Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 36

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 36
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 input on compensation, governance and other matters of interest (e.g., operational, sustainability and human capital). Throughout 2024 and the beginning of 2025 , consistent with prior years, a broad array of Occidental management participated in these discussions, with active independent director participation either directly or through oversight of the shareholder engagement program. Based on our conversations with shareholders and the support of approximately 97% of the total votes cast in our 2021, 2022, 2023 and 2024 advisory Say-on-Pay votes, we believe that shareholders generally endorse the current executive compensation program, including the use of sustainability metrics in the annual cash incentive (ACI) award, and recognize that it is functioning as intended. While recognizing that competitive pay is necessary to attract and retain top executive talent, in response to shareholder feedback, the Compensation Committee maintained (i) a high level of at-risk pay, coupled with the continued use of returns-focused metrics, to support the compensation program’s strong pay-for-performance philosophy as discussed above and (ii) the weighting of sustainability metrics for the ACI award at 30% to remain closely aligned with the company’s net-zero and sustainability strategy. The Compensation Committee will continue to engage with shareholders on the design of the executive compensation program and promote alignment of executive officer pay with shareholder interests.

| WHAT WE HEARDMaintaining strong pay-for-performance alignment is key                                                                               |     | HOW WE RESPONDED►Performance Share Units (PSUs) continued to use relative Total Shareholder Return (TSR)and absolute Cash Return on Capital Employed (CROCE) metrics►Maintained the performance-based portion of the LTI program at 60%, which is comprisedof a performance-based TSR award (30%) and a performance-based CROCE award(30%), to promote alignment with the shareholder experience |
| The meaningful weighting ofsustainability metrics appropriatelyaligns short-term performancewith the company’s net-zero andsustainability strategy |     | ►Maintained the sustainability weighting at 30% for the2024ACI award►Maintained target categories of emissions reduction projects (Scope 1 and 2) and lowcarbon ventures (Scope 3) and updated the target metrics within those categories toadvance Occidental’s net-zero and sustainability strategy                                                                                            |

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Compensation Discussion and Analysis

Governance Features of the Executive Compensation Program The 2024 executive compensation program for the NEOs includes many best-practice features that are intended to enhance the alignment of compensation with the interests of Occidental’s shareholders