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OCCIDENTAL PETROLEUM COMPLETES PRIVATE PLACEMENT OF 11.5 MILLION SHARES OF CUMULATIVE CONVERTIBLE STOCK

 LOS ANGELES, Feb. 19 /PRNewswire/ -- Occidental Petroleum Corp. (NYSE: OXY) announced today that it has successfully completed a private placement of 11.5 million shares of cumulative convertible preferred stock.
 Dr. Ray R. Irani, chairman, president and chief executive officer of Occidental, said the net proceeds of about $563 million from the sale of the preferred stock are being used to repay outstanding long- term indebtedness.
 The shares of $3.875 cumulative convertible preferred, which are not subject to any sinking fund or mandatory redemption requirement, have a liquidation preference of $50 per share, plus accrued unpaid dividends, and are convertible at any time after March 30, 1993, into shares of Occidental's common stock at an initial conversion price of $22.76 per share of common stock.
 -0- 2/19/93
 /CONTACT: Howard Collins (media), 310-443-6523 or Kenneth J. Huffman (investors), 212-603-8183, both of Occidental/
 (OXY)


CO: Occidental Petroleum Corp. ST: California IN: OIL SU:

EH -- LA018 -- 8383 02/19/93 12:15 EST
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Publication:PR Newswire
Date:Feb 19, 1993
Words:164
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