Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 2

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 2
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contributing to meaningful outperformance.These operational achievements enabled Occidental to generate$11.7 billion of operating cash flow and $4.6 billion of free cash flowbefore working capital1and helped the company achieve its near-term commitment of repaying $4.5 billion of debt several monthsahead of schedule. This performance also supported the Board’s |     | approval of an approximate 22% dividend increase in early 2024 andan approximate 9% dividend increase in early 2025.ADVANCING SOLUTIONS FOR OUR FUTUREOccidental continues to actively develop and progress DAC,emissions reduction and other low-carbon initiatives that promote thelong-term sustainability of its energy and chemical businesses.Occidental achieved construction and mechanical completion forTrains 1 and 2, the capture units for Phase 1 of STRATOS, which ison track for mid-year commission and startup. Additionally, to reduceexpenditures and enhance operational efficiencies in the near term,Occidental plans to incorporate some of the learnings from theaccelerated CE R&D activity that we were able to see during our CEInnovation Centre site visit into Phase 2 of STRATOS. From anemissions reduction perspective, Occidental sustained zero routineflaring in its U.S. oil and gas operations and reduced routine flaring inglobal oil and gas operations by 80% compared to its 2020 baseline.We continue to be proud of employees’ efforts and ideas to reduceemissions across Occidental’s operations.LISTENING TO SHAREHOLDER FEEDBACKDuring the past year, Occidental again proactively engaged withshareholders collectively representing a majority of sharesoutstanding, with independent director participation in several ofthese discussions. Feedback from these engagements is discussedat each regular Board meeting and has informed our viewpoints anddecisions. We remain committed to regular and transparentengagement with shareholders and other stakeholders. We valueyour views and would like to hear from you. If you would like to writeto the Board, you may address your correspondence to the Board ofDirectors, in care of the Corporate Secretary, Occidental PetroleumCorporation, 5 Greenway Plaza, Suite 110, Houston, Texas 77046.In 2025, with an ongoing focus on growing shareholder returns, wewill continue to remain diligent in exercising our oversightresponsibilities of Occidental’s strategy and risks. Thank you for yourcontinued trust in the Board and support of Occidental. We aregrateful to serve on your behalf.Sincerely,On Behalf of