Westlake Chemical Partners LP - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Westlake Chemical Partners LP on October 11, 2019. The filing addresses a corporate governance event involving the Board of Directors of the General Partner, Westlake Chemical Partners GP LLC.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to a personnel change and does not contain financial performance data.
Material Changes
On October 11, 2019, David Lumpkins resigned from the Board of Directors of the General Partner. Mr. Lumpkins, who served as the chairman of the conflicts committee and a member of the audit committee, is stepping down to focus on PetroLogistics II, LLC, a petrochemical development company he co-founded. The resignation is effective upon the appointment of his successor.
Outlook, Risks, and Management Commentary
Management explicitly stated that Mr. Lumpkins' decision to resign was not the result of any disagreement with the General Partner or the Partnership. The filing notes that PetroLogistics II, LLC has announced plans to build a 500 kta propane dehydrogenation facility on the U.S. Gulf Coast.
Key Facts for Investor Verification
- David Lumpkins is resigning from the Board of Directors of the General Partner.
- The resignation is effective only upon the appointment of a successor.
- The departure is voluntary and unrelated to any disagreement with the company.
- Mr. Lumpkins is focusing on a new venture, PetroLogistics II, LLC, which is developing a propane dehydrogenation facility.