Form 4: Occidental Petroleum Executive Peter J. Bennett Reports Stock Transactions

Vice President Peter J. Bennett of Occidental Petroleum reports acquisition and disposal of company stock related to tax obligations and RSU awards.

Summary

• Peter J. Bennett, a Vice President at Occidental Petroleum, reported changes in his beneficial ownership of the company's common stock.
• On February 28, 2024, and February 29, 2024, shares were withheld to cover tax obligations upon the vesting of restricted stock units (RSUs) at prices of $60.26 and $60.61 respectively.
• On March 1, 2024, Bennett was awarded 17,927 RSUs under the company's Amended and Restated 2015 Long-Term Incentive Plan.
• These RSUs will vest in three equal annual installments starting February 28, 2025.
• As of March 1, 2024, Bennett directly owns 146,156 shares of common stock and indirectly owns 6,079 shares through the OPC Savings Plan.

Sentiment

Score: 6

Explanation: The document reflects standard executive compensation practices and stock transactions, suggesting a neutral sentiment. The RSU award could be viewed slightly positively, indicating confidence in the company's future.

Positives

• The award of RSUs to a company executive can be seen as a positive sign, aligning the executive's interests with those of the shareholders.

Future Outlook

The RSUs will vest in three equal annual installments beginning on February 28, 2025, indicating a continued alignment of the executive's interests with the company's long-term performance.

Industry Context

Executive stock transactions are a common occurrence in publicly traded companies and are regularly monitored by investors for insights into management's confidence in the company's prospects.

Comparison to Industry Standards

• Stock-based compensation is a common practice among large corporations like Occidental Petroleum to incentivize executives.
• The vesting schedule of the RSUs (three equal annual installments) is a typical arrangement.
• Comparing the size of the RSU award to those of executives at peer companies such as ExxonMobil or Chevron would provide a better understanding of its relative significance.

Stakeholder Impact

• The RSU award aligns executive interests with shareholder value.
• The transactions themselves have a minimal direct impact on other stakeholders.

Key Dates