HomeMagazine2019November 2019, Vol. 246, No. 11Oxy Puts Hold on Western Midstream Selloff

November 2019, Vol. 246, No. 11

Global News

Oxy Puts Hold on Western Midstream Selloff

Occidental Petroleum Corp said it failed to draw an attractive offer for Western Midstream while pipeline stocks are in the doldrums and has decided to wait until next year before trying again to sell the business. Houston-based Oxy gained Western Midstream this year as part of its $38 billion acquisition of Anadarko Petroleum, a move which gave it substantial Permian Basin acreage but also assets in areas it had previously exited or had little interest in. Oxy signed an $8.8 billion agreement with Total SA for Anadarko’s African holdings in May and held talks in recent weeks with possible buyers, including private equity firms and infrastructure funds, about selling some of Western Midstr

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