Occidental Petroleum (OXY) Proxy filing summary

Executive summary

• Achieved record annual production of 1.43 million BOEPD in 2025, reduced capital and operating costs by $575 million, and increased the resource base to 16.5 billion BOE.

• Generated $10.5 billion in operating cash flow and $4.3 billion in free cash flow before working capital, enabling $4 billion in principal debt reduction and an 18%+ increase in quarterly dividends.

• Completed the sale of OxyChem for $9.7 billion, further strengthening the balance sheet and focusing on high-return oil and gas assets.

• Advanced direct air capture and carbon sequestration initiatives, including the STRATOS facility expected online in 2026.

• Engaged with shareholders representing over 60% of outstanding shares, incorporating feedback into governance and compensation decisions.

Voting matters and shareholder proposals

• Shareholders will vote on electing ten directors, an advisory vote on executive compensation, and ratification of KPMG as independent auditor.

• Board recommends voting “FOR” all proposals.

• Shareholders can submit proposals and director nominations for the 2027 meeting, with clear advance notice and proxy access procedures.

Board of directors and corporate governance

• Board comprises 10 nominees, 9 of whom are independent, with an average tenure of 8.9 years and 50% diversity.

• Committees are composed entirely of independent directors, with regular rotation of committee chairs and a focus on board refreshment.

• Annual board and committee evaluations, director education, and succession planning are emphasized.

• Shareholders have rights to call special meetings, propose actions by written consent, and proxy access for director nominations.