8-KOther EventsExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Temporary Suspension of Trading Under Employee Benefit Plans (Jul 5, 2016)

Filed July 5, 2016For Securities:OXYOXY-WT

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.

Frequently Asked Questions

The Blackout Period is a temporary suspension of trading under Occidental Petroleum's Savings Account Plan and Retirement Account Plan. It is being implemented due to the transition to a new record keeper for these employee benefit plans. This is a common administrative procedure.

The Blackout Period primarily affects participants in the Company's Savings Account Plan and Retirement Account Plan. Additionally, OXY's directors and executive officers will be subject to trading restrictions on the company's common stock during this time, as required by law.

The Blackout Period is expected to begin at 1:00 p.m. CST on August 4, 2016, and is scheduled to end during the week of August 8, 2016. The exact end date may vary slightly based on the transition process.

This filing is primarily administrative and related to the management of employee benefit plans. It does not typically indicate any negative financial developments or material changes in the company's operations. It's a regulatory requirement to inform employees and officers about temporary trading limitations.