OXY - Western Midstream: Distribution Increases 52% As The Turnaround Continues
2024-07-08 14:26:33 ET
Summary
- The distribution increased by 52%.
- Western Midstream achieved an investment-grade rating and reported record earnings in Q1 2024.
- Management is focused on self-funding growth, share repurchases, and improving common unit valuations.
- Occidental Petroleum's pending acquisition could provide more growth opportunities for Western Midstream.
- I would consider holding until the turnaround story reaches an end and the growth story stops.
Note: WES is a partnership that issues a Schedule K-1.
Western Midstream ( WES ) announced a 52% distribution increase in the latest first quarter press release as the partnership achieved an investment grade rating. Not only is the distribution increasing, but so is the balance sheet improving....
Western Midstream: Distribution Increases 52% As The Turnaround Continues