The units will be canceled following the Exchange. The net effect of this transaction increases WES's per-annum Free cash flow1 after distributions by approximately
'This transaction is accretive to free cash flow, which will advance our leverage-reduction efforts,' said WES Chief Executive Officer,
'Occidental and WES continue to work together to maximize value for our shareholders and unitholders,' said Occidental President and Chief Executive Officer,
The Exchange was reviewed and approved by the Partnership's Special Committee, which includes only independent members of the board of directors of WES's general partner. The Special Committee was advised by
ABOUT
This news release contains forward-looking statements. WES's management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include the ultimate impact of efforts to fight COVID-19 on the global economy and the timeline for a recovery in commodity demand and prices; our ability to meet financial guidance or distribution expectations; our ability to safely and efficiently operate WES's assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures and the other factors described in the 'Risk Factors' section of WES's most-recent form 10-K and Form 10-Q filed with the
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