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Occidental Petroleum Announces Execution Of Several Agreements

Occidental Petroleum Corp. (OXY) and Western Midstream Partners LP (WES) announced the execution of several agreements that enable WES to operate as an independent midstream company.

The executed agreements include amendments to the limited partnership agreement that significantly expand unitholders' rights, including the right to remove and replace Occidental as the general partner. The amendments included the transfer of the WES corporate officers' employment from Occidental to the Partnership.

Occidental said it will no longer consolidate WES's statement of operations, balance sheet, and statement of cash flows.

Occidental Petroleum, in an update on its execution of key strategic and financial initiatives following the close of its acquisition of Anadarko Petroleum, said it plans to continue its operational relationship with WES and expects to maintain a significant economic interest in WES, which Occidental will reduce to below 50% during 2020.

Occidental noted that it will provide limited administrative services to WES for up to two years.

Occidental said it continues to make progress towards meeting its $15 billion divestiture target, with the recently announced sale of $565 million of Houston and Woodlands real estate assets to the Howard Hughes Corporation.

Western Midstream Partners expects 2020 Adjusted EBITDA between $1.875 billion and $1.975 billion and 2020 total capital expenditures between $875 million and $950 million.

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