Midstream MLP created by Anadarko cuts distribution, spending, CEO pay

The Woodlands-based Western Midstream Partners LP (NYSE: WES) is joining the energy-related companies making several cuts to help weather the Covid-19 pandemic and massive oil and gas downturn.

Combined, the cuts are expected to save the master limited partnership about $1 billion in 2020, according to an April 20 press release.

Western Midstream is cutting its quarterly cash distribution in half. The distribution of 31.1 cents per unit for the first quarter of 2020 is payable May 14 to unitholders…


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