trending Market Intelligence /marketintelligence/en/news-insights/trending/E87Ur3iVV8xK2ebwOEMcBg2 content esgSubNav
In This List

Occidental unit board designee to leave Plains GP following secondary offerings

Podcast

Next in Tech | Episode 49: Carbon reduction in cloud

Blog

Using ESG Analysis to Support a Sustainable Future

Research

US utility commissioners: Who they are and how they impact regulation

Blog

Q&A: Datacenters: Energy Hogs or Sustainability Helpers?


Occidental unit board designee to leave Plains GP following secondary offerings

Occidental Petroleum Corp. subsidiary Oxy Holding Company (Pipeline) Inc.'s board designee, Oscar Brown, will no longer be a board member of Plains GP Holdings LP, effective on the closing of the Occidental unit's secondary offerings.

Oxy Holding has a right to designate a director to Plains GP for as long as it owns at least a 10% qualifying interest in the partnership. However, Oxy Holding's sale of Plains All American Pipeline LP common units and Plains GP class A shares removed its qualifying interest and right for a board designation at Plains GP, according to a Sept. 23 SEC filing.

The Occidental unit sold 14,977,890 Plains common units and 15,000,000 Plains GP class A shares for total gross proceeds of $652.2 million. The offerings are scheduled to close Sept. 23.

Plains provides crude oil, NGLs and natural gas midstream services, while Plains GP owns an indirect, non-economic controlling general partner interest and an indirect limited partner interest in Plains. Oxy Holding is also an affiliate of Plains GP. Houston-based Occidental is one of the largest oil and gas producers in the U.S.