Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 10

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 10
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, wellperformance and operationaldifferentiation►Potential impact of U.S. presidentialadministration change on ourbusinesses►CrownRock integration andopportunities►STRATOS progress and DACfinancing, including the BlackRock jointventure►OxyChem and Midstream outlook►OLCV updates and cash flow potential►Board composition and refreshment►Board oversight of thecompany’s strategy and risk►Climate, sustainability and humancapital matters►Design and structure of our executivecompensation program |

Meaningful Dialogue with Shareholders. Occidental uses engagement with shareholders, as well as other stakeholders, to have meaningful dialogue on governance, sustainability and other matters. During our recent series of off-season engagements in the fall/winter, we discussed governance-related items, including Board composition and succession planning. We also continued to discuss climate and sustainability matters, including updates on STRATOS as well as our sustainability practices and reporting. These conversations give us a better understanding of shareholder and stakeholder interests and have helped inform our sustainability strategy and enhance Occidental’s climate-related disclosure. Executive Compensation Program Summary The Compensation Committee strives to maintain a competitive compensation program that will attract, retain and motivate outstanding executives by providing incentives to reward them for superior performance that supports Occidental’s long-term strategic objectives, across the commodity price cycle. The primary elements of our executive compensation program consist of base salary, an annual cash incentive award and long-term incentive awards. Our CEO’s compensation is heavily weighted toward long-term incentive awards, of which 60% were conditioned on Occidental’s three-year relative TSR and absolute CROCE performance (terms defined below).

| 2025Proxy Statement |
| 11                  |

Proxy Statement Summary

Allocation of Direct Compensation Elements in 2024 A substantial majority of named executive officer (NEO) compensation is dependent on performance. 90% of Ms. Hollub’s (and an average of 84% of the other NEOs’) target direct compensation opportunity is variable, or at risk. The ultimate value of at-risk compensation is dependent on company performance outcomes, the result of the Compensation Committee’s assessment of each individual’s performance and Occidental’s stock price performance.

| CEO TARGET DIRECT COMPENSATION MIX(1)— 90% VARIABLE/AT RISK |

10% Base Salary 15% ACI Award 30% RSU Award 22.5% CROCE Award 22.5% TSR Award 25% Cash 75% Stock Awards (1) Target direct compensation is composed of base salary, target annual cash incentive