Occidental Petroleum Corporation (NYSE:OXY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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Occidental Petroleum Corporation (NYSE:OXY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Occidental Petroleum Corporation (NYSE:OXY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 10, 2019, the Board of Directors (the “Board”) of Occidental Petroleum Corporation (“Occidental”) increased the size of the Board from nine to 10 directors in order to elect Robert “Bob” M. Shearer, a former managing director of BlackRock Advisors, LLC, to the Board. The Board appointed Mr. Shearer to serve as a member of the Audit Committee and Environmental, Health and Safety Committee.
Mr. Shearer, 64, has over 35 years of experience in securities and leading investment management firms. Before retiring from BlackRock in 2017, he was co-head of BlackRock’s Equity Dividend team and a member of the Fundamental Equity Platform within BlackRock’s Portfolio Management Group. Mr. Shearer was also the portfolio manager for both the BlackRock Equity Dividend Fund and Natural Resources Trust, which grew from $500 million to over $50 billion under his leadership. Previously, he managed the Merrill Lynch World Natural Resources Portfolio for Merrill Lynch Investment Managers, which merged with BlackRock in 2006.
There are no arrangements or understandings between Mr. Shearer and any other persons to which he was selected as a director. to Occidental’s compensation program for non-executive directors, Mr. Shearer received (i) a pro rata portion of the 2019 common stock equity award granted to non-employee directors, consisting of 3,718 shares of common stock, and (ii) a pro rata portion of the 2019 retainer paid to non-employee directors.
Item 7.01 Regulation FD.
On July 10, 2019, Occidental issued a press release with respect to Mr. Shearer’s election to the Board. The press release, furnished as Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.

OCCIDENTAL PETROLEUM CORP /DE/ Exhibit
EX-99.1 2 nc10003219x1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Robert M. Shearer Elected to Occidental Board of Directors HOUSTON — July 10,…
To view the full exhibit click here

About Occidental Petroleum Corporation (NYSE:OXY)

Occidental Petroleum Corporation is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas. The OxyChem segment manufactures and markets basic chemicals and vinyls. OxyChem owns and operates manufacturing plants at approximately 20 domestic sites in Alabama, Georgia, Illinois, Kansas, Louisiana, Michigan, New Jersey, New York, Ohio, Pennsylvania, Tennessee and Texas, and at two international sites in Canada and Chile. The midstream and marketing segment gathers, processes, transports, stores, purchases and markets oil, condensate, NGLs, natural gas, carbon dioxide (CO2) and power. It also trades around its assets, including transportation and storage capacity. Additionally, the midstream and marketing segment invests in entities that conduct similar activities.