Wed, Aug 14, 8:29 PM (153 days ago)
On August 12, 2024, Occidental Petroleum Corporation entered into an underwriting agreement with CrownRock Holdings, L.P. and several underwriters (J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and RBC Capital Markets, LLC) for the sale of 29,560,619 shares of its common stock. The offering was conducted under the company’s registration statement filed with the SEC on August 2, 2024, and closed on August 14, 2024. Notably, Occidental did not sell any shares in this offering and will not receive any proceeds from the transaction. The underwriting agreement includes standard representations, warranties, and covenants, along with indemnification obligations related to liabilities under the Securities Act of 1933. This event is significant as it reflects ongoing capital market activities involving Occidental, although it does not directly impact the company's financial position or stock value since proceeds are not being raised for the company itself.