Summary by Moomoo AI
Occidental Petroleum Corporation, an international energy company, announced on August 2, 2024, the termination of its exchange offer and consent solicitation for CrownRock Notes. The exchange offer was for the exchange of all outstanding 5.000% Senior Notes due 2029 issued by CrownRock, L.P. and CrownRock Finance, Inc. for new notes to be issued by Occidental and cash. The related consent solicitation was also terminated, which sought to adopt proposed amendments to the indenture governing the CrownRock Notes. As a result, the tendered CrownRock Notes will be returned to the holders, and the proposed amendments to the indenture will not become effective. Global Bondholder Services Corporation acted as the exchange agent and information agent for the terminated offer and solicitation. Occidental is a major U.S. oil and gas producer with operations in the Permian and DJ basins, and offshore Gulf of Mexico, and is also involved in chemical manufacturing and low carbon technology through its subsidiaries.