As Filed with the Securities and Exchange Commission on March 26, 2020
Registration No. 333-

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
 
 
OCCIDENTAL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)



Delaware
 
95-4035997
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
5 Greenway Plaza, Suite 110
Houston, Texas 77046
(Address of principal executive offices, including zip code)


 
Occidental Petroleum Corporation Savings Plan
(Full title of the plan)
 
Marcia E. Backus
Senior Vice President, General Counsel and Chief Compliance Officer
5 Greenway Plaza, Suite 110
Houston, Texas 77046
(Name and address of agent for service)
 
(713) 215-7000
(Telephone number, including area code, of agent for service)



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
 
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
   
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐



CALCULATION OF REGISTRATION FEE

Title of Securities to be Registered
 
Amount
to be
Registered(1)
   
Proposed
Maximum
Offering Price
Per Share(2)
   
Proposed
Maximum
Aggregate
Offering Price(2)
   
Amount of
Registration Fee
 
Common Stock, $0.20 par value
   
5,000,000
    $
9.88
   
$
49,400,000.00
   
$
6,412.12
 
Interests in the Occidental Petroleum Corporation Savings Plan
   
(3
)
   
     
     
(4
)

(1)
Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), the number of shares of Common Stock (as defined below) registered hereby pursuant to the Occidental Petroleum Corporation Savings Plan, as amended from time to time (the “Savings Plan”), is subject to adjustment to prevent dilution resulting from stock splits, stock dividends or any other similar transaction.

(2)
Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(h) under the Securities Act. The maximum offering price per share and the maximum aggregate offering price are based on $9.88, which was the average of the high and low sales prices per share of the Common Stock as reported on the New York Stock Exchange on March 23, 2020.

(3)
Pursuant to Rule 416(c) under the Securities Act, this Registration Statement also registers an indeterminate amount of interests to be offered or sold pursuant to the Savings Plan.

(4)
Pursuant to Rule 457(h)(2) under the Securities Act, no separate registration fee is required to register the interests in the Savings Plan.


EXPLANATORY NOTE
 
Occidental Petroleum Corporation (“Occidental”) is filing this registration statement pursuant to General Instruction E of Form S-8 (this “Registration Statement”) for the purpose of registering an additional 5,000,000 shares of common stock, par value $0.20 per share, of Occidental (“Common Stock”) that may be issued under the Savings Plan and an indeterminate amount of interests in the Savings Plan. Except as otherwise set forth below, the contents of the Registration Statement on Form S-8 (File No. 333-83124), filed with the Securities and Exchange Commission (the “SEC”) on February 21, 2002, is incorporated by reference into this Registration Statement as permitted by General Instruction E of Form S-8.
 
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
 
Item 5.
Interests of Named Experts and Counsel.
 
Not applicable.
 
Item 6.
Indemnification of Directors and Officers.
 
Section 145 of the Delaware General Corporation Law (“DGCL”) permits a corporation to indemnify its directors and officers against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlements actually and reasonably incurred by them in connection with any action, suit or proceeding brought by third parties. The directors or officers must have acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe their conduct was unlawful. In a derivative action, an action only by or in the right of the corporation, indemnification may be made only for expenses actually and reasonably incurred by directors and officers in connection with the defense or settlement of an action or suit, and only with respect to a matter as to which they shall have acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the corporation. No indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged liable to the corporation, unless and only to the extent that the court in which the action or suit was brought shall determine upon application that the defendant officers or directors are fairly and reasonably entitled to indemnity for such expenses despite such adjudication of liability and in view of all of the circumstances of the case.
 
Occidental has adopted provisions in its By-laws, which provide that it will indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, other than an action by Occidental or in its right, by reason of the fact that such person is or was Occidental’s director, officer, employee or agent, or, while such person is or was a director, officer, employee or agent of Occidental, is or was serving at Occidental’s request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, but in each case only if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.
 
Occidental’s By-laws, as amended, further state that this indemnification shall not be deemed exclusive of any other right to which the indemnified person may be entitled, and shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of that person.
 
Occidental’s restated certificate of incorporation, as amended, provides that, consistent with Section 102(b)(7) of the DGCL, no director shall be liable to Occidental or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability:
 

for any breach of the director’s duty of loyalty to Occidental or its stockholders;



for acts or omissions not in good faith or which involve intentional misconduct or knowing violation of the law;
 

under Section 174 of the DGCL; or
 

for any transaction from which a director derived an improper benefit.
 
Occidental maintains policies insuring its officers and directors against certain civil liabilities, including liabilities under the Securities Act.
 
Occidental also entered into indemnification agreements with each of its directors and anticipates that it will enter into similar agreements with future directors. Generally, these agreements attempt to provide the maximum protection permitted by Delaware law with respect to indemnification. The indemnification agreements provide that Occidental will pay certain amounts incurred by its directors in connection with any civil, criminal, administrative or investigative action or proceeding. Such amounts include any expenses, including attorney’s fees, judgments, civil or criminal fines, settlement amounts and other expenses customarily incurred in connection with legal proceedings.
 
Item 8.
Exhibits.
 
Unless otherwise indicated below as being incorporated by reference to another filing of Occidental with the SEC, each of the following exhibits is filed herewith:

Exhibit No.
 
Description
     
     
     
     
     
     
     
4.7
     
5.1
     
     

     
     


*
Incorporated herein by reference.


SIGNATURES
 
Pursuant to the requirements of the Securities Act, Occidental certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Houston, in the State of Texas on March 26, 2020.

 
OCCIDENTAL PETROLEUM CORPORATION
     
 
By:
/s/ Vicki Hollub
 
Name:
Vicki Hollub
 
Title:
President and Chief Executive Officer
 
Pursuant to the requirements of the Securities Act, the Administrative Committee of the Savings Plan has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Houston, in the State of Texas on March 26, 2020.

 
OCCIDENTAL PETROLEUM CORPORATION SAVINGS PLAN
     
 
By:
/s/ Darin S. Moss
 
Name:
Darin S. Moss
 
Title:
Chairman, OPC Pension and Retirement Plan Administrative Committee
 

POWER OF ATTORNEY
 
Each person whose signature appears below appoints Vicki Hollub and Marcia E. Backus, and each of them, any of whom may act without the joinder of the other, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the SEC, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or would do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
 
Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.

Name
 
Title
 
Date
     
/s/ Vicki Hollub
 
President, Chief Executive Officer and Director
 
March 26, 2020
Vicki Hollub
 
(Principal Executive Officer)
   
     
/s/ Cedric W. Burgher
 
Senior Vice President and Chief Financial Officer
 
March 26, 2020
Cedric W. Burgher
 
(Principal Financial Officer)
   

/s/ Christopher O. Champion
 
Vice President, Chief Accounting Officer
 
March 26, 2020
Christopher O. Champion
 
and Controller
   
     
/s/ Spencer Abraham
 
Director
 
March 26, 2020
Spencer Abraham
       
     
/s/ Eugene L. Batchelder
 
Director
 
March 26, 2020
Eugene L. Batchelder
       
         
/s/ Stephen I. Chazen
 
Chairman of the Board of Directors
 
March 26, 2020
Stephen I. Chazen
       
     
/s/ Margaret M. Foran
 
Director
 
March 26, 2020
Margaret M. Foran
       
     
/s/ Andrew F. Gould
 
Director
 
March 26, 2020
Andrew F. Gould
       
     
/s/ Carlos M. Gutierrez
 
Director
 
March 26, 2020
Carlos M. Gutierrez
       
     
/s/ William R. Klesse
 
Director
 
March 26, 2020
William R. Klesse
       
     
/s/ Jack B. Moore
 
Director
 
March 26, 2020
Jack B. Moore
       
     
/s/ Avedick B. Poladian
 
Director
 
March 26, 2020
Avedick B. Poladian
       
     
/s/ Robert M. Shearer
 
Director
 
March 26, 2020
Robert M. Shearer
       
     
/s/ Elisse B. Walter
 
Director
 
March 26, 2020
Elisse B. Walter
       
 


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