Simon Mignolet set a new Liverpool record on Sunday.
The Belgian goalkeeper made his fifth save from a penalty in the first half of his side's eventual 4-3 victory over Arsenal at the Emirates Stadium.
Mignolet dived to his right to deny Walcott from the spot in the 30th minute after the Gunners forward had been hacked down by Alberto Moreno.
Despite conceding to Walcott less than a minute later, the spot-kick stop means Mignolet now stands alone in Liverpool's penalty savers list during the Premier League era, moving past David James on four.
Liverpool penalty saves in PL era
Simon Mignolet - 5
David James - 4
Pepe Reina - 3
Jerzy Dudek - 1
Bruce Grobbelaar - 1
Brad Jones - 1
Chris Kirkland - 1
Sander Westerveld - 1