Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 35

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 35
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 outperforming guidance, as a result of gas marketing optimization efforts offsetting lower in-basin gas realizations in the Permian Basin.Occidental also made significant progress on our cash flow and shareholder return priorities. Inconnection with the CrownRock acquisition discussed above, we committed to repay $4.5 billion of debtwithin 12 months of closing. Occidental achieved this target ahead of schedule through a combinationof non-core divestitures and organic cash flow, delivering on our target in a measured and opportunisticway to maximize value. Cash Return on Capital Employed (CROCE) as a performance metric withinOccidental’s 2024 ACI award as well as a component of the 2024 LTI program reinforces theimportance of company strategic, operational and financial performance and emphasizes theimportance of capital efficiency and financial returns both in the short- and long-term, respectively.                                                                                                                                                                                                                                                                                                                                                     |

(1) Reserves replacement ratios (all-in and organic) are non-GAAP financial measures. See Annex A for reconciliations to GAAP. (2) Our Total Recordable Injury Rate (TRIR) per 200,000 employee work hours for the year ended December 31, 2024. (3) Free cash flow before working capital is a non-GAAP financial measure. See Annex A for a reconciliation to GAAP.

| 2025Proxy Statement |
| 37                  |

Compensation Discussion and Analysis

Focused on Pay-for-Performance Occidental remains committed to the pay-for-performance philosophy that underpins our executive compensation program. We strive to incentivize our executive team to focus on strategic business objectives that, when met, will continue to create shareholder value. To accomplish this, a substantial portion of NEO compensation is performance-based and, as a result, Occidental’s performance significantly impacts the realizable values of NEO compensation awards. For 2024 , the Compensation Committee established an appropriate mix of short-term and long-term incentive compensation, resulting in significant at-risk pay for Ms. Hollub at 90% and the other NEOs at an average of 84% . The Compensation Committee will continue to thoughtfully oversee the effectiveness of Occidental’s executive compensation structure for strong alignment between executive officer compensation and company performance and the shareholder experience. 84% At-Risk TARGET COMPENSATION AVERAGE OF OTHER NEOS TARGET COMPENSATION CEO Responsive to Shareholder Feedback 90% At-Risk Occidental’s Board and management remain committed to regularly engaging with our shareholders and soliciting their perspectives and