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Bond Market News
Occidental Exploring Selling Stake in Western Midstream
February 21, 2024
Occidental Petroleum (Oxy) is exploring selling its stake in Western Midstream Partners, having a market value of ~$20bn, including debt. Occidental owns 49% of Western Midstream and controls the company’s operations by also owning its general partner. The divestment would help Occidental pare down its debt to below $15bn, which has swelled due to acquisitions. The move comes after Occidental inked a deal in December to purchase CrownRock for $12bn. According to the sources, the sale will garner interest from most of Occidental’s major peers, including Enterprise Products Partners, Williams Companies and Kinder Morgan, however there is no guarantee of a deal. Western Midstream shares closed 5.7% higher at $30.81 on the news, while Occidental shares dropped 1.6% to $59.56.
Occidental bonds traded slightly higher with its 7.15% 2028s up by 2 points at 104.6 cents, yielding 5.9%
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