Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 43

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 43
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 executive officer based on a review of compensation surveys, publicly available peer company data, the executive’s prior-year award value, retention considerations, the balance of short- and long-term pay and internal pay equity. The amounts earned by each NEO under the ACI award for 2024 , which were paid in the first quarter of 2025 , are reflected in the “Non-Equity Incentive Plan Compensation” column of the Summary Compensation Table on page 55 , as further described below. Setting the ACI Award Target. In connection with its annual review, the Compensation Committee approved increases for the ACI award targets for Ms. Hollub and Mr. Jackson in 2024 in light of their respective 2023 performance and to align with market practices. For more information regarding ACI award decisions for the NEOs in 2024 , see “Individual Compensation Considerations” beginning on page 48 ). Structure of the ACI Award. Potential payouts under the ACI award range from 0% to 200% of the target award amount, based on actual company performance, and may be adjusted upward or downward by up to 25% based on individual NEO performance. No such individual adjustments were made for 2024 . Weighting the Metrics. The Compensation Committee annually reviews all facets of the ACI award, with an aim to incentivize the NEOs to excel in areas that are aligned with Occidental’s business objectives. For the 2024 ACI award, the Compensation Committee approved metrics related to the company’s total spend per barrel, CROCE and sustainability goals: ► Our total spend per barrel goal was set at a slightly higher level in 2024 compared to 2023 to reflect operational and macroeconomic considerations such as inflationary pressures; considering these factors, the Compensation Committee believes that the 2024 goal was set at a rigorous level and was at least as challenging as the 2023 goal. ► CROCE was retained as a financial metric for 2024 to provide, in combination with total spend per barrel, a more comprehensive view of company strategic, operational and financial performance and a more balanced impact of commodity price changes on incentive plan results. CROCE in our ACI award was measured over a single year, with goals derived from our operating plan and expectations for 2024 . CROCE is also a metric in our PSU awards where it measures Occidental’s sustained multi-year operating plan and longer- term strategy. The Committee believes it is appropriate to have CROCE as a measure