Form 4: Occidental Petroleum Executive Jeff F. Simmons Reports Changes in Beneficial Ownership

Senior Vice President Jeff F. Simmons of Occidental Petroleum Corporation reports transactions involving company stock, including tax withholding and an award of restricted stock units.

Summary

• Jeff F. Simmons, a Senior Vice President at Occidental Petroleum Corporation, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
• On February 28, 2024, and February 29, 2024, shares of common stock were withheld to satisfy tax obligations upon the vesting of previously reported restricted stock units (RSUs) at prices of $60.26 and $60.61 respectively.
• On March 1, 2024, Simmons was awarded 20,209 RSUs under the company's Amended and Restated 2015 Long-Term Incentive Plan.
• These RSUs will vest in three equal annual installments starting on February 28, 2025.
• As of March 1, 2024, Simmons directly owns 276,699 shares of Occidental Petroleum common stock and indirectly owns 3,734 shares through the OPC Savings Plan.

Sentiment

Score: 7

Explanation: The document reflects standard executive compensation practices and insider transactions, which are neither overtly positive nor negative. The RSU award suggests a continued investment in the executive's role.

Positives

• The award of 20,209 RSUs to Jeff F. Simmons indicates continued investment in the company's leadership.

Future Outlook

The RSUs awarded will vest in three equal annual installments beginning on February 28, 2025, indicating a long-term incentive for the executive.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates standard compensation practices and tax-related stock transactions.

Comparison to Industry Standards

• RSU grants are a common form of executive compensation in the oil and gas industry, aligning executive interests with shareholder value.
• Companies like ExxonMobil (XOM) and Chevron (CVX) also utilize similar long-term incentive plans for their executives.

Stakeholder Impact

• The transactions have a minimal direct impact on stakeholders, as they primarily reflect internal compensation adjustments.

Key Dates