Jan 20 (Reuters) - Western Midstream Partners (WES.N) , opens new tab said on Tuesday it has renegotiated contracts with Occidental Petroleum (OXY.N) , opens new tab related to its Delaware Basin assets, securing a simpler fixed-fee structure for natural gas gathering and processing.

As part of the deal, Occidental will transfer 15.3 million common units worth about $610 million back to Western Midstream, which would reduce the company's ownership to roughly 40%.

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Western Midstream also signed new natural gas gathering and processing agreements with ConocoPhillips (COP.N) , opens new tab for a portion of its Delaware Basin volumes.

The ConocoPhillips agreement, which runs into the early 2030s, will diversify revenues by reducing related‑party revenue by more than 10%, Western Midstream said.

https://www.reuters.com/business/energy/western-midstream-renegotiates-occidental-contracts-get-610-million-unit-2026-01-20/