April 27, 2010 04:59 PM Eastern Daylight Time
Oxy Expands and Strengthens
Responsibilities of Lead Independent Director
Stockholder Proposal for Oxy to Separate Roles of Chairman and CEO
LOS ANGELES--(BUSINESS WIRE)--Occidental Petroleum Corporation (NYSE:OXY) announced today that it has
expanded and strengthened the duties and responsibilities of its Lead
Independent Director, including advising the Chairman on the materials
to be provided by management to the Board and approving the agendas for
all Board and Committee meetings. As a result, a stockholder proposal
for Oxy to separate the roles of Chairman and Chief Executive Officer
which was to be presented for stockholder consideration at Oxy’s May 7,
2010 Annual Meeting has been withdrawn.
Oxy will report the results of the remaining ten proposals and election
of the Board immediately following the May 7 meeting.
Occidental Petroleum Corporation is an international oil and gas
exploration and production company with operations in the United States,
Middle East/North Africa and Latin America regions. Oxy is the fourth
largest U.S. oil and gas company, based on equity market capitalization.
Oxy's wholly owned subsidiary, OxyChem, manufactures and markets
chlor-alkali products and vinyls. Occidental is committed to
safeguarding the environment, protecting the safety and health of
employees and neighboring communities and upholding high standards of
social responsibility in all of the company's worldwide operations.
Statements in this release that contain words such as "will," “should,”
"expect," or "estimate," or otherwise relate to the future, are
forward-looking and involve risks and uncertainties that could
significantly affect expected results. Factors that could cause actual
results to differ materially include, but are not limited to: global
commodity price fluctuations and supply/demand considerations for oil,
gas and chemicals; exploration risks, such as drilling of unsuccessful
wells; not successfully completing any expansions, field development,
capital projects, acquisitions, or dispositions; higher-than-expected
costs; political risk; operational interruptions; and changes in tax
rates. You should not place undue reliance on these forward-looking
statements which speak only as of the date of this release. Unless
legally required, Occidental does not undertake any obligation to update
any forward-looking statements as a result of new information, future
events or otherwise. U.S. investors are urged to consider carefully the
disclosures in our Form 10-K, available through the following toll-free
telephone number, 1-888-OXYPETE (1-888-699-7383) or on the Internet at http://www.oxy.com.
You also can obtain a copy from the SEC by calling 1-800-SEC-0330.