Occidental Petroleum announces results of offer to exercise warrants

Occidental announced the results of its offer to exercise Occidental’s outstanding publicly traded warrants at a temporarily reduced price of $21.30 per Warrant. The Offer expired at 5:00 p.m. Eastern Time on March 31. Based on the final count by Equiniti Trust Company, the depositary agent for the Offer, 41,941,075 Warrants were tendered and not validly withdrawn. Occidental will issue 41,871,909 shares of Occidental’s common stock, $0.20 par value per share, and receive $891.9M of aggregate proceeds in respect of the Warrants exercised, excluding the Warrants tendered pursuant to the guaranteed delivery procedures. If all of the guaranteed deliveries are consummated in accordance with the terms of the Offer, Occidental will issue an additional 69,166 shares of Common Stock and receive an additional $1.5M of aggregate proceeds in respect of the Warrants tendered pursuant to guaranteed delivery. The Warrants that were not tendered and exercised in connection with the Offer remain in effect at an exercise price of $22.00 per Warrant.