Company: OXY-WT
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000797468-25-000054
Chunk: 41

Company: OCCIDENTAL PETROLEUM CORP /DE/
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 41
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%. Shareholder support also continued to play an important role in the Compensation Committee’s decision to maintain the sustainability metric of the ACI award at 30% and to continue to set targets for the sustainability metric to incentivize executives to advance emissions reduction projects (Scope 1 and 2 emissions) and progress low carbon ventures (Scope 3 emissions). The Compensation Committee believes that this structure provides for a stronger link between potential bonus payout and the advancement of the company’s net-zero and sustainability strategy. Role of Peer Company Information To evaluate how Occidental’s executive compensation program compares within the oil and gas industry, particularly with respect to award types, compensation mix, performance metrics and reported levels of compensation, the Compensation Committee reviews the executive compensation practices, programs and policies of a “compensation peer group,” as identified below. The Compensation Committee also reviews and considers oil and gas industry compensation surveys and related materials. This information is used only as a reference and not to establish compensation benchmarks, as Occidental does not benchmark executive compensation to a specific percentile within the compensation peer group. The Compensation Committee also maintains a “performance peer group” within the oil and gas industry, and the value of the TSR awards is dependent on Occidental’s three-year TSR performance as compared to the three-year TSR performance of the companies within the applicable performance peer group. The Compensation Committee regularly reviews these peer groups to assess whether they have reasonably similar business strategies, represent a mix of integrated and independent oil and gas companies (including companies representative of different oil industry sectors such as upstream, downstream and integrated companies), are comparable with Occidental in enterprise value and/or assets, and generally compete against Occidental for investor dollars and/or executive talent. After careful review and deliberation, and in consultation with Meridian, the Compensation Committee determined in 2023 to maintain the same compensation and performance peer groups for 2024.

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Compensation Discussion and Analysis

| Company                              | Stock Ticker | Compensation Peers(2024) | Performance Peers(2024TSR) | Enterprise Valueat12/31/24($ in billions)(1) |        |
| BP p.l.c.                            | BP           | ●                        | ●                          |                                              |  $97.5 |
| Chevron Corporation                  | CVX          | ●                        | ●                          |                                              | $280.7 |
| ConocoPhillips                       | COP          | ●                        | ●                          |                                              | $136.9 |
| EOG Resources, Inc.                  | EOG          | ●