Summary
Occidental Petroleum Corporation (OXY) announced on July 19, 2016, an expansion of its Board of Directors from 11 to 12 members with the election of Jack B. Moore. Mr. Moore brings extensive experience in the oilfield services sector, having served as Chairman and CEO of Cameron International Corporation prior to its acquisition by Schlumberger. His appointment is effective as of July 14, 2016, and he will receive standard compensation for non-executive directors, including equity and retainer payments on a pro-rata basis. Investors should note Mr. Moore's background, which is highly relevant to the energy industry, particularly in operational and service aspects. Additionally, the filing discloses that Occidental subsidiaries engaged in ordinary course of business transactions with Cameron subsidiaries, totaling approximately $71.9 million in 2015 and $32.5 million year-to-date in 2016 for oilfield services. This disclosure addresses potential related-party transaction concerns, confirming the business relationship was ongoing and within normal operational parameters.
Key Highlights
- 1Board size increased from 11 to 12 directors.
- 2Jack B. Moore elected to the Board of Directors.
- 3Mr. Moore's background includes former Chairman and CEO of Cameron International Corporation.
- 4Mr. Moore brings significant experience from the oilfield services industry.
- 5Mr. Moore will receive pro-rata 2016 equity award and retainer for non-employee directors.
- 6Occidental subsidiaries conducted oilfield services transactions with Cameron subsidiaries.
- 7Transactions with Cameron subsidiaries totaled $71.9 million in 2015 and $32.5 million year-to-date in 2016.