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Occidental Announces Expiration and Final Results in Cash Tender Offers and Consent Solicitations for Certain of its Senior Notes

Thursday, September 10, 2020 4:30 pm EST

HOUSTON – September 10, 2020 – Occidental (NYSE: OXY) today announced the expiration and final results in connection with 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") up to a maximum aggregate purchase price, excluding accrued but unpaid interest (the "Maximum Aggregate Purchase Price"), of $3,000 million.

The Tender Offers and Consent Solicitations (as defined below) were made pursuant to the terms and subject to the conditions described in Occidental’s Offer to Purchase and Consent Solicitation Statement, dated August 12, 2020, as amended by press releases issued by Occidental on August 12, 2020 and August 24, 2020 (the "Offer to Purchase"). The Tender Offers and Consent Solicitations expired at 11:59 p.m., New York City time, on September 9, 2020 (the "Expiration Date"). Capitalized terms used but not defined herein have the meanings ascribed thereto in the Offer to Purchase.

According to the information received from Global Bondholder Services Corporation, the Tender Agent and Information Agent for the Tender Offers and Consent Solicitations, as of the Expiration Date, Occidental had received valid tenders from holders of the Notes as outlined in the table below. The table below also reflects information previously announced by Occidental regarding the 2021 Notes which were tendered as of 5:00 p.m., New York City time, on August 25, 2020 (such date and time, the "2021 Notes Early Tender Time"), and the 2022 Notes and 2.70% 2023 Notes which were tendered as of 5:00 p.m., New York City time, on August 28, 2020 (such date and time, the "2022 and 2023 Notes Early Tender Time"), and subsequently accepted for purchase and cancelled on August 27, 2020 and September 1, 2020, respectively.

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