Occidental Petroleum Corporation (OXY) shares climbed 7.03 percent to $50.42, up $3.31 on Thursday, after the company announced it has commenced cash tender offers for up to $700.0 million aggregate principal amount of certain outstanding senior notes and debentures. The move is part of a broader debt management initiative that includes consent solicitations for select series of notes.
The stock is currently trading at $50.42, compared with a previous close of $47.11. It opened at $49.76 and has traded between $49.62 and $51.85 during the session on the New York Stock Exchange. Trading volume stands at 16.03 million shares, above its average volume of 10.23 million shares.
Occidental is offering to purchase, subject to priority levels, up to $700.0 million of its notes due between 2029 and 2036, including a $58.0 million sub-cap for its Zero Coupon Senior Notes due 2036.
The stock has traded within a 52-week range of $34.78 to $52.58.
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