SCHEDULE: Occidental Reduces Western Midstream Stake to 38.3%

Occidental Petroleum Corporation and its affiliates have reduced their beneficial ownership in Western Midstream Partners, LP to 38.3% following a unit redemption.

Summary

• Occidental Petroleum Corporation and its affiliated entities (the "Reporting Persons") have updated their beneficial ownership in Western Midstream Partners, LP (the "Issuer") via an Amendment No. 9 to Schedule 13D.
• The filing reports that Western Gas Resources, Inc. (WGRI), a subsidiary of Occidental, transferred and surrendered 15,307,402 Common Units to the Issuer on February 3, 2026.
• This transaction was in connection with the closing of a previously disclosed Unit Redemption Agreement.
• Following this redemption, Occidental Petroleum Corporation and its related entities beneficially own an aggregate of 150,374,176 Common Units.
• This aggregate amount represents 38.3% of the Issuer's total outstanding Common Units, based on 392,688,323 Common Units issued and outstanding as of October 31, 2025, after giving effect to the redemption.
• The Reporting Persons disclaim beneficial ownership of the Common Units for the purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, pursuant to Rule 13d-4.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive development, as it represents the execution of a previously announced transaction, which can bring clarity to the ownership structure and potentially increase the public float for Western Midstream.

Positives

• The completion of the unit redemption brings clarity to the ownership structure of Western Midstream Partners, LP.
• The transaction was previously disclosed, indicating an orderly execution of a planned corporate action.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding future operations or financial performance.

Industry Context

StockSavvy.ai notes that this reduction in Occidental's stake in Western Midstream Partners, LP aligns with a broader trend among integrated energy companies to streamline portfolios and potentially divest non-core midstream assets, focusing on upstream or downstream operations. This move could be part of Occidental's ongoing strategy to optimize its asset base following its acquisition of Anadarko Petroleum Corporation.

Comparison to Industry Standards

• This filing primarily details a change in beneficial ownership resulting from a specific corporate action (unit redemption) rather than operational or financial performance. Therefore, direct comparisons to industry-wide operational benchmarks or project results are not applicable.
• The reduction of a significant sponsor's stake in an MLP can sometimes be viewed positively by the market as it may increase the public float and perceived independence of the MLP, a trend observed in other midstream entities like Energy Transfer LP or MPLX LP where sponsor influence has evolved over time.

Related Party Transactions

• The unit redemption involves Western Gas Resources, Inc. (a subsidiary of Occidental Petroleum Corporation) and Western Midstream Partners, LP, where Occidental holds a significant beneficial interest, thus constituting a related party transaction.

Stakeholder Impact

• Shareholders of Western Midstream Partners, LP: The reduction in Occidental's beneficial ownership could potentially increase the public float and liquidity of Common Units, and may reduce the influence of a single large shareholder over time.
• Occidental Petroleum Corporation: This transaction reduces Occidental's direct and indirect exposure to Western Midstream, potentially aligning with strategic goals to optimize its asset portfolio or reduce debt.

Key Dates

Recommendation

The filing reports the completion of a previously disclosed unit redemption, which is an expected corporate action. While it reduces Occidental's stake, it does not introduce new fundamental information that would significantly alter the investment thesis for Western Midstream Partners, LP. Investors should hold and monitor future strategic moves by both Occidental and Western Midstream, as well as broader industry trends.

Keywords

Western Midstream Partners, Occidental Petroleum, WES, OXY, Schedule 13D, beneficial ownership, unit redemption, midstream, energy, limited partner interests