8-KShareholder Matters

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Shareholder Vote Results (May 6, 2025)

Filed May 6, 2025For Securities:OXYOXY-WT

Summary

Occidental Petroleum Corporation (OXY) filed an 8-K detailing the outcomes of its 2025 Annual Meeting of Shareholders held on May 2, 2025. The report indicates strong shareholder support across all proposals presented. Notably, all ten director nominees were re-elected with overwhelming majority votes, reflecting shareholder confidence in the current board's leadership and strategy. Furthermore, shareholders overwhelmingly approved the executive compensation plan and ratified the appointment of KPMG as the independent auditor for the upcoming fiscal year. A significant proposal to approve the Amended and Restated 2015 Long-Term Incentive Plan also received substantial backing. These results suggest a unified shareholder base that is aligned with the company's governance and operational direction.

Key Highlights

  • 1All ten nominated directors were re-elected with over 95.85% of the votes cast in favor.
  • 2Shareholders overwhelmingly approved the advisory vote on executive compensation with 94.05% of votes in favor.
  • 3The ratification of KPMG as the independent auditor for the fiscal year ending December 31, 2025, received strong support with 97.94% of votes in favor.
  • 4The proposal to approve the Amended and Restated 2015 Long-Term Incentive Plan was approved by 97.12% of the votes cast.
  • 5Vicki A. Bailey and Robert M. Shearer received the highest 'For' percentages among the director nominees at 98.20% and 98.26% respectively.
  • 6A significant number of broker non-votes (140,366,887) were recorded across multiple proposals, indicating shares held by brokers that were not voted on specific items.
  • 7Shareholder engagement was high, with substantial votes cast for all key proposals.

Frequently Asked Questions

The main outcomes of the 2025 Annual Meeting of Shareholders for Occidental Petroleum included the re-election of all ten director nominees, the approval of executive compensation, the ratification of KPMG as the independent auditor, and the approval of the Amended and Restated 2015 Long-Term Incentive Plan. All proposals received significant shareholder support.

Shareholders voted overwhelmingly in favor of all ten director nominees. Each nominee received well over 95% of the votes cast in their favor, indicating strong confidence in the current Board of Directors.

Yes, the advisory vote to approve named executive officer compensation was approved by shareholders. Approximately 94.05% of the votes cast were in favor of the compensation plan.

Broker non-votes represent shares held by brokers on behalf of clients where the broker did not receive voting instructions from the client for a particular proposal. The substantial number of broker non-votes (140,366,887 across several proposals) suggests a large number of shares were held in "street name" and not voted by beneficial owners on those specific matters.