Summary
Occidental Petroleum Corporation (OXY) announced on February 19, 2026, the commencement of cash tender offers for up to an aggregate principal amount of $700.0 million of its outstanding senior notes. These offers include specific series of Zero Coupon Senior Notes due 2036, and various Senior Notes and Debentures maturing between 2029 and 2031. A sub-cap of $58.0 million applies to the 0.000% 2036 Notes, though these caps are subject to Occidental's discretion to increase them. Concurrently, Occidental is soliciting consents to amend the indentures governing certain of these notes to eliminate specific covenants. The company intends to fund these repurchase obligations using existing cash on hand, bolstered by proceeds from the recent sale of its chemical subsidiary. The tender offers and consent solicitations will expire on March 19, 2026, with an early tender deadline of March 4, 2026, which would entitle participating holders to an early tender premium.
Key Highlights
- 1Occidental Petroleum launched cash tender offers for up to $700 million in aggregate principal amount of its outstanding debt.
- 2The tender offers target several series of notes maturing between 2029 and 2031, with a specific sub-cap for 2036 notes.
- 3Occidental is also soliciting consents to eliminate certain covenants in the indentures of the targeted notes.
- 4The company plans to finance the tender offers using existing cash, including proceeds from the sale of Occidental Chemical Corporation.
- 5An early tender deadline of March 4, 2026, is set, offering an additional premium for timely participation.
- 6The tender offers and consent solicitations are subject to various conditions and can be amended, extended, or terminated by Occidental.