OCCIDENTAL PETROLEUM CORP /DE/

The non-employee directors receive a combination of cash, in the form of an annual retainer payable on a monthly basis, and stock-based

compensation. Occidental does not provide option awards, non-equity incentive awards or retirement plans for non-employee directors.

The Independent Chairman of the Board and the committee chairs receive additional compensation for their service due to the increased

responsibilities that accompany these positions. Ms. Hollub does not receive any compensation for her service as a director.

The following table describes the components of the non-employee director compensation program for the 2025-2026 term:

Annual Equity Award

The Board believes that director and shareholder interests should be aligned over the long term. In furtherance of this objective, the

majority of non-employee director compensation is equity-based compensation. Directors may elect to receive their annual equity award

in shares of common stock or in deferred common stock units.

Common Stock Award. Pursuant to the terms of the award, the director receives shares of common stock that are fully vested at grant

but subject to transfer restrictions. 50% of the shares may not be sold or transferred until the earlier of the third anniversary of the grant

date or the date of the director’s separation from service, and the remaining 50% may not be sold or transferred until the date of the

director’s separation from service; provided, however, that all of the shares become transferable in the event of certain change in

control events.

Deferred Stock Unit Award. Pursuant to the terms of the award, the director receives deferred stock units that are fully vested at grant but

subject to deferred settlement. Each deferred stock unit is equivalent to one share of common stock and payable in shares of common

stock upon the satisfaction of the deferral period. 50% of the deferred stock units are payable upon the earlier of the third anniversary

of the grant date or the date of the director’s separation from service, and the remaining 50% are payable on the date of the director’s

separation from service; provided, however, that all of the deferred stock units are payable in the event of certain change in control events.

All Other Compensation

Directors are eligible to participate in the Occidental Petroleum Corporation Matching Gift Program, which matches contributions made

by employees and directors to certain qualified, eligible charitable organizations. The limit for such matching contributions is $7,500.

Occidental also reimburses non-employee directors for expenses related to their Board service, including hotel, airfare, ground

transportation and meals.

Stock Ownership Guidelines

Each non-employee director is expected to beneficially own a number of shares of common stock or deferred stock units of Occidental

having a market price equal to at least six times the annual cash retainer for non-employee directors within five years of his or her election

to the Board. A director who does not meet the minimum ownership guideline may not sell any shares of Occidental common stock until

he or she meets the ownership guideline and would continue to meet the ownership guideline following any such sale. As of March 1,

2026, each of the non-employee directors was in compliance, or on track to comply, with these guidelines.

2026 Proxy Statement

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Non-Employee Director Compensation