Western Midstream Partners, LP and Occidental Petroleum Corporation announced the execution of several agreements that will enable WES to fully operate as a stand-alone business, consistent with WES's and Occidental's joint effort to establish WES as an independent midstream company. WES fully expects to continue its long-term and meaningful relationship with Occidental. These new agreements support WES's ongoing and focused pursuit of third-party growth opportunities and underscore the importance of WES's commitment to leverage its existing midstream infrastructure to attract additional Occidental and third-party volumes.

Key terms of the newly executed agreements include: The December 2019 transfer of employment of WES's management team from Occidental to WES, which ensures independent managerial control of WES's strategic initiatives and day-to-day operations; The December 2019 secondment of specifically identified WES-dedicated employees of Occidental who will be under the direct supervision of WES management prior to their transfer from Occidental to WES, which will occur during 2020; The provision of limited administrative shared services by Occidental to WES for an initial two-year period; The meaningful expansion of WES unitholders' rights to replace WES's general partner under an amended limited partnership agreement. New long-term oil and gas gathering acreage dedications by Occidental, covering approximately 21,000 acres in Weld County, Colorado, supported by minimum volume commitments and complemented by previously executed DJ Basin gas-processing dedications will be put in place.