Occidental said it entered into a Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent on February 2, 2024. The agreement amends and restates the existing credit agreement dated June 3, 2019.

1. 01

   Occidental said it entered into a Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent on February 2, 2024. The agreement amends and restates the existing credit agreement dated June 3, 2019.

2. 02

   The company said the agreement extends the maturity of the existing Revolving Credit Facility from June 30, 2025 to June 30, 2028. Loans remain senior unsecured obligations.

3. 03

   The company said loans priced at the Adjusted Term SOFR Rate carry a margin of 100.0 to 190.0 basis points per annum, and loans priced at the Alternate Base Rate carry a margin of 0.0 to 90.0 basis points per annum. The facility fee is 12.5 to 35.0 basis points per annum. All of these fluctuate based on credit ratings.

4. 04

   The company said it must maintain, as of the last day of each fiscal quarter, a ratio of Total Debt to Total Capitalization of no more than 0.65 to 1.00. The margins and facility fee may be adjusted for certain periods based on performance against sustainability targets.

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