Occidental to Provide Energy Services Unit $20 Million

Date : 01/06/2020 @ 1:52PM
Source : Dow Jones News
Stock : Occidental Petroleum Corporation (OXY)
Quote : 12.77  2.03 (18.90%) @ 1:00AM
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Occidental to Provide Energy Services Unit $20 Million

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   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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