Occidental Announces Offer to Exercise Warrants at a Temporarily Reduced Price

Core Viewpoint - Occidental Petroleum Corporation has announced an offer to exercise its outstanding publicly traded warrants at a temporarily reduced price to encourage participation and generate funds for corporate purposes [1][5]. Offer Details - The warrants allow holders to purchase one share of Occidental's common stock at an exercise price of $22.00, now temporarily reduced to$21.30 [2][5]. - 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]. - There is no minimum participation requirement for the offer [2]. Participation Process - Holders must elect to participate in the offer by 5:00 p.m. Eastern Time on March 31, 2025, which may be extended at Occidental's discretion [4]. - Participants must deliver payment and required documentation before the expiration date to receive shares promptly after the offer ends [4]. Financial Implications - If all outstanding warrants are exercised at the reduced price, Occidental expects to receive approximately $1.6 billion in gross proceeds [5]. - The proceeds will be used for general corporate purposes, including potential debt repayment [5]. Company Overview - 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 is involved in various segments, including midstream and marketing, and is focused on advancing technologies for carbon management [9].