Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 11

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 11
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 award opportunity and the target value of long-term incentive awards. Significant Portion of ACI Award Tied to Sustainability Based on shareholder feedback, the Compensation Committee maintained the sustainability metric weighting for the 2024 ACI Award at 30% to continue advancing the company’s net-zero and sustainability strategy and incentivize executives to address Occidental’s Scope 1, 2 and 3 emissions in the short term by including targets focused on emissions reduction projects and low carbon ventures. For more information, see " Compensation Discussion and Analysis - Elements of the 2024 Compensation Program - Annual Cash Incentive " beginning on page 43 . 30%

| Emissions Reduction Projects(Scope 1 and 2) Targets                                                                                                                                                                                                                                                                                                                                                                                              |
| Reduce operating emissions►Deploy at least 5 projects or operational changes to reduce Scope 1 or2 GHG or other air emissions►Deploy the SensorUp GEMS platform in assets that will supply gas toSTRATOS and expand Leak Detection and Repair (LDAR) Accelerationmodules to additional areas across U.S. Onshore Resources andCarbon Management (ORCM) operations►Apply the 2023 asset registry data to enhance emissions estimatesand reporting |

| 12 |

Proxy Statement Summary

Highlights of Executive Compensation Program Policies and Practices 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.

| WHAT WE DO✓Pay for Performance.A substantial majority of NEO compensation is performance-based. The Compensation Committeereviews the metrics underlying the LTI program and ACI awards annually to evaluate their continued alignment withOccidental’s business priorities.✓Listen to Shareholder Feedback.The Compensation Committee reviews and considers shareholder feedback. Forexample, it contributed to the Compensation Committee’s decisions to maintain the weighting of sustainability metrics at 30%for the 2024 ACI award. Shareholder feedback also informed the Compensation Committee’s decision to continue theperformance-based allocation of the 2024 LTI program at 60%.✓Clawback in the Event of Misconduct.Occidental maintains a clawback policy which is intended to comply with therequirements of NYSE Listing Standard 303A.14 implementing Rule 10D-1 under the Securities Exchange Act. In addition,the Compensation Committee has the authority to clawback ACI payouts and both time- and performance-based LTI awardsfor violations of Occidental’s Code of Business Conduct and related policies.✓Emphasize Stock Ownership