S&P: Western Midstream on developing watch

S&P said it revised the CreditWatch implications on all of the ratings on Western Midstream Operating LP to developing from positive given uncertainty around potential ownership and control.

The agency said it previously believed Occidental Petroleum Corp. would retain a significant interest in Western Midstream when its pending acquisition of Western's parent, Anadarko Petroleum, closes in third quarter of 2019.

But now, the agency said there is the uncertainty about the eventual controlling owner of Western, along with the expectation of Western's strategic importance and its financial policy.

S&P said it now believes Occidental may explore the sale of a significant limited partnership interest and the general partnership interest in Western Midstream.

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