Occidental Petroleum (OXY) is weighing a potential sale of Western Midstream Partners (WES), which has a market value of more than $18B, including debt, Reuters’ David French and Anirban Sen report. A divestment would help Occidental, which is backed by Berkshire Hathaway (BRK.A), reduce the $18.5B in debt it has accumulated from recent acquisitions, according to people familiar with the matter. Occidental owns 49% of Western Midstream and controls the company’s operations by also owning its general partner. Western Midstream is working with Citigroup (C) on a sale process, the sources said, adding that JPMorgan (JPM) is advising Occidental on how to extract the most value from its ownership of Western Midstream.
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