A major oil and gas producer headquartered in Houston, Occidental (nicknamed "Oxy") drills for crude and natural gas across the Permian Basin and beyond, and is building large-scale carbon-capture projects through its 1PointFive arm. It was founded in 1920 in Los Angeles, nearly collapsed, then was revived in the 1950s when businessman Armand Hammer struck oil in two wells and took control. Its name comes from the Latin word for "west," and the "Oxy" nickname traces to its 1964 stock ticker symbol.
Occidental CEO Vicki Hollub to retire June 1, 2026; COO Richard Jackson named successor.
Jackson's base salary will increase to $1,400,000 per year with a target annual cash incentive of 150% of base salary.
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Vicki Hollub, President and CEO, will retire effective June 1, 2026, and will remain on the Board.
Richard A. Jackson, 50, appointed President and CEO and Board member effective June 1, 2026.
Jackson will receive restricted stock units valued at $6,000,000 vesting in equal annual installments over three years.
At the 2026 Annual Meeting, all ten director nominees were elected, and the say-on-pay vote and KPMG ratification were approved.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 5.07 Submission of Matters to a Vote of Security Holders · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Occidental upsizes tender offers to $1.2B for senior notes and debentures
Occidental increased the aggregate cap for its cash tender offers from $700 million to $1.2 billion.
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As of March 4, 2026, Occidental accepted $21.5 million of 0.000% 2036 Notes, $843.3 million of 6.125% 2031 Notes, and $335.2 million of 6.625% 2030 Notes.
The 6.125% 2031 Notes reached the required consent to amend the indenture, eliminating certain covenants and shortening the redemption notice period to 5 business days.
The 6.625% 2030 Notes, 7.200% 2029 Debentures, and 7.950% 2029 Debentures did not obtain the required consent, so their indentures remain unchanged.
The tender offers and consent solicitations expire on March 19, 2026, with early settlement on March 9, 2026.
Citigroup is the lead dealer manager, with J.P. Morgan, RBC, TD Securities, and Wells Fargo as co-dealer managers.
1.01 Entry into a Material Definitive Agreement · 3.03 Material Modification to Rights of Security Holders · 8.01 Other Events · 9.01 Financial Statements and Exhibits
Occidental commences cash tender offers and consent solicitations for up to $700M of senior notes and debentures.
On February 19, 2026, Occidental Petroleum Corporation announced cash tender offers for five series of its outstanding senior notes and debentures, with a maximum aggregate principal amount of $700.0 million.
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The tender offers include a $58.0 million sub-cap for the Zero Coupon Senior Notes due 2036, and the offers expire on March 19, 2026, unless extended.
Holders who tender by the early tender time of March 4, 2026, are eligible for an early tender premium of $30 per $1,000 principal amount.
Occidental is also soliciting consents from holders of four series of notes to eliminate certain covenants and shorten the redemption notice period to 5 business days.
The tender offers are funded with cash on hand, including proceeds from the January 2, 2026 sale of Occidental Chemical Corporation.
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7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits