HOUSTON, Feb. 21, 2012 /PRNewswire/ -- Westlake Chemical
Corporation (NYSE: WLK) today reported net income for the three
months ended December 31, 2011 of
$26.4 million, or $0.40 per diluted share, compared to net income
of $84.1 million, or $1.26 per diluted share, reported for the fourth
quarter of 2010. Net sales for the three months ended December 31, 2011 of $859.2 million increased $63.8 million compared to net sales of
$795.4 million in the same period of
2010, primarily due to higher sales volumes for polyethylene,
styrene and PVC resin and higher sales prices for building products
and caustic, partially offset by lower building products sales
volume. Income from operations was $50.5
million for the fourth quarter of 2011 compared to
$137.1 million for the fourth quarter
of 2010. Fourth quarter of 2011 income from operations was lower
primarily as a result of higher feedstock costs, which were only
partially offset by higher building products and caustic sales
prices.
Net income for the fourth quarter of 2011 of $26.4 million, or $0.40 per diluted share, decreased $41.5 million from the $67.9 million of net income, or $1.01 per diluted share, reported for the third
quarter of 2011. Net sales in the fourth quarter of 2011 of
$859.2 million decreased $109.2 million from net sales of $968.4 million in the third quarter of 2011,
primarily as a result of lower sales prices for most of the
Company's major products. Fourth quarter 2011 income from
operations was $50.5 million as
compared to $117.3 million reported
for the third quarter of 2011, a decrease of $66.8 million. Operating income in the fourth
quarter of 2011 decreased compared to the third quarter of 2011
primarily as a result of lower polyethylene, PVC resin and building
products sales prices and higher feedstock costs.
Albert Chao, President and Chief
Executive Officer, said, "In 2011 we celebrated our 25th year in
business and also achieved the highest earnings in Company history,
as earnings grew by 17% driven largely by improved integrated
vinyls margins. In addition, we announced expansion programs to
increase both our chlorine and ethane-based ethylene capacity. We
believe our integration strategy, coupled with our advantaged
feedstock position due to increased U.S. shale gas production, will
continue to improve our profitability in both our Olefins and
Vinyls businesses."
For the year ended December 31, 2011, Westlake had net income of $259.0 million, or $3.87 per diluted share, on net sales of
$3,619.8 million. This represents an
increase in net income of $37.6
million, or $0.53 per diluted
share, from 2010 net income of $221.4
million, or $3.34 per diluted
share, on net sales of $3,171.8
million in 2010. Net sales in 2011 increased $448.0 million over net sales in 2010 primarily
due to higher sales prices for all our major products and higher
sales volume for PVC resin, partially offset by lower building
products sales volume. Income from operations was $446.8 million for the year ended
December 31, 2011 as compared to $378.4
million for 2010, an increase of $68.4 million. Income from operations benefited
primarily from improved caustic margins, higher PVC resin and
building products sales prices and higher PVC resin sales volume as
compared to 2010, partially offset by higher feedstock costs. The
2011 income from operations was negatively impacted by three
separate events: an unscheduled outage at one of our ethylene units
in Lake Charles, Louisiana, a
scheduled major maintenance turnaround of our Calvert City facility
and a fire at a third-party storage facility in Mont Belvieu, Texas. The 2010 results were
negatively impacted by an unscheduled outage at one of our ethylene
units in Lake Charles caused by
severe weather.
EBITDA (earnings before interest expense, income taxes,
depreciation and amortization) of $84.9
million for the fourth quarter of 2011 decreased
$87.5 million compared to
$172.4 million in the fourth quarter
of 2010. EBITDA for the fourth quarter of 2011 decreased
$66.7 million compared to
$151.6 million in the third quarter
of 2011. A reconciliation of EBITDA to reported net income and to
net cash provided by operating activities can be found in the
financial schedules at the end of this press release.
Net cash provided by operating activities was $362.3 million in 2011. Capital expenditures in
2011 were $176.8 million. At
December 31, 2011, we had cash
balances of $922.2 million, including
$96.3 million of restricted cash, and
our long-term debt was $764.6
million. The restricted cash is designated for qualifying
amounts spent for certain capital additions in Louisiana.
OLEFINS SEGMENT
Income from operations for the Olefins segment decreased by
$78.6 million to $75.9 million in the fourth quarter of 2011 from
$154.5 million in the fourth quarter
of 2010. The decrease was primarily due to higher feedstock
costs.
Income from operations for the fourth quarter of 2011 for the
Olefins segment of $75.9 million
decreased $29.5 million from the
$105.4 million reported in the third
quarter of 2011. The decrease was primarily due to lower integrated
product margins, largely as a result of lower polyethylene sales
prices and higher feedstock costs.
Income from operations was $459.3
million in 2011 compared to $460.0
million in 2010 as higher polyethylene and styrene sales
prices were mostly offset by higher feedstock costs as compared to
2010. In addition, income from operations for 2011 was negatively
impacted by the unscheduled outage at one of our ethylene units in
Lake Charles and the fire at a
third-party storage facility at Mont
Belvieu. Results for 2010 were negatively impacted by the
unscheduled outage at one of our ethylene units in Lake Charles caused by severe weather.
VINYLS SEGMENT
The Vinyls segment reported a loss from operations of
$19.6 million in the fourth quarter
of 2011 compared to a loss from operations of $12.4 million in the fourth quarter of 2010, an
unfavorable change of $7.2 million.
The decrease in operating income was primarily the result of a
decrease in PVC resin margins as higher feedstock costs outpaced
sales price increases.
The Vinyls segment reported a loss from operations of
$19.6 million in the fourth quarter
of 2011 as compared to income from operations of $16.1 million in the third quarter of 2011. The
decrease in operating income in the fourth quarter was the result
of higher propane cracking costs at our Calvert City ethylene unit,
a turnaround at our Geismar
facility, a decrease in PVC resin and building products sales
prices and a decrease in building products sales volumes.
The Vinyls segment reported income from operations of
$4.0 million in 2011 as compared to a
loss from operations of $62.4 million
in 2010. The improvement in income from operations was primarily
attributable to improved caustic, PVC resin and building products
margins and higher PVC resin sales volume as compared to 2010. PVC
resin sales volume benefited from a stronger export market in 2011.
The improvement in operating results was partially offset by the
negative impact of the turnaround at our Calvert City facility.
Overall, Vinyls margins remained under pressure in 2011 due to the
continued weakness in the U.S. construction markets and budgetary
constraints in municipal spending.
The statements in this release relating to matters that are
not historical facts, including the timing and results of expansion
and construction projects and the competitive position of North
American olefins and vinyls producers, including Westlake, are forward-looking statements that
are subject to risks and uncertainties. Actual results could differ
materially, based on factors including, but not limited to: general
economic and business conditions; the cyclical nature of the
chemical industry; availability, cost and volatility of raw
materials and utilities, including natural gas from shale
production; uncertainties associated with the United States and worldwide economies,
including those due to global economic and financial conditions;
delays and cost overruns associated with expansion and construction
projects; governmental regulatory actions, including environmental
regulation; political unrest; industry production capacity and
operating rates; the supply/demand balance for Westlake's products; competitive products and
pricing pressures; access to capital markets; technological
developments; the effect and results of litigation and settlements
of litigation; operating interruptions; and other risk factors. For
more detailed information about the factors that could cause actual
results to differ materially, please refer to Westlake's Annual Report on Form 10-K for the
year ended December 31, 2010, which
was filed with the SEC in February
2011.
In this release, Westlake
refers to a non-GAAP financial measure, EBITDA. EBITDA is
calculated as net income before interest expense, income taxes,
depreciation and amortization. The body of accounting principles
generally accepted in the United
States is commonly referred to as "GAAP." For this purpose a
non-GAAP financial measure is generally defined by the U.S.
Securities and Exchange Commission as one that purports to measure
historical and future financial performance, financial position or
cash flows, but excludes or includes amounts that would not be so
adjusted in the most comparable GAAP measures. We have included
EBITDA in this release because our management considers it an
important supplemental measure of our performance and believes that
it is frequently used by securities analysts, investors and other
interested parties in the evaluation of companies in our industry,
some of which present EBITDA when reporting their results. We
regularly evaluate our performance as compared to other companies
in our industry that have different financing and capital
structures and/or tax rates by using EBITDA. EBITDA allows for
meaningful company-to-company performance comparisons by adjusting
for factors such as interest expense, depreciation and amortization
and taxes, which often vary from company to company. In addition,
we utilize EBITDA in evaluating acquisition targets. Management
also believes that EBITDA is a useful tool for measuring our
ability to meet our future debt service, capital expenditures and
working capital requirements, and EBITDA is commonly used by us and
our investors to measure our ability to service indebtedness.
EBITDA is not a substitute for the GAAP measures of earnings or of
cash flow and is not necessarily a measure of our ability to fund
our cash needs. In addition, it should be noted that companies
calculate EBITDA differently and, therefore, EBITDA as presented in
this release may not be comparable to EBITDA reported by other
companies. EBITDA has material limitations as a performance measure
because it excludes (1) interest expense, which is a necessary
element of our costs and ability to generate revenues because we
have borrowed money to finance our operations, (2) depreciation,
which is a necessary element of our costs and ability to generate
revenues because we use capital assets and (3) income taxes, which
is a necessary element of our operations. We compensate for these
limitations by relying primarily on our GAAP results and using
EBITDA only supplementally. A table included in the financial
schedules at the end of this release reconciles EBITDA to net
income and to cash flow from operating activities.
Westlake Chemical Corporation Conference Call Information:
A conference call to discuss Westlake Chemical Corporation's
fourth quarter and full year 2011 results will be held Tuesday, February 21, 2012 at 11:00 a.m. EST (10:00 a.m.
CST). To access the conference call, dial (866) 510-0712, or
(617) 597-5380 for international callers, approximately 10 minutes
prior to the scheduled start time and reference passcode
87965657.
A replay of the conference call will be available beginning two
hours after its conclusion until 1:00 p.m.
EST on Tuesday, February 28,
2012. To hear a replay, dial (888) 286-8010, or (617)
801-6888 for international callers. The replay passcode is
75680375.
The conference call will also be available via webcast at
http://phx.corporate-ir.net/phoenix.zhtml?c=180248&p=IROL-EventDetails&EventID=4717022
and the earnings release can be obtained via the company's Web page
at
http://www.westlake.com/fw/main/IR-Home-Page-123.html.
|
WESTLAKE
CHEMICAL CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands of dollars, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
859,175
|
|
$
795,387
|
|
$
3,619,848
|
|
$
3,171,787
|
|
Cost of sales
|
781,915
|
|
631,263
|
|
3,060,842
|
|
2,689,104
|
|
Gross profit
|
77,260
|
|
164,124
|
|
559,006
|
|
482,683
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
26,801
|
|
27,072
|
|
112,210
|
|
104,319
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
50,459
|
|
137,052
|
|
446,796
|
|
378,364
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
(12,543)
|
|
(11,301)
|
|
(50,992)
|
|
(39,875)
|
|
Other income, net
|
1,332
|
|
2,935
|
|
5,628
|
|
4,471
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
39,248
|
|
128,686
|
|
401,432
|
|
342,960
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
12,805
|
|
44,613
|
|
142,466
|
|
121,567
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
26,443
|
|
$
84,073
|
|
$
258,966
|
|
$
221,393
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.40
|
|
$
1.27
|
|
$
3.89
|
|
$
3.35
|
|
|
Diluted
|
$
0.40
|
|
$
1.26
|
|
$
3.87
|
|
$
3.34
|
|
|
|
|
|
|
|
|
|
|
WESTLAKE
CHEMICAL CORPORATION
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands of dollars)
|
|
ASSETS
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
$
825,901
|
|
$
630,299
|
|
Accounts receivable,
net
|
|
|
|
407,372
|
|
362,863
|
|
Inventories
|
|
|
|
490,777
|
|
450,028
|
|
Other current
assets
|
|
|
|
32,106
|
|
32,770
|
|
Total current
assets
|
|
|
|
1,756,156
|
|
1,475,960
|
|
Property, plant and equipment,
net
|
|
|
|
1,232,066
|
|
1,170,334
|
|
Restricted cash
|
|
|
|
96,283
|
|
150,288
|
|
Other assets, net
|
|
|
|
182,316
|
|
157,562
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
$
3,266,821
|
|
$
2,954,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
Current liabilities (accounts
payable and accrued liabilities)
|
|
|
|
$
364,595
|
|
$
323,578
|
|
Long-term debt
|
|
|
|
764,563
|
|
764,482
|
|
Other liabilities
|
|
|
|
381,351
|
|
361,014
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
|
1,510,509
|
|
1,449,074
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
1,756,312
|
|
1,505,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
|
$
3,266,821
|
|
$
2,954,144
|
|
|
|
|
|
|
|
|
WESTLAKE
CHEMICAL CORPORATION
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Twelve
Months Ended
|
|
|
|
December
31,
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
(In
thousands of dollars)
|
|
Cash flows from operating
activities
|
|
|
|
|
|
Net income
|
|
$
258,966
|
|
$
221,393
|
|
Adjustments to reconcile net
income to net cash provided by operating activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
131,397
|
|
128,732
|
|
Deferred income
taxes
|
|
14,114
|
|
14,153
|
|
Other balance sheet
changes
|
|
(42,181)
|
|
(80,994)
|
|
Net cash
provided by operating activities
|
|
362,296
|
|
283,284
|
|
|
|
|
|
|
|
Cash flows from investing
activities
|
|
|
|
|
|
Additions to equity
investments
|
|
-
|
|
(10,177)
|
|
Additions to property, plant and
equipment
|
|
(176,843)
|
|
(81,269)
|
|
Proceeds from disposition of
assets
|
|
2,880
|
|
914
|
|
Proceeds from repayment of loan
to affiliate
|
|
1,192
|
|
763
|
|
Purchase of securities and other
investments
|
|
(30,265)
|
|
-
|
|
Settlements of derivative
instruments
|
|
251
|
|
9,494
|
|
Net cash
used for investing activities
|
|
(202,785)
|
|
(80,275)
|
|
|
|
|
|
|
|
Cash flows from financing
activities
|
|
|
|
|
|
Capitalized debt issuance
costs
|
|
(2,697)
|
|
(3,331)
|
|
Dividends paid
|
|
(18,265)
|
|
(16,014)
|
|
Proceeds from exercise of stock
options
|
|
5,344
|
|
3,745
|
|
Repurchase of common stock for
treasury
|
|
(2,518)
|
|
-
|
|
Utilization of restricted
cash
|
|
54,227
|
|
197,298
|
|
Net cash
provided by financing activities
|
|
36,091
|
|
181,698
|
|
|
|
|
|
|
|
Net increase in cash and cash
equivalents
|
|
195,602
|
|
384,707
|
|
Cash and cash equivalents at
beginning of the year
|
|
630,299
|
|
245,592
|
|
|
|
|
|
|
|
Cash and cash equivalents at end
of the year
|
|
$
825,901
|
|
$
630,299
|
|
|
|
|
|
|
WESTLAKE
CHEMICAL CORPORATION
|
|
|
|
|
|
|
|
|
|
SEGMENT
INFORMATION
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
Net external
sales
|
|
|
|
|
|
|
|
|
Olefins
|
$
621,773
|
|
$
563,704
|
|
$
2,567,842
|
|
$
2,261,212
|
|
Vinyls
|
237,402
|
|
231,683
|
|
1,052,006
|
|
910,575
|
|
|
$
859,175
|
|
$
795,387
|
|
$
3,619,848
|
|
$
3,171,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
|
|
|
|
|
|
|
Olefins
|
$
75,890
|
|
$
154,521
|
|
$
459,266
|
|
$
460,027
|
|
Vinyls
|
(19,553)
|
|
(12,380)
|
|
4,012
|
|
(62,429)
|
|
Corporate and other
|
(5,878)
|
|
(5,089)
|
|
(16,482)
|
|
(19,234)
|
|
|
$
50,459
|
|
$
137,052
|
|
$
446,796
|
|
$
378,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
Olefins
|
$
21,917
|
|
$
21,723
|
|
$
86,915
|
|
$
86,086
|
|
Vinyls
|
11,095
|
|
10,540
|
|
43,877
|
|
42,062
|
|
Corporate and other
|
141
|
|
147
|
|
605
|
|
584
|
|
|
$
33,153
|
|
$
32,410
|
|
$
131,397
|
|
$
128,732
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net
|
|
|
|
|
|
|
|
|
Olefins
|
$
780
|
|
$
333
|
|
$
2,813
|
|
$
440
|
|
Vinyls
|
15
|
|
95
|
|
194
|
|
399
|
|
Corporate and other
|
537
|
|
2,507
|
|
2,621
|
|
3,632
|
|
|
$
1,332
|
|
$
2,935
|
|
$
5,628
|
|
$
4,471
|
|
|
|
|
|
|
|
|
|
|
WESTLAKE
CHEMICAL CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF EBITDA TO NET
INCOME AND TO NET CASH
|
|
|
PROVIDED BY
OPERATING ACTIVITIES
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2011
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
151,649
|
|
$
84,944
|
|
$
172,397
|
|
$
583,821
|
|
$
511,567
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
38,131
|
|
12,805
|
|
44,613
|
|
142,466
|
|
121,567
|
|
Interest expense
|
|
12,727
|
|
12,543
|
|
11,301
|
|
50,992
|
|
39,875
|
|
Depreciation and
amortization
|
|
32,861
|
|
33,153
|
|
32,410
|
|
131,397
|
|
128,732
|
|
Net income
|
|
67,930
|
|
26,443
|
|
84,073
|
|
258,966
|
|
221,393
|
|
Changes in operating assets and
liabilities
|
|
47,632
|
|
96,821
|
|
(16,631)
|
|
89,216
|
|
47,738
|
|
Deferred income taxes
|
|
3,486
|
|
(5,321)
|
|
861
|
|
14,114
|
|
14,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities
|
|
$
119,048
|
|
$
117,943
|
|
$
68,303
|
|
$
362,296
|
|
$
283,284
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESTLAKE
CHEMICAL CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
Sales Price and Volume Variance by Operating
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2011 vs.
|
|
|
|
Fourth
Quarter 2011 vs.
|
|
|
|
Fourth
Quarter 2010
|
|
|
|
Third
Quarter 2011
|
|
|
|
Average
Sales Price
|
|
Volume
|
|
|
|
Average
Sales Price
|
|
Volume
|
|
Olefins
|
|
+5.0%
|
|
+5.3%
|
|
|
|
-9.6%
|
|
-1.0%
|
|
Vinyls
|
|
+9.5%
|
|
-7.0%
|
|
|
|
-14.2%
|
|
+1.2%
|
|
Company
|
|
+6.3%
|
|
+1.7%
|
|
|
|
-10.9%
|
|
-0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Quarterly Industry Prices (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
December
31,
|
|
March
31,
|
|
June
30,
|
|
September
30,
|
|
December
31,
|
|
|
|
2010
|
|
2011
|
|
2011
|
|
2011
|
|
2011
|
|
Ethane (cents/lb)
|
|
21.4
|
|
22.1
|
|
26.2
|
|
26.3
|
|
28.8
|
|
Propane (cents/lb)
|
|
29.8
|
|
32.4
|
|
35.4
|
|
36.4
|
|
34.1
|
|
Ethylene (cents/lb)
(2)
|
|
47.3
|
|
49.3
|
|
57.5
|
|
55.6
|
|
54.6
|
|
Polyethylene (cents/lb)
(3)
|
|
92.7
|
|
96.7
|
|
103.7
|
|
96.0
|
|
92.7
|
|
Styrene (cents/lb)
(4)
|
|
63.3
|
|
74.0
|
|
76.3
|
|
73.3
|
|
64.0
|
|
Caustic ($/short ton)
(5)
|
|
451.7
|
|
470.0
|
|
536.7
|
|
570.0
|
|
613.3
|
|
Chlorine ($/short ton)
(6)
|
|
335.0
|
|
315.0
|
|
351.7
|
|
348.3
|
|
305.8
|
|
PVC (cents/lb) (7)
|
|
67.7
|
|
69.5
|
|
77.8
|
|
78.2
|
|
74.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Industry pricing data was
obtained through IHS Chemical. We have not independently verified
the data.
|
|
(2) Represents average North
American contract prices of ethylene over the period as reported by
IHS Chemical.
|
|
(3) Represents average North
American contract prices of polyethylene low density film over the
period as reported by IHS Chemical.
|
|
(4) Represents average North
American contract prices of styrene over the period as reported by
IHS Chemical.
|
|
(5) Represents average North
American acquisition prices of caustic soda (diaphragm grade) over
the period as reported by IHS Chemical.
|
|
(6) Represents average North
American contract prices of chlorine (into chemicals) over the
period as reported by IHS Chemical.
|
|
(7) Represents average North
American contract prices of PVC over the period as reported by IHS
Chemical.
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Westlake Chemical Corporation