Summary
Occidental Petroleum Corporation (OXY) announced on October 10, 2013, an expansion of its Board of Directors from 8 to 10 members. This increase was to accommodate the election of two new directors: William R. Klesse, Chairman and CEO of Valero Energy Corporation, and Gene L. Batchelder, former Senior Vice President and Chief Administrative Officer at ConocoPhillips Company. Both appointees bring extensive experience from leadership roles within major energy companies, enhancing the board's expertise in the sector. The company also disclosed that its subsidiaries have engaged in routine transactions involving the purchase and sale of oil and gas with Valero and Conoco in 2012 and 2013. These transactions, conducted in the ordinary course of business, represent significant volumes and are detailed in the filing for transparency. The new directors will receive compensation consistent with the company's program for non-executive directors, including restricted stock grants pro-rated for their initial term.
Key Highlights
- 1Occidental Petroleum expanded its Board of Directors from 8 to 10 members.
- 2William R. Klesse (Valero Energy CEO) and Gene L. Batchelder (former ConocoPhillips executive) were elected as new directors.
- 3The new directors bring significant executive experience from major energy corporations.
- 4No prior arrangements or understandings exist for the selection of these directors.
- 5New directors will receive pro-rata restricted stock grants and standard director compensation.
- 6Occidental subsidiaries conducted significant ordinary course of business transactions with Valero and Conoco in 2012-2013.
- 7Details of oil and gas purchase and sale transactions with Valero and Conoco are disclosed.