“This transaction strengthens Occidental’s balance sheet and accelerates our strategy to focus on the deep and diversified oil and gas portfolio that we have transformed over the past decade. We look forward to operating our high-return oil and gas assets to deliver long-term value while driving innovation across our businesses,” said Vicki Holub, President and CEO. “We appreciate the OxyChem team’s decades of excellence and commitment to building world-class companies and look forward to their continued success in the years to come.”
As previously disclosed, Environmental Resources Holdings LLC (ERH), a subsidiary of Occidental, retains Oxychem’s legacy tort claims and environmental liability primarily related to past operations off-site at the divested operating facilities. Glenn Springs Holdings, Inc. will continue to manage remediation activities at the environmental site on behalf of ERH. Occidental expects to spend money on repairs over many years based on an approved work plan.
About Occidental
Occidental produces, sells and transports oil and natural gas to maximize value and provide essential resources for life. The company leverages its global leadership in carbon management to advance low-carbon technologies and products. Headquartered in Houston, Occidental operates primarily in the United States, the Middle East, and North Africa. For more information, please visit oxy.com.
Forward-looking statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding Occidental’s expectations, beliefs, plans and projections. Forward-looking statements involve estimates, expectations, forecasts, goals, projections, assumptions, risks and uncertainties. Actual results or outcomes may differ from those anticipated, possibly materially. Factors that could cause actual results to differ from those anticipated or assumed in the forward-looking statements include, but are not limited to: general economic conditions, including national or international slowdowns or recessions; Occidental’s debt and other payment obligations, including its need to generate sufficient cash flow to fund its operations; Occidental’s ability to successfully monetize certain assets and repay or refinance its debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; Assumptions about energy markets. global and regional commodity and commodity futures price movements and volatility; supply and demand considerations and pricing for Occidental’s products and services; Actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries. Results from Operations and Competitive Terms. Future impairments of Occidental’s proven and unproven oil and gas assets or equity investments, or write-downs of productive assets, will result in charges to earnings. Unanticipated changes in costs. government actions (including the effects of announced or future tariff increases and other geopolitical, trade, tariff, fiscal and regulatory uncertainties), wars (including the Russian-Ukrainian war and conflicts in the Middle East) and political developments and events; inflation, its impact on markets and economic activity, and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental’s ability to timely obtain or maintain necessary permits or other governmental approvals for drilling and/or development projects; Occidental’s ability to successfully complete field developments, expansion projects, capital investments, efficiency projects, acquisitions or divestitures, or material delays therein; risks associated with acquisitions, mergers and joint ventures, including difficulties in integrating businesses, uncertainties related to financial projections or anticipated synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities related to acquired and divested assets and businesses, including retained liabilities and indemnification obligations related to our chemical operations; uncertainties regarding estimates of oil, natural gas liquids (NGL) and natural gas reserves; lower than expected production from development projects or acquisitions; Occidental’s ability to realize anticipated benefits from prior or future streamlining actions aimed at reducing fixed costs, simplifying or improving processes and increasing Occidental’s competitive position; exploration, drilling and other operational risks; disruptions, capacity limitations or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in securities, capital markets or credit markets, including capital market disruptions and financial institution instability; health, safety and environmental (HSE) risks, costs and liabilities under existing or future federal, local, state, local, tribal, regional and international HSE laws, regulations and litigation, including those related to climate change or remedial actions or assessments; changes in laws or regulations, including changes related to hydraulic fracturing and other oil and natural gas operations, retroactive royalty or production tax regimes, deepwater and onshore drilling and permitting regulations; Occidental’s ability to realize the intended benefits from its business strategies and initiatives, including the sale of Oxychem, Occidental’s low-carbon ventures, or announced greenhouse gas emission reduction and net-zero goals; changes in government subsidy or loan programs; potential liability arising from pending or future litigation, government investigations or other proceedings; production or manufacturing interruptions or interruptions or damage to facilities due to accidents, chemical releases, labor disputes, weather, power outages, natural disasters, cyberattacks, acts of terrorism, or insurrection; the scope and duration of any global or local health pandemic or epidemic and actions taken by governmental authorities and other third parties in connection therewith; the creditworthiness and performance of Occidental’s counterparties, including financial institutions, operating partners and other parties; Risk management failure. Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; restructuring or restructuring of Occidental’s operations; changes in state, federal, or international tax rates, deductions, incentives, or credits; and acts of third parties beyond Occidental’s control. Words such as “estimate,” “predict,” “will,” “should,” “could,” “might,” “anticipate,” “plan,” “intend,” “expect,” “target,” “target,” “commit,” “forward,” “assume” or similar expressions that convey the future nature of events or results generally identify forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release, unless an earlier date is specified. Occidental undertakes no obligation to update, revise or withdraw any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Other factors that could cause actual results to differ from those described in the forward-looking statements include Part I, Item 1A, “Risk Factors” of Occidental’s Annual Report on Form 10-K for the year ended December 31, 2024, and Part II, Item 1A of Occidental’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. Described in 1A “Risk Factors”. 2025 and in Occidental’s other filings with the Securities and Exchange Commission.
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