Occidental Pet - OXY STOCK NEWS

Permian Resources (NYSE: PR) has successfully closed its previously announced acquisition of assets from Occidental (NYSE: OXY). The acquired assets include:

• ~29,500 net acres of leasehold interests
• ~9,900 net royalty acres
• Substantial midstream infrastructure

These assets are primarily located adjacent to the Company's existing position in Reeves County, Texas. This strategic bolt-on acquisition strengthens Permian Resources' footprint in the core Delaware Basin, potentially enhancing its operational efficiency and production capabilities in the region.

1PointFive, a subsidiary of Occidental (OXY), has been awarded up to $500 million by the U.S. Department of Energy to support the development of the South Texas Direct Air Capture (DAC) Hub. This funding marks a significant milestone in advancing commercial-scale DAC technology in the United States. The initial $50 million award will support ongoing work at the hub, including engineering, permitting, and equipment procurement.

The South Texas DAC Hub, located on the King Ranch in Kleberg County, will have an initial CO2 removal capacity of 500,000 metric tons per year, with plans to expand to over 1 million metric tons annually. The site has the potential to scale up to 30 million metric tons of CO2 removal per year and can securely store up to 3 billion metric tons of CO2 in saline formations.

Occidental (NYSE: OXY) has announced significant progress in its debt reduction and divestiture initiatives. The company has achieved $3 billion in principal debt reduction in the third quarter of 2024, utilizing robust organic cash flow and divestiture proceeds. A public offering of Occidental's common units in Western Midstream Partners, LP raised $700 million, bringing total 2024 year-to-date closed or announced divestments to approximately $1.7 billion.

Following the expected close of the Delaware Basin Barilla Draw divestiture in late Q3, Occidental anticipates a total year-to-date reduction of over $3.8 billion in principal debt. This represents nearly 85% of their near-term $4.5 billion debt reduction commitment. The company plans to continue its deleveraging efforts through free cash flow and ongoing divestitures.

Western Midstream Partners, LP (NYSE: WES) has announced the pricing of a secondary public offering of 19,000,000 common units by affiliates of Occidental (NYSE: OXY). The offering is expected to raise $685.9 million in gross proceeds and close on August 14, 2024. Barclays, the sole book-running manager, has been granted a 30-day option to purchase up to 2,850,000 additional units. WES will not receive any proceeds from the sale as it is not selling any units in this offering. The offering is being made through a prospectus supplement and base prospectus, part of a shelf registration statement that became effective on March 30, 2023.

Occidental (NYSE: OXY) has announced the launch of an underwritten secondary public offering of 29,560,619 shares of its common stock by CrownRock Holdings, L.P. Occidental itself is not offering any shares and will not receive any proceeds from the proposed offering. The offering is subject to market conditions, with no guarantee of completion.

J.P. Morgan, Morgan Stanley, and RBC Capital Markets are acting as underwriters for the offering. The shares may be offered through various channels, including the New York Stock Exchange and over-the-counter market. A shelf registration statement for these securities has been filed with the SEC and is effective. Interested investors are advised to read the prospectus and related documents before investing.

Western Midstream Partners, LP (NYSE: WES) has announced a secondary public offering of 19,000,000 common units by affiliates of Occidental (NYSE: OXY). The Selling Unitholders are granting Barclays, the sole underwriter, a 30-day option to purchase up to 2,850,000 additional units. WES is not selling any units and will not receive proceeds from the offering. The offering is subject to market conditions and there's no guarantee of completion. It will be made through a prospectus supplement and base prospectus, part of a shelf registration statement effective March 30, 2023. Barclays Capital Inc. is managing the offering, with materials available through them or the SEC website.

Occidental (NYSE: OXY) has announced its second quarter 2024 financial results. The company will hold a conference call to discuss these results on August 8, 2024, at 1 p.m. Eastern/12 p.m. Central. Investors and interested parties can access the earnings release and accompanying financial schedules through Occidental's Investor Relations website or the SEC's website. The conference call can be joined by calling 1-866-871-6512 (international: 1-412-317-5417) or via webcast at oxy.com/investors. Pre-registration for the call is available. A recording of the webcast will be posted on the company's Investor Relations website shortly after the call concludes.

Permian Resources (NYSE: PR) reported its second quarter 2024 results and revised its full-year guidance upwards. The company announced daily oil production of 152.9 MBbls/d and total production of 338.8 MBoe/d, marking increases of 1% and 6%, respectively, from the previous quarter.

Operating efficiency improved, with controllable cash costs down by 8% and drilling costs per foot reduced by 13% from 2023. The company generated adjusted free cash flow of $332 million and returned $193 million to shareholders via dividends and share repurchases. Additionally, Permian completed the acquisition of 29,500 net acres from Occidental for $817.5 million.

Updated guidance now forecasts oil production of 151-153 MBbls/d and total production of 320-330 MBoe/d. The company's financials also showed net cash provided by operating activities of $938 million and $1.10 per adjusted basic share.

Occidental (NYSE: OXY) has announced the termination of its Exchange Offer and Consent Solicitation for CrownRock Notes. The offer aimed to exchange any and all outstanding 5.000% Senior Notes due 2029 issued by CrownRock, L.P. and CrownRock Finance, Inc. for up to $376,084,000 aggregate principal amount of new 5.000% Senior Notes due 2029 to be issued by Occidental and cash. As a result of the termination:

• No total consideration will be paid to holders who validly tendered their CrownRock Notes
• Tendered CrownRock Notes will be promptly returned to holders
• Proposed amendments to the CrownRock Indenture will not become effective

Global Bondholder Services served as the exchange agent and information agent for the terminated offer.