~4,000 KMT Westlake (USA, China, Germany, UK) Mexichem (Mexico, USA, Germany) Inovyn (EU) Formosa (Taiwan, USA, China) Shenyang (China) Anhui Hongsifang (China) Kaneka (Japan) Kem One (EU) Xinjiang Tianye (China) Yang Coat Xiyang (China) Westlake s Vinnolit operations provide: Specialty PVC, which enhances Westlake s product suite. Better margins and reduced volatility. Improved distributions, especially to emerging markets. Membrane caustic production yielding higher margins. Source: IHS Markit 15
16 Financially Disciplined Disciplined Investment Culture Strong Balance Sheet Higher Margin Polyethylene and PVC Products C-Corp (WLK) and traditional MLP (WLKP) provide opportunity for maximizing value 16
17 Strategic & Efficient Investment of Capital Highly Integrated Chain Enhances Profit Stability Recent Large Capital Program Nearly Complete Strategic Investment Drives Integration and Specialty Focus PVC & Chlor Alkali Expansions 2014, 2019, 2020, 2021 New Ethylene cracker from Westlake-Lotte JV scheduled for 2019 Ethylene Debottlenecks: 2013, 2014, 2016, 2017 Acquired: PVC Specialty Products Business 2013 Vinnolit - Specialty PVC 2014 Axiall Corporation 2016 Recent Strategic Investment and Capital Projects Totaling Over $7.4 Billion Ethane Feedstock Conversion 2014 New Geismar Chlor Alkali Facility 2013 Olefins Vinyls 17
18 Conservative Financial Profile 120% 100% Gross Debt to Capitalization Ratio 80% 60% 40% 20% 0% Westlake Peer Average Range of Peer Average Westlake is committed to maintaining solid investment grade credit metrics Retired $688MM of bonds in February 2018 plus an additional $450MM in May 2018 Westlake will continue to maintain strong liquidity for future growth Agency S&P Fitch Moody's Rating BBB BBB Baa3 (1) Source: Bloomberg Peer group includes: OLN, DWDP, EMN, HUN, LYB (1) WLK pro forma to account for retirement of 4.625% and 4.875% senior notes in Feb and May
19 Higher Cycle Average Margins Focus on Bottom Line 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Return on Assets Return on Capital Employed EBITDA Margin Westlake Peer Average* Higher margins and returns attributable to: - Focused Growth - Chain Integration - Asset Quality - Product Mix - Operating Rate Advantage - Feedstock Source: Bloomberg *Peer averages as of latest available data includes: EMN, HUN, OLN, LYB, DWDP 19
20 Strategic Investment Drives EBITDA Growth Vinyls Olefins 2013 to to 2018 Added Ethylene Capacity 2019 to 2021 Adding Ethylene Capacity Adding PVC Capacity Future EBITDA 2012 EBITDA Added Ethylene Capacity Added PVC Capacity Acquired Axiall Adding Chlor Alkali Capacity Added Chlor Alkali Capacity Acquired Vinnolit and Speciality PVC Products Timely investments to integrate the full value chain drive EBITDA. Vinyls acquisitions provide profitable growth. 20
21 21
22 Reconciliation of Westlake EBITDA to Net Income and to Cash Flow from Operating Activities (in $ millions) LTM 2Q 2018 Adjusted EBITDA $ 237 $ 512 $ 584 $ 780 $ 1,118 $ 1,330 $ 1,244 $ 1,016 $ 1,841 $ 2,185 Debt Retirement Cost (7) EBITDA ,118 1,330 1,244 1,016 1,841 2,185 Less: - Income Tax (Provision) Benefit (26) (122) (142) (200) (332) (399) (298) (139) Interest Expense (35) (40) (51) (43) (18) (38) (35) (79) (159) (148) Depreciation & Amortization (123) (129) (132) (144) (158) (208) (246) (378) (601) (618) Non Controlling Interest (6) (19) (21) (35) (41) Net Income ,304 1,578 - Non Controlling Interest Changes in operating assets & liabilities Deferred income taxes (534) (563) Cash flow from operating activities $ 236 $ 283 $ 359 $ 624 $ 753 $ 1,032 $ 1,079 $ 834 $ 1,538 $ 1,783 Olefins EBITDA $ 260 $ 547 $ 549 $ 655 $ 944 $ 1,126 $ 863 $ 699 $ 805 $ 796 Vinyls EBITDA (17) (20) ,096 1,458 Corporate EBITDA (6) (15) (13) (13) (33) (43) (17) (98) (60) (69) Westlake Adjusted EBITDA $ 237 $ 512 $ 584 $ 773 $ 1,118 $ 1,330 $ 1,244 $ 1,016 $ 1,841 $ 2,185 Note 1 from page 2: Non-GAAP Financial Measures This presentation includes the non-gaap measure EBITDA. A reconciliation to net income and to cash flow from operating activities is included above. 22
23 Safe Harbor Language This presentation contains certain forward-looking statements, including statements with respect to future growth, the ultimate outcome (such as cost savings, synergies, and joint venture development) and results of integrating the operations of Westlake and Axiall, and the timing and results of planned expansions, cost advantages of ethylene, distributable cash flow growth of WLKP and the potential of the Lotte ethylene JV as an additional lever of growth for WLKP. Actual results may differ materially depending on factors such as general economic and business conditions; the cyclical nature of the chemical industry; the availability, cost and volatility of raw materials and energy; uncertainties associated with the United States, Europe and worldwide economies, including those due to political tensions in the Middle East, Ukraine and elsewhere; current and potential governmental regulatory actions in the United States and Europe and regulatory actions and political unrest in other countries; industry production capacity and operating rates; the supply/ demand balance for our products; competitive products and pricing pressures; instability in the credit and financial markets; access to capital markets; terrorist acts; operating interruptions (including leaks, explosions, fires, weatherrelated incidents, mechanical failure, unscheduled downtime, labor difficulties, transportation interruptions, spills and releases and other environmental risks); changes in laws or regulations; technological developments; our ability to implement our business strategies; creditworthiness of our customers; the results of potential negotiations between Westlake Chemical Corporation and Westlake Chemical Partners and other factors described in our reports filed with the Securities and Exchange Commission. Many of these factors are beyond our ability to control or predict. Any of these factors, or a combination of these factors, could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements. These forward-looking statements are not guarantees of our future performance, and our actual results and future developments may differ materially from those projected in the forward-looking statements. Management cautions against putting undue reliance on forward-looking statements. Every forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements. Investor Relations Contacts Steve Bender Executive Vice President & Chief Financial Officer Westlake Chemical 2801 Post Oak Boulevard, Suite 600 Houston, Texas Jeff Holy Vice President & Treasurer 23
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