8-KMaterial AgreementsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Material Agreement (May 14, 2009)

Filed May 14, 2009For Securities:OXYOXY-WT

Summary

Occidental Petroleum Corporation (OXY) announced on May 14, 2009, through an 8-K filing, the successful completion of a $750 million senior notes offering. The company entered into an Underwriting Agreement with a syndicate of underwriters, including Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities Inc., and UBS Securities LLC, to issue and sell these notes. The net proceeds from this offering are approximately $739.2 million, after accounting for underwriting discounts and estimated expenses. These funds are earmarked for general corporate purposes, providing Occidental with additional financial flexibility. The notes carry a coupon rate of 4.125% and are set to mature on June 1, 2016, with semi-annual interest payments commencing on December 1, 2009.

Key Highlights

  • 1Occidental Petroleum raised $750 million through the issuance of 4.125% Senior Notes due 2016.
  • 2The offering was conducted under Occidental's automatic shelf registration statement on Form S-3.
  • 3Net proceeds from the offering are approximately $739.2 million, intended for general corporate purposes.
  • 4The senior notes will mature on June 1, 2016.
  • 5Interest payments on the notes will be made semi-annually at a rate of 4.125% per annum.
  • 6The Underwriting Agreement includes standard provisions such as representations, warranties, closing conditions, and indemnification obligations.

Frequently Asked Questions

The net proceeds from the issuance of the $750 million in senior notes are intended for general corporate purposes, which provides Occidental Petroleum with additional financial resources for its operations and strategic initiatives.

The notes are 4.125% Senior Notes due June 1, 2016. Interest is payable semi-annually on June 1 and December 1 each year, with the first payment due on December 1, 2009. The notes are redeemable by Occidental at its option.

The lead underwriters, acting as representatives of the several underwriters, were Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities Inc., and UBS Securities LLC.

The use of an automatic shelf registration statement on Form S-3 indicates that Occidental Petroleum is a well-established public company eligible to utilize this streamlined SEC filing process for seasoned issuers, allowing for quicker and more efficient offerings of debt and equity securities.