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Preliminary Proxy Statement
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Confidential, for Use of the Commission Only (as permitted by Rule 14-a6(e)(2))
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Definitive Proxy Statement
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Definitive Additional Materials
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Soliciting Material Pursuant to §240.14a-12
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No fee required.
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Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
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Title of each class of securities to which transaction applies:
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(2)
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Aggregate number of securities to which transaction applies:
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(3)
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Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
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(4)
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Proposed maximum aggregate value of transaction:
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(5)
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Total fee paid:
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Fee paid previously with preliminary materials.
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Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.
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(1)
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Amount Previously Paid:
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(2)
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Form, Schedule or Registration Statement No.:
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(3)
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Filing Party:
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(4)
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Date Filed:
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“The Company’s ‘Pledge’ for greater capital discipline and enhanced corporate governance proved fleeting with ROCE [Return on Capital Employed] to decline significantly due to the Anadarko transaction.” (emphasis added)
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“The purchase of Anadarko makes Occidental larger but significantly less valuable.”
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“…while the company indicates that it is ‘Focused on Returns’, the Anadarko transaction appears 30% dilutive to ROCE. Because returns are well associated with
valuation in the equity market in Energy…Occidental’s equity declined by 30% since the transaction was announced. It is the worst performer of US large-capitalization E&P companies in 2019.”
(emphasis added)
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“Occidental’s capital management choice is problematic because of significant value destruction, but also because it contrasts with management’s stated emphasis to
be “Focused on Returns”. The move also violates the company’s “Pledge” for greater capital discipline and enhanced corporate governance.” (emphasis added)
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Year to date 2019, OXY’s stock is down 27%, for an equity loss of over $12 billion, compared to the XLE over the same period which is up 3.6%;
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Since OXY’s acquisition interest in Anadarko was first announced on April 12, 2019, OXY’s stock is down 33%, for an equity loss of over $17 billion, compared to the XLE over the same
period which is down 12.2%;
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Since Vicki Hollub became CEO in April 2016, the stock is down 41%, for an equity loss of over $24 billion, compared to the XLE over the same period which is down 12.3%; and
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Just yesterday, the stock was down 4.54%, for an equity loss of over $1.8 billion, in just one day.
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