Occidental said it entered into a Partnership Interest Purchase Agreement with the Sellers on December 10, 2023, under which the Purchasers will buy 100% of the issued and outstanding partner interests in CrownRock, L.P., subject to the terms and conditions of the agreement.

1. 01

   Occidental said it entered into a Partnership Interest Purchase Agreement with the Sellers on December 10, 2023, under which the Purchasers will buy 100% of the issued and outstanding partner interests in CrownRock, L.P., subject to the terms and conditions of the agreement.

2. 02

   The company said on July 19, 2024 it commenced a private exchange offer for any and all outstanding 5.000% Senior Notes due 2029 issued by CrownRock, in exchange for new Occidental Notes of up to $376,084,000 in principal amount and cash.

3. 03

   The company said holders who tender by the early participation date will receive $1,000 of Occidental Notes and $2.50 in cash for each $1,000 of principal amount, while holders who tender after that date and before the expiration date will receive $970 of Occidental Notes.

4. 04

   The company said it is soliciting consents to amend most of the restrictive covenants in the CrownRock Indenture, and that the exchange offer will expire on August 16, 2024 and the acquisition is expected to close in August 2024.

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Original filing

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