Western Midstream Partners Says It Is Aware Of Recent News Coverage Indicating Sales Process; Says It Has Not Launched Sales Process Nor Has It Engaged Bankers Or Other Advisors With View Toward Doing So
Portfolio Pulse from Benzinga Newsdesk
Western Midstream Partners (WES) has addressed rumors about a potential sales process, clarifying that it has not initiated any such process nor engaged with bankers or advisors for this purpose. The statement followed news coverage suggesting a sales process and mentioned Occidental Petroleum Corporation's (OXY) interest in divesting assets, though WES did not specify which assets OXY might be considering for divestiture.
February 20, 2024 | 10:04 pm
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NEUTRAL IMPACT
Western Midstream Partners has publicly denied initiating a sales process, following speculation about asset divestiture.
WES's clarification regarding the absence of a sales process could stabilize its stock price in the short term by reducing uncertainty among investors. However, the mention of OXY's interest in divesting assets, including a potential stake in WES, keeps the situation somewhat speculative.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 90
NEGATIVE IMPACT
Occidental Petroleum Corporation has expressed interest in divesting assets, which may include its ownership interest in WES.
OXY's expressed interest in divesting assets, potentially including its stake in WES, introduces uncertainty regarding its investment strategy and could negatively impact its stock price in the short term due to potential concerns over the strategic rationale and financial implications of such divestitures.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80