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Fly News Breaks for January 6, 2020
OXY, WES
Jan 6, 2020 | 11:16 EDT
Ladenburg analyst Michael Schmitz maintained a Neutral rating and $26 price target on Western Midstream (WES) following the company executing several service, operating, and governance agreements with Occidental Petroleum (OXY). Occidental said that it "intends to continue its operational relationship with Western Midstream and expects to maintain a significant economic interest in Western Midstream," although Occidental indicated that it plans to reduce its current ~55% ownership to below 50% this year. Additioanlly, Occidental said it no longer plans to consolidate Western Midstream's results in its financial results.
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