Michael Pearl has been appointed as the new CFO of the general partner of Western Midstream Partners.
Occidental fully owns the general partner stake and around 55% of the limited partner units. The company gained ownership following its takeover of Anadarko earlier this year. Western Midstream has a market cap of $10.3 billion and has its head office in The Woodlands.
Mr Pearl joined Anadarko in 2004 and served in various leadership positions such as Director of Tax, Treasurer, Corporate Controller and Senior VP of Investor Relations. He started his career at Ernst & Young.
Mr Pearl replaces Jaime Casas who has been appointed the VP and Treasurer of Occidental.
The company also announced the appointment of Catherine Green as the Chief Accounting Officer of the general partner of Western Midstream. She joined Anadarko in 2001 and started her career with Grant Thornton in the United Kingdom and Houston.
After its takeover of Anadarko, Occidental planned to sell Western Midstream to reduce debt. Or least sell enough of a stake so that it didn’t have to consolidate the $7.5 billion debt that Western Midstream carries.
Earlier this month, according to Reuters, Occidental shelved plans to sell Western Midstream because Western’s market value has dropped by 18% since July 30 and Occidental doesn’t want to sell at too low a price.
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