Occidental Petroleum 2006 Annual Report Download - page 84
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NOTE 17 SUBSEQUENT EVENTS
In January 2007, Occidental sold its 50-percent interest in the Russian Vanyoganneft joint venture to TNK-BP for approximately $485 million.
At December 31, 2006, Occidental's net proved Vanyoganneft reserves were an estimated 33 million BOE (unaudited) and its net production was
approximately 27,000 BOE per day in 2006. Occidental recorded a gain of approximately $400 million resulting from the sale in the first quarter of
2007.
In January 2007, Occidental completed a cash tender offer for its 10.125-percent senior debentures due 2009, 9.25-percent senior debentures
due 2019, 8.75-percent senior notes due 2023, 7.2-percent senior debentures due 2028 and 8.45-percent senior notes due 2029, resulting in the
repurchase of a portion of these debt instruments totaling $659 million. The repurchases were funded with Occidental’s cash on hand and resulted
in a debt repurchase expense of $165 million.
Since December 31, 2006, Occidental has resolved certain legal disputes that it expects will result in a gain of approximately $108 million in
the first quarter of 2007.
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