Occidental Raises $893 Million Through Warrant Exercise Offer at Reduced Price

Occidental Petroleum announced the successful completion of its warrant exercise offer at a temporarily reduced price of $21.30 per warrant. The offer, which expired on March 31, resulted in the tendering of 41,941,075 warrants, including 69,166 under guaranteed delivery procedures. Excluding the guaranteed deliveries, Occidental will issue 41,871,909 shares of common stock and receive $891.9 million in proceeds. If all guaranteed deliveries are completed, the company will issue an additional 69,166 shares and collect another $1.5 million.

Untendered warrants remain valid at their original $22.00 exercise price. The initiative aimed to strengthen Occidental’s balance sheet while offering shareholders a temporary incentive to convert their warrants.

Occidental is a major energy company with a strong presence in U.S. oil and gas production and a growing low-carbon business through its Oxy Low Carbon Ventures. The company emphasized its continued focus on executing strategies that support long-term growth while advancing emissions-reduction technologies.