Occidental Petroleum (OXY) AGM 2025 summary

Opening remarks and agenda

• The meeting commenced with introductions and a reminder about forward-looking statements and non-GAAP measures, with polls opening at 9:01 A.M. Central Time.

• The agenda and rules of conduct were outlined, and shareholders were informed about voting procedures and meeting logistics.

Financial performance review

• Achieved record U.S. oil production of 571,000 barrels per day and combined production of 1.3 million BOE per day in 2024.

• Year-end proved oil and gas reserves reached 4.6 billion BOE, a 15% increase from 2023.

• Generated $11.7 billion in operating cash flow and $4.9 billion in free cash flow before working capital in 2024.

• Paid approximately $800 million in dividends and repaid $4.5 billion of debt ahead of schedule.

Board and executive committee updates

• Ten director nominees were presented, nine of whom are independent, with ongoing board refreshment and a mix of tenures.

• Board performance evaluations and governance committee discussions guide future board composition.