Reported Earlier, Western Midstream Announced $685.9M Secondary Public Offering of 19M Common Units by Occidental Affiliates
Portfolio Pulse from Benzinga Newsdesk
Western Midstream Partners, LP (NYSE:WES) announced the pricing of a secondary public offering of 19 million common units by Occidental affiliates for $685.9 million. The offering is expected to close on August 14, 2024, subject to customary closing conditions.
August 13, 2024 | 7:26 am
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Western Midstream Partners, LP (WES) announced a secondary public offering of 19 million common units by Occidental affiliates for $685.9 million. This could lead to short-term downward pressure on WES stock due to dilution concerns.
The announcement of a secondary public offering often leads to concerns about dilution, which can negatively impact the stock price in the short term. The offering involves a significant number of common units (19 million), which could increase the supply of shares in the market.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Occidental (OXY) affiliates are selling 19 million common units of Western Midstream Partners (WES) for $685.9 million. This could provide Occidental with additional liquidity, potentially positive for OXY stock.
The sale of 19 million common units by Occidental affiliates will generate $685.9 million in gross proceeds, providing Occidental with additional liquidity. This could be seen as a positive development for OXY stock as it strengthens the company's financial position.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80