<SEC-DOCUMENT>0000950157-24-001014.txt : 20240723
<SEC-HEADER>0000950157-24-001014.hdr.sgml : 20240723
<ACCEPTANCE-DATETIME>20240723170703
ACCESSION NUMBER:		0000950157-24-001014
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240723
DATE AS OF CHANGE:		20240723

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OCCIDENTAL PETROLEUM CORP /DE/
		CENTRAL INDEX KEY:			0000797468
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				954035997
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-266420
		FILM NUMBER:		241135384

	BUSINESS ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
		BUSINESS PHONE:		7132157000

	MAIL ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OCCIDENTAL PETROLEUM CORP /DE/
		CENTRAL INDEX KEY:			0000797468
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				954035997
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
		BUSINESS PHONE:		7132157000

	MAIL ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>fwp.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
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    <div style="text-align: right; text-indent: 36pt;">Issuer Free Writing Prospectus</div>
    <div style="text-align: right; text-indent: 36pt;">Filed Pursuant to Rule 433</div>
    <div style="text-align: right; text-indent: 36pt;">Registration No. 333-266420</div>
    <div style="text-align: right; text-indent: 36pt;">Relating to the Preliminary Prospectus Supplement dated July 19, 2024</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Occidental Petroleum Corporation</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Pricing Term Sheet</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">July 23, 2024</div>
    <div><br>
    </div>
    <div style="text-align: center;">$600,000,000 5.000% Senior Notes due 2027</div>
    <div style="text-align: center;">$1,200,000,000 5.200% Senior Notes due 2029</div>
    <div style="text-align: center;">$1,000,000,000 5.375% Senior Notes due 2032</div>
    <div style="text-align: center;">$1,200,000,000 5.550% Senior Notes due 2034</div>
    <div style="text-align: center;">$1,000,000,000 6.050% Senior Notes due 2054</div>
    <div><br>
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          <td style="width: 25%; vertical-align: top;">
            <div>Issuer:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div>Occidental Petroleum Corporation (the &#8220;Company&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div>Trade Date:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div>July 23, 2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 25%; vertical-align: top;">
            <div>Settlement Date*:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div>July 26, 2024 (T+3)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 25%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div>5.000% Senior Notes due 2027 (the &#8220;2027 Notes&#8221;)</div>
            <div>5.200% Senior Notes due 2029 (the &#8220;2029 Notes&#8221;)</div>
            <div>5.375% Senior Notes due 2032 (the &#8220;2032 Notes&#8221;)</div>
            <div>5.550% Senior Notes due 2034 (the &#8220;2034 Notes&#8221;)</div>
            <div>6.050% Senior Notes due 2054 (the &#8220;2054 Notes&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div>Expected Ratings</div>
            <div>(Moody&#8217;s/S&amp;P/Fitch)**:</div>
          </td>
          <td style="width: 75%; vertical-align: bottom;">
            <div>
              <div>Baa3/BB+/BBB-</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div>Principal Amount:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div>2027 Notes:&#160; $600,000,000</div>
            <div>2029 Notes:&#160; $1,200,000,000</div>
            <div>2032 Notes:&#160; $1,000,000,000</div>
            <div>2034 Notes:&#160; $1,200,000,000 </div>
            <div>2054 Notes:&#160; $1,000,000,000</div>
          </td>
        </tr>
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          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 25%; vertical-align: top;">
            <div>Maturity Date:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div>2027 Notes:&#160; August 1, 2027</div>
            <div>2029 Notes:&#160; August 1, 2029</div>
            <div>2032 Notes:&#160; January 1, 2032</div>
            <div>2034 Notes:&#160; October 1, 2034</div>
            <div>2054 Notes:&#160; October 1, 2054</div>
          </td>
        </tr>

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          <td style="width: 25%; vertical-align: top;">
            <div>Interest Payment Dates:</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>2027 Notes:&#160; Semi-annually on February 1 and August 1, commencing February 1, 2025</div>
            <div>2029 Notes:&#160; Semi-annually on February 1 and August 1, commencing February 1, 2025</div>
            <div>2032 Notes:&#160; Semi-annually on January 1 and July 1, commencing January 1, 2025</div>
            <div>2034 Notes:&#160; Semi-annually on April 1 and October 1, commencing April 1, 2025</div>
            <div>2054 Notes:&#160; Semi-annually on April 1 and October 1, commencing April 1, 2025</div>
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          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
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          <td style="width: 25%; vertical-align: top;">
            <div>Record Dates:</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>2027 Notes:&#160; January 15 and July 15</div>
            <div>2029 Notes:&#160; January 15 and July 15</div>
            <div>2032 Notes:&#160; June 15 and December 15</div>
            <div>2034 Notes:&#160; March 15 and September 15</div>
            <div>2054 Notes:&#160; March 15 and September 15</div>
          </td>
        </tr>
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          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
        </tr>
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          <td style="width: 25%; vertical-align: top;">
            <div>Coupon:</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>2027 Notes:&#160; 5.000% per annum</div>
            <div>2029 Notes:&#160; 5.200% per annum</div>
            <div>2032 Notes:&#160; 5.375% per annum</div>
            <div>2034 Notes:&#160; 5.550% per annum</div>
            <div>2054 Notes:&#160; 6.050% per annum</div>
          </td>
        </tr>
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          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div>Benchmark Treasury:</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>2027 Notes:&#160; UST 4.375% due July 15, 2027</div>
            <div>2029 Notes:&#160; UST 4.250% due June 30, 2029</div>
            <div>2032 Notes:&#160; UST 4.250% due June 30, 2031</div>
            <div>2034 Notes:&#160; UST 4.375% due May 15, 2034</div>
            <div>2054 Notes:&#160; UST 4.250% due February 15, 2054</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div>Spread to Benchmark Treasury:</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>2027 Notes:&#160; T + 75 bps</div>
            <div>2029 Notes:&#160; T + 105 bps</div>
            <div>2032 Notes:&#160; T + 120 bps</div>
            <div>2034 Notes:&#160; T + 135 bps</div>
            <div>2054 Notes:&#160; T + 160 bps</div>
          </td>
        </tr>
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          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div>Initial Price to Public:</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>2027 Notes:&#160; 99.944%</div>
            <div>2029 Notes:&#160; 99.964%</div>
            <div>2032 Notes:&#160; 99.956%</div>
            <div>2034 Notes:&#160; 99.621%</div>
            <div>2054 Notes:&#160; 99.552%</div>
          </td>
        </tr>
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          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 65%; vertical-align: top;">&#160;</td>
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          <td style="width: 25%; vertical-align: top;" rowspan="9">
            <div>Optional Redemption Provisions:</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div>2027 Notes:</div>
          </td>
          <td style="width: 65%; vertical-align: top;">
            <div>Make-Whole Call:&#160; UST + 15 bps </div>
            <div>Par Call:&#160; On or after July 1, 2027</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 65%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 10%; vertical-align: top;">
            <div>2029 Notes:</div>
          </td>
          <td style="width: 65%; vertical-align: top;">
            <div>Make-Whole Call:&#160; UST + 20 bps </div>
            <div>Par Call:&#160; On or after July 1, 2029</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 65%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>2032 Notes:</div>
          </td>
          <td style="width: 65%; vertical-align: top;">
            <div>Make-Whole Call:&#160; UST + 20 bps </div>
            <div>Par Call:&#160; On or after November 1, 2031</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 65%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>2034 Notes:</div>
          </td>
          <td style="width: 65%; vertical-align: top;">
            <div>Make-Whole Call:&#160; UST + 25 bps </div>
            <div>Par Call:&#160; On or after July 1, 2034</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 65%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>2054 Notes:</div>
          </td>
          <td style="width: 65%; vertical-align: top;">
            <div>Make-Whole Call:&#160; UST + 25 bps </div>
            <div>Par Call:&#160; On or after April 1, 2054</div>
          </td>
        </tr>

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          <td style="width: 25%; vertical-align: top;">
            <div>CUSIP / ISIN:</div>
            <div>&#160;</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div>2027 Notes:&#160; 674599 EH4 / US674599EH48</div>
            <div>2029 Notes:&#160; 674599 EJ0 / US674599EJ04<br>
            </div>
            <div>2032 Notes:&#160; 674599 EK7 / US674599EK76</div>
            <div>2034 Notes:&#160; 674599 EL5 / US674599EL59<br>
            </div>
            <div>2054 Notes:&#160; 674599 EM3 / US674599EM33<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div>Joint Book-Running Managers:</div>
            <div>&#160;</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div>BofA Securities, Inc.</div>
            <div>J.P. Morgan Securities LLC</div>
            <div>MUFG Securities Americas Inc.</div>
            <div>SMBC Nikko Securities America, Inc.</div>
            <div>Citigroup Global Markets Inc.</div>
            <div>HSBC Securities (USA) Inc.</div>
            <div>RBC Capital Markets, LLC</div>
            <div>Standard Chartered Bank</div>
            <div>TD Securities (USA) LLC</div>
            <div>Wells Fargo Securities, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div>Senior Co-Managers:</div>
            <div>&#160;</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div>Barclays Capital Inc.</div>
            <div>BBVA Securities Inc.</div>
            <div>CIBC World Markets Corp.</div>
            <div>Loop Capital Markets LLC</div>
            <div>Mizuho Securities USA LLC</div>
            <div>PNC Capital Markets LLC</div>
            <div>Scotia Capital (USA) Inc.</div>
            <div>U.S. Bancorp Investments, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 75%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div>Co-Managers:</div>
            <div>&#160;</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div>BNY Mellon Capital Markets, LLC</div>
            <div>Siebert Williams Shank &amp; Co., LLC</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">*We expect that delivery of the notes will be made against payment therefor on or about July 26, 2024, which will be the third business day following the date of pricing of the notes (this settlement cycle being
      referred to as &#8220;T+3&#8221;). Pursuant to Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish
      to trade the notes on the date of this term sheet or the following business day will be required, by virtue of the fact that the notes initially will settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a
      failed settlement. Purchasers of notes should consult their own advisors.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">**Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. See &#8220;Risk Factors&#8212;Risks Related to the Notes&#8212;Our credit ratings may not
      reflect all risks of an investment in the notes and there is no protection in the indenture for holders of the notes in the event of a ratings downgrade. A downgrade in our credit rating could negatively impact our cost of and ability to access
      capital.&#8221; in the Company&#8217;s preliminary prospectus supplement dated July 19, 2024.</div>
    <div><br>
    </div>
    <div style="text-align: center;">****</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">The Company has filed a registration statement (including a prospectus) and a related preliminary prospectus supplement with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) for the offering to
      which this communication relates. Before you invest, you should read the preliminary prospectus supplement, the accompanying prospectus in that registration statement and other documents the Company has filed with the SEC for more complete
      information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send
      you the prospectus and the related preliminary prospectus supplement if you request it by calling BofA Securities, Inc. toll-free at 1-800-294-1322, J.P. Morgan Securities LLC collect at 1-212-834-4533, MUFG Securities Americas Inc. toll-free at
      1-877-649-6848 or SMBC Nikko Securities America, Inc. toll free at 1-888-868-6856.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">This pricing term sheet supplements, and should be read in conjunction with, the Company&#8217;s preliminary prospectus supplement dated July 19, 2024 and the accompanying prospectus dated July 29, 2022
      and the documents incorporated by reference therein.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Any legends, disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such legends, disclaimers or other notices have been automatically
      generated as a result of this communication having been sent via Bloomberg or another system.</div>
    <div><br>
    </div>
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