UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 20, 2012
OCCIDENTAL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware
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1-9210
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95-4035997
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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10889 Wilshire Boulevard
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Los Angeles, California
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90024
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(Address of principal executive offices)
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(ZIP code)
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Registrant’s telephone number, including area code:
(310) 208-8800
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 5 – Corporate Governance and Management
Item 5.02(b) and (c). Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
On July 20, 2012, Occidental Petroleum Corporation (“Occidental”) appointed Cynthia L. Walker, 35, to the position of Executive Vice President and Chief Financial Officer, effective August 6, 2012. Ms. Walker, has most recently served as Managing Director at Goldman, Sachs & Co., where she enjoyed a 12-year career. While at Goldman Sachs, Ms. Walker provided clients with strategic advice in high profile energy industry transactions as a senior member of the Global Natural Resources Group located in Houston. She was also a member of the Mergers and Acquisitions Group. Ms. Walker will be compensated under the compensation program for executives, and receive benefits materially consistent with those described on pages 13 through 15, 24 through 25 and 33 through 34 of Occidental’s Proxy Statement filed with the Securities and Exchange Commission on March 20, 2012 (which description is incorporated herein by reference). She will also be awarded 30,000 shares of Occidental common stock, of which half vested at grant and half will vest ratably over a three year period, and a right to certain payments if she is terminated without cause prior to the third anniversary of her employment, including vesting of any such unvested shares, 12 months’ continuation of base salary and payment of annual bonus amounts and cash payments in the amount of forfeited RSI and TSR awards and unvested balances in her retirement and savings plans.
Occidental’s press release announcing the appointment of Ms. Walker is attached hereto as Exhibit 99.1 and is incorporated into this Item 5.02 by reference.
Mr. Jim Lienert, previously Executive Vice President and Chief Financial Officer, will resign the position of Chief Financial Officer effective August 6, 2012, and will continue at Occidental as Executive Vice President – Business Support responsible for Occidental’s Supply Chain and Information Technology functions.
Section 9 - Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits
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(d)
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Exhibits
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99.1
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Press release dated July 20, 2012.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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OCCIDENTAL PETROLEUM CORPORATION
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(Registrant)
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DATE: July 20, 2012
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/s/ STEPHEN I. CHAZEN
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Stephen I. Chazen
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President and Chief Executive Officer
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EXHIBIT INDEX
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(d)
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Exhibits
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99.1
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Press release dated July 20, 2012.
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EXHIBIT 99.1
For Immediate Release: July 20, 2012
Occidental Petroleum Corporation Names Cynthia L. Walker
Executive Vice President and Chief Financial Officer
LOS ANGELES--Occidental Petroleum Corporation (NYSE:OXY) today announced the appointment of Cynthia L. Walker as Executive Vice President and Chief Financial Officer, effective August 6, 2012. Ms. Walker will assume the position from James M. Lienert, who has been Occidental’s Chief Financial Officer for the past two years. Mr. Lienert will continue with the Company as Executive Vice President – Business Support.
Ms. Walker, 35, has most recently served as Managing Director at Goldman, Sachs & Co., where she enjoyed a 12-year career. While at Goldman Sachs, Ms. Walker provided clients with strategic advice in high-profile energy industry transactions as a senior member of the Global Natural Resources Group located in Houston. She was also a member of the Mergers and Acquisitions Group.
Stephen I. Chazen, President and Chief Executive Officer of Occidental, noted, “We feel very fortunate that an executive of Ms. Walker’s caliber is joining the ranks of our senior management. Ms. Walker has extensive experience in mergers and acquisitions and finance at one of the world’s top global investment banking and securities firms and with a specific focus on the upstream oil and gas industry. As a result of her background in these areas, she is tailor made to serve as our CFO. I very much look forward to working with her. I also want to thank Jim for his many accomplishments and I am pleased that he will continue to contribute to the Company’s success through his leadership of our Supply Chain and Information Technology organizations.”
Ms. Walker holds a Bachelor of Business Administration in Accounting with High Honors from the University of Texas at Austin.
About Oxy
Occidental Petroleum Corporation (OXY) is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Oxy is the fourth-largest U.S. oil and gas company, based on equity market capitalization. Oxy's wholly owned subsidiary OxyChem manufactures and markets
chlor-alkali products and vinyls. Oxy is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility in all of the company's worldwide operations.
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Contacts
Occidental Petroleum Corporation
Media
Melissa E. Schoeb
310-443-6504
melissa_schoeb@oxy.com
or
Investors
Chris Stavros
212-603-8184
chris_stavros@oxy.com
On the web: www.oxy.com
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