HOUSTON, March 24, 2020 /PRNewswire/ -- Occidental
Petroleum Corporation (NYSE: OXY) announced today that Stephen I. Chazen, the Chairman and Chief
Executive Officer of Magnolia Oil and Gas Corporation, effective
March 18, 2020, has been elected to
its Board of Directors as Chairman of the Board.
Mr. Chazen has more than 30 years of experience in the oil and
gas industry. Prior to founding the NYSE listed Magnolia Oil and
Gas Corporation in 2018, Mr. Chazen served as Chief Executive
Officer of Occidental from 2011 to his retirement in 2016 and as a
director from 2010 to 2017.
"We are delighted to welcome Steve back to the Occidental family
at this pivotal moment for the Company. Steve brings unique
perspective and experience to the Board gained through his service
as Occidental's Chief Executive Officer and his subsequent position
as Chief Executive Officer of Magnolia Oil and Gas Corporation,"
said Jack Moore, Independent Vice
Chairman. "Steve oversaw a sustained period of value creation
during his more than 20 years as an executive officer at
Occidental, including five years as Chief Executive Officer, and
has continued to expand his skill set after leaving the Company by
leading a special purpose acquisition company through its initial
public offering, initial business combination and emergence as a
publicly-traded oil and gas exploration and production company.
Steve's deep knowledge of Occidental and decades of operational and
financial leadership in the industry will benefit the Board and add
valuable insight as Occidental continues to focus on generating
returns for shareholders and managing this challenging
macroeconomic environment."
Regarding his appointment to the Board, Mr. Chazen stated, "The
current macroenvironment is among the most difficult I have seen in
my career. I am confident that the Board and this management team,
led by Vicki Hollub, have the
operational experience to guide Occidental through the challenges
ahead, and my goal is to help them succeed. My primary focus and
occupation remains as serving in the role of CEO of Magnolia.
I will not serve as an employee or executive of Occidental on any
basis, whether interim or permanent. It should be noted that
Magnolia is a medium sized, South
Texas focused, oil and gas producer. Its principles
are a controlled capital spending program, moderate production
growth and low financial leverage. This results in a sizeable
portion of Magnolia's cash flow being undesignated."
Prior to serving as Chief Executive Officer of Occidental, Mr.
Chazen served as Chief Operating Officer and Chief Financial
Officer and in other roles dating back to his joining the company
in 1994. Prior to joining Occidental, Mr. Chazen served as Managing
Director in Corporate Finance and Mergers and Acquisitions at
Merrill Lynch. Mr. Chazen is a former Chairman of the Board of the
American Petroleum Institute and he currently serves on the Board
of Advisors of the Baker Institute, the Board of Regents of the
University of Houston, and he is a
Director of Houston Methodist Institute for Academic Medicine, the
Williams Companies and the National Park Foundation. Mr. Chazen
holds a Ph.D. in Geology from Michigan State
University, a master's degree in Finance from the
University of Houston, and a bachelor's
degree in Geology from Rutgers
College.
About Occidental
Occidental is an international oil and gas exploration and
production company with operations in the
United States, Middle East
and Latin America. We are the
leading producer and largest acreage holder in the Permian Basin.
Occidental is advancing a lower-carbon future with our subsidiary
Oxy Low Carbon Ventures, which promotes innovative technologies
that drive cost efficiencies and economically grow our business
while reducing emissions. Occidental's midstream and marketing
segment provides flow assurance for our oil and gas segment, while
maximizing the value of our products. OxyChem, our chemical
subsidiary, is among the top three U.S. producers for the principal
products it manufactures and markets. Occidental posts or provides
links to important information on our website at oxy.com.
Forward Looking Statements
This communication contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to statements about Occidental's expectations, beliefs, plans or
forecasts. Forward-looking statements involve estimates,
expectations, projections, goals, forecasts, assumptions, risks and
uncertainties, many of which involve factors or circumstances that
are beyond Occidental's control. Actual results may differ from
anticipated results, sometimes materially, and reported or expected
results should not be considered an indication of future
performance.
Factors that could cause actual results to differ and that may
affect Occidental's results of operations and financial position
appear in Part I, Item 1A "Risk Factors" of Occidental's Annual
Report on Form 10-K for the year ended December 31, 2019 and in Occidental's other
filings with the U.S. Securities and Exchange Commission
("SEC").
Because the factors referred to above could cause actual results
or outcomes to differ materially from those expressed or implied in
any forward-looking statements, you should not place undue reliance
on any such forward-looking statements. Further, any
forward-looking statement speaks only as of the date of this
communication and, unless legally required, Occidental does not
undertake any obligation to update any forward-looking statement,
as a result of new information, future events or otherwise.
Additional Information and Where to Find
It
Occidental intends to file with the SEC a proxy statement on
Schedule 14A, containing a form of WHITE proxy card, with respect
to its solicitation of proxies for Occidental's 2020 Annual Meeting
of Stockholders. This communication is not a substitute for any
proxy statement or other document that Occidental may file with the
SEC in connection with any solicitation by Occidental.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY
STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED
BY OCCIDENTAL AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC
WHEN THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION BY
OCCIDENTAL. Investors and security holders may obtain copies of
these documents and other documents filed with the SEC by
Occidental free of charge through the website maintained by the SEC
at www.sec.gov. Copies of the documents filed by Occidental will
also be available free of charge by accessing Occidental's website
at www.oxy.com.
Participants
Occidental, its directors and executive officers and other
members of management and employees are or will be participants in
the solicitations of proxies by Occidental. Information about
Occidental's executive officers and directors, and their ownership
of Occidental by security holdings or otherwise, is available in
Occidental's Annual Report on Form 10-K for the year ended
December 31, 2019, which was filed
with the SEC on February 28, 2020, in
its proxy statement for the 2019 Annual Meeting which was filed
with the SEC on March 28, 2019 and in
its Form 8-K which was filed with the SEC on January 7, 2020. To the extent holdings of
Occidental securities reported in the proxy statement for the 2019
Annual Meeting or in such Form 8-K have changed, such changes have
been or will be reflected on Statements of Change in Ownership on
Forms 3, 4 or 5 filed with the SEC. These documents are available
free of charge at the SEC's website at www.sec.gov.
Contacts
Media:
Melissa E. Schoeb
713-366-5615
melissa_schoeb@oxy.com
or
Investors:
Jeff Alvarez
713-215-7864
jeff_alvarez@oxy.com
Dan Burch
MacKenzie Partners, Inc.
212-929-5748
dburch@mackenziepartners.com
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SOURCE Occidental