Occidental (NYSE: OXY) today announced that it has commenced cash
tender offers (each, an “Offer” and collectively, the “Offers”) to
purchase its outstanding notes listed in the tables below (the
“Notes,” and each, a “Series” of Notes) in three separate pools
(each, a “Pool”). Occidental’s obligation to accept for purchase,
based on the Acceptance Priority Levels (as defined below) set
forth in the columns entitled “Acceptance Priority Level” in the
tables below, and pay for Notes that are validly tendered and not
validly withdrawn is limited to an aggregate amount (including
principal and premium but excluding accrued and unpaid interest) of
(a) $700,000,000 (as such amount may be increased or waived
pursuant to the terms of the Offer to Purchase, the “Pool 1 Maximum
Purchase Price”) for all of the Pool 1 Notes (as defined below),
(b) $650,000,000 (as such amount may be increased or waived
pursuant to the terms of the Offer to Purchase, the “Pool 2 Maximum
Purchase Price”) for all of the Pool 2 Notes (as defined below) and
(c) $650,000,000 (as such amount may be increased or waived
pursuant to the terms of the Offer to Purchase, the “Pool 3 Maximum
Purchase Price”) for all of the Pool 3 Notes (as defined below).
The Offers are being made on the terms and subject to the
conditions set forth in the Offer to Purchase dated May 16, 2022
(the “Offer to Purchase”). Capitalized terms used in this release
but not otherwise defined have the meaning given in the Offer to
Purchase.
The Offers will expire at 5:00 p.m., New York City time, on May
20, 2022, unless extended or earlier terminated as described in the
Offer to Purchase (such time and date, as they may be extended, the
“Expiration Time”). Holders of the Notes (“Holders”) may withdraw
their validly tendered Notes at any time at or prior to 5:00 p.m.,
New York City time, on May 20, 2022, unless extended (such time and
date, as they may be extended, the “Withdrawal Time”). Holders are
urged to read the Offer to Purchase carefully before making any
decision with respect to the Offers.
Certain information regarding the Notes and the Offers is set
forth in the tables below.
Any and All of its Outstanding Notes of the Series listed
below (the “Pool 1 Notes” and,
collectively, “Pool 1”) in an
Aggregate Amount (including Principal and Premium but excluding
Accrued and Unpaid Interest) not to Exceed
$700,000,000: |
Series of Notes |
CUSIP / ISIN |
Acceptance Priority Level(1) |
Principal Amount Outstanding |
Purchase Price(2) |
3.200% Senior Notes due 2026 |
674599CR4 /US674599CR48 |
1 |
$597,609,000 |
$972.50 |
3.400% Senior Notes due 2026 |
674599CH6 / US674599CH65 |
2 |
$634,458,000 |
$982.50 |
3.500% Senior Notes due 2025 |
674599CG8 / US674599CG82 |
3 |
$138,792,000 |
$995.00 |
5.50% Senior Notes due 2025 |
674599EE1 /US674599EE17 |
4 |
$678,559,000 |
$1,047.50 |
5.875% Senior Notes due 2025 |
674599EB7 /US674599EB77 |
5 |
$833,347,000 |
$1,056.25 |
2.900% Senior Notes due 2024 |
674599CW3 / US674599CW33 |
6 |
$656,793,000 |
$997.50 |
2.70% Senior Notes due 2023 |
674599CE3 / US674599CE35 |
7 |
$339,524,000 |
$1,000.00 |
3.450% Senior Notes due 2024 |
674599DA0 / US674599DA04 |
8 |
$95,820,000 |
$1,005.00 |
6.950% Senior Notes due 2024 |
674599DB8 /US674599DB86 |
9 |
$582,523,000 |
$1,065.00 |
8.000% Senior Notes due 2025 |
674599DY8 /US674599DY89 |
10 |
$500,000,000 |
$1,100.00 |
andAny and All of its Outstanding Notes of
the Series listed below (the “Pool 2
Notes” and, collectively, “Pool
2”) in an Aggregate Amount (including Principal
and Premium but excluding Accrued and Unpaid Interest) not to
Exceed $650,000,000: |
Series of Notes |
CUSIP / ISIN |
Acceptance Priority Level(1) |
Principal Amount Outstanding |
Purchase Price(2) |
3.000% Senior Notes due 2027 |
674599CM5 / US674599CM50 |
1 |
$477,182,000 |
$957.50 |
3.500% Senior Notes due 2029 |
674599CS2 / US674599CS21 |
2 |
$761,697,000 |
$962.50 |
5.550% Senior Notes due 2026 |
674599DC6 / US674599DC69 |
3 |
$1,081,102,000 |
$1,052.50 |
6.375% Senior Notes due 2028 |
674599EC5 /US674599EC50 |
4 |
$600,000,000 |
$1,070.00 |
6.125% Senior Notes due 2031 |
674599EF8 /US674599EF81 |
5 |
$1,250,000,000 |
$1,063.75 |
7.150% Debentures due 2028 |
674599DR3 / US674599DR39 |
6 |
$224,267,000 |
$1,098.75 |
7.20% Senior Debentures due 2028 |
674599BM6 /US674599BM69 |
7 |
$81,986,000 |
$1,085.00 |
6.625% Debentures due 2030 |
674599ED3 /US674599ED34 |
8 |
$1,500,000,000 |
$1,093.75 |
7.500% Debentures due 2026 |
674599DN2 / US674599DN25 |
9 |
$88,208,000 |
$1,100.00 |
and
Any and All of its Outstanding Notes of the Series listed
below (the “Pool 3 Notes” and,
collectively, “Pool 3”) in an
Aggregate Amount (including Principal and Premium but excluding
Accrued and Unpaid Interest) not to Exceed
$650,000,000: |
Series of Notes |
CUSIP / ISIN |
Acceptance Priority Level(1) |
Principal Amount Outstanding |
Purchase Price(2) |
4.100% Senior Notes due 2047 |
674599CL7 / US674599CL77 |
1 |
$524,112,000 |
$870.00 |
4.200% Senior Notes due 2048 |
674599CN3 / US674599CN34 |
2 |
$697,662,000 |
$870.00 |
4.400% Senior Notes due 2049 |
674599CY9 / US674599CY98 |
3 |
$479,012,000 |
$880.00 |
4.500% Senior Notes due 2044 |
674599DK8 / US674599DK85 |
4 |
$395,513,000 |
$895.00 |
4.300% Senior Notes due 2039 |
674599CX1 / US674599CX16 |
5 |
$540,707,000 |
$895.00 |
4.400% Senior Notes due 2046 |
674599CJ2 /US674599CJ22 |
6 |
$641,851,000 |
$895.00 |
4.625% Senior Notes due 2045 |
674599CF0 / US674599CF00 |
7 |
$448,749,000 |
$905.00 |
Zero Coupon Senior Notes due 2036 |
674599DG7 / US674599DG73 |
8 |
$2,263,260,000 |
$537.50 |
6.200% Senior Notes due 2040 |
674599DJ1 / US674599DJ13 |
9 |
$737,496,000 |
$1,040.00 |
(1) |
The Acceptance Priority Levels will operate concurrently but
separately with respect to the Pool 1 Notes, the Pool 2 Notes and
the Pool 3 Notes. Subject to the satisfaction or waiver of the
conditions of the Offers described in the Offer to Purchase, if the
Pool 1 Maximum Consideration Condition, the Pool 2 Maximum
Consideration Condition or the Pool 3 Maximum Consideration
Condition, as applicable, is not satisfied with respect to every
Series of Pool 1 Notes, Pool 2 Notes or Pool 3 Notes, as
applicable, Occidental will accept the Pool 1 Notes, the Pool 2
Notes and the Pool 3 Notes for purchase in the order of their
respective Acceptance Priority Level specified in the tables above
(each, an “Acceptance Priority Level,” with 1 being the highest
Acceptance Priority Level for each of the Pools and 10, 9 and 9
being the lowest Acceptance Priority Level with respect to the Pool
1 Notes, the Pool 2 Notes and the Pool 3 Notes, respectively). It
is possible that a Series of Notes with a particular Acceptance
Priority Level will not be accepted for purchase even if one or
more Series with a higher or lower Acceptance Priority Level in
such Pool are accepted for purchase. If any Series of Notes is
accepted for purchase pursuant to the Offers, all Notes of that
Series that are validly tendered will be accepted for purchase. No
Series of Notes will be subject to proration. |
|
|
(2) |
Per $1,000 principal amount of
Notes validly tendered and accepted for purchase in the Offers
(exclusive of any accrued and unpaid interest, which will be paid
in addition to the Purchase Price, from, and including, the last
interest payment date for the relevant Series of Notes up to, but
excluding, the Settlement Date (as defined below) (“Accrued
Interest”)). |
Subject to the Pool 1 Maximum Purchase Price, the Pool 2 Maximum
Purchase Price or the Pool 3 Maximum Purchase Price, as applicable,
the application of the Acceptance Priority Levels and the other
terms and conditions described in the Offer to Purchase, Occidental
intends to accept for purchase all Notes validly tendered and not
validly withdrawn at or prior to the Expiration Time. The
applicable Purchase Price for each $1,000 principal amount of Notes
validly tendered and accepted for purchase will be determined as
set forth in the tables above. Holders who validly tender and do
not validly withdraw their Notes at or prior to the Expiration Time
will be eligible to receive the applicable Purchase Price.
Consummation of the Offers and payment for the Notes accepted
for purchase are subject to the satisfaction or waiver of certain
conditions described in the Offer to Purchase, including the Pool 1
Maximum Consideration Condition (as defined below), the Pool 2
Maximum Consideration Condition (as defined below) and the Pool 3
Maximum Consideration Condition (as defined below), as well as
other customary conditions. Subject to applicable law, Occidental
has reserved the absolute right, in its sole discretion, at any
time, to (i) waive any and all conditions to the Offers, including
the Pool 1 Maximum Consideration Condition, the Pool 2 Maximum
Consideration Condition and/or the Pool 3 Maximum Consideration
Condition, with or without extending the Withdrawal Time, (ii)
extend, terminate, or withdraw any Offer or the Offers, (iii)
increase or waive the Pool 1 Maximum Purchase Price, the Pool 2
Maximum Purchase Price and/or the Pool 3 Maximum Purchase Price,
with or without extending the Withdrawal Time, or (iv) otherwise
amend the Offers in any respect.
Occidental’s obligation to complete an Offer with respect to a
particular Series of Pool 1 Notes validly tendered is conditioned
on the aggregate Purchase Price for the Offers, excluding the
Accrued Interest with respect to each Series of Notes (the
“Aggregate Purchase Price”) with respect to the Pool 1 Notes, not
exceeding the Pool 1 Maximum Purchase Price, and on the Pool 1
Maximum Purchase Price being sufficient to pay the Aggregate
Purchase Price for all validly tendered Notes of such Series (after
paying the Pool 1 Aggregate Purchase Price for all validly tendered
Pool 1 Notes that have a higher Acceptance Priority Level) (the
“Pool 1 Maximum Consideration Condition”).
Occidental’s obligation to complete an Offer with respect to a
particular Series of Pool 2 Notes validly tendered is conditioned
on the Aggregate Purchase Price for the Offers with respect to the
Pool 2 Notes not exceeding the Pool 2 Maximum Purchase Price, and
on the Pool 2 Maximum Purchase Price being sufficient to pay the
Pool 2 Aggregate Purchase Price for all validly tendered Notes of
such Series (after paying the Pool 2 Aggregate Purchase Price for
all validly tendered Pool 2 Notes that have a higher Acceptance
Priority Level) (the “Pool 2 Maximum Consideration Condition”).
Occidental’s obligation to complete an Offer with respect to a
particular Series of Pool 3 Notes validly tendered is conditioned
on the Aggregate Purchase Price for the Offers with respect to the
Pool 3 Notes not exceeding the Pool 3 Maximum Purchase Price, and
on the Pool 3 Maximum Purchase Price being sufficient to pay the
Pool 3 Aggregate Purchase Price for all validly tendered Notes of
such Series (after paying the Pool 3 Aggregate Purchase Price for
all validly tendered Pool 3 Notes that have a higher Acceptance
Priority Level) (the “Pool 3 Maximum Consideration Condition”).
If the Pool 1 Maximum Consideration Condition is not satisfied
with respect to each Series of Pool 1 Notes, for (i) a Series of
Pool 1 Notes (the “First Non-Covered Pool 1 Notes”) for which the
Pool 1 Maximum Purchase Price is less than the sum of (x) the Pool
1 Aggregate Purchase Price for all validly tendered First
Non-Covered Pool 1 Notes and (y) the Pool 1 Aggregate Purchase
Price for all validly tendered Pool 1 Notes of all Series having a
higher Acceptance Priority Level than the First Non-Covered Pool 1
Notes (with 1 being the highest Acceptance Priority Level and 10
being the lowest Acceptance Priority Level with respect to the Pool
1 Notes), and (ii) all Series of Pool 1 Notes with an Acceptance
Priority Level lower than the First Non-Covered Pool 1 Notes
(together with the First Non-Covered Pool 1 Notes, the “Non-Covered
Pool 1 Notes”), then Occidental may, at any time on or prior to the
Expiration Time:
(a) terminate an Offer with respect
to one or more Series of Non-Covered Pool 1 Notes for which the
Pool 1 Maximum Consideration Condition has not been satisfied, and
promptly return all validly tendered Notes of such Series, and any
other Series of Non-Covered Pool 1 Notes, to the respective
tendering Holders; or
(b) waive the Pool 1 Maximum
Consideration Condition with respect to one or more Series of
Non-Covered Pool 1 Notes and accept all Notes of such Series, and
of any Series of Pool 1 Notes having a higher Acceptance Priority
Level, validly tendered; or
(c) if there is any Series of
Non-Covered Pool 1 Notes with a lower Acceptance Priority Level
than the First Non-Covered Pool 1 Notes for which:
(i) the Aggregate Purchase Price
necessary to purchase all validly tendered Notes of such Series,
plus
(ii) the Aggregate Purchase Price
necessary to purchase all validly tendered Pool 1 Notes of all
Series having a higher Acceptance Priority Level than such Series
of Notes, other than any Series of Non-Covered Pool 1 Notes that
has or have not also been accepted as contemplated by this clause
(c),
is equal to, or less than, the Pool 1
Maximum Purchase Price, accept all validly tendered Pool 1 Notes of
all such Series having a lower Acceptance Priority Level, until
there is no Series of Pool 1 Notes with a higher or lower
Acceptance Priority Level to be considered for purchase for which
the conditions set forth above are met.
If the Pool 2 Maximum Consideration Condition is not satisfied
with respect to each Series of Pool 2 Notes, for (i) a Series of
Pool 2 Notes (the “First Non-Covered Pool 2 Notes”) for which the
Pool 2 Maximum Purchase Price is less than the sum of (x) the Pool
2 Aggregate Purchase Price for all validly tendered First
Non-Covered Pool 2 Notes and (y) the Pool 2 Aggregate Purchase
Price for all validly tendered Pool 2 Notes of all Series having a
higher Acceptance Priority Level than the First Non-Covered Pool 2
Notes (with 1 being the highest Acceptance Priority Level and 9
being the lowest Acceptance Priority Level with respect to the Pool
2 Notes), and (ii) all Series of Pool 2 Notes with an Acceptance
Priority Level lower than the First Non-Covered Pool 2 Notes
(together with the First Non-Covered Pool 2 Notes, the “Non-Covered
Pool 2 Notes”), then Occidental may, at any time on or prior to the
Expiration Time:
(a) terminate an Offer with respect
to one or more Series of Non-Covered Pool 2 Notes for which the
Pool 2 Maximum Consideration Condition has not been satisfied, and
promptly return all validly tendered Notes of such Series, and any
other Series of Non-Covered Pool 2 Notes, to the respective
tendering Holders; or
(b) waive the Pool 2 Maximum
Consideration Condition with respect to one or more Series of
Non-Covered Pool 2 Notes and accept all Notes of such Series, and
of any Series of Pool 2 Notes having a higher Acceptance Priority
Level, validly tendered; or
(c) if there is any Series of
Non-Covered Pool 2 Notes with a lower Acceptance Priority Level
than the First Non-Covered Pool 2 Notes for which:
(i) the Aggregate Purchase Price
necessary to purchase all validly tendered Notes of such Series,
plus
(ii) the Aggregate Purchase Price
necessary to purchase all validly tendered Pool 2 Notes of all
Series having a higher Acceptance Priority Level than such Series
of Notes, other than any Series of Non-Covered Pool 2 Notes that
has or have not also been accepted as contemplated by this clause
(c),
is equal to, or less than, the Pool 2
Maximum Purchase Price, accept all validly tendered Pool 2 Notes of
all such Series having a lower Acceptance Priority Level, until
there is no Series of Pool 2 Notes with a higher or lower
Acceptance Priority Level to be considered for purchase for which
the conditions set forth above are met.
If the Pool 3 Maximum Consideration Condition is not satisfied
with respect to each Series of Pool 3 Notes, for (i) a Series of
Pool 3 Notes (the “First Non-Covered Pool 3 Notes”) for which the
Pool 3 Maximum Purchase Price is less than the sum of (x) the Pool
3 Aggregate Purchase Price for all validly tendered First
Non-Covered Pool 3 Notes and (y) the Pool 3 Aggregate Purchase
Price for all validly tendered Pool 3 Notes of all Series having a
higher Acceptance Priority Level than the First Non-Covered Pool 3
Notes (with 1 being the highest Acceptance Priority Level and 9
being the lowest Acceptance Priority Level with respect to the Pool
3 Notes), and (ii) all Series of Pool 3 Notes with an Acceptance
Priority Level lower than the First Non-Covered Pool 3 Notes
(together with the First Non-Covered Pool 3 Notes, the “Non-Covered
Pool 3 Notes”), then Occidental may, at any time on or prior to the
Expiration Time:
(a) terminate an Offer with respect
to one or more Series of Non-Covered Pool 3 Notes for which the
Pool 3 Maximum Consideration Condition has not been satisfied, and
promptly return all validly tendered Notes of such Series, and any
other Series of Non-Covered Pool 3 Notes, to the respective
tendering Holders; or
(b) waive the Pool 3 Maximum
Consideration Condition with respect to one or more Series of
Non-Covered Pool 3 Notes and accept all Notes of such Series, and
of any Series of Pool 3 Notes having a higher Acceptance Priority
Level, validly tendered; or
(c) if there is any Series of
Non-Covered Pool 3 Notes with a lower Acceptance Priority Level
than the First Non-Covered Pool 3 Notes for which:
(i) the Aggregate Purchase Price
necessary to purchase all validly tendered Notes of such Series,
plus
(ii) the Aggregate Purchase Price
necessary to purchase all validly tendered Pool 3 Notes of all
Series having a higher Acceptance Priority Level than such Series
of Notes, other than any Series of Non-Covered Pool 3 Notes that
has or have not also been accepted as contemplated by this clause
(c),
is equal to, or less than, the Pool 3
Maximum Purchase Price, accept all validly tendered Pool 3 Notes of
all such Series having a lower Acceptance Priority Level, until
there is no Series of Pool 3 Notes with a higher or lower
Acceptance Priority Level to be considered for purchase for which
the conditions set forth above are met.
The Acceptance Priority Levels will operate concurrently but
separately for the Pool 1 Notes, the Pool 2 Notes and the Pool 3
Notes. It is possible that a Series of Notes with a particular
Acceptance Priority Level will fail to meet the conditions set
forth above and therefore will not be accepted for purchase even if
one or more Series with a higher or lower Acceptance Priority Level
in the applicable Pool are accepted for purchase.
Settlement for Notes (i) validly tendered at or prior to the
Expiration Time or delivered pursuant to the guaranteed delivery
procedures described in the Offer the Purchase and (ii) accepted
for purchase pursuant to the Offers is expected to occur on May 26,
2022, unless extended by Occidental in its sole discretion (the
“Settlement Date”).
In addition to the Purchase Price, all Notes accepted for
purchase pursuant to the Offers, will, on the Settlement Date, also
receive Accrued Interest in respect of such Notes. For the
avoidance of doubt, Accrued Interest will cease to accrue on the
Settlement Date for all Notes accepted in the Offers.
The Offers are not conditioned on the tender of any minimum
principal amount of Notes or the consummation of any other Offer.
However, the Offers are subject to, and conditioned upon, the
satisfaction or waiver of certain conditions described in the Offer
to Purchase.
TD Securities (USA) LLC, BofA Securities, Inc., HSBC Securities
(USA) Inc., J.P. Morgan Securities LLC and MUFG Securities Americas
Inc. are the lead Dealer Managers in the Offers. Global Bondholder
Services Corporation has been retained to serve as the Tender Agent
and Information Agent for the Offers. Copies of the Offer to
Purchase are available at https://www.gbsc-usa.com/oxy/. Persons
with questions regarding the Offers should contact TD Securities
(USA) LLC, 1 Vanderbilt Avenue, 11th Floor, New York, NY 10017,
Attn: Liability Management Group; Toll Free: (866) 584-2096,
Collect: (212) 827-7795 Email: LM@tdsecurities.com; BofA
Securities, Inc., 620 South Tryon Street, 20th Floor, Charlotte,
North Carolina 28255, Attn: Debt Advisory, Toll Free: (888)
292-0070, Collect: (980) 388-3646, Email: debt_advisory@bofa.com;
HSBC Securities (USA) Inc., 452 Fifth Avenue New York, NY 10018,
Attn: Liability Management Group Toll Free: (888) HSBC-4LM,
Collect: (212) 525-5552 Email: lmamericas@us.hsbc.com; J.P. Morgan
Securities LLC 383 Madison Avenue, New York, New York 10179 Attn:
Liability Management Group, Toll Free: (866) 834-4666, Collect:
(212) 834-3822; and MUFG Securities Americas Inc., 1221 Avenue of
the Americas, 6th Floor, New York, New York 10020, Attn: Liability
Management, Toll Free: (877) 744-4532, Collect: (212) 405-7481
Email: LM@us.sc.mufg.jp.
None of Occidental, the Dealer Managers, the Tender Agent and
Information Agent, the trustee under the indentures governing the
Notes or any of their respective affiliates is making any
recommendation as to whether Holders should tender any Notes in
response to the Offers. Holders must make their own decision as to
whether to participate in the Offers and, if so, the principal
amount of Notes as to which action is to be taken.
This press release shall not constitute an offer to sell, a
solicitation to buy or an offer to purchase or sell any securities.
Neither this press release nor the Offer to Purchase is an offer to
sell or a solicitation of an offer to buy any securities. The
Offers are being made only pursuant to the Offer to Purchase and
only in such jurisdictions as is permitted under applicable law. In
any jurisdiction in which the Offers are required to be made by a
licensed broker or dealer, the Offers will be deemed to be made on
behalf of Occidental by the Dealer Managers, or one or more
registered brokers or dealers that are licensed under the laws of
such jurisdiction.
About Occidental
Occidental is an international energy company with assets
primarily in the United States, the Middle East and North Africa.
We are one of the largest oil producers in the U.S., including a
leading producer in the Permian and DJ basins, and offshore Gulf of
Mexico. Our midstream and marketing segment provides flow assurance
and maximizes the value of our oil and gas. Our chemical subsidiary
OxyChem manufactures the building blocks for life-enhancing
products. Our Oxy Low Carbon Ventures subsidiary is advancing
leading-edge technologies and business solutions that economically
grow our business while reducing emissions. We are committed to
using our global leadership in carbon management to advance a
lower-carbon world. Visit oxy.com for more information.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties that could materially affect
expected results of operations, liquidity, cash flows and business
prospects. Actual results may differ from anticipated results,
sometimes materially, and reported results should not be considered
an indication of future performance. Factors that could cause
results to differ from those projected or assumed in any
forward-looking statement include, but are not limited to: the
scope and duration of the COVID-19 pandemic and ongoing actions
taken by governmental authorities and other third parties in
response to the pandemic; our indebtedness and other payment
obligations, including the need to generate sufficient cash flows
to fund operations; our ability to successfully monetize select
assets and repay or refinance debt and the impact of changes in our
credit ratings; assumptions about energy markets; global and local
commodity and commodity-futures pricing fluctuations; supply and
demand considerations for, and the prices of, our products and
services; actions by the Organization of the Petroleum Exporting
Countries (“OPEC”) and non-OPEC oil producing countries; results
from operations and competitive conditions; future impairments of
our proved and unproved oil and gas properties or equity
investments, or write-downs of productive assets, causing charges
to earnings; unexpected changes in costs; availability of capital
resources, levels of capital expenditures and contractual
obligations; the regulatory approval environment, including our
ability to timely obtain or maintain permits or other governmental
approvals, including those necessary for drilling and/or
development projects; our ability to successfully complete, or any
material delay of, field developments, expansion projects, capital
expenditures, efficiency projects, acquisitions or dispositions;
risks associated with acquisitions, mergers and joint ventures,
such as difficulties integrating businesses, uncertainty associated
with financial projections, projected synergies, restructuring,
increased costs and adverse tax consequences; uncertainties and
liabilities associated with acquired and divested properties and
businesses; uncertainties about the estimated quantities of oil,
natural gas liquids and natural gas reserves; lower-than-expected
production from development projects or acquisitions; our ability
to realize the anticipated benefits from prior or future
streamlining actions to reduce fixed costs, simplify or improve
processes and improve our competitiveness; exploration, drilling
and other operational risks; disruptions to, capacity constraints
in, or other limitations on the pipeline systems that deliver our
oil and natural gas and other processing and transportation
considerations; general economic conditions, including slowdowns,
domestically or internationally, and volatility in the securities,
capital or credit markets; inflation; governmental actions, war
(including the Russia-Ukraine war) and political conditions and
events; legislative or regulatory changes, including changes
relating to hydraulic fracturing or other oil and natural gas
operations, retroactive royalty or production tax regimes,
deep-water and onshore drilling and permitting regulations and
environmental regulation (including regulations related to climate
change); environmental risks and liability under federal, regional,
state, provincial, tribal, local and international environmental
laws and regulations (including remedial actions); our ability to
recognize intended benefits from our business strategies and
initiatives, such as our low carbon ventures businesses or
announced greenhouse gas emissions reduction targets or net-zero
goals; potential liability resulting from pending or future
litigation; disruption or interruption of production or
manufacturing or facility damage due to accidents, chemical
releases, labor unrest, weather, power outages, natural disasters,
cyber-attacks or insurgent activity; the creditworthiness and
performance of our counterparties, including financial
institutions, operating partners and other parties; failure of risk
management; our ability to retain and hire key personnel; supply,
transportation and labor constraints; reorganization or
restructuring of our operations; changes in state, federal or
international tax rates; and actions by third parties that are
beyond our control.
Words such as “estimate,” “project,” “predict,” “will,” “would,”
“should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,”
“believe,” “expect,” “aim,” “goal,” “target,” “objective,”
“commit,” “advance,” “likely” or similar expressions that convey
the prospective nature of events or outcomes are generally
indicative of forward-looking statements. You should not place
undue reliance on these forward-looking statements, which speak
only as of this press release. Unless legally required, we
undertake no obligation to update, modify or withdraw any
forward-looking statements, as a result of new information, future
events or otherwise. Factors that could cause actual results to
differ and that may affect Occidental’s results of operations and
financial position appear in Part I, Item 1A “Risk Factors” of
Occidental’s Annual Report on Form 10-K for the year ended December
31, 2021.
Contacts
MediaEric
Moses713-497-2017eric_ moses@oxy.com |
|
InvestorsJeff
Alvarez713-215-7864jeff_alvarez@oxy.com |
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