Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 25

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 25
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 to additional orientation and educational opportunities as they accept new or additional responsibilities on the Board or its committees. Director Attendance The Board of Directors held seven meetings in 2024 , one of which was principally devoted to strategic review. Each of the directors attended more than 85% of the aggregate number of meetings of the Board and of the Board committees on which he or she served and which were held during the period that each director served. All of the directors then serving on the Board attended the 2024 Annual Meeting of Shareholders. Attendance at the Annual Meeting of Shareholders is expected of directors as if it were a regular meeting of the Board. Executive Sessions of the Independent Directors The independent directors regularly meet in executive sessions at which no members of management are present. The independent directors held five executive sessions in 2024 . The Board’s Independent Chairman chaired the executive sessions. Strategy Oversight The Board and its committees provide strategic guidance to management and oversight of Occidental’s business strategy throughout the year. Various elements of strategy are discussed at every Board meeting, as well as at many meetings of the Board’s committees. Each year, the Board’s strategy oversight includes a dedicated discussion of significant risks and opportunities at the Board’s strategic planning meeting, which allows for an in-depth annual assessment of such risks and opportunities facing Occidental. At the 2024 strategic planning meeting, the Board continued its focus on the company’s assets and enabling technologies, as well as associated challenges and opportunities, and reviewed other important topics, such as the company’s existing uses of artificial intelligence (AI) and potential opportunities for AI with respect to data analytics, as well as the associated risks. With the closing of the CrownRock acquisition in August 2024, the Board reviewed strategic plans with respect to the CrownRock assets and the company’s Midland Basin operations more broadly. Also, while Occidental’s low-carbon ventures and carbon management platform is a topic that is a focus for the full Board throughout the year, it has continued to be a key topic of our annual strategic planning meeting in recent years. Given the variety of topics reviewed and the depth at which they are discussed, the annual strategic planning meeting affords the Board the opportunity to meet with expanded members of management, including internal subject-matter experts. Risk Oversight Risk oversight occurs at both the Board and committee levels. The Board is responsible for overseeing Occidental’s policies and procedures with respect to risk management, and it has empowered its committees with oversight of specific, material risks within each committee’s area of focus. Each of the Board