Company: OXY-WT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000797468-25-000029
Chunk: 75

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 75
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Forfeitures(44)$55.30 Unvested as of December 31 1,251 $55.08 (a)Presented at the target payouts. In 2024, the weighted-average payout at vesting was 180% of the target, resulting in the issuance of approximately 1,172,000 shares of Occidental common stock.STOCK OPTIONSCertain employees are granted options that vest over three years, expire on the tenth anniversary of the grant date, and settle in stock. Exercise prices of the options were equal to the quoted market value of Occidental’s stock on the grant date. There were no options granted in 2024. 

 OXY 2024 FORM 10-K107

table of contentsFINANCIAL STATEMENTSFOOTNOTES

A summary of Occidental’s outstanding stock options as of December 31, 2024 and changes during the year ended December 31, 2024 is presented below: VestedUnvestedthousands, except fair valuesOptionsWeighted Average Strike PriceOptionsWeighted Average Strike PriceJanuary 1 2,094 $38.45 294 $35.37 Vested211 $32.36 (211)$32.36 December 31 2,305 $37.89 83 $42.98 The intrinsic value of options exercised during the years ended December 31, 2024, 2023 and 2022, respectively, was zero, $9 million and $17 million. As of December 31, 2024, the remaining life of fully vested options was 5.4 years.CASH RETURN ON CAPITAL EMPLOYED INCENTIVE AWARDSCertain executives are awarded CROCEI awards that vest at the end of a three-year period if performance targets based on CROCE are met. These awards are settled in stock upon certification of the performance target, with payouts that range from 0% to 200% of the target award. Dividend equivalents are accumulated and paid upon certification of the award. The value of shares that vested in 2024 was $25 million. A summary of changes in Occidental’s unvested CROCEI in 2024 is presented below: CROCEIthousands, except fair valuesAwardsWeighted-AverageGrant-DateFair Value of Occidental StockUnvested as of January 1507 $39.59 Granted161