Claire O'Neill Elected to Occidental Board of Directors

Rhea-AI Summary

Occidental (NYSE: OXY) announced the election of Claire O'Neill to its Board of Directors, effective January 17, 2023. O'Neill is a former UK Minister for Energy and has significant experience in clean growth strategies. Her appointment increases the Board size from eight to nine members, where she will contribute to the Corporate Governance and Nominating Committee as well as the Sustainability and Shareholder Engagement Committee. Chairman Jack Moore emphasized her expertise in reducing emissions, enhancing Occidental's low-carbon initiatives and long-term sustainability, aiming to deliver value to shareholders.

Positive

• Claire O'Neill's extensive experience in energy and climate will enhance the Board's capabilities.
• Her leadership is expected to strengthen Occidental's low carbon initiatives and pathway to net zero.

Negative

• The increase in board size may raise concerns about decision-making efficiency.
• Potential challenges in aligning O'Neill's strategic vision with existing Board members.

HOUSTON, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Occidental (NYSE:OXY) announced today that Claire O'Neill, former Member of Parliament and Minister for Energy and Clean Growth in the UK Government, and a former Managing Director, Climate and Energy of the World Business Council for Sustainable Development (WBCSD), has been elected to its Board of Directors, effective as of January 17, 2023.

Ms. O'Neill’s appointment increases the size of the Board from eight to nine directors. She will serve on the Board's Corporate Governance and Nominating Committee and Sustainability and Shareholder Engagement Committee.

"Throughout her career, Claire has developed an approach that recognizes the role of oil and gas in the energy transition and focuses on reducing and removing emissions," said Jack Moore, Independent Chairman of the Board. "She is respected by both energy and climate advocates and has demonstrated leadership that will enhance our low carbon initiatives and pathway to net zero while ensuring the long-term sustainability of our business, delivering value to Occidental’s shareholders."

Regarding her appointment to the Board, Ms. O'Neill stated, "I'm honored to serve on Occidental's Board. Oxy is making strategic investments in innovative low carbon initiatives, including direct air capture and carbon storage, which can transform its business and help achieve global climate objectives.”

Ms. O'Neill has more than 16 years of experience in consulting, finance, and clean growth strategy. She currently serves as Co-Chair of the Global Imperatives Advisory Board for the WBCSD, an Executive Board Director and Chair of the International Advisory Council for Climate Impact X, and a co-founder and co-chair of the Responsible Energy Forum, among other senior advisory roles regarding climate and sustainability matters. She served as COP26 President-Designate from 2019 until 2020, leading the UK's successful bid to host the global climate summit in Glasgow. She has a Bachelor of Arts in Geography from Brasenose College at Oxford University and a Master of Business Administration from Harvard Business School.

About Occidental

Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

Contacts

Media	Investors
Eric Moses 713-497-2017 eric_ moses@oxy.com	Neil Backhouse 713-552-8811 investors@oxy.com

FAQ

Who is Claire O'Neill and what is her role at Occidental?

Claire O'Neill is a newly elected member of Occidental's Board of Directors, effective January 17, 2023. She will serve on the Corporate Governance and Nominating Committee as well as the Sustainability and Shareholder Engagement Committee.

What experience does Claire O'Neill bring to Occidental?

O'Neill has over 16 years of experience in consulting, finance, and clean growth strategy, previously serving as the UK Minister for Energy and COP26 President-Designate.

How many members are on Occidental's Board after Claire O'Neill's appointment?

With Claire O'Neill's appointment, the Board of Directors has increased from eight to nine members.

What committees will Claire O'Neill be involved with at Occidental?

O'Neill will participate in the Corporate Governance and Nominating Committee and the Sustainability and Shareholder Engagement Committee.

What is the expected impact of Claire O'Neill's appointment on Occidental's business?

Her leadership is anticipated to bolster Occidental's low carbon initiatives and enhance the company's approach to sustainability, benefiting long-term shareholder value.