Occidental Petroleum has declared a distribution to holders of its common stock of warrants to purchase additional shares of common stock.

Holders of Occidental common stock will receive 1/8th of a warrant for each share of common stock held as of the record date, and each warrant will entitle the holder to purchase one share of Occidental common stock for a purchase price of $22 per share. The distribution of the warrants will be made on August 3, 2020 to stockholders of record as of July 6, 2020. The warrants will have a term of seven years and Occidental expects to list the warrants on The New York Stock Exchange.

Vicki Hollub, President and Chief Executive Officer of Occidental, commented, 
"The Board recognizes the importance of its stockholders and is committed to maximizing value for all stockholders. This distribution of warrants will allow existing stockholders to acquire stock in the future at what we believe will be an attractive price, without diluting their interests in the Company.”

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