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.