Western Midstream Partners Reports Commencement Of Secondary Public Offering Of 19M Common Units Representing Limited Partner Interests By Affiliates Of Occidental
Portfolio Pulse from Benzinga Newsdesk
Western Midstream Partners (WES) announced the commencement of a secondary public offering of 19 million common units by affiliates of Occidental Petroleum (OXY). WES is not selling any units and will not receive any proceeds from the sale.
August 12, 2024 | 8:42 pm
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POSITIVE IMPACT
Affiliates of Occidental Petroleum (OXY) are selling 19 million common units of Western Midstream Partners (WES) in a secondary public offering. OXY will benefit from the proceeds of this sale.
The sale of 19 million common units by OXY affiliates will provide Occidental Petroleum with additional liquidity, which could be viewed positively by investors.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Western Midstream Partners (WES) announced a secondary public offering of 19 million common units by affiliates of Occidental Petroleum (OXY). WES will not receive any proceeds from this sale.
The secondary offering could lead to a short-term decrease in WES's stock price due to the increased supply of common units in the market. Additionally, the fact that WES will not receive any proceeds from the sale may be viewed negatively by investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100