Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 44

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 44
---
 in the company’s short- and long-term incentive programs because of the importance of capital efficiency to our strategy, and that the varying lengths of the measurement periods create different, yet complementary, incentives for our NEOs. Our CROCE target performance was set at a slightly lower level in 2024 compared to 2023 to reflect commodity prices existing at the time of the business plan; considering these factors, the Compensation Committee believes that the 2024 goal was set at a rigorous level for value creation and was at least as challenging as the 2023 goal. ► The sustainability metric remains weighted 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 (Scope 1 and 2) and low carbon ventures (Scope 3). The low carbon ventures targets focus on business development for DAC and CCUS that promotes progress toward our 2050 net-zero ambition for our total carbon inventory, including Scope 3 emissions. The Compensation Committee set target performance goals for each metric that it believed were rigorous based on Occidental’s detailed capital program and business plan, projections from the strategic planning team and business unit heads, prior-year results and third-party forecasts relating to future market conditions and other external market factors. Review and Final Determination. After determining the structure of the ACI award, at each regular meeting, Compensation Committee members receive updates regarding and review progress toward each target performance goal and, following the performance period, carefully analyze annual performance to inform the Compensation Committee’s payout determination.

| 44 |

Compensation Discussion and Analysis

2024 Annual Cash Incentive Award

|                | Weight                      | PotentialPayoutRange                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                      PerformanceMetric | Target Performance | Result as ofDecember 31, 2024 | WeightedScore |
|:---------------|:----------------------------|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|-------------------:|:------------------------------|:--------------|
|                | Financial                   |                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                        |                    |                               |               |
|                | 0% - 70%                    | Total Spendper Barrel(1)                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                 $30.15 |             $29.30 | 55%                           |               |
| 0% - 70%       | CROCE                       | 21%                                                                                                                                                                                                                                          |