OCCIDENTAL PETROLEUM CORP /DE/ 8-K

What Happened
Occidental Petroleum Corporation (OXY) filed an 8‑K (Mar 9, 2026) reporting early results and amendments to cash tender offers for several outstanding notes and the execution of a Fifth Supplemental Indenture for its 6.125% Senior Notes due 2031. On March 5, 2026 Occidental (i) announced early tender results and an increase in the maximum aggregate principal amount to be purchased from $700 million to $1.2 billion, and (ii) announced the consideration payable for the offers. The Supplemental Indenture relating to the 6.125% 2031 Notes became operative on March 9, 2026.

Key Details

• Tender Offers upsize: maximum aggregate principal amount increased from $700 million to $1.2 billion.
• Subject Notes: include 0.000% Senior Notes due 2036; 6.125% Senior Notes due 2031; 6.625% Senior Notes due 2030; 7.200% Debentures due 2029; and 7.950% Debentures due 2029.
• Consent Solicitations: sought for all listed series except the 0.000% 2036 Notes.
• Supplemental Indenture (6.125% 2031 Notes): eliminates certain covenants in the 2019 Indenture and shortens the minimum notice period for redemption to 5 business days prior to the redemption date (effective Mar 9, 2026).

Why It Matters
These actions can change the rights and protections of holders of the 6.125% 2031 Notes (Item 3.03) by removing specified covenants and shortening redemption notice — material modifications investors should note. The upsized tender offer increases Occidental’s potential near‑term debt repurchases (up to $1.2B), which may reduce outstanding debt and affect leverage and interest expense going forward. Bondholders should review the Supplemental Indenture and the tender offer terms (including consideration announced Mar 5) to assess impacts on holdings; shareholders and credit analysts may view accelerated buybacks of debt as relevant to the company’s capital structure.