California Resources Corporation (NYSE:CRC) Files An 8-K Submission of Matters to a Vote of Security HoldersItem 5.07
Submission of Matters to a Vote of Security Holders.
|
(a) |
The Company held its 2018 Annual Meeting of Stockholders (the “Annual Meeting”) on May 9, 2018. |
|
(b) |
The following actions were taken at the Annual Meeting, for which proxies were solicited to Regulation 14A under the Securities Exchange Act of 1934, as amended, and the final number of votes cast for, against or withheld, abstentions and broker non-votes for each matter are set forth below: |
|
1. |
The nine director nominees named in the Company's proxy statement were elected with the following votes: |
|
Nominee |
For |
Against |
Abstentions |
Broker Non-Votes |
|
William E. Albrecht |
18,836,357 |
420,269 |
31,717 |
18,033,868 |
|
Justin A. Gannon |
18,892,354 |
363,112 |
32,877 |
18,033,868 |
|
Harold M. Korell |
18,851,669 |
403,000 |
33,674 |
18,033,868 |
|
Harry T. McMahon |
18,946,956 |
307,593 |
33,794 |
18,033,868 |
|
Richard W. Moncrief |
18,920,506 |
335,364 |
32,473 |
18,033,868 |
|
Avedick B. Poladian |
18,832,257 |
421,729 |
34,357 |
18,033,868 |
|
Anita M. Powers |
18,973,977 |
283,937 |
30,429 |
18,033,868 |
|
Robert V. Sinnott |
18,841,787 |
413,405 |
33,151 |
18,033,868 |
|
Todd A. Stevens |
18,936,224 |
324,226 |
27,893 |
18,033,868 |
|
2. |
The ratification of the selection of KPMG LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2018 was approved. The proposal received 35,669,241 votes for; 1,535,084 votes against; and 118,786 abstentions. |
|
3. |
The advisory vote to approve named executive officer compensation was approved. The proposal received 18,617,133 votes for; 573,547 votes against; 97,663 abstentions and 18,033,868 broker non-votes. |
|
4. |
The Second Amendment to the California Resources Corporation 2014 Employment Stock Purchase Plan was approved. The proposal received 18,958,179 votes for; 228,944 votes against; 101,220 abstentions; and 18,033,868 broker non-votes. |
|
5(a). |
The proposal to change the supermajority vote requirement for stockholders to remove directors without cause to a majority vote requirement was not approved. The proposal received 19,065,484 votes for; 176,712 votes against; 46,147 abstentions; and 18,033,868 broker non-votes. |
|
5(b). |
The proposal to change the supermajority vote requirement for stockholders to amend the Bylaws to a majority vote requirement was not approved. The proposal received 19,024,134 votes for; 213,253 votes against; 50,956 abstentions; and 18,033,868 broker non-votes. |
|
5(c). |
The proposal to change the supermajority vote requirement for stockholders to amend certain provisions of the Amended and Restated Certificate of Incorporation to a majority vote requirement was not approved. The proposal received 19,026,894 votes for; 208,834 votes against; 52,615 abstentions; and 18,033,868 broker non-votes. |
About California Resources Corporation (NYSE:CRC)
California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produces approximately 160 thousand barrels of oil equivalent per day (MBoe/d). It has net proved reserves of over 640 million barrels of oil equivalent (MMBoe). It operates approximately three drilling rigs across the state with over two located in the San Joaquin basin (steamflood activities) and approximately one in the Los Angeles basin (waterflood activities). It has drilled over 290 gross development wells with over 250 wells in the San Joaquin basin and approximately 30 wells in the Los Angeles basin. It has also drilled approximately three exploration wells in the San Joaquin basin. Its operations include approximately 140 fields with over 9,070 gross active wellbores. It sells its crude oil, natural gas and natural gas liquids production to marketers, California refineries and other purchasers.
