Occidental to Provide Energy Services Unit $20 Million
January 06 2020 - 8:52AM
Dow Jones News
By Micah Maidenberg
Occidental Petroleum Corp. (OXY) will inject $20 million in cash
into Western Midstream Partners LP (WES), an energy services
company it acquired as part of its deal for Anadarko Petroleum.
Occidental and Western said the cash infusion will occur in the
first quarter and help defray costs related to the move to let
Western operate as a stand-alone company.
Western's majority owner was Anadarko Petroleum, the energy
producer that Occidental purchased last August. Western focuses on
gathering, processing and transporting natural gas and oil in
several states, among other business activities.
The company expects adjusted earning before interest, taxes and
amortization of $1.88 billion and $1.98 billion and 2020 capital
expenditures between $875 million and $950 million.
Western said it fully expects to continue its relationship with
Occidental going forward.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
January 06, 2020 08:37 ET (13:37 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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