Occidental offers up to $2.5 billion to buy notes from two pools

Chicago, Feb. 28 – Occidental Petroleum Corp. announced an offer to purchase senior notes from two pools for up to $2.5 billion, according to a press release on Monday.

Pool 1

From the first pool, Occidental is offering to buy up to a maximum purchase price of $1.5 billion from eight series.

The $1.5 billion amount includes principal and premium, but excludes interest, which will also be paid.

Listed by acceptance priority level, the offer is for the following notes with the related purchase prices:

• $326,134,000 outstanding 3½% senior notes due 2025 (Cusip: 674599CG8) for $1,022.50 per note;

• $797,367,000 outstanding 3.2% senior notes due 2026 (Cusip: 674599CR4) for $1,002.50 per note;

• $778,621,000 outstanding 3.4% senior notes due 2026 (Cusip: 674599CH6) for $1,002.50 per note;

• $1,477,217,000 outstanding 3½% senior notes due 2029 (Cusip: 674599CS2) for $1,002.50 per note;

• $634,357,000 outstanding 3% senior notes due 2027 (Cusip: 674599CM5) for $987.50 per note;

• $948,951,000 outstanding 2.9% senior notes due 2024 (Cusip: 674599CW3) for $1,008.75 per note;

• $111,647,000 outstanding 3.45% senior notes due 2024 (Cusip: 674599DA0) for $1,017.50 per note; and

• $442,195,000 outstanding 2.7% senior notes due 2023 (Cusip: 674599CE3) for $1,008.75 per note.

Pool 2

In the second pool, the company is offering up to $1 billion to purchase notes.

The $1 billion amount includes principal and premium, but not interest which will also be paid.

Also listed by acceptance priority level, the second pool contains the following series:

• $663,045,000 outstanding 4.1% senior notes due 2047 (Cusip: 674599CL7) for $930 per note;

• $960,999,000 outstanding 4.2% senior notes due 2048 (Cusip: 674599CN3) for $940 per note;

• $703,962,000 outstanding 4.4% senior notes due 2049 (Cusip: 674599CY9) for $952.50 per note;

• $692,848,000 outstanding 4.3% senior notes due 2039 (Cusip: 674599CX1) for $957.50 per note;

• $976,366,000 outstanding 4.4% senior notes due 2046 (Cusip: 674599CJ2) for $972.50 per note;

• $606,072,000 outstanding 4½% senior notes due 2044 (Cusip: 674599DK8) for $972.50 per note; and

• $634,169,000 outstanding 4 5/8% senior notes due 2045 (Cusip: 674599CF0) for $982.50 per note.

All of the considerations in both pools are based on par of $1,000 notes.

Details

No series of notes will be prorated. This means that it is possible that if Occidental can accept all of the tendered notes from a series listed lower by acceptance priority level, this series may be accepted instead of a higher-ranking series.

The offers expire at 5 p.m. ET on March 4, also the withdrawal deadline.

Settlement is scheduled for March 9.

There are guaranteed delivery procedures for the tender offer.

BofA Securities, Inc. (980 388-3646, 888 292-0070, debt_advisory@bofa.com), HSBC Securities (USA) Inc. (888 HSBC-4LM, 212 525-5552, lmamericas@us.hsbc.com), SMBC Nikko Securities America, Inc. (888 284-9760, 212 224-5328, liabilitymanagement@smbcnikkosi.com), SG Americas Securities, LLC (212 278-7532, us-glfi-syn-cap@sgcib.com) and TD Securities (USA) LLC (866 584-2096, 212 827-7795, lm@tdsecurities.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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