Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 46

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 46
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 detection and attribution to specific equipment to facilitate timely reporting and mitigation, support permitting and capital planning and validate certain equipment counts for regulatory and voluntary reporting, including, but not limited to, the EPA’s Greenhouse Gas Reporting Program (EPA GHGRP), state emissions inventories in Colorado and New Mexico, the OGCI, OGMP 2.0 and the company’s annual Climate Report and Sustainability Report. (3) The Compensation Committee also determined that the target metrics for low carbon ventures were met above target, with the rationale summarized below: ► Occidental achieved construction and mechanical completion in December 2024 for Trains 1 and 2, the capture units for Phase 1 of STRATOS. ► Following the Carbon Engineering acquisition in 2023, Occidental established multi-disciplinary teams from Carbon Engineering, OLCV and OxyChem to work in parallel throughout 2024 with key partners to successfully formulate, design, engineer, bench test and/or pilot multiple technologies to reduce the equipment, materials and energy needed for DAC, including air contactors, pellet reactors, liquid sorbent and overall CO 2 capture/regeneration, and the associated operational footprint and cost. OLCV expects to incorporate these ongoing technological developments as applicable into DAC projects such as Phase 2 of STRATOS and the planned South Texas DAC project. ► Occidental actively progressed its sequestration hub plans in 2024, including drilling stratigraphic data wells at multiple sequestration hub site locations, submitting 21 Class VI CO 2 sequestration well permit applications across its six proposed hub sites by year-end 2024 and signing award contracts in 2024 with the DOE for two of Occidental’s sequestration hubs that were awarded CarbonSAFE grants in 2023.

| 2025Proxy Statement |
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Compensation Discussion and Analysis

Long-Term Incentive Program The majority of NEO compensation is determined by Occidental’s long-term performance. The LTI awards are intended to motivate and incentivize executives to achieve results (including stock price performance) that are consistent with Occidental’s strategic business objectives. The Compensation Committee believes that long-term incentive compensation should represent the largest portion of each NEO’s total compensation package and that the levels of payout ultimately achieved should reflect Occidental’s performance, both relative to peer company performance and on an absolute basis. During the process of determining the NEOs’ LTI compensation packages for 2024 , the Compensation Committee evaluated many factors, including: ► Alignment of executive officer