Occidental Announces Offer to Exercise Warrants at a Temporarily Reduced Price

Core Viewpoint - Occidental has announced an offer to exercise its outstanding publicly traded warrants at a temporarily reduced price to encourage participation and raise funds for corporate purposes [1][5]. Group 1: Offer Details - The offer allows warrant holders to purchase shares of Occidental's common stock at a reduced exercise price of $21.30, down from the original$22.00 [2]. - The warrants were initially distributed as a dividend on August 3, 2020, to shareholders of record as of July 6, 2020, and are listed on the NYSE under the symbol "OXY WS" [2]. - The offer is open until 5:00 p.m. Eastern Time on March 31, 2025, with no minimum participation requirement [4]. Group 2: Financial Implications - If all outstanding warrants are exercised at the reduced price, Occidental expects to receive gross proceeds of approximately $1.6 billion [5]. - The proceeds will be used for general corporate purposes, which may include the redemption or repayment of certain outstanding debts [5]. Group 3: Company Background - Occidental is an international energy company with significant operations in the U.S., Middle East, and North Africa, and is one of the largest oil and gas producers in the U.S. [9]. - The company also has a midstream and marketing segment and a chemical subsidiary, OxyChem, which produces essential building blocks for various products [9].