HOUSTON - Western Midstream Partners, LP (NYSE:WES), a Delaware master limited partnership, has publicly clarified that it has not initiated a sales process, nor has it engaged bankers or advisors for such a purpose.
This announcement comes in response to recent media reports speculating on the company's potential sale. Western Midstream's statement emphasized that while Occidental Petroleum Corporation (NYSE:NYSE:OXY), known as Oxy, has indicated an interest in divesting certain assets, Western Midstream cannot comment on the specifics of Oxy's plans or whether they involve Oxy's ownership interest in Western Midstream.
Western Midstream specializes in the development, acquisition, ownership, and operation of midstream assets. It operates primarily in the Rocky Mountains, North-central Pennsylvania, Texas, and New Mexico. The company's services include the gathering, compressing, treating, processing, and transporting of natural gas, as well as the gathering, stabilizing, and transporting of condensate, natural-gas liquids, and crude oil. Additionally, Western Midstream manages the disposal of produced water for its customers. The partnership also engages in the buying and selling of natural gas, natural-gas liquids, and condensate on behalf of itself and its customers through certain gas processing contracts.
A significant portion of Western Midstream's revenues are generated through fee-based contracts, which shield the company from direct exposure to fluctuations in commodity prices. This structure is designed to provide a stable cash flow regardless of the volatile nature of commodity markets.
The clarification from Western Midstream is intended to address any uncertainty among investors and stakeholders following the media reports.
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