February 11, 2020 / 1:51 PM / 12 days ago

Occidental to book about $1 bln in charges in fourth quarter

Feb 11 (Reuters) - 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. (bit.ly/3btH5HT) (Reporting by Shanti S Nair in Bengaluru; Editing by Sriraj Kalluvila)

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