Subject: Re: OXY news
The Reuters article covers the Western Midstream position - which is that it isn't attempted a sale. Key extracts:
Occidental owns 49% of Western Midstream and controls the company's operations by also owning its general partner. Western Midstream is structured as a tax-advantaged master limited partnership, and a general partner is its controlling entity.
And
Western Midstream said in a statement it was aware of Occidental's interest in selling assets and could not provide further details, directing questions to Occidental. It added that Western Midstream itself was not running a sale process.
I read this to say that OXY has the ability to sell Western Midstream without majority ownership. Corrections welcome.
I'm a bit curious that Berkshire Hathaway Energy wasn't noted as a potential acquirer. It already has significant pipeline operations. But I don't understand how Buffett's controlling interest in Oxy might complicate this. Also Buffett doesn't like to compete in competitive auctions.