Westlake Corporation hikes dividend by 20%
Commodity chemicals manufacturer Westlake Corporation (WLK) today announced a 20% dividend increase to $0.357 quarterly per share. This follows a dividend hike of 10.2 percent to 29.75 cents per share in 2021 by the company formerly known as Westlake Chemical. The global manufacturer and marketer of basic chemicals, vinyls, polymers and building products has now raised the dividend 18 straight years.
The WLK Board of Directors declared a regular dividend distribution of $0.3570 per share for the second quarter of 2022, an increase of 20% from the $0.2975 per share of the first quarter of 2022. This dividend will be payable on September 6, 2022, to stockholders of record on August 22, 2022. This is the 72nd successive quarterly dividend that Westlake has declared since completing its initial public offering in August 2004. The dividend yield for WLK is 1.4% at a stock price of $101.60 and the next ex-dividend date is August 19, 2022.
Westlake Chemical Corporation is a manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company's range of products includes: ethylene, polyethylene, styrene, propylene, chlor-alkali and derivative products, PVC suspension and specialty resins, PVC Compounds, and PVC building products including siding, pipe, fittings and specialty components, windows, fence, deck and film. The company's operating segments are Olefins and Vinyls. Westlake Chemical began operations in 1986 after its first polyethylene plant, an Olefins segment business, near Lake Charles, Louisiana was acquired from Occidental Petroleum Corporation. The company has paid a dividend every year since completing its initial public offering in August 2004.
