HOUSTON, Aug. 12,
2024 /PRNewswire/ -- Western Midstream Partners, LP
(NYSE: WES) ("WES") announced today the pricing of the previously
announced underwritten secondary public offering of 19,000,000
common units representing limited partner interests in WES ("Common
Units") by affiliates of Occidental (NYSE: OXY) (the "Selling
Unitholders"), for gross proceeds of $685.9
million. The offering is expected to close on August 14, 2024, subject to customary closing
conditions.
The Selling Unitholders have granted Barclays, as the
underwriter, a 30-day option to purchase up to 2,850,000 additional
Common Units from the Selling Unitholders at the public offering
price less underwriting discounts and commissions. WES is not
selling any Common Units in the offering and will not receive any
proceeds from the sale of Common Units in the offering.
Barclays is acting as the sole book-running manager for the
offering. The offering is being made only by means of the
prospectus supplement and accompanying base prospectus, which is
part of a shelf registration statement that became effective on
March 30, 2023, copies of which may
be obtained from Barclays Capital Inc., c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by phone at 1-888-603-5847
or by email at barclaysprospectus@broadridge.com. An electronic
copy of the prospectus supplement and accompanying base prospectus
is available from the U.S. Securities and Exchange Commission's
website at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
ABOUT WESTERN MIDSTREAM
Western Midstream Partners, LP ("WES") is a master limited
partnership formed to develop, acquire, own, and operate midstream
assets. With midstream assets located in Texas, New
Mexico, Colorado,
Utah, and Wyoming, WES is engaged in the business of
gathering, compressing, treating, processing, and transporting
natural gas; gathering, stabilizing, and transporting condensate,
natural-gas liquids, and crude oil; and gathering and disposing of
produced water for its customers. In its capacity as a natural-gas
processor, WES also buys and sells natural gas, natural-gas
liquids, and condensate on behalf of itself and its customers under
certain gas processing contracts. A substantial majority of WES's
cash flows are protected from direct exposure to commodity price
volatility through fee-based contracts.
This news release contains forward-looking statements. WES
and its general partner believe that their expectations are based
on reasonable assumptions. No assurance, however, can be given that
such expectations will prove to have been 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, including the Selling Unitholders' ability to
close successfully on the offering. See "Risk Factors" in WES's
Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q
for the quarters ended March 31,
2024, and June 30, 2024, and
other public filings and press releases. Except as required by law,
WES does not undertake the obligation to publicly update or revise
any forward-looking statements.
WESTERN MIDSTREAM CONTACTS
Daniel Jenkins
Director, Investor
Relations
Investors@westernmidstream.com
866-512-3523
Rhianna Disch
Manager, Investor Relations
Investors@westernmidstream.com
866-512-3523
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SOURCE Western Midstream Partners, LP