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Occidental Petroleum to Reduce Holdings in Western Midstream Partners

Gasoil News - Published on Fri, 17 Jan 2020

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Occidental Petroleum plans to make the pipeline business it acquired as part of last year’s takeover of Anadarko Petroleum a stand-alone company, removing about USD 7.8 billion of debt from its balance sheet. Occidental plans to reduce its holdings in Western Midstream Partners to less than 50% by the end of this year but expects to maintain a significant economic interest.

Western is among the crown jewel assets that Occidental has sought to sell to reduce leverage incurred in the purchase of Anadarko, the biggest oil merger of the past four years. Monday’s announcement may signal Occidental hasn’t been able to attract a high enough price, or that potential suitors found the entangled management structure burdensome.

Blackstone Group Inc., Apollo Global Management Inc., Global Infrastructure Partners and KKR & Co. were all said to be interested in bidding for Western as recently as late 2019.

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Posted By : Rabi Wangkhem on Fri, 17 Jan 2020
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