Fitch revises Western Midstream to evolving

Fitch Ratings said it revised its rating watch on Western Midstream Operating LP to evolving from positive.

The view reflects Fitch’s uncertainty over WES’ ownership structure after the closing of the proposed merger between Occidental Petroleum and Anadarko Petroleum. Anadarko shareholders vote on the merger Thursday.

“Fitch believes that OXY could potentially pursue a sale of all or some its ownership stake to help reduce debt. In addition, the operational and financial impact that such divestiture would have on WES going forward is unclear at this point,” the agency said in a news release.

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