Westlake Chemical Partners LP

Westlake Chemical Partners LP4th Quarter 2019

Westlake Chemical Partners LP Predictable and stable cash flows insulated from commodity price risk Consistent top tier distribution growth every quarter since 2014 IPO Long history of reliable operations from strategically located assetsStable and predictable cash flows95% of sales at fixed margin to investmentgrade parentExcellent governance and strategicalignment with investment grade parentRecent IDR reset with no compensation paidillustrates parent company commitment toWestlake PartnersLong history of predictable operationfrom strategically located assetsGlobally cost advantaged feedstock withoperating rates that exceed North Americanindustry averagesFour levers of continued growth: Negotiate higher ethylene marginAcquisition opportunitiesPeriodic drop downs from OpCoExpansion opportunities Intends to target a sustainable, top tier distribution growth rate which: Reduces reliance on equity capitalAligns distribution growth to availability of capital in the MLP equity marketExtends the dropdown inventory runway for many years2

Westlake Chemical Partners LP & Westlake Chemical CorporationPredictable and Stable Cash Flows with Conservative Financial StructureInvestorsInvestors59.9% ownershipWestlakeChemicalPartners LP(WLKP)22.8% ownership40.1% ownershipWestlakeChemicalOpCo LPWestlakeChemical Corp(WLK)77.2% ownershipWLKP’s predictable and stable cash flows are bolstered by: Increased earnings and extended distribution growth runway through addedcapacity expansions, IDR reset, significant remaining drop down capacity atOpCo, and potential opportunity to acquire an interest in the Lotte/ WestlakeJV cracker Conservative balance sheet and a DCF coverage ratio target of 1.1xproviding significant flexibility to fund future growth3

Westlake Partners Assets Provide Vital Ethylene toWestlake ChemicalLongview, TexasComplexCalvert City, KentuckyComplexLake Charles,Louisiana Complex Two ethane-based processingfacilities at Westlake’s LakeCharles, Louisiana complex One ethane-based processingfacility located in Calvert City,Kentucky Combined capacity of 3 billionpounds of ethylene primarilyconsumed by Westlake in theproduction of chemicalsincluding PE and PVC Capacity of 730 million pounds ofethylene per year primarilyconsumed by Westlake in theproduction of higher value-addedchemicals including PVC A 200-mile common carrier ethylenepipeline that runs from Mont Belvieu,Texas to the Longview, Texaschemical complex, which includesWestlake’s Longview PE productionfacilityWestlake Chemical depends on Westlake Partners to supply the Ethylene used toproduce all of its key end products: Polyethylene, Styrene, PVC, and Building Products4

Westlake Chemical’s Short Position in EthyleneProvides Demand for Westlake PartnersWestlake Partners’ current production capacity plus the potential 1.1B lbs in the JVcracker would still leave Westlake Chemical short an additional 1.1B lbs of EthyleneWestlakePartnersEthylene3.7 Billion lbsWestlake ChemicalAdditional Ethylene viaLACC JV eligible forWLKP 1.1 Billion lbsPolyethylene2.6 Billion lbsStyrene570 Million lbsVinylsChlorine7.1 Billion lbsPVC7.9 Billion lbsVinylsProducts3.4 Billion lbsKey:Expansion/AdditionOlefinsVinylsCaustic Soda7.9 Billion lbsChlorinated Products2.3 Billion lbsChlorinatedProducts5

Westlake Partners Value Chain: Ethylene Sales AgreementPricing Formula Promotes Stable & Predictable Cash Flows Westlake Partners is the critical supplier of the Ethylene Westlake Chemicalneeds to produce it’s products Ethylene Sales Agreement between Westlake Chemical and Westlake Partnersprovides stable 10 cents per pound margin on 95% of processed NGL’s, withremaining 5% sold to third parties The Ethylene sales agreement provides the partnership stable cash flowsinsulated from commodity risks and covers maintenance and turn aroundexpendituresPriceFeedstockCostOperatingCosts (Incl.SG&A)Maint. &TurnaroundCostsCo-ProductCredits 0.10 perpoundMargin6

Industry Integrated Margins – Ethylene and Polyethylene50403020OpCoMargin100Ethylene Margin PE Non-Integrated 2008-102007Integrated Margin (cents / lb)Sales Agreement has Insulated WLKP From CommodityRisk and Enhanced Cash Flow StabilitySource: IHS/ MarkitThe integrated margin shown above is well above 10 cents historically supportingsustainability of margin and potential to negotiate increase to the 10 cents margin Requires WLK to purchase 95% of OpCo’s planned ethylene volume each year, with amaximum commitment of 3.8 billion pounds per year Contract structure promotes stable margin and consistent distributable cash flows7

Strong Distribution Growth From Conservative Financial Structure4,000 803,000 60Capacityexpansionoutage2,000 401,000 200 201420152016Distributable Cash Flows (MM)20172018Distributable Cash Flow ( MM)Annual Distributable Cash Flows and Production since IPOEthylene Production (MM lbs)Higher, steadyproduction rateslead todependable,stable financialsand ultimately tostable growingdistributable cashflows tounitholders2019Ethylene Production (MM lbs) Maintain conservative target leverage ratios at WLKP and OpCoConservativeLeverage andFinancialFlexibility Substantial liquidity via a 600 Million credit facility between Westlakeand OpCo WLKP’s line of credit increased to 600 Million in December 2017 tofund additional growth Minimal working capital requirements both at OpCo and WLKP Established an equity and debt shelf and At-The-Market (ATM) equityprogram to fund future growth8

Westlake Partners in the Top Tier ofMLPs for Distribution GrowthWLKP remains committed to offering unitholders top tier distribution growth.Publically Traded MLP PopulationEstimated2019 andEstimate2020 DistributionDistributionGrowthand GrowthYield Rates as of Oct 30, 201940.0%Distribution Growth Rates30.0%WLKP Targeted Top Tier Distribution Position20.0%10.0%2019 AMZ Consensus DistributionGrowth Rate of 1.7%0.0%2020 AMZ Consensus DistributionGrowth Rate of 4.0%-10.0%-20.0%Publically Traded MLP PopulationFitted curve: 2019 MLP SectorDistribution Growth EstimateFitted Curve: 2020 MLP SectorDistribution Growth EstimateSource: Bloomberg Consensus EstimatesNote: AMZ is the Alerian MLP indexTop Tier Distribution Growth Strategy Benefits: Reduces size and frequency of future capital market needs: Further bolstering strong balance sheet and leverage metrics Aligns to current market environment Reduces unit holder dilution at current unit prices9

Four Levers of Growth for Stable, Growing Cash FlowsIncrease our ownership interest in OpCo over time either by purchasing new OpCo interestsor by purchasing outstanding interests in OpCo from WLKIncrease our Ownershipof OpCo Purchased 2.7% of OpCo for 135 Million in May 2015 Purchased 5% of additional OpCo interests for 229 Million in Sept 2017 Purchased 4.5% of additional OpCo interests for 201 Million in Mar 2019 Substantial drop drown capacity Recently reset IDR tiers extend runway of future dropdowns:o 77% of drop down inventory remainso Remaining drop down inventory supports many years of future distribution growthPursue OrganicGrowth OpportunitiesPursue GrowthOpportunities ThroughAcquisitionsExpand MarginEnhance the profitability of OpCo’s existing assets by pursuing growth opportunitiesincluding capacity expansion projects Expanded Petro1 by approximately 250 Million pounds of ethylene in 2016 Expanded Calvert City by approximately 100 Million pounds of ethylene in 2017Pursue acquisitions of complementary assets from WLK and third parties: Westlake Chemical is participating in a joint venture with Lotte Chemical to build a new2.2 Billion pound ethylene cracker that started up in Q2 2019, would be a target forinclusion in WLKPNegotiate higher ethylene margin above current 10 cents with Westlake Chemical10

Ample Capacity to Fund Earnings Growth Recent drop down in 1Q 2019 continues growth of cash flows to unitholders with largecapacity left to fund future growth In July 2018, Westlake Chemical re-set Westlake Partners IDR schedule relievingWestlake Partners of the IDR cash flow burden and significantly extending the dropdown runway for WLKP:oImmediately accretive to cash flow per unit and coverage with no compensation paid toWestlake Chemical CorpoHighlights the clear path to grow future earnings and distributionsoImproves Partners’ cost of capital, increasing its ability to pursue accretive investments andpositions WLKP for future growth oReduces frequency and size of capital market needsoHighlights alignment between Westlake and Partners with “win-win” resetWorld class ethylene cracker JV is eligible for inclusion in WLKP and further fundgrowth runway11

Completed Capacity Expansions IDR Resets Acquisition of JVOpportunity Means Extended Growth for Westlake PartnersNet Income Attributable to WLKP unitholders ( MM) 80 60OpCo dropdownPetro 1ExpansionCalvert CityExpansionand OpCodrop downIDR resetprovideslongergrowth pathOpCo dropdown 40 20LACC JVCrackereligible toadd to dropdowninventory77 % dropdowncapacityremainingWLKP IPO 02014201520162017201820192020 & BeyondWestlake Partners continues to add capacity, each addition extends the potential runway foradditional drop downs, and grows distributable income: Completed two ethylene expansions since the July, 2014 IPO The Westlake - Lotte JV cracker could add up to 1.1 Billion pounds of production capacity IDR reset extends runway for growth at no cost to WLKP12

Solid Leverage MetricsWell Capitalized for Financial StabilityWLKP is well capitalized and has significant financial flexibility to fund futuregrowth with its strong and supportive parent; Westlake Chemical (WLK)Westlake Partners LiquidityDec 30, 2019 183 800 983Liquidity (in millions)Cash and Equivalents (1)Plus: Available Credit FacilitiesTotal Available LiquidityA Strong Balance Sheet to Provide Financial StabilityNet Debt / Capitalization (%)70%60%50%40%30%20%10%WLKP0%EGACFBDSee footnote t Debt / EBITDA (1) RatioWLKP80%ABCD(1) Includes cash invested with WLK under investment management agreement(2) Peers: ANDX, EQM, MPLX, PSXP, SXCP, WES, as of latest date information is available in BloombergEFGSee footnote (2)13

Key Investment DriversWestlakeChemical’sIncreasingDemand forEthyleneGlobal CostAdvantagefor EthyleneProductionStrategicRelationshipwith WestlakeChemicalStable andPredictableCash FlowsUnencumberedwith IDR’sExpandedCapacity tplus IDRResetStrategicallyLocated AssetsExperienced on andAsset IntegrityAccess toOperationaland IndustryExpertiseWLKP is well positioned for continued growth.14

Appendix

WLKP Growth StrategyAcquisition and Expansion Provides Growth Maintain financial flexibility to protect and grow distributions Expand production capacity of ethylene through cost effective debottlenecks Approximately 250 Million pounds completed in Lake Charles in 2016 Approximately 100 Million pounds added in Calvert City in 2017 Increase stake in OpCo and pursue acquisition opportunitiesProtect and GrowDistributions Acquired additional 2.7% of OpCo for 135 Million in May 2015 to growdistributions Acquired additional 5.0% of OpCo for 229 Million in Sept 2017 to growdistributions Acquired additional 4.5% of OpCo for 201 Million in Mar 2019 to growdistributions Substantial drop drown capacity remaining with 77% of OpCo available to bedropped JV with Lotte built new ethylene cracker in Lake Charles and is expected toadd future drop down capacity16