LOS ANGELES, April 27, 1999 (PRIMEZONE) -- Occidental Petroleum Corporation (NYSE:OXY) will call for redemption on June 1, 1999, $68,653,000 of its outstanding 11 1/8% Senior Debentures due June 1, 2019, at a redemption price of 105.563% of the principal amount thereof. The 11 1/8% Debentures, issued on May 15, 1989, are outstanding in the aggregate principal amount of $143,653,000.
Payment of the redemption price for the selected 11 1/8% Debentures will be made on or after June 1, 1999, upon delivery of the Debentures to The Chase Manhattan Bank, c/o Chase Bank of Texas, N.A., 1201 Main Street, 18th Floor, Dallas, Texas 75202, as paying agent. Accrued interest thereon from the last interest installment paid on December 1, 1998 to June 1, 1999, will be made separately by mail at the direction of the Paying Agent. The accrued interest, on the $68,653,000 Debentures to be redeemed, is $3,818,823.13.
For purposes of determining the Debentures to be redeemed, the Security Register was closed for registration, transfer or exchange of the Debentures on April 15, 1999 and reopened on April 19, 1999. The Security Register will close again on May 27, 1999 for the payment of the redemption price and accrued interest.
Notice of the redemption and instructions for delivery of the 11 1/8% Debentures will be mailed shortly to the registered holders.
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Contacts: Howard Collins (media)
(310) 443-6523
Kenneth J. Huffman (investors)
(212) 603-8183