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Occidental Petroleum To Review Materials Filed By Carl Icahn

Occidental Petroleum Corp.(OXY), an oil and gas exploration and production company, on late Wednesday issued a statement in response to the materials filed by activist investor Carl Icahn.

The company said it will review the latest materials filed by Icahn, and will address them in its ongoing conversations with Occidental shareholders.

Icahn is seeking to replace four directors at Occidental Petroleum, saying the company's board "fundamentally misguided" its $38 billion deal to buy Anadarko Petroleum Corp. (APC).

Icahn's firms own about $1.6 billion of Occidental stock.

In May 2019, Icahn filed a lawsuit against Occidental Petroleum saying that Occidental's recent deal to buy Anadarko for $38 billion was fundamentally misguided and hugely overpriced. The lawsuit argued Occidental should explore selling itself.

Occidental now said it maintains an open dialogue with all shareholders and accepts constructive input toward shared goal of maximizing long-term value. The Board will continue to take actions to drive value.

The company is now focused on completing transaction with Anadarko in the second half of 2019, which would create significant value and enhanced returns for shareholders.

BofA Merrill Lynch, Citi and M Klein and Co. are acting as Occidental's financial advisors. Cravath, Swaine & Moore LLP is serving as legal counsel.

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