Occidental Petroleum starts five-day $2 billion cash tender offer

Chicago, May 16 – Occidental Petroleum Corp. started a cash tender offer for three pools of notes with maximum purchase amounts totaling $2 billion, inclusive of principal and premium but not including interest, according to a press release.

Pool 1

The company is offering to buy up to $700 million purchase amount of the following 10 notes, listed by acceptance priority level with the purchase price per $1,000 note:

• $597,609,000 outstanding 3.2% senior notes due 2026 (Cusip: 674599CR4) for $972.50;

• $634,458,000 outstanding 3.4% senior notes due 2026 (Cusip: 674599CH6) for $982.50;

• $138,792,000 outstanding 3½% senior notes due 2025 (Cusip: 674599CG8) for $995;

• $678,559,000 outstanding 5½% senior notes due 2025 (Cusip: 674599EE1) for $1,047.50;

• $833,347,000 outstanding 5 7/8% senior notes due 2025 (Cusip: 674599EB7) for $1,056.25;

• $656,793,000 outstanding 2.9% senior notes due 2024 (Cusip: 674599CW3) for $997.50;

• $339,524,000 outstanding 2.7% senior notes due 2023 (Cusip: 674599CE3) for par;

• $95.82 million outstanding 3.45% senior notes due 2024 (Cusip: 674599DA0) for $1,005;

• $582,523,000 outstanding 6.95% senior notes due 2024 (Cusip: 674599DB8) for $1,065; and

• $500 million outstanding 8% senior notes due 2025 (Cusip: 674599DY8) for $1,100.

Pool 2

Occidental is offering to buy up to $650 million purchase amount of the following nine notes, listed by acceptance priority level with the purchase price per $1,000 note:

• $477,182,000 outstanding 3% senior notes due 2027 (Cusip: 674599CM5) for $957.50;

• $761,697,000 outstanding 3½% senior notes due 2029 (Cusip: 674599CS2) for $962.50;

• $1,081,102,000 outstanding 5.55% senior notes due 2026 (Cusip: 674599DC6) for $1,052.50;

• $600 million outstanding 6 3/8% senior notes due 2028 (Cusip: 674599EC5) for $1,070;

• $1.25 billion outstanding 6 1/8% senior notes due 2031 (Cusip: 674599EF8) for $1,063.75;

• $224,267,000 outstanding 7.15% senior notes due 2028 (Cusip: 674599DR3) for $1,098.75;

• $81,986,000 outstanding 7.2% senior debentures due 2028 (Cusip: 674599BM6) for $1,085;

• $1.5 billion outstanding 6 5/8% debentures due 2030 (Cusip: 674599ED3) for $1,093.75; and

• $88,208,000 outstanding 7½% debentures due 2026 (Cusip: 674599DN2) for $1,100.

Pool 3

Additionally, the tender offer covers nine notes for $650 million maximum purchase amount, listed by acceptance priority level with the purchase price per $1,000 note:

• $524,112,000 outstanding 4.1% senior notes due 2047 (Cusip: 674599CL7) for $870;

• $697,662,000 outstanding 4.2% senior notes due 2048 (Cusip: 674599CN3) for $870;

• $479,012,000 outstanding 4.4% senior notes due 2049 (Cusip: 674599CY9) for $880;

• $395,513,000 outstanding 4½% senior notes due 2044 (Cusip: 674599DK8) for $895;

• $540,707,000 outstanding 4.3% senior notes due 2039 (Cusip: 674599CX1) for $895;

• $641,851,000 outstanding 4.4% senior notes due 2046 (Cusip: 674599CJ2) for $895;

• $448,749,000 outstanding 4 5/8% senior notes due 2045 (Cusip: 674599CF0) $905;

• $2,263,260,000 outstanding zero-coupon senior notes due 2036 (Cusip: 674599DG7) for $537.50; and

• $737,496,000 outstanding 6.2% senior notes due 2040 (Cusip: 674599DJ1) for $1,040.

Details

Interest will be paid on all the notes to the settlement date.

No series will be subject to proration. This means that all of the tendered notes from a series may be accepted for purchase from a series with a lower acceptance priority level when tenders from a higher acceptance priority are not accepted for purchase.

There are guaranteed delivery procedures.

The offers will expire at 5 p.m. ET on May 20.

Settlement is planned for May 26.

TD Securities (USA) LLC (866 584-2096, 212 827-7795, LM@tdsecurities.com), BofA Securities, Inc. (888 292-0070, 980 388-3646, debt_advisory@bofa.com), HSBC Securities (USA) Inc. (888 HSBC-4LM, 212 525-5552, lmamericas@us.hsbc.com), J.P. Morgan Securities LLC (866 834-4666, 212 834-3822) and MUFG Securities Americas Inc. (877 744-4532, 212 405-7481, lm@us.sc.mufg.jp) are the lead dealer managers in the offers.

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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