January 6, 2020 / 1:36 PM / 14 days ago

Occidental to slash Western Midstream interest below 50%

Jan 6 (Reuters) - Oil and gas producer Occidental Petroleum Corp said on Monday it would reduce its economic interest in pipeline operator Western Midstream Partners Lp to less than 50% in 2020.

Occidental said it had reached agreements with Western, acquired in 2019 as part of its $38 billion acquisition of Anadarko Petroleum Corp, enabling Western to operate on an independent basis. Western Midstream is structured as a master limited partnership, a tax-efficient vehicle used by a number of U.S. pipeline firms. Occidental fully owns the general partner stake, which effectively controls Western Midstream, and around 55% of Western Midstream’s limited partner units.

Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli

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