WLKP: Safe Yields, No Growth

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WLKP is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities. It sells almost all of its ethylene to Westlake Corporation under a long-term Ethylene Sales Agreement. 

This enables it to deliver stable cash flow and high ROIC, thanks to fixed-margin ethylene contracts. But no growth drivers mean revenue has flatlined for a decade. Intrinsic value matches market price—great for yield, but not for value hunters.