DBRS Rates Occidental Petroleum Corporation’s New Issues at “A”

DBRS has today assigned a rating of “A” with a Stable trend to the following Occidental Petroleum Corporation (Oxy) new debt issuances (collectively, the Notes):

(1) Proposed $1.25 billion 1.75% senior notes maturing February 15, 2017.

(2) Proposed $900 million 3.125% senior notes maturing February 15, 2022.

The new debt issues are expected to settle on August 18, 2011.

The Notes will rank equally with all of Oxy’s existing and future unsecured senior debt. Net proceeds from the offering are expected to be used for general corporate purposes.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating Oil and Gas Companies, which can be found on our website under Methodologies.