Occidental Petroleum Announces Temporary Reduced Price for Warrant Exercise

HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) -- Occidental Petroleum Corporation (NYSE: OXY) has officially announced an offer to holders of its outstanding publicly traded warrants (the "Warrants"). This offer allows holders to exercise their Warrants at a temporarily reduced price.

The Warrants enable their holders to buy one share of Occidental's common stock, which has a par value of $0.20, at an exercise price of $22.00. These Warrants were originally issued by Occidental on August 3, 2020, as a dividend to shareholders who held Occidental's stock as of July 6, 2020. They are traded on the New York Stock Exchange under the symbol "OXY WS". As part of this new offer, the exercise price has been temporarily reduced to $21.30 for those who wish to take advantage of it. Importantly, there is no minimum participation requirement associated with this offer.

The details and conditions of this offer are outlined in the document titled "Offer to Exercise Warrants to Purchase Common Stock of Occidental Petroleum Corporation," which was filed on March 3, 2025, as part of Occidental’s Schedule TO with the U.S. Securities and Exchange Commission (SEC).

Warrant holders who wish to participate in this offer must do so before the expiration date, which is set for 5:00 p.m. Eastern Time on March 31, 2025. However, Occidental reserves the right to extend this deadline. To participate, holders must submit their payment and required documentation per the instructions provided in the Offer to Exercise by the expiration date. Once the offer period concludes, participants who do not withdraw their tendered Warrants will receive shares of common stock promptly.

This offer is intended to boost the exercise of the Warrants, and if all Warrants are exercised at the new lower price, Occidental expects to generate approximately $1.6 billion in gross proceeds. The company plans to use these funds for general corporate purposes, which may include repaying or redeeming certain outstanding debts.

For more inquiries regarding the offer, holders can reach out to D.F. King & Co., Inc., acting as the Information Agent. Their contact details are as follows:

D.F. King & Co., Inc.
48 Wall St, 22nd Floor
New York, NY 10005
Toll-Free: (888) 628-8208
Email: OXY@dfking.com

Important Notice

This press release provides information regarding the offer and should not be regarded as an offer to buy or a solicitation to sell securities. All holders are encouraged to carefully review the Schedule TO filed with the SEC and its exhibits, as these contain significant information and details about the terms and conditions of the offer. The Schedule TO and accompanying documents will be available free of charge on the SEC’s website.

Moreover, Occidental has filed a registration statement and prospectus with the SEC for the shares of common stock to be issued upon exercise of the Warrants. Copies of these documents can also be requested from D.F. King & Co., Inc.

This communication does not constitute an offer or solicitation regarding the purchase of common stock. Furthermore, shares will not be offered in any jurisdiction where such an offer would be illegal unless proper registration or qualification under applicable securities laws is obtained.

About Occidental Petroleum

Occidental Petroleum is a prominent international energy company, with its operations primarily spread across the United States, Middle East, and North Africa. The company ranks among the largest producers of oil and gas in the United States, particularly recognized for its contributions in the Permian and DJ basins as well as offshore in the Gulf of Mexico. Occidental's midstream and marketing sector enhances the flow assurance and value of its resources, while its subsidiary, Oxy Low Carbon Ventures, develops innovative technologies aimed at expanding business growth while reducing environmental impact. Additionally, OxyChem, Occidental's chemical subsidiary, is instrumental in manufacturing essential products that enhance life quality.

Forward-Looking Statements Caution

This press release contains forward-looking statements regarding Occidental's future plans, strategies, and projections. These statements may include terms such as "estimate," "project," "anticipate," and similar phrases that reflect predictions about future events. It is important for stakeholders to be cautious in how much trust they place in these statements, as actual outcomes may differ due to economic variations, market conditions, and operational risks.

Contact Information

For any further details or questions, stakeholders are urged to reach out to the company's investor relations.

Occidental, Warrants, Exercise