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Occidental Petroleum Corporation (OXY) ​

Investor Relations ​

Vicki Hollub

Occidental President & Chief Executive Officer

Vicki Hollub is President and Chief Executive Officer of Occidental.

She has been a member of Occidental’s Board of Directors since 2015. During her more than 40-year career with Occidental, Vicki has held a variety of management and technical positions with responsibilities on three continents, including roles in the United States, Russia, Venezuela and Ecuador.

Most recently, she served as Occidental’s President and Chief Operating Officer, overseeing the company’s oil and gas, chemical and midstream operations. Vicki previously was Senior Executive Vice President, Occidental, and President, Occidental Oil and Gas, where she was responsible for operations in the U.S., the Middle East region and Latin America. Prior to that, she held a variety of leadership positions, including Executive Vice President, Occidental, and President, Occidental Oil and Gas, Americas; Vice President, Occidental, and Executive Vice President, U.S. Operations, Occidental Oil and Gas; Executive Vice President, California Operations; and President and General Manager of the company’s Permian Basin o

Glossary ​

BOE: Barrel of Oil Equivalent

Mboed: thousand barrels of oil equivalent per day

Mcf: thousand cubic feet

PVC: polyvinyl chloride

LNG: Liquefied Natural Gas

MBBL: Thousand Barrels of Oil

Articles ​

OxyChem is a global manufacturer of commodity chemicals vital to quality of life, with applications in water treatment, pharmaceuticals, healthcare and commercial and residential development.

“Berkshire is acquiring a robust portfolio of operating assets, supported by an accomplished team,” said Greg Abel, Vice Chairman of Non-Insurance Operations at Berkshire. “We look forward to welcoming OxyChem as an operating subsidiary within Berkshire. We commend Vicki and the Occidental team for their commitment to Occidental’s long-term financial stability, as demonstrated by their plan to use proceeds to reinforce the company’s balance sheet.”

Under the terms of the agreement, Occidental will sell OxyChem to Berkshire Hathaway for cash consideration of $9.7 billion, subject to customary purchase price adjustments. Occidental expects to use $6.5 billion of the transaction proceeds to reduce debt and achieve the target of principal debt below $15 billion set following the December 2023 announcement of its CrownRock acquisition.

August 8, 2019 -- Occidental Petroleum Corporation (“Occidental” or “the Company”) (NYSE: OXY) today announced the successful completion of its acquisition of Anadarko Petroleum Corporation (“Anadarko”) (NYSE: APC) in a transaction valued at $55 billion, including the assumption of Anadarko’s debt.

Anadarko shareholders are receiving $59.00 in cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock in the transaction. Effective after the end of trading today, Anadarko’s common stock will no longer trade on the New York Stock Exchange.

On April 30, 2019, Occidental Petroleum Corporation (“Occidental”) announced that it had entered into a Securities Purchase Agreement dated April 30, 2019 (the “Purchase Agreement”) with Berkshire Hathaway Inc. (the “Investor”) pursuant to which Occidental has agreed to issue and sell to the Investor, and the Investor has agreed to purchase from Occidental for an aggregate purchase price of $10 billion in cash: (1) 100,000 shares of a new series of preferred stock of Occidental, to be designated as Cumulative Perpetual Preferred Stock, Series A, par value $1.00 per share (the “Preferred Stock”), having a face value of $100,000 per share, and (2) a warrant (the “Warrant”) to purchase 80,000,000 shares of Occidental’s common stock, par value $0.20 per share (the “Common Stock”), (together, the “Financing Transaction”).

Dividends on the Preferred Stock will accrue on the face value at a rate per annum of 8% but will be paid only when, as and if declared by Occidental’s Board of Directors out of legally available funds. At any time when such dividends, compounded quarterly, have not been paid in full, the unpaid amounts will accrue dividends at a rate per annum of 9%. Following the payment in full of any accrued but unpaid dividends, the dividend rate will remain at 9% per annum. Commencing on the tenth anniversary of the issue date, the Preferred Stock will be redeemable at Occidental’s option in whole or from time to time in part, at a redemption price of 105% of the face value to be redeemed plus any accrued and unpaid dividends (whether or not declared). Occidental is required to repurchase shares of the Preferred Stock if it makes specified excess distributions or otherwise returns capital to holders of junior or parity stock, including the Common Stock, in excess of specified amounts at a redemption price of 110% of the face value to be redeemed plus any accrued and unpaid dividends (whether or not declared). The Preferred Stock has no maturity date and will rank senior to the outstanding shares of Common Stock with respect to the payment of dividends and distributions in liquidation, and has a liquidation price of 105% of the face value plus any accrued and unpaid dividends (whether or not declared).

The Warrant is exercisable at an exercise price of $62.50 per share of Common Stock at the holder’s option at any time or from time to time, in whole or in part, until the first anniversary of the date on which no shares of Preferred Stock remain outstanding. The exercise price and the number of shares issuable on exercise of the Warrant are subject to certain antidilution adjustments, including for stock splits, reclassifications, noncash distributions, extraordinary cash dividends, pro rata repurchases of Common Stock, business combination transactions, and certain issuances of Common Stock (or securities exercisable or convertible into or exchageable for Common Stock) at a price (or having a conversion or exercise price) that is less than 95% of the market price of the Common Stock at the pricing of the securities issuance.

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