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Occidental Announces Amendments to Previously Announced Cash Tender Offers and Consent Solicitations for Certain of its Senior Notes

Monday, August 24, 2020 9:00 am EST

HOUSTON – August 24, 2020 – Occidental (NYSE: OXY) today announced that it is amending its offers to purchase for cash (collectively, the "Tender Offers" and each a "Tender Offer") its outstanding 4.10% Senior Notes due 2021 (the "4.10% 2021 Notes"), 2.600% Senior Notes due 2021 (the "2.600% 2021 Notes"), Floating Interest Rate Notes due August 2021 (the "Floating Rate August 2021 Notes" and, together with the 4.10% 2021 Notes and 2.600% 2021 Notes, the "2021 Notes"), Floating Interest Rate Notes due August 2022 (the "Floating Rate August 2022 Notes"), 2.600% Senior Notes due 2022 (the "2.600% 2022 Notes"), 2.700% Senior Notes due 2022 (the "2.700% 2022 Notes"), 3.125% Senior Notes due 2022 (the "3.125% 2022 Notes", and, together with the Floating Rate August 2022 Notes, 2.600% 2022 Notes and 2.700% 2022 Notes, the "2022 Notes") and 2.70% Senior Notes due 2023 (the "2.70% 2023 Notes", and, together with the 2021 Notes and 2022 Notes, the "Notes") and Consent Solicitations (as defined below) to (i) modify the order of priority for the Floating Rate August 2022 Notes and 3.125% 2022 Notes so they will be accepted in the manner set forth in the table below (the order of priority for the Notes as set forth in such table, the "Acceptance Priority Level"), (ii) extend the time by which holders of 2022 Notes and 2.70% 2023 Notes must validly tender and not validly revoke such Notes in order to be eligible to receive the applicable early tender premium from 5:00 p.m., New York City time, on August 25, 2020 to 5:00 p.m., New York City time, on August 28, 2020 (such early tender time as extended with respect to the 2022 Notes and 2.70% 2023 Notes, the "2022 and 2023 Notes Early Tender Time") and (iii) extend the time by which holders of 2022 Notes and 2.70% 2023 Notes may withdraw their tendered Notes in the applicable Tender Offer from 5:00 p.m., New York City time, on August 25, 2020 to 5:00 p.m., New York City time, on August 28, 2020 (such withdrawal deadline as extended with respect to the 2022 Notes and 2.70% 2023 Notes, the "2022 and 2023 Notes Withdrawal Deadline"). The Acceptance Priority Level for Notes that are not Floating Rate August 2022 Notes or 3.125% 2022 Notes are not being amended, and the 2021 Notes Early Tender Time (as defined below) and 2021 Notes Withdrawal Deadline (as defined below) with respect to the 2021 Notes are not being amended by this press release.

The Tender Offers are being made upon the terms and conditions described in Occidental’s Offer to Purchase and Consent Solicitation Statement, dated August 12, 2020 (the "Offer to Purchase"), as amended by a press release issued by the Company on August 12, 2020, and as further amended by this press release.

View the full release and cautionary statement regarding forward-looking statements here.