Occidental launches tender offer for up to $2 billion from 14 notes

Chicago, Dec. 2 – Occidental Petroleum Corp. commenced cash tender offers for up to $2 billion total from 14 of its senior notes, according to a press release.

The $2 billion total includes principal and premium but excludes interest.

Occidental is offering to purchase from the following notes with the respective purchase prices listed based on a $1,000 note:

• $151,808,000 outstanding 3.45% senior notes due 2024 (Cusip: 674599DA0) for $1,032.50;

• $1,380,288,000 outstanding 2.9% senior notes due 2024 (Cusip: 674599CW3) for $1,023.75;

• $521,392,000 outstanding 3½% senior notes due 2025 (Cusip: 674599CG8) for $1,026.25;

• $926,419,000 outstanding 3.4% senior notes due 2026 (Cusip: 674599CH6) for $1,012.50;

• $890,235,000 outstanding 3.2% senior notes due 2026 (Cusip: 674599CR4) for par;

• $750 million outstanding 3% senior notes due 2027 (Cusip: 674599CM5) for $987.50;

• $1.5 billion outstanding 3½% senior notes due 2029 (Cusip: 674599CS2) for $995;

• $750 million outstanding 4.1% senior notes due 2047 (Cusip: 674599CL7) for $975;

• $1 billion outstanding 4.2% senior notes due 2048 (Cusip: 674599CN3) for $982.50;

• $750 million outstanding 4.3% senior notes due 2039 (Cusip: 674599CX1) for par;

• $1,151,200,000 outstanding 4.4% senior notes due 2046 (Cusip: 674599CJ2) for $1,002.50;

• $709,588,000 outstanding 4.4% senior notes due 2049 (Cusip: 674599CY9) for $1,002.50;

• $623,462,000 outstanding 4½% senior notes due 2044 (Cusip: 674599DK8) for $1,010; and

• $750 million outstanding 4 5/8% senior notes due 2045 (Cusip: 674599CF0) for $1,020.

If some of the tendered notes from a series are accepted, all will be accepted. No series will be prorated. This could result in series lower in the waterfall list being accepted for purchase and a series higher in the list not being accepted.

Interest will be paid to the settlement date in addition to the tender considerations listed above.

The offers will expire at 5 p.m. ET on Dec. 8, also the withdrawal deadline.

Settlement is expected for Dec. 9.

Settlement for notes tendered via guaranteed delivery procedures is expected for Dec. 13, the third business day following the expiration time. Interest will only be paid to the Dec. 9 settlement date.

Wells Fargo Securities, LLC (866 309-6316, 704 410-4759, liabilitymanagement@wellsfargo.com), BofA Securities, Inc. (980 388-3646, 888 292-0070, debt_advisory@bofa.com), Citigroup Global Markets Inc. (212 723-6106, 800 558-3745, ny.liabilitymanagement@citi.com), SMBC Nikko Securities America, Inc. (888 868-6856) and SG Americas Securities, LLC (212 278-7532, us-glfi-syn-cap@sgcib.com) are the lead dealer managers.

Global Bondholder Services Corp. is the tender agent and information agent (https://www.gbsc-usa.com/oxy).

Occidental is a Houston oil and gas, chemical and midstream company.

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