Yes, affiliates of Occidental Petroleum are actively engaged in the sale of a significant portion of their holdings in Western Midstream Partners LP.
Transaction Overview
On August 12, it was announced that affiliates of Occidental Petroleum are selling 19 million common units of Western Midstream Partners LP. This significant divestiture is valued at $685.9 million and is structured as an underwritten secondary public offering, with the transaction expected to finalize in August. This move represents a strategic adjustment to their portfolio.
Key Details of the Sale
The table below summarizes the core aspects of this transaction:
| Detail | Description |
|---|---|
| Seller | Affiliates of Occidental Petroleum |
| Asset Being Sold | 19 million common units |
| Entity | Western Midstream Partners LP |
| Transaction Value | $685.9 million |
| Announcement Date | August 12 |
| Expected Closing | August |
| Offering Type | Underwritten secondary public offering |
This sale specifically involves common units, indicating a partial divestment of their stake rather than a complete sale of Occidental Petroleum's entire ownership or control of Western Midstream Partners LP.
