UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM 8-K

 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
 
Date of Report (Date of Earliest Event Reported): January 2, 2020
 

OCCIDENTAL PETROLEUM CORPORATION
(Exact Name of Registrant as Specified in Charter)

 
Delaware
1-9210
95-4035997
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)

5 Greenway Plaza, Suite 110
Houston, Texas
 
77046
(Address of Principal Executive Offices)
 
(Zip Code)

Registrant’s Telephone Number, Including Area Code: (713) 215-7000
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of Each Class
 
Trading Symbol(s)
 
Name of Each Exchange on Which
Registered
Common Stock, $0.20 par value
 
OXY
 
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On January 2, 2020, the Board of Directors (the “Board”) of Occidental Petroleum Corporation (“Occidental”) increased the size of the Board from 10 to 11 directors in order to elect Andrew Gould, a former Chairman and Chief Executive Officer of Schlumberger Limited (“Schlumberger”), to the Board effective March 1, 2020.

Mr. Gould has more than 40 years of experience in the oil and gas industry. From 2003 to 2011, he served as Chairman and Chief Executive Officer of Schlumberger, a leading oilfield services company. Mr. Gould began his career at Schlumberger in 1975 in its Internal Audit department, based in Paris. In addition to his career at Schlumberger, Mr. Gould served as non-Executive Chairman of BG Group, a multinational oil and gas company, from 2012 until its sale to Royal Dutch Shell in 2016.  He served as interim Executive Chairman in 2014. He currently serves as a member of the Board of Directors of Saudi Aramco, a leading global energy company, and BJ Services, a private oilfield services company. Mr. Gould has an undergraduate degree in Economic History from Cardiff University and qualified as a Chartered Accountant with the Institute of Chartered Accountants in England and Wales.

There are no arrangements or understandings between Mr. Gould and any other persons pursuant to which he was selected as a director. Mr. Gould has not been appointed to any committees of the Board at this time. Pursuant to Occidental’s compensation program for non-employee directors, Mr. Gould will be entitled to receive (i) a pro rata portion of the 2019-2020 common stock equity award granted to non-employee directors and (ii) a pro rata portion of the 2019-2020 retainer paid to non-employee directors.

Item 7.01
Regulation FD Disclosure.

On January 2, 2020, Occidental issued a press release with respect to Mr. Gould’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.

 
Exhibit
No.
Description
     
 
Press Release dated January 2, 2020.
     
 
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: January 7, 2020
OCCIDENTAL PETROLEUM CORPORATION
   
 
By:
/s/ Nicole E. Clark
 
Name:
Nicole E. Clark
 
Title:
Vice President, Deputy General Counsel and Corporate Secretary


Exhibit 99.1


Andrew Gould Elected to Occidental Board of Directors

HOUSTON — January 2, 2020 — Occidental Petroleum Corporation (NYSE:OXY) announced today that Andrew Gould, former Chairman and Chief Executive Officer of Schlumberger Limited, has been elected to its Board of Directors effective March 1, 2020.

Mr. Gould has more than 40 years of experience in the oil and gas industry. From 2003 to 2011, he served as Chairman and Chief Executive Officer of Schlumberger, a leading oilfield services company. Mr. Gould began his career at Schlumberger in 1975 in its Internal Audit department, based in Paris.

“Andrew brings a valuable perspective to the Board through his extensive experience as a chief executive in the oil and gas industry,” said Gene L. Batchelder, Chairman of the Board. “Throughout his long career, he drove significant value creation while managing a global business. Andrew’s knowledge and decades of operational and financial leadership in the industry will benefit the Board and add valuable insight as Occidental continues to focus on generating returns for shareholders.”

Regarding his appointment to the Board, Mr. Gould stated, “I have long admired Occidental’s industry position and demonstrated ability to innovate. Its advanced knowledge of using CO2 in enhanced oil recovery will be an important element in lowering the company’s total emissions.  I am honored to join the Board during such an exciting time for the company as it leverages its operational excellence to extract more value from a world-class portfolio of assets.”

In addition to his career at Schlumberger, Mr. Gould served as non-Executive Chairman of BG Group, a multinational oil and gas company, from 2012 until its sale to Royal Dutch Shell in 2016.  He served as interim Executive Chairman in 2014. He currently serves as a member of the Board of Directors of Saudi Aramco, a leading global energy company, and BJ Services, a private oilfield services company. Mr. Gould has an undergraduate degree in Economic History from Cardiff University and qualified as a Chartered Accountant with the Institute of Chartered Accountants in England and Wales.

About Occidental
 
Occidental is an international oil and gas exploration and production company with operations in the United States, Middle East and Latin America. We are the leading producer and largest acreage holder in the Permian Basin. Occidental is advancing a lower-carbon future with our subsidiary Oxy Low Carbon Ventures, which promotes innovative technologies that drive cost efficiencies and economically grow our business while reducing emissions. We also have a marketing and midstream business and WES Midstream, which includes Western Midstream Partners, LP. OxyChem, our chemical subsidiary, is among the top three U.S. producers for the principal products it manufactures and markets. Occidental posts or provides links to important information on our website at oxy.com.
 
Contacts:

Media:
Melissa E. Schoeb
713-366-5615
melissa_schoeb@oxy.com

or

Investors:
Jeff Alvarez
713-215-7864
jeff_alvarez@oxy.com

On the web: oxy.com