---
schema_version: "secwatch.filing_event.v1"
accession: "0000950157-23-001280"
form_type: "8-K"
ticker: "OXY"
cik: "0000797468"
company_name: "OCCIDENTAL PETROLEUM CORP /DE/"
filed_at: "2023-12-28T23:59:59+00:00"
generated_at: "2026-06-07T06:39:22.652557+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# OXY enters $4.7B term loan agreement to fund CrownRock acquisition

## Summary
- Total commitments: $2.0B 364-day tranche and $2.7B two-year tranche.
- Proceeds to pay cash consideration for CrownRock acquisition, refinance Target debt, and pay fees.
- Interest at Term SOFR or Alternate Base Rate plus margin based on OXY's credit ratings (112.5-225 bps for 364-day SOFR).
- Commitments contingent on closing of CrownRock; commitments terminate December 10, 2024 (or later if outside date extended).
- Covenant requires Total Debt to Total Capitalization ratio ≤ 0.65 to 1.00 tested quarterly.

## SEC filing metadata
- accession: 0000950157-23-001280
- form_type: 8-K
- ticker: OXY
- cik: 0000797468
- company_name: OCCIDENTAL PETROLEUM CORP /DE/
- filed_at: 2023-12-28T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/797468/000095015723001280/0000950157-23-001280-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/797468/000095015723001280/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950157-23-001280
- JSON: https://secwatch.observer/filing/0000950157-23-001280.json
- Plain text: https://secwatch.observer/filing/0000950157-23-001280.txt

## Key facts
- Material Agreements
  OCCIDENTAL PETROLEUM CORP /DE/ entered into Term Loan Agreement with Bank of America, N.A., as administrative agent, and certain financial institutions, as lenders valued at $4.7 billion (effective 2023-12-28).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Bank of America, N.A., as administrative agent, and certain financial institutions, as lenders
  - Value: $4.7 billion
  - Effective: 2023-12-28
  source text: On December 28, 2023, Occidental Petroleum Corporation (“Occidental”) entered into a $4.7 billion Term Loan Agreement (the “Term Loan Agreement”) with Bank of America, N.A., as administrative agent, and certain financial institutions, as lenders
  evidence_url: https://www.sec.gov/Archives/edgar/data/797468/000095015723001280/0000950157-23-001280-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.