Occidental Petroleum Reaches Truce with Activist Investor Carl Icahn

By Rebecca Elliott and Ryan Dezember

BREAKING NEWS....

Occidental Petroleum Corp., the largest oil producer in the giant Permian Basin, has ceded to activist investor Carl Icahn's demands and announced deep spending cuts in a bid to survive the steepest crude-price plunge in decades.

The truce with Mr. Icahn, unveiled Wednesday, is the culmination of a monthslong battle that began last year after Occidental outbid Chevron Corp. for Anadarko Petroleum Corp.

Two of Mr. Icahn's deputies, Andrew Langham and Nicholas Graziano, will receive Occidental board seats under the agreement. Herbalife Nutrition Ltd. board member Margarita Paláu-Hernández will join as an independent director.

Occidental's board will also create a new board oversight committee, with at least two of the new board members, that must be informed of any offers to acquire the company or its assets.

Occidental also installed its former chief executive Stephen Chazen as chairman.

(More to Come)

(END) Dow Jones Newswires

March 25, 2020 10:45 ET (14:45 GMT)

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