Occidental Petroleum Issues Statement Regarding Icahn Filing
June 26 2019 - 8:53PM
Business Wire
Occidental Petroleum Corporation (“Occidental” or “the Company”)
(NYSE: OXY) today issued the following statement in response to the
materials filed by Carl Icahn:
We maintain an open dialogue with all our
shareholders and welcome constructive input toward our shared goal
of maximizing long-term value. Our Board is committed to acting in
the best interests of Occidental shareholders and will continue to
take actions to drive value on their behalf.
We remain focused on completing our
transaction with Anadarko in the second half of 2019, which we
believe will create significant value and enhanced returns for
shareholders.
We will review the latest materials filed by
Mr. Icahn and look forward to addressing them in our ongoing
conversations with Occidental shareholders.
BofA Merrill Lynch, Citi and M Klein and Company are acting as
Occidental’s financial advisors. Cravath, Swaine & Moore LLP is
serving as legal counsel.
About
Occidental
Occidental is an international oil and gas exploration and
production company with operations in the United States, Middle
East and Latin America. Headquartered in Houston, Occidental is one
of the largest U.S. oil and gas companies, based on equity market
capitalization. Occidental’s midstream and marketing segment
purchases, markets, gathers, processes, transports and stores
hydrocarbons and other commodities. The company’s wholly owned
subsidiary OxyChem manufactures and markets basic chemicals and
vinyls. Occidental posts or provides links to important information
on its website at oxy.com.
Forward Looking
Statements
Any statements in this communication about Occidental’s
expectations, beliefs, plans or forecasts, including statements
regarding the proposed transaction between Occidental and Anadarko
Petroleum Corporation (“Anadarko”) or the proposed sale of
Anadarko’s assets in Algeria, Ghana, Mozambique and South Africa to
TOTAL S.A. (“Total”), benefits and synergies of the proposed
transactions and future opportunities for the combined company and
products and securities, that are not historical facts are
forward-looking statements. These statements are typically
identified by words such as “estimate,” “project,” “predict,”
“will,” “would,” “should,” “could,” “may,” “might,” “anticipate,”
“plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,”
“objective,” “likely” or similar expressions that convey the
prospective nature of events or outcomes. Forward-looking
statements involve estimates, expectations, projections, goals,
forecasts, assumptions, risks and uncertainties. Actual results may
differ from anticipated results, sometimes materially, and reported
or expected results should not be considered an indication of
future performance. Factors that could cause actual results to
differ include, but are not limited to: Occidental’s ability to
consummate the proposed transaction with Anadarko or the proposed
transaction with Total; the conditions to the completion of the
proposed transactions, including the receipt of Anadarko
stockholder approval for the proposed transaction between
Occidental and Anadarko; that the regulatory approvals required for
the proposed transaction with Total may not be obtained on the
terms expected or on the anticipated schedule or at all;
Occidental’s ability to finance the proposed transaction with
Anadarko, including completion of any contemplated equity
investment; Occidental’s indebtedness, including the substantial
indebtedness Occidental expects to incur in connection with the
proposed transaction with Anadarko and the need to generate
sufficient cash flows to service and repay such debt; Occidental’s
ability to meet expectations regarding the timing, completion and
accounting and tax treatments of the transaction contemplated by
the binding agreement with Total or the proposed transaction with
Anadarko; the possibility that Occidental may be unable to achieve
expected synergies and operating efficiencies within the expected
time-frames or at all and to successfully integrate Anadarko’s
operations with those of Occidental; that such integration may be
more difficult, time-consuming or costly than expected; that
operating costs, customer loss and business disruption (including,
without limitation, difficulties in maintaining relationships with
employees, customers or suppliers) may be greater than expected
following the proposed transaction or the public announcement of
the proposed transaction; the retention of certain key employees of
Anadarko may be difficult; that Anadarko and Occidental are subject
to intense competition and increased competition is expected in the
future; general economic conditions that are less favorable than
expected. Additional risks 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, 2018, and in Occidental’s other filings with the
U.S. Securities and Exchange Commission (“SEC”). Additional risks
that may affect Anadarko’s results of operations appear in Part I,
Item 1A “Risk Factors” of Anadarko’s Annual Report on Form 10-K for
the year ended December 31, 2018, and in Anadarko’s other filings
with the SEC. Additional risks related to the proposed transaction
between Occidental and Anadarko and to the combined company appear
in the preliminary proxy statement/prospectus that is a part of
Occidental’s registration statement on Form S-4 filed with the SEC
in connection with proposed transaction.
Because the factors referred to above could cause actual results
or outcomes to differ materially from those expressed or implied in
any forward-looking statements, you should not place undue reliance
on any such forward-looking statements. Further, any
forward-looking statement speaks only as of the date of this
communication and, unless legally required, Occidental does not
undertake any obligation to update any forward-looking statement,
as a result of new information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190626005877/en/
Media: Melissa E. Schoeb 713-366-5615 melissa_schoeb@oxy.com or
Investors: Jeff Alvarez 713-215-7864 jeff_alvarez@oxy.com Dan Burch
MacKenzie Partners, Inc. 212-929-5748
dburch@mackenziepartners.com
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