Westlake Growth & Investment Strategy
Vinyls Integration Maximizes Shareholder Return
Expansion Cost Per Unit (ECU) of Integrated Chlorovinyls (ethylene based) Capacity
$1,600
$1,200
Westlake Debottlenecks
■China
U.S. ECU and PVC Margin History
■ USGC
$800
$400
$0
2011
2012 2013 2014
ECU Cash Margin
2015 2016 2017 2018 2019 2020 2021
PVC Cash Margin -Integrated Chlorovinyls Cash Margin
2022E
•
•
Westlake's EDC, VCM, and PVC
debottlenecks can be realized at
significantly below USGC brownfield capital
costs
Chlorine value uplift through integration into
Vinyls delivers ROCE > 15% over the cycle.
Leverages strengths of caustic and PVC
chains independently during business
cycles
Expands global reach of North American
low cost energy advantage
Reduces dependence on chlorine outlets
with limited market reach - merchant
chlorine, bleach, HCI, etc.
49
49
Enhances Shareholder Value by Maximizing Margins From Low-Cost Investments
Source: IHS & CDI estimates
WestlakeView entire presentation