Summary by Moomoo AI
Occidental Petroleum Corporation, traded under the symbol OXY on the New York Stock Exchange, has announced the offering of 29,560,619 shares of common stock by a selling stockholder. The company itself will not receive any proceeds from this sale. The shares were initially issued as part of the acquisition of CrownRock, L.P., which Occidental completed on August 1, 2024. The selling stockholder, CrownRock Holdings, L.P., may sell the shares at market price or at negotiated prices through various methods including public or private transactions, on the NYSE, or over-the-counter markets. The underwriters for the offering are J.P. Morgan, Morgan Stanley, and RBC Capital Markets, with the shares expected to be delivered to purchasers around August 14, 2024. This offering follows Occidental's recent acquisition of CrownRock, L.P., a move that expanded the company's oil and gas operations.