Occidental Explores Sale of Western Midstream Stake
(Bloomberg) -- Occidental Petroleum Corp. is exploring the sale of Western Midstream Partners as it looks to pay down debt, according to a Reuters report.
Western Midstream Partners is Occidental’s US natural gas-focused pipeline operator that has a market value of more than $18 billion, Reuters reports, citing people familiar with the matter.
This comes amid a flurry of deal activity in the oil and gas space. Occidental said in December it inked a deal to buy Texas shale driller CrownRock LP for $10.8 billion.
Oil executives are facing pressure from investors to keep buybacks and dividends flowing even as the North American shale sector matures and growth slows. With many of the best production sites already tapped, companies flush with cash from the post-pandemic run-up in oil prices are increasingly buying rivals to secure new places to drill.
©2024 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More gas & LNG news
Tesla-Supplier Closure Shows Rising Fallout of Mozambique Unrest
UAE Names Former BP CEO Looney to New Investment Unit Board
Oman Will Seek Talks With BP, Shell to Secure Latest LNG Project
GE Vernova Sees ‘Humble’ Wind Orders as Data Centers Favor Gas
China’s Oil Demand May Peak Early on Rapid Transport Shift
Qatar Minister Calls Out EU for ESG Overreach, Compliance Costs
Chevron Slows Permian Growth in Hurdle to Trump Oil Plan
After $2.5 Billion IPO Haul, Oman’s OQ Looks at More Share Sales
ADNOC signs 15-year agreement with PETRONAS for Ruwais LNG project
