Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 39

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 39
---
                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

| 40 |

Compensation Discussion and Analysis

Compensation Program Emphasizes Performance A substantial majority of NEO compensation is dependent on performance. 90% of Ms. Hollub’s (and an average of 84% of the other NEOs’) 2024 target direct compensation opportunity is variable, or at risk. The ultimate value of at-risk compensation is dependent on company performance outcomes, the NEO’s continued employment and Occidental’s stock price performance.

| CEO TARGET DIRECT COMPENSATION MIX(1)- 90% VARIABLE/AT RISK |

TSR Award RSU Award ACI Award Base Salary CROCE Award Cash Stock Awards (1) Target direct compensation is composed of base salary, target ACI award opportunity, and the target value of LTI awards. Say-on-Pay Vote At the 2021, 2022, 2023 and 2024 Annual Meetings, Occidental’s Say-on-Pay vote received support from approximately 97% of the total votes cast. The Compensation Committee views these results as an endorsement by shareholders of the current structure of the company’s executive compensation program. Through shareholder engagement, shareholders and other stakeholders have expressed support for having a significant portion of CEO and other NEO compensation be variable, or at risk, and for enhancements to our proxy statement disclosure on compensation-related matters. We generally have also received positive feedback from shareholders and other stakeholders on having sustainability metrics for the ACI award to align executive compensation with Occidental’s net-zero and sustainability strategy in the short term and maintaining that weighting at 30%. The Compensation Committee values shareholder feedback and, equipped with such feedback, will strive to continue to enhance alignment of executive compensation with the interests of Occidental’s shareholders.

| At our 2021, 2022, 2023 and 2024 Annual Meetings, shareholders showed strongsupport for our executive compensation program with approximately 97% of thevotes cast at each meeting in favor of our Say-on-Pay vote. |

| 2025Proxy Statement |
| 41                  |

Compensation Discussion and Analysis

Participants in the Executive Compensation Decision-Making Process

| JACK B.MOOREChair |     | WILLIAMR. KLESSE |     | AVEDICKB. POLADIAN |     | KENNETH B.ROBINSON |

Role of the Independent Compensation Committee The Compensation Committee, composed entirely of independent members of the Board, is responsible for annually reviewing and approving all aspects of the Chief Executive Officer’s