Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 1

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 1
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 Texas, and numerous operational successes that drovestrong financial performance across all three segments domesticallyand abroad. Before discussing those in more detail, we would like tothank all of the employees and partners who we had an opportunityto engage with along the way. In July 2024, the Board visited CarbonEngineering’s (CE) Innovation Centre in Squamish, B.C. where wewere able to see the research and development (R&D) activitiesbeing performed to accelerate DAC technological advancements anddiscuss the cross-collaboration between CE and other Occidentalbusinesses and segments, such as OxyChem. Then, in September2024 at the Board’s dedicated strategy session, we met withemployees at varying levels of leadership who presented onstrategic, operational and technical matters of significance. Wecontinue to be impressed by Occidental’s culture, its dedicatedemployees and the important work they are doing to produce energyand essential chemicals and to develop low-carbon solutions, all ofwhich we believe are critical to a prosperous and sustainable future.DELIVERING ON STRATEGIC, OPERATIONAL ANDFINANCIAL PRIORITIES TO GENERATE LONG-TERM SHAREHOLDER VALUEIn August 2024, Occidental completed the acquisition of CrownRock,L.P., which complements and enhances Occidental’s premierPermian portfolio with the addition of high-margin production andlow-breakeven undeveloped inventory. The Board actively oversawthis strategic commercial transaction and continues to monitor theintegration of CrownRock employees and operations.Apart from this and other strategic achievements, Occidental’s robustoperational excellence drove strong financial performance in all threesegments. Occidental achieved record annual U.S. oil productionwith well performance leadership in all U.S. onshore basins as wellas record combined production from continuing operations with keycontributions from Occidental’s international assets and operations inOman, the UAE, Algeria and Qatar. Occidental also increasedproved reserves by approximately 15% year-over-year, with 4.6billion barrels of oil equivalent at year-end. Additionally, with strongoperational performance across its facilities, OxyChem generatedreported income of more than $1.1 billion and continued to progressthe modernization and expansion project at its Battleground plant inLa Porte, Texas, meeting key milestones to keep the project on trackfor completion in mid-2026. Midstream and Marketing also exceededexpectations, with Occidental’s gas marketing optimization effortsoffsetting lower in-basin gas realizations in the Permian and