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Occidental unit selling Plains, Plains GP securities in secondary offerings

Occidental Petroleum Corp. subsidiary Oxy Holding Company (Pipeline) Inc. priced secondary public offerings of Plains All American Pipeline LP common units and Plains GP Holdings LP class A shares, for gross proceeds of $652.2 million in total.

Oxy Holding is offering 14,977,890 Plains common units at $21.46 per unit for gross proceeds of $321.4 million; and 15,000,000 Plains GP class A shares priced at $22.05 per share for gross proceeds of $330.8 million, according to a Sept. 18 news release.

Plains and Plains GP will not receive any proceeds from the offerings.

Barclays is the sole underwriter for the offerings.

Plains owns and operates crude oil, natural gas and NGL pipeline transportation, terminaling, storage and gathering assets in the U.S. and Canada. 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.