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Report: Occidental delays plan to sell Western Midstream stake to 2020

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Report: Occidental delays plan to sell Western Midstream stake to 2020

Occidental Petroleum Corp. pushed back its plan to off-load an interest in Western Midstream Partners LP until next year, citing a decline in the pipeline company's market value, Reuters reported Oct. 4, citing people familiar with the matter.

Occidental, which reportedly started exploring the sale of a majority stake in the partnership, did not want to sell at a price it considered too low, sources told the newswire. Western Midstream's market value dropped almost 18% since July 30 due to a decrease in pipeline stocks, Reuters said.

An Occidental spokeswoman declined to comment, Reuters said.

Western Midstream was formed by Anadarko Petroleum Corp. to own and operate midstream energy assets. Occidental inherited the partnership as part of its $57 billion acquisition of Anadarko, which ceased to exist Aug. 8. In September, Bloomberg reported that Western Midstream attracted interests of investment firms, including Blackstone Group Inc. and Apollo Global Management Inc.