Occidental Petroleum Corporation (NYSE: OXY), an international energy company, announced on July 19, 2024, the commencement of a private exchange offer and consent solicitation for all outstanding 5.000% Senior Notes due 2029 issued by CrownRock, L.P. and CrownRock Finance, Inc. The exchange offer involves up to $376,084,000 aggregate principal amount of new notes to be issued by Occidental and cash. This move follows Occidental's December 10, 2023, agreement to acquire 100% of the issued and outstanding partner interests of CrownRock from CrownRock Holdings, L.P. and CrownRock GP, LLC. The exchange offer and consent solicitation aim to amend the CrownRock Indenture, which includes eliminating most restrictive covenants and certain default events, among other changes. The offer is conditioned upon the closing of the Acquisition and is...Show More

Occidental Petroleum Corporation (NYSE: OXY), an international energy company, announced on July 19, 2024, the commencement of a private exchange offer and consent solicitation for all outstanding 5.000% Senior Notes due 2029 issued by CrownRock, L.P. and CrownRock Finance, Inc. The exchange offer involves up to $376,084,000 aggregate principal amount of new notes to be issued by Occidental and cash. This move follows Occidental's December 10, 2023, agreement to acquire 100% of the issued and outstanding partner interests of CrownRock from CrownRock Holdings, L.P. and CrownRock GP, LLC. The exchange offer and consent solicitation aim to amend the CrownRock Indenture, which includes eliminating most restrictive covenants and certain default events, among other changes. The offer is conditioned upon the closing of the Acquisition and is detailed in the confidential offering memorandum and consent solicitation statement dated July 19, 2024. The exchange offer is set to expire on August 16, 2024, with an early participation date of August 1, 2024, offering an early participation premium to eligible holders. The exchange and consent solicitation are only available to qualified institutional buyers or non-U.S. persons in compliance with the Securities Act.