SEC Filings

10-Q
WESTLAKE CHEMICAL CORP filed this Form 10-Q on 05/03/2018
Entire Document
 

 
 
Three Months Ended March 31, 2018
 
 
Average
Sales Price
 
Volume
Product sales price and volume percentage change from prior-year period
 
 
 
 
Olefins
 
+1.2
%
 
-8.6
 %
Vinyls
 
+12.0
%
 
+5.6
 %
Company average
 
+9.0
%
 
+1.7
 %
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
2018
 
2017
Average industry prices (1)
 
 
 
 
Ethane (cents/lb)
 
8.5

 
7.8

Propane (cents/lb)
 
20.2

 
16.9

Ethylene (cents/lb) (2)
 
23.6

 
31.2

Polyethylene (cents/lb) (3)
 
73.7

 
67.3

Styrene (cents/lb) (4)
 
98.3

 
85.6

Caustic soda ($/short ton) (5)
 
748.3

 
568.3

Chlorine ($/short ton) (6)
 
332.5

 
305.0

PVC (cents/lb) (7)
 
67.2

 
60.2

_____________
(1)
Industry pricing data was obtained from IHS Markit ("IHS"). We have not independently verified the data.
(2)
Represents average North American spot prices of ethylene over the period as reported by IHS.
(3)
Represents average North American net transaction prices of polyethylene low density GP-Film grade over the period as reported by IHS.
(4)
Represents average North American contract prices of styrene over the period as reported by IHS.
(5)
Represents average North American United States Gulf Coast undiscounted contract prices of caustic soda over the period as reported by IHS. During the first quarter of 2018, IHS discontinued the previous caustic soda index that we used. For comparability, the average first quarter 2017 caustic soda is based on the current index.
(6)
Represents average North American contract prices of chlorine (into chemicals) over the period as reported by IHS.
(7)
Represents average North American contract prices of polyvinyl chloride (PVC) over the period as reported by IHS.
Reconciliation of EBITDA to Net Income and to Net Cash Provided by Operating Activities
The following table presents the reconciliation of EBITDA to net income and to net cash provided by operating activities, the most directly comparable GAAP financial measures, for each of the periods indicated.
 
 
Three Months Ended March 31,
 
 
2018
 
2017
 
 
 
 
 
 
(dollars in millions)
Net cash provided by operating activities
 
$
225

 
$
157

Changes in operating assets and liabilities and other
 
88

 
(18
)
Deferred income taxes
 
(16
)
 
6

Net income
 
297

 
145

Add:
 
 
 
 
Depreciation and amortization
 
156

 
150

Interest expense
 
37

 
40

Provision for income taxes
 
89

 
56

EBITDA
 
$
579

 
$
391


30