# EDGAR Filing Document

**Accession Number:** 0001262823
**File Stem:** 0001262823-23-000008
**Filing Date:** 2023-2
**Character Count:** 56886
**Document Hash:** 2583b16e5bcdaeb5d7d93a5c497aafc4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001262823-23-000008.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001262823-23-000008

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20230221

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WESTLAKE CORP
- **CENTRAL INDEX KEY:** 0001262823
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL ORGANIC CHEMICALS [2860]
- **IRS NUMBER:** 760346924
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32260
- **FILM NUMBER:** 23645303

**BUSINESS ADDRESS:**
- **STREET 1:** 2801 POST OAK BLVD
- **STREET 2:** SUITE 600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
- **BUSINESS PHONE:** 713-960-9111

**MAIL ADDRESS:**
- **STREET 1:** 2801 POST OAK BLVD
- **STREET 2:** SUITE 600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTLAKE CHEMICAL CORP
- **DATE OF NAME CHANGE:** 20030908

?xml version="1.0" ? wlk-20230221

**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): February 21, 2023** 

**Westlake Corporation** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-32260** | **76-0346924** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission File Number)** | **(I.R.S. Employer<br>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) 960-9111** 

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 Stock, $0.01 par value | WLK | The New York Stock Exchange |
| 1.625% Senior Notes due 2029 | WLK29 | 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 2.02. Results of Operations and Financial Condition.**

On February 21, 2023, Westlake Corporation (the "Company") issued a press release announcing its 2022 fourth quarter and full year results. A copy of the press release is furnished with this Current Report as Exhibit 99.1.

The information furnished pursuant to this Current Report, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed by Westlake Corporation under the Securities Act of 1933, as amended, unless specifically identified as being incorporated therein.

**Item 7.01. Regulation FD Disclosure.**

The Company is holding a conference call on February 21, 2023 to discuss its 2022 fourth quarter and full year results. Information about the call can be found in the press release furnished with this Current Report as Exhibit 99.1. In addition, the Company made available an investor presentation regarding its 2022 fourth quarter and full year results, which is furnished with this Current Report as Exhibit 99.2.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

The following exhibits are furnished herewith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press release issued on February 21, 2023](ex991_20221231earningsrele.htm)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2&nbsp;&nbsp;&nbsp;&nbsp;<u>[Investor Presentation](ex992_20221231wlkearning.htm)</u>.

104&nbsp;&nbsp;&nbsp;&nbsp;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 CORPORATION** |
| Date: | February 21, 2023 | By: | /S/ ALBERT CHAO |
|  |  |  | **Albert Chao<br>President and Chief Executive Officer** |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**WESTLAKE CORPORATION**

Contact—(713) 960-9111

Investors—Steve Bender

Media—L. Benjamin Ederington

**Westlake Corporation Reports Record Full-Year 2022 Results**

HOUSTON--(BUSINESS WIRE)--Westlake Corporation (NYSE: WLK) (the "Company" or "Westlake") today announced fourth quarter and record full-year 2022 results.

**<u>SUMMARY FINANCIAL HIGHLIGHTS ($ in millions except per share data)</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Westlake Corporation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales | $3299 | $3507 | $15794 | $11778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from operations | $327 | $873 | $3050 | $2800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Westlake Corporation | $232 | $644 | $2247 | $2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per common share | $1.79 | $4.98 | $17.34 | $15.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $619 | $1131 | $4179 | $3693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA margin | 19% | 32% | 26% | 31% |
| **Performance and Essential Materials ("PEM") Segment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales | $2361 | $2460 | $11008 | $8670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from operations | $219 | $821 | $2416 | $2549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $443 | $997 | $3237 | $3247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA margin | 19% | 41% | 29% | 37% |
| **Housing and Infrastructure Products ("HIP") Segment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales | $938 | $1047 | $4786 | $3108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from operations | $68 | $86 | $675 | $356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $133 | $162 | $955 | $534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA margin | 14% | 15% | 20% | 17% |

---

**<u>BUSINESS HIGHLIGHTS</u>**

For the full year of 2022, Westlake reported record net sales of $15.8 billion, record net income of $2.2 billion and record EBITDA (earnings before interest expense, income taxes, depreciation and amortization) of $4.2 billion. These results were driven by a strong macroeconomic environment in the first half of 2022 before economic conditions deteriorated beginning mid-year leading to a reduction in demand from a downturn in global industrial and North American housing activity, which continued throughout the fourth quarter of 2022.

i

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In the fourth quarter of 2022, Westlake achieved net sales of $3.3 billion, net income of $232 million and EBITDA of $619 million. Earnings per share were $1.79 compared to $4.98 in the prior-year period, and $3.10 in the prior quarter, reflecting generally lower sales prices, unfavorable sales mix changes, elevated energy costs, and lower volumes in certain product categories. While global feedstock and energy costs receded from their recent peaks, they remained elevated and continued to pressure margins. Meanwhile, on a positive note, global markets for caustic soda remained tight with higher sales prices supporting earnings in the United States and improving profitability in Europe.

Performance and Essential Materials average sales price decreased 9% from the third quarter of 2022 while Housing and Infrastructure Products average sales prices were flat quarter-over-quarter. Overall sales prices for the Company decreased 7% sequentially from the previous quarter.

Sales volumes for Performance and Essential Materials decreased 4% from the third quarter of 2022 while Housing and Infrastructure Products sales volumes decreased 24% quarter-over-quarter. Overall sales volumes for the Company decreased 10% sequentially from the previous quarter.

**<u>EXECUTIVE COMMENTARY</u>**

"2022 was a monumental year for Westlake as we posted record full-year sales and net income and added Westlake Epoxy to our Performance Materials portfolio while further integrating the businesses acquired in the second half of 2021 into our Housing and Infrastructure Products segment. Our full-year results reflect the strong start to the year, characterized by tight supply-demand conditions and improving profitability across our businesses, which gave way to softer market conditions in the second half of the year as higher global energy costs and increasing interest rates negatively impacted buyer sentiment and demand for our products," said Albert Chao, President and Chief Executive Officer.

"The fourth quarter of 2022 was challenged by weaker demand in most geographies and product categories. Our Performance and Essential Materials segment was supported by continued supply-demand tightening for caustic soda, which led to higher global sales prices. Our low-cost position in North America allowed us to shift sales of polyethylene and PVC resin into the export markets; however, realized pricing and margins were lower in this channel. Meanwhile, in our Housing and Infrastructure Products segment, volume declines reflected seasonality inherent in this business along with customer destocking and the continuing impact on housing affordability from the recent run up of mortgage rates in the United States; however, product pricing and repair and remodel demand have remained relatively resilient," continued Mr. Chao.

"Looking forward into 2023, global macroeconomic uncertainty remains high and while we are not immune to weaker global demand, we remain confident in the fundamentals of our business. We expect Performance and Essential Materials to run profitably at higher operating rates, supported by our North American footprint that benefits from a structural global cost advantage in feedstocks, fuel and power. Stabilizing power and fuel costs in Europe and the potential for improving economic growth in China may further benefit Performance and Essential Materials. In Housing and Infrastructure Products, the slowing of residential construction is expected to continue in response to historically low home affordability; however, we expect modest growth in repair and remodeling activity, consistent with JCHS's Leading Indicator of Remodeling Activity (LIRA) forecast. While the challenging environment may continue in the near-term, we believe we are well-positioned across our product portfolio to benefit from structural trends in our markets and deliver greater value to our customers and investors as economic conditions improve," concluded Mr. Chao.

**<u>RESULTS</u>**

**Consolidated Results**

For the three months ended December 31, 2022, the Company reported quarterly net income of $232 million, or $1.79 per share, on net sales of $3,299 million. The year-over-year decrease in net income of $412 million from the fourth quarter of 2021 was primarily due to lower sales prices and negative sales mix changes in Performance Materials; lower production and sales volumes, especially in Housing and Infrastructure Products; and higher manufacturing costs. These impacts were partially offset by higher sales prices for caustic soda and chlorine; lower restructuring, transaction and integration-related costs; and a lower effective tax rate.

ii

------

Fourth quarter 2022 net income of $232 million decreased by $169 million sequentially as compared to the third quarter of 2022. The sequential decrease in net income compared to the prior quarter was primarily due to lower sales prices in Performance Materials, inclusive of negative mix shifts towards export markets; and lower Housing and Infrastructure Products volumes due to both seasonal trends and continued slowing demand. These impacts were partially offset by higher sales prices for caustic soda.

For the full year of 2022, net income of $2,247 million increased by $232 million from the full year of 2021 net income of $2,015 million. Income from operations of $3,050 million for the full year of 2022 increased by $250 million as compared to income from operations of $2,800 million for the full year of 2021. The increases in net income and income from operations were primarily due to higher sales prices for caustic soda, chlorine and many of our housing and infrastructure products; and earnings contributions from acquisitions completed in the second half of 2021 and first half of 2022.

EBITDA of $619 million for the fourth quarter of 2022 decreased by $512 million compared to fourth quarter 2021 EBITDA of $1.1 billion. Fourth quarter 2022 EBITDA decreased by $185 million compared to third quarter 2022 EBITDA of $804 million.

**Cash and Debt** 

Net cash provided by operating activities was $835 million for the fourth quarter of 2022 and $3,395 million for the full year of 2022. Capital expenditures for the fourth quarter and full year of 2022 were $297 million and $1,108 million, respectively. For the fourth quarter of 2022, free cash flow (net cash provided by operating activities less capital expenditures) was $538 million, an increase of $25 million as compared to the fourth quarter of 2021 due to favorable working capital changes. For the full year of 2022, free cash flow was $2,287 million, an increase of $551 million as compared to the full year of 2021 due to the higher net income. As of December 31, 2022, cash and cash equivalents were $2,228 million and total debt was $4,879 million.

A reconciliation of EBITDA to net income, income from operations and net cash provided by operating activities as well as a reconciliation of free cash flow to net cash flow provided by operating activities can be found in the financial schedules at the end of this press release.

**Performance and Essential Materials Segment**

Performance and Essential Materials income from operations of $219 million for the fourth quarter of 2022 decreased by $602 million as compared to the fourth quarter of 2021. This year-over-year decrease was due to lower sales prices for most of our major products; lower sales volumes (excluding the recently acquired epoxy business); negative sales mix (with increased exports for polyethylene and PVC resin); and higher fuel, power and overall manufacturing costs. These negative impacts were partially offset by higher sales prices for caustic soda and chlorine.

Sequentially, Performance and Essential Materials income from operations decreased by $134 million as compared to the third quarter of 2022. This decrease in income from operations versus the prior quarter was primarily due to lower sales prices and negative sales mix (particularly for PVC resin); and lower operating rates and sales volume for Performance Materials. These negative factors were partially offset by higher sales prices for caustic soda and chlorine; and lower feedstock, fuel and power costs.

For the full year of 2022, Performance Materials net sales of $6,964 million increased by $967 million as compared to 2021 primarily due to the epoxy acquisition that we completed in early 2022. Essential Materials net sales of $4,044 million increased by $1,371 million from 2021 primarily due to significantly higher global prices for caustic soda. Performance and Essential Materials income from operations of $2,416 million decreased by $133 million as compared to income from operations of $2,549 million for the full year of 2021. This decrease in income from operations versus the prior-year was primarily due to lower sales prices and integrated margins for polyethylene; lower PVC resin sales volume; higher global fuel and power prices; and a $70 million pre-tax charge related to pending litigation recorded in the third quarter of 2022.

**Housing and Infrastructure Products Segment**

For the fourth quarter of 2022, Housing and Infrastructure Products income from operations of $68 million decreased by $18 million as compared to the fourth quarter of 2021. The year-over-year decrease was the result of lower operating rates and sales volumes, partially offset by higher sales prices across most product categories.

iii

------

Sequentially, Housing and Infrastructure Products income from operations decreased by $118 million as compared to the third quarter of 2022. This decrease in income from operations versus the prior quarter was the result of lower operating rates and lower sales volumes across all product categories.

For the full year of 2022, Housing Products net sales of $3,864 million increased by $1,530 million as compared to 2021 primarily due to higher sales prices for all products as well as a full year of earnings contribution from the acquisitions completed in the second half of 2021. Infrastructure Products net sales of $922 million increased by $148 million as compared to 2021 primarily due to significantly higher sales prices. Housing and Infrastructure Products income from operations of $675 million increased by $319 million as compared to income from operations of $356 million for the full year of 2021. This increase in income from operations was primarily due to higher sales prices and sales volume for Housing Products; full-year earnings contributions from the acquisitions completed in the second half of 2021; and higher sales prices for Infrastructure Products.

*Forward-Looking Statements*

*The statements in this release and the related teleconference relating to matters that are not historical facts, including statements regarding our outlook for the performance of our business segments, our belief that our Performance and Essential Materials segment will run profitably at higher operating rates, our belief that we benefit from having high integration and a structural global cost advantage in feedstock, power and fuel, our expectations regarding economic growth in China, our expectations regarding repair and remodeling activity, new construction activity, destocking activity and infrastructure spending, our ability to weather economic volatility, higher energy prices, our market position, our ability to scale operations, the contribution of recent acquisitions and global demand for our products, and our ability to deliver greater value to customers and investors as general economic conditions improve are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to: the COVID-19 pandemic and the response thereto; general economic and business conditions; the cyclical nature of the industry; availability, cost and volatility of raw materials and utilities, including natural gas and natural gas liquids from shale production; the price of crude oil; uncertainties associated with the United States and worldwide economies, including those due to global economic and financial conditions; governmental regulatory actions, including environmental regulation and changes in trade policies; 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; the ability to integrate recent acquisitions; the diversion of management time on transaction-related issues; 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, 2021, which was filed with the SEC in February 2022, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, which was filed with the SEC in November 2022.*

iv

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*Use of Non-GAAP Financial Measures*

*This release makes reference to certain "non-GAAP" financial measures, such as EBITDA and free cash flow, as defined in Regulation G of the U.S. Securities Exchange Act of 1934, as amended. For this purpose, a non-GAAP financial measure is generally defined by the Securities and Exchange Commission ("SEC") as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. We report our financial results in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), but believe that certain non-GAAP financial measures, such as EBITDA and free cash flow, provide useful supplemental information to investors regarding the underlying business trends and performance of the Company's ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with U.S. GAAP. A reconciliation of (i) EBITDA to net income, income from operations and net cash provided by operating activities and (ii) free cash flow to net cash provided by operating activities can be found in the financial schedules at the end of this press release.*

About Westlake

Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, with operations in Asia, Europe and North America, we provide the building blocks for vital solutions — from housing and construction, to packaging and healthcare, to automotive and consumer. For more information, visit the Company's web site at www.westlake.com.

Westlake Corporation Conference Call Information:

A conference call to discuss Westlake Corporation's fourth quarter 2022 results will be held Tuesday, February 21, 2023 at 11:00 AM Eastern Time (10:00 AM Central Time). To access the conference call, it is necessary to pre-register at https://register.vevent.com/register/BI653627905a3741a89e224aa220a66fbc. Once registered, you will receive a phone number and unique PIN number.

A replay of the conference call will be available beginning two hours after its conclusion. The conference call and replay will be available via webcast at https://edge.media-server.com/mmc/p/r2a7ck67.

v

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**WESTLAKE CORPORATION**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| | **(In millions of dollars, except per share data and share amounts)** | **(In millions of dollars, except per share data and share amounts)** | **(In millions of dollars, except per share data and share amounts)** | **(In millions of dollars, except per share data and share amounts)** |
| Net sales | $3299 | $3507 | $15794 | $11778 |
| Cost of sales | 2732 | 2411 | 11721 | 8283 |
| Gross profit | 567 | 1096 | 4073 | 3495 |
| Selling, general and administrative expenses | 200 | 168 | 835 | 551 |
| Amortization of intangibles | 31 | 40 | 155 | 123 |
| Restructuring, transaction and integration-related costs | 9 | 15 | 33 | 21 |
| Income from operations | 327 | 873 | 3050 | 2800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (43) | (46) | (177) | (176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 21 | 18 | 73 | 53 |
| Income before income taxes | 305 | 845 | 2946 | 2677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 57 | 184 | 649 | 607 |
| Net income | 248 | 661 | 2297 | 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | 16 | 17 | 50 | 55 |
| **Net income attributable to Westlake Corporation** | $**232** | $**644** | $**2247** | $**2015** |
| Earnings per common share attributable to Westlake Corporation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.80 | $5.01 | $17.46 | $15.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.79 | $4.98 | $17.34 | $15.58 |
| Weighted average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 127532119 | 127853277 | 127970445 | 128002911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 128376159 | 128674359 | 128845562 | 128697982 |

---

vi

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**WESTLAKE CORPORATION**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
| | **(In millions of dollars)** | **(In millions of dollars)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASSETS** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2228 | $1908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 1801 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 1866 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 78 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 5973 | 5263 |
| Property, plant and equipment, net | 8525 | 7606 |
| Other assets, net | 6052 | 5590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**20550** | $**18459** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES AND EQUITY** |  |  |
| Current liabilities (accounts payable and accrued and other liabilities) | $2298 | $2075 |
| Current portion of long-term debt, net |  | 269 |
| Long-term debt, net | 4879 | 4911 |
| Other liabilities | 2908 | 2676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 10085 | 9931 |
| Total Westlake Corporation stockholders' equity | 9931 | 7955 |
| Noncontrolling interests | 534 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 10465 | 8528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**20550** | $**18459** |

---

vii

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**WESTLAKE CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

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| | | |
|:---|:---|:---|
| | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2022** | **2021** |
| | **(In millions of dollars)** | **(In millions of dollars)** |
| **Cash flows from operating activities** |  |  |
| Net income | $2297 | $2070 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 1056 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (21) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on disposition and others | 87 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other balance sheet changes | (24) | (614) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 3395 | 2394 |
| **Cash flows from investing activities** |  |  |
| Acquisition of business, net of cash acquired | (1203) | (2554) |
| Additions to investments in unconsolidated subsidiaries | (180) | (24) |
| Additions to property, plant and equipment | (1108) | (658) |
| Other, net | 12 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for investing activities | (2479) | (3213) |
| **Cash flows from financing activities** |  |  |
| Debt issuance costs |  | (18) |
| Distributions to noncontrolling interests | (60) | (48) |
| Dividends paid | (169) | (145) |
| Proceeds from debt issuance |  | 1671 |
| Repayment of senior notes | (250) |  |
| Repurchase of common stock for treasury | (101) | (30) |
| Other, net | (7) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used for) financing activities | (587) | 1437 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (24) | (14) |
| Net increase in cash, cash equivalents and restricted cash | 305 | 604 |
| Cash, cash equivalents and restricted cash at beginning of period | 1941 | 1337 |
| Cash, cash equivalents and restricted cash at end of period | $2246 | $1941 |

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viii

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**WESTLAKE CORPORATION**

**SEGMENT INFORMATION**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| | **(In millions of dollars)** | **(In millions of dollars)** | **(In millions of dollars)** | **(In millions of dollars)** |
| **Net external sales** |  |  |  |  |
| Performance and Essential Materials |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Materials | $1286 | $1664 | $6964 | $5997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essential Materials | 1075 | 796 | 4044 | 2673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Performance and Essential Materials | 2361 | 2460 | 11008 | 8670 |
| Housing and Infrastructure Products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Housing Products | 758 | 843 | 3864 | 2334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infrastructure Products | 180 | 204 | 922 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Housing and Infrastructure Products | 938 | 1047 | 4786 | 3108 |
|  | $3299 | $3507 | $15794 | $11778 |
| **Income (loss) from operations** |  |  |  |  |
| Performance and Essential Materials | $219 | $821 | $2416 | $2549 |
| Housing and Infrastructure Products | 68 | 86 | 675 | 356 |
| Corporate and other | 40 | (34) | (41) | (105) |
|  | $327 | $873 | $3050 | $2800 |
| **Depreciation and amortization** |  |  |  |  |
| Performance and Essential Materials | $212 | $168 | $784 | $665 |
| Housing and Infrastructure Products | 57 | 70 | 263 | 168 |
| Corporate and other | 2 | 2 | 9 | 7 |
|  | $271 | $240 | $1056 | $840 |
| **Other income, net** |  |  |  |  |
| Performance and Essential Materials | $12 | $8 | $37 | $33 |
| Housing and Infrastructure Products | 8 | 6 | 17 | 10 |
| Corporate and other | 1 | 4 | 19 | 10 |
|  | $21 | $18 | $73 | $53 |

---

ix

------

**WESTLAKE CORPORATION**

**RECONCILIATION OF EBITDA TO NET INCOME, INCOME FROM OPERATIONS AND** 

**NET CASH PROVIDED BY OPERATING ACTIVITIES**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | **2022** | **2021** | **2022** | **2021** |
| | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** |
| **Net cash provided by operating activities** | 947 | 835 | 757 | 3395 | 2394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities and other | &nbsp;&nbsp;&nbsp;(572) | (652) | (123) | (1119) | (301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | &nbsp;&nbsp;&nbsp;37 | 65 | 27 | 21 | (23) |
| **Net income** | &nbsp;&nbsp;&nbsp;**412** | **248** | **661** | **2297** | **2070** |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | &nbsp;&nbsp;&nbsp;24 | 21 | 18 | 73 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;(44) | (43) | (46) | (177) | (176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | &nbsp;&nbsp;&nbsp;(84) | (57) | (184) | (649) | (607) |
| **Income from operations** | &nbsp;&nbsp;&nbsp;**516** | **327** | **873** | **3050** | **2800** |
| Add: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;&nbsp;264 | 271 | 240 | 1056 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | &nbsp;&nbsp;&nbsp;24 | 21 | 18 | 73 | 53 |
| **EBITDA** | **804** | **619** | **1131** | **4179** | **3693** |
| Net external sales | 3956 | 3299 | 3507 | 15794 | 11778 |
| **EBITDA Margin** | **20%** | **19%** | **32%** | **26%** | **31%** |

---

**RECONCILIATION OF FREE CASH FLOW TO NET CASH PROVIDED BY OPERATING ACTIVITIES**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2022** | **2022** | **2021** | **2022** | **2021** |
| | **(In millions of dollars)** | **(In millions of dollars)** | **(In millions of dollars)** | **(In millions of dollars)** | **(In millions of dollars)** |
| **Net cash provided by operating activities** | $947 | $835 | $757 | $3395 | $2394 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to property, plant and equipment | (318) | (297) | $(244) | (1108) | (658) |
| **Free Cash Flow** | $629 | $538 | $513 | $2287 | $1736 |

---

x

------

**WESTLAKE CORPORATION**

**RECONCILIATION OF SEGMENT EBITDA TO INCOME FROM OPERATIONS** 

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2022** | **2022** | **2021** | **2021** |
| | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** |
| **Performance and Essential Materials Segment** |  |  |  |  |  |  |  |  |  |  |
| **Income from operations** | $| 353 | $| 219 | $| 821 | $| 2416 | $| 2549 |
| Add: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 196 | 196 | 212 | 212 | 168 | 168 | 784 | 784 | 665 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 12 | 12 | 12 | 12 | 8 | 8 | 37 | 37 | 33 | 33 |
| **EBITDA** | **$** | **561** | **$** | **443** | **$** | **997** | **$** | **3237** | **$** | **3247** |
| Net external sales | $| 2711 | $| 2361 | $| 2460 | $| 11008 | $| 8670 |
| **EBITDA Margin** | **21%** | **21%** | **19%** | **19%** | **41%** | **41%** | **29%** | **29%** | **37%** | **37%** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2022** | **2022** | **2021** | **2021** |
| | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** | **(In millions of dollars, except percentages)** |
| **Housing and Infrastructure Products Segment** |  |  |  |  |  |  |  |  |  |  |
| **Income from operations** | $| 186 | $| 68 | $| 86 | $| 675 | $| 356 |
| Add: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 65 | 65 | 57 | 57 | 70 | 70 | 263 | 263 | 168 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 3 | 3 | 8 | 8 | 6 | 6 | 17 | 17 | 10 | 10 |
| **EBITDA** | **$** | **254** | **$** | **133** | **$** | **162** | **$** | **955** | **$** | **534** |
| Net external sales | $| 1245 | $| 938 | $| 1047 | $| 4786 | $| 3108 |
| **EBITDA Margin** | **20%** | **20%** | **14%** | **14%** | **15%** | **15%** | **20%** | **20%** | **17%** | **17%** |

---

xi

------

**WESTLAKE CORPORATION**

**SUPPLEMENTAL INFORMATION**

**Product Sales Price and Volume Variance by Operating Segments**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fourth Quarter 2022 vs. Fourth Quarter 2021** | **Fourth Quarter 2022 vs. Fourth Quarter 2021** | **Fourth Quarter 2022 vs. Third Quarter 2022** | **Fourth Quarter 2022 vs. Third Quarter 2022** |
| | **Average<br>Sales Price** | **Volume** | **Average<br>Sales Price** | **Volume** |
| Performance and Essential Materials | -8.7% | +4.7% | -9.4% | -3.5% |
| Housing and Infrastructure Products | +11.6% | -21.9% | -0.3% | -24.3% |
| Company | -2.7% | -3.3% | -6.5% | -10.1% |

---

We are no longer providing average quarterly industry prices and housing starts data.

xii

## Exhibit 99.2

![](ex992_20221231wlkearning001.jpg)

4Q 2022 Earnings Presentation

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![](ex992_20221231wlkearning002.jpg)

2 Westlake Fourth Quarter 2022 Highlights ▪ Compared to the prior-year period, fourth quarter financial results were impacted by lower sales volume1 and selling prices due to customer destocking, China lockdowns, lackluster European demand and rising interest rates: ▪ Net sales of $3.3 billion, a decrease of 6% vs. fourth quarter 2021 net sales ▪ Net income of $232 million, a decrease of 64% vs. fourth quarter 2021 net income ▪ EBITDA of $619 million, a decrease of 45% vs. fourth quarter 2021 EBITDA ▪ Benefited from the contributions of recent acquisitions, including recurring annualized synergies and other cost savings of $50 million ▪ Targeting an incremental $55 - $105 million of annualized savings in 2023 from a number of initiatives ▪ Free cash flow of $538 million increased $25 million vs. fourth quarter 2021 free cash flow ▪ Strong balance sheet with $2.2 billion of cash and cash equivalents and $4.9 billion of gross debt locked in at rates averaging 3.2% with a weighted average maturity of 17 years 1) Excluding the Westlake Epoxy acquisition Note: Reconciliations of Free Cash Flow to Net Cash Provided by Operating Activities and of EBITDA to Net Income, Income from Operations and Net Cash Provided by Operating Activities can be found on pages 12 and 13

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![](ex992_20221231wlkearning003.jpg)

3 Westlake Fourth Quarter and Full Year 2022 Performance 1) Reconciliations of EBITDA, Performance and Essential Materials EBITDA, Housing and Infrastructure Products EBITDA and Corporate EBITDA to the applicable GAAP measures can be found on pages 13 and 14 – Lower organic sales volume due to customer destocking and globally lower demand levels across most products + Feedstock, fuel and power costs fell on a sequential basis improving our North American feedstock advantage ($ in millions) 4Q 2022 3Q 2022 4Q 2022 vs. 3Q 2022 4Q 2021 4Q 2022 vs. 4Q 2021 YTD 2022 YTD 2021 YTD 2022 vs. YTD 2021 Sales $3,299 $3,956 (17%) $3,507 (6%) $15,794 $11,778 34% Operating Income $327 $516 (37%) $873 (63%) $3,050 $2,800 9% Performance and Essential Materials EBITDA $443 $561 (21%) $997 (56%) $3,237 $3,247 (0%) Housing and Infrastructure Products EBITDA $133 $254 (48%) $162 (18%) $955 $534 79% Corporate EBITDA $43 ($11) - ($28) - ($13) ($88) - EBITDA 1 $619 $804 (23%) $1,131 (45%) $4,179 $3,693 13% Full Year 2022: Fourth Quarter 2022: + Westlake's leading market positions, globally cost-advantaged assets and vertical integration captured strong margins in 1H 2022, and as economic conditions weakened in 2H 2022 we served customers from our globally cost-advantaged assets + Caustic soda prices rose sharply on firm industrial demand in 1H 2022 and weak PVC and construction markets in 2H 2022

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![](ex992_20221231wlkearning004.jpg)

4 Committed to Operating Excellence Allocate Capital Strong capital stewardship Environmentally sustainable products Sustainability Focus Ownership mentality putting safety first Empower Employees Investments in innovation and technology Continuous Improvement Attractive organic and inorganic opportunities Accelerate Growth 2022 ACCOMPLISHMENTS • 20% dividend increase • Repurchased 1.1 million shares for ~$100 million • Westlake Epoxy and Trimboard acquisitions • 120k ECU expansion • Focus on specialty products supported by our 9 global R&D centers • 1st quartile injury rate compared to Bureau of Labor Statistics • New products (ex. PVCO, GreenVin®, etc.) • Announced a 20% carbon emission intensity reduction goal

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![](ex992_20221231wlkearning005.jpg)

5 Performance and Essential Materials ("PEM") Segment Performance – Volume fell 4% compared to 3Q 2022 primarily due to customer destocking and globally lower demand – Reduced production at select European assets in response to high energy costs – PE, PVC and Epoxy experienced lower average selling prices on both a sequential and year-over-year basis as customer destocking and slower demand growth drove prices lower, resulting in lower margins + Tightening of global markets drove higher Essential Materials selling prices on both a sequential and year-over- year basis PEM Segment 4Q 2022 vs. 3Q 2022 Average Sales Price Volume -9.4% -3.5% PEM Segment 4Q 2022 vs. 4Q 2021 Average Sales Price Volume -8.7% +4.7% 1) Reconciliations of PEM EBITDA to the applicable GAAP measure can be found on page 14 2) EBITDA margin is calculated by dividing EBITDA by Total PEM Sales ($ in millions) 4Q 2022 3Q 2022 4Q 2022 vs. 3Q 2022 4Q 2021 4Q 2022 vs. 4Q 2021 YTD 2022 YTD 2021 YTD 2022 vs. YTD 2021 Performance Materials Sales $1,286 $1,689 (24%) $1,664 (23%) $6,964 $5,997 16% Essential Materials Sales $1,075 $1,022 5% $796 35% $4,044 $2,673 51% Total PEM Sales $2,361 $2,711 (13%) $2,460 (4%) $11,008 $8,670 27% Operating Income $219 $353 (38%) $821 (73%) $2,416 $2,549 (5%) EBITDA 1 $443 $561 (21%) $997 (56%) $3,237 $3,247 (0%) EBITDA Margin 2 19% 21% - 41% - 29% 37% -

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![](ex992_20221231wlkearning006.jpg)

6 Industry-wide North American polyethylene inventory declined in the fourth quarter of 2022, bringing it closer to historical levels, which is contributing to improved market sentiment to start 2023 Cost-advantaged North America position (~85% of production capacity) at a time of high global raw material and energy costs provides increased export opportunities to counter slowing demand in some domestic end markets Strong caustic soda sales prices driven by lower chlor-alkali operating rates due to globally slowing PVC demand in 4Q in building and construction New products, such as PVCO pipe and GreenVin®, are meeting market demand for lower-carbon plastics and materials and show promising growth 1 2 3 4 Performance and Essential Materials Update

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![](ex992_20221231wlkearning007.jpg)

7 Housing and Infrastructure Products ("HIP") Segment Performance 1) Reconciliations of HIP EBITDA to the applicable GAAP measure can be found on page 14 2) EBITDA margin is calculated by dividing EBITDA by Total HIP Sales – Seasonal volume declines compounded by customer inventory destocking and lower construction activity – Significantly lower Infrastructure Products volumes, on both a sequential and year-over-year basis – Sequentially lower segment margins from seasonality and destocking by customers + Average sales price remained firm in the fourth quarter despite the volume decline + Supply chains normalized and material costs declined HIP Segment 4Q 2022 vs. 3Q 2022 Average Sales Price Volume -0.3% -24.3% HIP Segment 4Q 2022 vs. 4Q 2021 Average Sales Price Volume +11.6% -21.9% ($ in millions) 4Q 2022 3Q 2022 4Q 2022 vs. 3Q 2022 4Q 2021 4Q 2022 vs. 4Q 2021 YTD 2022 YTD 2021 YTD 2022 vs. YTD 2021 Housing Products Sales $758 $1,018 (26%) $843 (10%) $3,864 $2,334 66% Infrastructure Products Sales $180 $227 (21%) $204 (12%) $922 $774 19% Total HIP Sales $938 $1,245 (25%) $1,047 (10%) $4,786 $3,108 54% Operating Income $68 $186 (63%) $86 (21%) $675 $356 90% EBITDA 1 $133 $254 (48%) $162 (18%) $955 $534 79% EBITDA Margin 2 14% 20% - 15% - 20% 17% -

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![](ex992_20221231wlkearning008.jpg)

8 Joint Center for Housing Study's Leading Indicator of Remodeling Activity (LIRA) forecasts 2.6% growth in U.S. repair & remodel (R&R) spending in 2023 Homebuilders report modest improvement in orders and cancelations to start 2023 after mortgage rates stabilized and affordability improved from recent lows Longer-term fundamentals for housing strength remain intact due to recent decade of under-building, increasingly favorable demographics, and prevalence of remote work Infrastructure Investment and Jobs Act beginning to drive demand as states and municipalities develop and start construction of projects to address U.S. infrastructure needs 1 2 3 4 Housing and Infrastructure Products Update

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![](ex992_20221231wlkearning009.jpg)

9 To further reduce our carbon footprint, we are allocating capital to both proven and emerging technologies, including additional product and operational innovations. This includes: • Energy-efficiency projects • Increasing power from less carbon-intensive electricity providers • Adding more hydrogen as a fuel gas • Other continuous operational improvements Sustainability Update: 2030 Carbon Emissions Reduction Goal On February 21, 2022 we officially announced a carbon emissions reduction goal: Reduce Scope 1 and Scope 2 emissions by 20% by 20301 PROGRESS TO DATE: We are approaching a 15% reduction as of the end of 2022 "Westlake has been lowering carbon intensity every year through our continuous improvement efforts and capital investments. As a manufacturer of essential products that enhance people's lives every day, we are committed to innovating more sustainable products and producing them in a more sustainable fashion." – Albert Chao, Westlake President and CEO 1) From a 2016 baseline Currently comply with SASB and GRI standards Working towards compliance with TCFD standards

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![](ex992_20221231wlkearning010.jpg)

10 Financial Reconciliations

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![](ex992_20221231wlkearning011.jpg)

11 Consolidated Statements of Operations Performance and Essential Materials Sales $2,361 $2,460 $2,711 $11,008 $8,670 Housing and Infrastructure Products Sales 938 1,047 1,245 4,786 3,108 Net sales 3,299 3,507 3,956 15,794 11,778 Cost of sales Gross profit Selling, general and administrative expenses Amortization of intangibles Restructuring, transaction and integration-related costs Income from operations Interest expense Other income, net Income before income taxes Provision for income taxes Net income Net income attributable to noncontrolling interests Net income attributable to Westlake Corporation $232 $644 $401 $2,247 $2,015 Earnings per common share attributable to Westlake Corporation: Basic $1.80 $5.01 $3.12 $17.46 $15.66 Diluted $1.79 $4.98 $3.10 $17.34 $15.58 17 50 55 11 16 412 184 649 607 6 516 (44) 24 2021 2022 2021 (In millions of dollars, except per share data) 496 84 57 (43) (46) (177) (176) 661 2,297 2,070 305 845 2,946 2,677 21 18 73 53 248 9 15 33 21 327 873 3,050 2,800 551 31 40 155 123 39 215 2022 200 168 835 Three months ended December 31, Twelve months ended December 31, Three months ended September 30, 567 1,096 4,073 3,495 2022 3,180 776 2,732 2,411 11,721 8,283

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![](ex992_20221231wlkearning012.jpg)

12 Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities Net cash provided by operating activities $835 $757 $947 $3,395 $2,394 Less: Additions to property, plant and equipment Free cash flow $538 $513 $629 $2,287 $1,736 (297) (244) (318) (1,108) (658) (In millions of dollars) Three months ended December 31, Twelve months ended December 31, 20222022 2021 2022 2021 Three months ended September 30,

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![](ex992_20221231wlkearning013.jpg)

13 Reconciliation of EBITDA to Net Income, Income from Operations and Net Cash Provided by Operating Activities Net cash provided by operating activities $835 $757 $947 $3,395 $2,394 Changes in operating assets and liabilities and other Deferred income taxes Net income Less: Other income, net Interest expense Provision for income taxes Income from operations Add: Depreciation and amortization Other income, net EBITDA $619 $1,131 $804 $4,179 $3,693 24 21 18 73 53 264 271 240 1,056 840 (84)(57) (184) (649) (607) 516 327 873 3,050 2,800 24 21 18 73 53 (44)(43) (46) (177) (176) 412248 661 2,297 2,070 (In millions of dollars) (23) (572)(652) (123) (1,119) (301) 37 65 27 21 Three months ended December 31, Twelve months ended December 31, 20222022 2021 2022 2021 Three months ended September 30,

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![](ex992_20221231wlkearning014.jpg)

14 Reconciliation of PEM, HIP and Corporate EBITDA to Applicable Operating Income (Loss) Note: EBITDA margin is calculated by dividing EBITDA by Sales; see pages 5 and 7 for details Three months ended December 31, Twelve months ended December 31, 2022 2021 2022 2022 2021 Performance and Essential Materials EBITDA $443 $997 $561 $3,237 $3,247 Less: Depreciation and Amortization 212 168 196 784 665 Other Income (Expenses) 12 8 12 37 33 Performance and Essential Materials Operating Income (Loss) 219 821 353 2,416 2,549 Housing and Infrastructure Products EBITDA 133 162 254 955 534 Less: Depreciation and Amortization 57 70 65 263 168 Other Income (Expenses) 8 6 3 17 10 Housing and Infrastructure Products Operating Income (Loss) 68 86 186 675 356 Corporate EBITDA 43 (28) (11) (13) (88) Less: Depreciation and Amortization 2 2 3 9 7 Other Income (Expenses) 1 4 9 19 10 Corporate Operating Income (Loss) 40 (34) (23) (41) (105) Performance and Essential Materials Operating Income (Loss) 219 821 353 2,416 2,549 Housing and Infrastructure Products Operating Income (Loss) 68 86 186 675 356 Corporate Operating Income (Loss) 40 (34) (23) (41) (105) Total Operating Income (Loss) 327$873$516$3,050$2,800$(In millions of dollars) Three months ended September 30,

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![](ex992_20221231wlkearning015.jpg)

15 Safe Harbor Language This presentation contains certain forward-looking statements including statements regarding creating value for our shareholders, pricing and demand for our products, industry outlook and market sentiment for both of our segments, our cost control and efficiency efforts, our ability to deliver end-use building products to consumers, our ability to capture integrated chain margin, our development of additional sustainable products in the future, our sustainability goals and commitments and progress in our reduction in carbon impact to date, our allocation of capital to technology, increased export opportunities in our Performance and Essential Materials segment, and the impact of the Infrastructure Investment and Jobs Act on demand of certain of our products. Actual results may differ materially depending on factors, including, but not limited to, the following: the effects of our recently completed acquisitions, including our future financial condition, results of operations, strategy and plans; and expected synergies and other benefits from the acquisitions and our ability to realize such synergies and other benefits; general economic and business conditions; the cyclical nature of the chemical and building products industries; the availability, cost and volatility of raw materials and energy; uncertainties associated with the United States, European and worldwide economies, including those due to political tensions and unrest in the Middle East and elsewhere including the conflict between Russia and Ukraine; uncertainties associated with pandemic infectious diseases, particularly COVID-19; current and potential governmental regulatory actions in the United States and other countries; industry production capacity and operating rates; the supply/demand balance for our products; competitive products and pricing pressures; instability in the credit and financial markets; access to capital markets; terrorist acts; operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, labor difficulties, transportation interruptions, spills and releases and other environmental risks); changes in laws or regulations, including trade policies; technological developments; information systems failures and cyber attacks; foreign currency exchange risks; our ability to implement our business strategies; creditworthiness of our customers; and other factors described in our reports filed with the Securities and Exchange Commission. Many of these factors are beyond our ability to control or predict. Any of these factors, or a combination of these factors, could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements. These forward-looking statements are not guarantees of our future performance, and our actual results and future developments may differ materially from those projected in the forward-looking statements. Management cautions against putting undue reliance on forward-looking statements. Every forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements. Investor Relations Contacts Westlake Corporation 2801 Post Oak Boulevard, Suite 600 Houston, Texas 77056 713-960-9111 Steve Bender Executive Vice President & Chief Financial Officer Jeff Holy Vice President & Treasurer

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![](ex992_20221231wlkearning016.jpg)

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