February 2020, Vol. 247, No. 2

Global News

Oxy Separates Western Midstream in Debt-Reduction Move

Occidental Petroleum (Oxy) said it will make its Western Midstream (WES) business a standalone company, shedding $7.8 billion in debt through its separation of the former Anadarko pipeline business. Oxy’s announcement capped months of expectation that it might sell the midstream business, and its decision may indicate that it failed to attract a suitable offer during a challenging period for the industry. “Over the last few months, Occidental and WES have worked to finalize agreements beneficial to both companies that establish WES as an independent midstream company capable of successfully competing for third-party business in its core areas of operation,” said President and CEO Vicki Hol

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