Summary
Occidental Petroleum Corporation (OXY) filed an 8-K on July 5, 2016, to report a temporary suspension of trading under its employee benefit plans, specifically the Savings Account Plan and Retirement Account Plan. This 'Blackout Period' is necessitated by a transition to a new record keeper and is scheduled to commence on August 4, 2016, with an expected end date during the week of August 8, 2016. During this period, directors and executive officers will face trading restrictions on OXY's common stock, as mandated by the Sarbanes-Oxley Act. Investors should be aware that this is a standard administrative procedure related to plan administration and not indicative of any company-specific financial distress or material event. Information on the exact start and end dates can be obtained from the Company's Corporate Secretary.
Key Highlights
- 1OXY is implementing a 'Blackout Period' for its employee savings and retirement plans.
- 2The Blackout Period is due to a transition to a new record keeper for these plans.
- 3Trading restrictions will be imposed on directors and executive officers during this period.
- 4The Blackout Period is expected to start on August 4, 2016, and conclude the week of August 8, 2016.
- 5This action is compliant with ERISA and Sarbanes-Oxley Act regulations.
- 6Investors can obtain specific details about the Blackout Period from OXY's Corporate Secretary.