8-KLeadership ChangesRegulation FDExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Executive Changes (Mar 23, 2022)

Filed March 23, 2022For Securities:OXYOXY-WT

Summary

Occidental Petroleum Corporation (OXY) announced a change to its Board of Directors composition through an 8-K filing. Effective March 22, 2022, the company expanded its Board size from nine to ten directors and elected Vicky A. Bailey as a new director. Ms. Bailey brings extensive experience in the energy sector, with a background that includes leadership roles at PSI Energy, Inc., and positions within the U.S. Department of Energy, as well as regulatory experience at the Federal Energy Regulatory Commission and the Indiana Utility Regulatory Commission. Her appointment is notable given her current directorships with other publicly traded energy companies such as Cheniere Energy, Inc., Equitrans Midstream Corporation, and PNM Resources, Inc. This addition suggests a strategic move by Occidental to enhance its board's expertise and oversight. Ms. Bailey will be compensated according to the company's standard program for non-employee directors, receiving pro rata equity and retainer awards.

Key Highlights

  • 1Occidental Petroleum has expanded its Board of Directors from nine to ten members.
  • 2Vicky A. Bailey has been elected as a new director, effective March 22, 2022.
  • 3Ms. Bailey possesses significant experience in the energy industry, including past roles as President of PSI Energy and Assistant Secretary at the U.S. Department of Energy.
  • 4She has a strong regulatory background, having served as a Commissioner on both the Federal Energy Regulatory Commission and the Indiana Utility Regulatory Commission.
  • 5Ms. Bailey currently serves on the boards of several other public energy companies, including Cheniere Energy, Equitrans Midstream, and PNM Resources.
  • 6Her election is intended to strengthen the board's expertise and governance.
  • 7Ms. Bailey will receive standard compensation for non-employee directors, including pro rata equity and retainer awards.

Frequently Asked Questions

Vicky A. Bailey is the newly elected director at Occidental Petroleum. She has a distinguished career in the energy sector, having served as President of PSI Energy, Inc. (a Cinergy Corp. subsidiary), Assistant Secretary for Policy and International Affairs at the U.S. Department of Energy, and as a Commissioner on both the Federal Energy Regulatory Commission (FERC) and the Indiana Utility Regulatory Commission. She also holds board positions at Cheniere Energy, Equitrans Midstream, and PNM Resources.

Occidental Petroleum expanded its Board of Directors from nine to ten members to accommodate the election of Vicky A. Bailey. This suggests a strategic decision to enhance the board's depth of experience and oversight capabilities, particularly in the energy sector.

Ms. Bailey will be compensated according to Occidental Petroleum's standard compensation program for non-employee directors. This includes receiving a pro rata portion of the 2021-2022 common stock equity award and a pro rata portion of the 2021-2022 retainer paid to non-employee directors.

While Ms. Bailey holds directorships with other publicly traded energy companies, the filing does not indicate any specific conflicts of interest related to her appointment at Occidental Petroleum. Such appointments are common for experienced directors and are typically managed through standard corporate governance protocols and disclosure requirements.