New York, November 02, 2016 -- Moody's Investors Service (Moody's) affirmed Occidental Petroleum Corporation's (OXY) A3 senior unsecured rating, its P-2 short term rating and its stable outlook. The rating affirmation follows Occidental's October 31 announcement that it had acquired leasehold acreage in the Permian Basin in a cash transaction for approximately $2.0 billion. Balance sheet cash was initially used to fund the acquisition, a use of cash which will be replenished with the proceeds of the notes offering.
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