Investor Presentaiton
WES Operating as an Independent Company
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Relationship at a Glance
Effective Dec. 2019, WES's management team transferred from Oxy to WES; the remaining WES employees transferred in 2020
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Rights of WES unitholders to replace WES's general partner were significantly expanded in 2020
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Oxy accounts for WES using the Equity Method of Accounting, WES is not consolidated in Oxy's financial statements
Oxy intends to continue an operational relationship with WES and expects to maintain a significant economic interest in WES
• Ownership to be reduced below 50%
Oxy Ownership Position at December 31, 2020
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2% of WES Operating (non-voting)
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51.5% of WES limited partner units
OXY
2% GP unit interest in WES (non-voting)
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