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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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
NEGATIVE IMPACT
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