trending Market Intelligence /marketintelligence/en/news-insights/trending/SW5qrL3nDl1Y9dfhhLoYDQ2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Occidental to reduce interest in Western Midstream to under 50%

Essential Energy Insights - June 11, 2020

Webinar Replay

Deep Dive on Oil & Gas for Financial Institutions

Essential Energy Insights - May 28, 2020

Essential Energy Insights - May 14, 2020

Occidental to reduce interest in Western Midstream to under 50%

Occidental Petroleum Corp. executed several agreements that will enable its subsidiary Western Midstream Partners LP to operate as an independent midstream company.

Occidental said in a Jan. 6 news release that it plans to continue its operational relationship with the partnership but will cut its interest in Western Midstream to below 50% during the year. As a result, Occidental will no longer consolidate Western Midstream's financial reporting.

The agreements transfer the employment of Western Midstream's management team and employees to the partnership from Occidental and expand the rights of Western Midstream unitholders to remove and replace Occidental as the general partner. Occidental will provide administrative services to Western Midstream for up to two years, the release said, and new oil and gas gathering acreage dedications for about 21,000 acres in Weld County, Colo., will be executed. The acreage dedications are underpinned by minimum volume commitments.

Occidental also retired $2 billion of its 2021 bank loans during the fourth quarter of 2019 using the proceeds from its free cash flow and divestitures, which include the corporation's previously announced $565 million deal with Howard Hughes Corp.

In addition, Occidental raised the volume of its hedged oil production for the year by 50,000 barrels of oil per day to 350,000 boe/d. The company said its free cash flow increases by $260 million per year for every $1 increase in oil prices.