Occidental Petroleum (OXY) AGM 2026 summary

Opening remarks and agenda

• Meeting commenced with introductions and a reminder about forward-looking statements and non-GAAP measures, referencing recent SEC filings for risk disclosures.

• Agenda and rules of conduct were outlined, with voting procedures and eligibility explained.

Financial performance review

• Achieved record annual production of 1.43 million BOE per day in 2025, while reducing oil and gas capital by $300 million and operating expenses by $275 million.

• Increased resource base by 2.5 billion BOE to 16.5 billion BOE, providing over 30 years of low-cost development opportunity.

• Generated $10.5 billion in operating cash flow and $4.3 billion in free cash flow before working capital in 2025.

• Accelerated principal debt reduction by $4 billion, reducing principal debt to $13.8 billion as of March 19.

• Efficiency gains attributed to AI implementation and continued focus on cost and capital efficiency.

Board and executive committee updates

• CEO Vicki Hollub announced retirement effective June 1, remaining on the Board; Richard Jackson named as new President and CEO and Board member.

• Board composition includes 10 nominees, nine of whom are independent, with ongoing refreshment and focus on diversity and relevant skills.

• Board actively discusses refreshment and evaluates director skills annually, with attention to technology and AI expertise.