Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 33

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 33
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President, International Oiland Gas Operations | RICHARD A. JACKSONSenior Vice President andPresident, U.S. OnshoreResources and CarbonManagement, Operations |                                                              | ROBERT L. PETERSONSenior Vice President andExecutive Vice President,Essential Chemistryof OxyChem |

| TABLE OF CONTENTS |

| Executive Summary                                                 | 36 |
| Governance Features of the ExecutiveCompensation Program          | 38 |
| Overview of the2024Executive Compensation Program                 | 39 |
| Compensation Program Emphasizes Performance                       | 40 |
| Say-on-Pay Vote                                                   | 40 |
| Participants in the Executive CompensationDecision-Making Process | 41 |

| Elements of the2024Compensation Program               | 43 |
| Other Compensation and Benefits                       | 47 |
| Individual Compensation Considerations                | 48 |
| Additional Compensation Policies and Practices        | 53 |
| Risk Assessment of Compensation Policiesand Practices | 54 |
| Compensation Committee Report                         | 54 |

| 36 |

Compensation Discussion and Analysis

Executive Summary Driven by Results: Business Overview and Outlook Through the exceptional dedication and hard work of our employees, Occidental outperformed across all three of our segments in 2024 . This enabled our sustainable and growing dividend, which the Board increased to 22 cents per share effective as of the April 2024 common dividend and 24 cents per share effective as of the April 2025 common dividend. Occidental excelled in strategic execution throughout the year, positioning the portfolio to maximize value by increasing exposure to short-cycle, high-return assets while also advancing major projects aimed at delivering sustainable returns through the cycle.

| Strategic AdvancementIn August 2024, Occidental strengthened our portfolio with the addition of the CrownRock assets in theMidland Basin. This acquisition enhances our Permian portfolio, adding Midland Basin scale and high-margin inventory, and continues to demonstrate value with both our operational and production resultsexceeding expectations.Occidental also advanced DAC and other low-carbon initiatives that can help society achieve a moresustainable and secure energy future. Construction at STRATOS progressed on schedule, and wecompleted construction of Trains 1 and 2, the capture units for Phase 1 of STRATOS in December. Thistremendous effort positions Occidental to bring Phase 1 of the project online this year. In2024, teamsacross the organization, from Carbon Engineering to OxyChem, also collaborated to accelerate thepace of research and development efforts