Entering text into the input field will update the search result below

Occidental to shelve plans for Western Midstream sale - Reuters

  • Occidental Petroleum (NYSE:OXY) will delay plans to divest part of its ownership in Western Midstream Partners (NYSE:WES) until next year after failing to win an attractive offer, Reuters reports.
  • OXY inherited the MLP earlier this year as part of its $38B acquisition of Anadarko Petroleum.
  • OXY wanted to retain control of WES but reduce its holding enough so that it did not have to count the MLP's $7.5B debt load on OXY's books, according to the report.
  • But a decline in pipeline stocks has hurt WES's value - its market cap has dropped nearly 18% since July 30 - and OXY reportedly was unwilling to sell at a price it deemed too low.

Recommended For You

Related Stocks

SymbolLast Price% Chg
OXY
--
WES
--