Occidental Petroleum (NYSE:OXY)
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3 Months : From Jan 2020 to Apr 2020
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.
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(END) Dow Jones Newswires
January 06, 2020 08:37 ET (13:37 GMT)
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