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Section 1: 8-K (8-K)

8-K
false 0001604665 0001604665 2020-03-24 2020-03-24

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): March 24, 2020

 

Westlake Chemical Partners LP

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-36567

 

32-0436529

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

2801 Post Oak Boulevard, Suite 600

Houston, Texas

 

77056

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (713) 585-2900

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common units representing limited partnership interests

 

WLKP

 

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

 


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 24, 2020, Westlake International Services Corporation, as sole member of Westlake Chemical Partners GP LLC (the “General Partner”), the general partner of Westlake Chemical Partners LP (the “Partnership”), appointed Mr. G. Stephen Finley to serve as an independent member of the General Partner’s board of directors (the “Board”). Mr. Finley is expected to be appointed by the Board to its Audit and Conflicts committees. Mr. Finley succeeds Mr. Max L. Lukens who, as previously disclosed, had informed the Board that he intended to retire from the Board effective upon the appointment of his successor. Mr. Lukens’ retirement from the Board was effective on March 24, 2020.

Mr. Finley was the Senior Vice President, Finance & Administration and Chief Financial Officer of Baker Hughes Incorporated from April 1999 until his retirement in April 2006. Prior to that, from February 1982 to April 1999, Mr. Finley held various financial and administrative management positions with Baker Hughes. Mr. Finley has served on the Board of Directors of Newpark Resources, Inc. since June 2007. From November 2006 to April 2018, he served on the Board of Directors of Archrock GP, LLC (previously known as Exterran GP, LLC), the general partner of Archrock Partners, L.P. He also served on the Board of Directors of Columbia Pipeline Partners LP from March 2015 to February 2017, Microseismic, Inc. from April 2012 to December 2014, Total Safety U.S., Inc. from December 2006 until November 2011, and Ocean Rig ASA from June 2006 to June 2008. Mr. Finley received a Bachelor of Science degree in Accounting from Indiana State University.

In connection with Mr. Finley’s services on the Board, he will receive compensation in accordance with the plans and programs more fully described in the Partnership’s Annual Report on Form 10-K, under the heading “Item 11 – Executive Compensation – Director Compensation.”

There are no arrangements or understandings between Mr. Finley and any other persons pursuant to which he was appointed as a director of the General Partner. There are no relationships between Mr. Finley and the Partnership or any related person of the Partnership that would require disclosure pursuant to Item 404(a) of Regulation S-K.

Item 7.01. Regulation FD Disclosure.

On March 24, 2020, the Partnership issued a press release announcing that Mr. Finley had been appointed to the Board. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

The information in this Item 7.01, including the attached Exhibit 99.1, is being “furnished” pursuant to General Instruction B.2 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any Partnership filing with the Securities and Exchange Commission, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d)    Exhibits

The following exhibit is furnished herewith:

         
 

99.1

   

Press release issued on March 24, 2020.

         
 

104

   

The cover page from this Current Report on Form 8-K, formatted in Inline XBRL


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

WESTLAKE CHEMICAL PARTNERS LP

 

 

 

By: Westlake Chemical Partners GP LLC

             

Date: March 24, 2020

 

 

By:

 

/s/ Albert Chao

 

 

 

Albert Chao

President, Chief Executive Officer and Director

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Section 2: EX-99.1 (EX-99.1)

EX-99.1

EXHIBIT 99.1

 

LOGO

Westlake Chemical Partners Selects Steve Finley to Join Board of Directors

HOUSTON, March 24, 2020 – Westlake Chemical Partners LP (NYSE: WLKP) today announced that Mr. G. Stephen Finley has been appointed to the board of directors of its general partner, Westlake Chemical Partners GP LLC. He will replace Mr. Max L. Lukens, who previously informed the company that he would retire from the board upon the selection of his successor.

Mr. Finley was senior vice president, finance and administration and chief financial officer of Baker Hughes Incorporated from April 1999 until his retirement in April 2006. Previously, he held various financial and administrative management positions with the company from 1982 to 1999.

“We are most grateful to Max for his service and wish him the best in his retirement. He has served as a director of the general partner since it was formed in 2014. In addition, he has served on the board of the partnership’s sponsor, Westlake Chemical Corporation, since we took that company public in 2004,” said James Chao, Chairman of Westlake Chemical Partners GP LLC. “We are very pleased that Steve Finley has been appointed to our board. His extensive financial and management experience in the oil and gas industry will add considerable value to the partnership.”

Mr. Finley also serves on the board of directors of Newpark Resources, Inc. He previously served as a board member of Archrock GP, LLC (previously known as Exterran GP, LLC), the general partner of Archrock Partners, L.P., Columbia Pipeline Partners LP, Microseismic, Inc., Total Safety U.S., Inc., and Ocean Rig ASA. Mr. Finley is a graduate of Indiana State University where he received a Bachelor of Science degree in accounting.

Westlake Chemical Partners LP (WLKP)

Westlake Chemical Partners is a limited partnership formed by Westlake Chemical Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP’s assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.

Contacts:

Media Relations, Ben Ederington, 713-585-2900, or

Investor Relations, Steve Bender, 713-585-2900

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