January 9, 2020 – Today Western Midstream Partners, LP (NYSE: WES) announced that its wholly owned subsidiary, Western Midstream Operating, LP ("WES Operating"), has priced an offering of $300 million in aggregate principal amount of floating rate senior notes due 2023, $1 billion in aggregate principal amount of 3.10% senior notes due 2025 at a price to the public of 99.962% of their face value, $1.2 billion in aggregate principal amount of 4.05% senior notes due 2030 at a price to the public of 99.90% of their face value, and $1 billion in aggregate principal amount of 5.25% senior notes due 2050 at a price to the public of 99.442% of their face value. The offering of the senior notes is expected to close on Monday, January 13, 2020, subject to the satisfaction of customary closing conditions. Net proceeds from the offering are expected to be used to repay and terminate WES Operating's $3.0 billion term loan credit facility. WES Operating will use the remaining net proceeds for general partnership purposes, including repayment of borrowings under its revolving credit facility.

Houston-based Noble Midstream Partners LP (Nasdaq: NBLX) has named Robin Fielder as its newest C-suite executive. Fielder will become president and COO of the master limited partnership and senior vice president of midstream for Noble Energy Inc. (Nasdaq: NBL) on Jan. 13, according to a press release. Noble Midstream CEO Brent Smolik said in the release that Fielder's skillset of technical, financial and leadership capabilities will fit well within the company.

Fairholme leader introduces 4 new holdings to equity portfolio Continue reading...

Occidental (OXY) continues to make financial and strategic moves to lower debt level, and strengthen operations and profitability.

Investors need to pay close attention to Western Midstream (WES) stock based on the movements in the options market lately.

A midstream oil partnership based in The Woodlands has entered into a lease with The Howard Hughes Corp. to move its headquarters into the top five floors of one of two towers formerly owned by Anadarko Petroleum.

Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced that the board of directors of its general partner declared a quarterly cash distribution of $0.622 per unit for the fourth-quarter of 2019, resulting in a full-year 2019 distribution increase of 5-percent over the full-year 2018. This distribution represents WES's 28th consecutive quarterly distribution increase. WES's fourth-quarter 2019 distribution is payable February 13, 2020, to unitholders of record at the close of business January 31, 2020.

The company misses estimates, but improves its balance sheet and resources Continue reading...

RBC Capital analyst Elvira Scotto maintained a Hold rating on Western Midstream Partners (NYSE:WES) on Friday, setting a price target of $8, which is approximately 9.29% above the present share price of $7.32.

The Howard Hughes Corporation® (NYSE: HHC) announced today its recent closing on two loans totaling over $490 million. A $356.8 million construction loan was secured at Ward Village® for its sixth residential mixed-use development, Kō'ula, reflecting continued strong demand to live in the acclaimed 60-acre master planned community transforming Oahu. In addition, a $137 million, 5-year term loan was secured for 9950 Woodloch Forest Drive, one of two premier Class AAA towers in The Woodlands® comprising the newly rebranded The Woodlands Towers at The Waterway.

Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced first-quarter 2020 financial and operating results. Net income (loss) available to limited partners for the first quarter of 2020 totaled $(251.4) million, or a loss of $0.57 per common unit (diluted), with first-quarter 2020 Adjusted EBITDA(1) totaling $513.6 million, first-quarter Cash flows from operating activities totaling $393.3 million, and first-quarter 2020 Free cash flow(1) totaling $214.6 million. The net loss includes $596.8 million of non-cash impairments of goodwill and long-lived assets primarily resulting from lower sustained commodity prices and forecasted in-basin producer activity reductions following the worldwide outbreak of the coronavirus ("COVID-19"). In total, non-cash impairments reduced first-quarter 2020 net income by $1.34 per common unit (diluted).

Houston-based Occidental Petroleum Corp. (NYSE: OXY) will be making an exit on its stake in Western Midstream Partners LP (NYSE: WES), but the process is expected to be drawn out over a long period of time. Oxy said in a Jan. 7 press release that it plans to sell down its stake in the master limited partnership, which it acquired as part of its Anadarko Petroleum Corp. buyout last year, to below 50 percent before the end of 2020. “It seems like a cautious exit,” said Andrew Dittmar, senior analyst for Enverus.

The Howard Hughes Corporation® (NYSE: HHC) has announced today that Western Midstream Partners, LP (NYSE: WES) has signed a 133,948-square-foot lease for the top five floors of 9950 Woodloch Forest Drive, one of two premier Class AAA towers in The Woodlands® comprising the newly rebranded The Woodlands Towers at The Waterway. The Howard Hughes Corporation acquired the two towers (formerly Anadarko Petroleum Corporation Headquarters) totaling approximately 1.4 million square feet of office space from Occidental Petroleum in late 2019. With this agreement, 9950 Woodloch Forest Drive is now 35% leased, with HHC's corporate headquarters set to relocate to the building later this year. The Howard Hughes Corporation previously announced that the entire 808,000-square-foot 1201 Lake Robbins Drive building has been leased for thirteen years to Occidental.

Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced that the board of directors of its general partner declared a quarterly cash distribution of $0.311 per unit for the first quarter of 2020, which represents a 50-percent decrease from the fourth-quarter 2019 per-unit distribution. This distribution decrease was undertaken to protect, restore, and strengthen WES's balance sheet as the COVID-19 worldwide pandemic, declining economic activity and energy demand, and depressed commodity prices continue to underpin broad-based market uncertainty. WES's first-quarter 2020 distribution is payable May 14, 2020, to unitholders of record at the close of business May 1, 2020.

Saddlehorn Pipeline Company, LLC ("Saddlehorn") announced today that Black Diamond Gathering LLC ("Black Diamond"), through its majority owner Noble Midstream Partners LP (NASDAQ: NBLX) ("NBLX"), has purchased a 20% membership interest in Saddlehorn for $155 million effective Feb. 1, 2020. As previously announced, an option had been granted to Black Diamond in conjunction with recent volume commitments to the pipeline.

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Occidental Corp said on Tuesday it expects to record about $1 billion in charges in the fourth quarter related to the company's investment in Western Midstream Partners LP. The oil and gas producer said in early January that it would cut its majority stake in pipeline operator Western Midstream to less than 50% in 2020, as it seeks to reduce its debt that ballooned with the Anadarko deal. Occidental also expects to report production from continuing operations of 1.402 million barrels of oil equivalent per day for the fourth quarter of 2019.

WES vs. PSXP: Which Stock Is the Better Value Option?

Bonds of hard-hit oil and gas companies such as Occidental Petroleum, Antero Resources , WPX Energy, HighPoint Resources and Western Midstream Partners rose in price on Thursday after the Federal Reserve announced it would expand its Main Street Lending Facility to larger and riskier companies affected by the coronavirus pandemic. In afternoon trade, seven of the 10 biggest upward movers in the U.S. corporate bond market were oil and gas companies, according to MarketAxess data. WPX Energy's 5.75% June 2026 bond was up 6.7% on the day, last trading at 88 cents on the dollar.

The Woodlands-based Western Midstream Partners LP (NYSE: WES) is joining the energy-related companies making several cuts to help weather the Covid-19 pandemic and massive oil and gas downturn. Western Midstream is cutting its quarterly cash distribution in half. Additionally, the MLP cut its planned capital expenditures for 2020 by 45 percent compared to its previous guidance.