LOS ANGELES, Nov. 22, 1999, (PRIMEZONE) -- Occidental Petroleum Corporation's (NYSE:OXY) OXY USA Inc. subsidiary has elected to redeem on Dec. 22, 1999, all of its outstanding 7 per cent debentures due 2011 at a redemption price of 100 per cent of the principal amount together with accrued interest from Oct. 15, 1999, to the redemption date, in the amount of $13.02778 per $1,000 principal amount of the debentures, for a total payment amount of $1,013.02778 for each $1,000 principal amount of the debentures.
Notice of the redemption and instructions for delivery of the debentures will be mailed today to all registered holders. The Bank of New York will act as paying agent and may be contacted at P.O. Box 11249 65, Church Street Station, Debt Processing Group (ACT), New York, NY 10286.