<SEC-DOCUMENT>0001387131-21-004335.txt : 20210412
<SEC-HEADER>0001387131-21-004335.hdr.sgml : 20210412
<ACCEPTANCE-DATETIME>20210412120448
ACCESSION NUMBER:		0001387131-21-004335
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210412
DATE AS OF CHANGE:		20210412
EFFECTIVENESS DATE:		20210412

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OCCIDENTAL PETROLEUM CORP /DE/
		CENTRAL INDEX KEY:			0000797468
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				954035997
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09210
		FILM NUMBER:		21819943

	BUSINESS ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
		BUSINESS PHONE:		7132157000

	MAIL ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Majority Action, LLC
		CENTRAL INDEX KEY:			0001738314
		IRS NUMBER:				825260248
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
		BUSINESS PHONE:		2022152895

	MAIL ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>oxy-px14a6g_041221.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF REGISTRANT: Occidental Petroleum Corporation&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF PERSON RELYING ON EXEMPTION: Majority Action&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ADDRESS OF PERSON RELYING ON EXEMPTION: PO Box 4831, Silver
Spring, MD 20914&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1)
promulgated under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule but
is made voluntarily.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="oxypx14a6g041221001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Occidental Petroleum [NYSE:OXY]: Due to the Company&rsquo;s
Failure to Set Adequate Net-Zero by 2050 Target, Realign Investment Plans to Limit Global Warming to 1.5&deg;C, and Ensure Alignment
of Policy Influence Activities:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Vote AGAINST Chair Stephen I. Chazen (Item 1.a)</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The physical and financial risks posed by climate change
to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</I></B><I> Therefore, the actions of companies
that fail to align to limiting warming to <FONT STYLE="font-size: 10pt; background-color: white">1.5&deg;C</FONT> pose risks to
the financial system as a whole, and to investors&rsquo; entire portfolios, in addition to specific risks to those companies. See
<B>Appendix A</B> for more information regarding Majority Action&rsquo;s Proxy Voting for a 1.5<FONT STYLE="font-size: 10pt; background-color: white">&deg;C</FONT>
World initiative and the transformation required in key industries. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Occidental Petroleum</B> is one of the largest onshore oil
producers in the U.S. and a major off-shore producer in the Gulf of Mexico.<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT>
It is among the 167 target companies named by Climate Action 100+ as one of the largest global emitters, companies that are &ldquo;key
to driving the global net-zero emissions transition.&rdquo;<FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Petroleum and fossil gas products, including those used in transportation,
buildings, industrial processes, and electricity production, account for nearly 79% of carbon emissions from the U.S. energy system.<FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT>
In recent years, the U.S. has overtaken Saudi Arabia and Russia to become the largest petroleum and fossil gas producer in the
world.<FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT> <B>Failure to set ambitious decarbonization targets in line with <FONT STYLE="font-size: 10pt; background-color: white">1.5&deg;C</FONT>
pathways, and align companies&rsquo; business plans and policy influence to those targets is a failure of strategy and corporate
governance, for which long-term investors should hold directors accountable.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Failure to set adequate net-zero targets&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9EAD3">
    <TD STYLE="width: 91%; border: black 1pt solid; padding: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net-zero by 2050 commitment that covers all relevant emissions sources, in particular Scope 3 emissions from the burning of products sold, and on a full equity share basis</FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#10003;</B></FONT></TD></TR>
<TR STYLE="background-color: #F4CCCC">
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net-zero commitment has limited use of offsets, negative emissions, or unproven or uncommercialized technologies, including carbon capture and storage</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Occidental recently set a target to reach net-zero emissions
from its operations (Scopes 1 and 2) by 2040, and an &ldquo;ambition&rdquo; to reach net-zero emissions associated with total emissions
inventory, including Scope 3 emissions, by 2050.<FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT> However, Occidental&rsquo;s
ambition to reduce its Scope 3 emissions from its customers&rsquo; use of products it sells appears to rely heavily on carbon capture,
use and storage (CCUS) and direct air removal technologies.<FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT> The company notes
that the development of CCUS technologies is a &ldquo;focal point&rdquo; of its net-zero strategy,<FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT>
rather than the phasing out of exploration and production of fossil fuels.<FONT STYLE="font-size: 10pt"><SUP>8</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company does not indicate that it plans to monitor or disclose
Scope 3 emissions, only Scope 1 and 2 emissions,<FONT STYLE="font-size: 10pt"><SUP>9</SUP></FONT> and makes only limited disclosures
of emissions resulting from the processing and use of its products.<FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Capital allocation and investment plans not aligned with
1.5&deg;C pathways</B>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #F4CCCC">
    <TD STYLE="width: 91%; border: black 1pt solid; padding: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan to realign capital expenditures to meet a net-zero decarbonization commitment</FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">According to Rainforest Action Network, Occidental is among
the world&rsquo;s largest fossil fuel expansion companies in the world, and is projected to produce 5,798 million metric tons of
carbon dioxide between 2021-2050.<FONT STYLE="font-size: 10pt"><SUP>11</SUP></FONT> According to Carbon Tracker, 80-90% of Occidental&rsquo;s
potential capital expenditures in unsanctioned projects between 2020-2030 exceed the carbon budget for the IEA&rsquo;s &ldquo;Beyond
2&deg;C&rdquo; scenario and therefore fall well outside the 1.5&ordm;C carbon budget.<FONT STYLE="font-size: 10pt"><SUP>12</SUP></FONT>
According to Climate Action 100+, Occidental does not meet the criteria for capital allocation alignment, and $1.0bn of its 2019
upstream oil and gas capex is inconsistent with the IEA&rsquo;s &ldquo;Beyond 2&deg;C&rdquo; Scenario, let alone a 1.5&ordm;C scenario.<FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Misalignment of policy influence activities with net-zero
commitment and 1.5&deg;C pathways</B>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #F4CCCC">
    <TD STYLE="width: 91%; border: black 1pt solid; padding: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alignment of policy influence activities with net-zero target and limiting warming to 1.5&deg;C</FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company sends conflicting signals on climate issues but
&ldquo;appears to be broadly negatively engaged,&rdquo; according to InfluenceMap.<FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT>
The CEO called the Trump Administration&rsquo;s withdrawal from the Paris Climate Agreement &ldquo;the right thing for the country,&rdquo;<FONT STYLE="font-size: 10pt"><SUP>15</SUP></FONT>
but since President Biden took office has expressed support for some Paris goals.<FONT STYLE="font-size: 10pt"><SUP>16</SUP></FONT>
It does not support a U.S. carbon tax and &ldquo;appears to have supported&rdquo; Trump administration efforts to loosen GHG standards.<FONT STYLE="font-size: 10pt"><SUP>17</SUP></FONT>
According to Climate Action 100+, Occidental Petroleum does not meet most of the criteria for climate policy engagement alignment.<FONT STYLE="font-size: 10pt"><SUP>18</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conclusion: Occidental has failed to set adequate net-zero
targets, align its capital investments with limiting warming to 1.5&deg;C, or ensure its policy influence activities would support
doing so. Therefore, we recommend that shareholders vote AGAINST Chair Stephen I. Chazen (Item 1.a) at the company&rsquo;s annual
meeting on May 7, 2021.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Appendix A: Proxy Voting for a 1.5&deg;C World</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The world is currently on track to disastrous levels of warming,
driving massive harm and threatening the lives and livelihoods of millions.</B> Corporate leaders in the industries responsible
for this crisis have failed to take up the leadership required to change course.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&ldquo;Climate risk&rdquo; is a systemic, escalating, and
irreversible crisis&ndash;&ndash;for which corporate boards urgently need to take responsibility.</B> The UN Intergovernmental
Panel on Climate Change (IPCC) in 2018 made clear that in order to have at least a 50% chance of limiting warming to <FONT STYLE="font-size: 10pt; background-color: white">1.5&deg;C</FONT>
and avoiding the most catastrophic effects of the climate crisis, we must bring global, economy-wide carbon emissions down to net-zero
by 2050 at the latest.<FONT STYLE="font-size: 10pt"><SUP>19</SUP></FONT> That means that corporate directors must ensure that
companies set ambitious decarbonization targets in line with <FONT STYLE="font-size: 10pt; background-color: white">1.5&deg;C</FONT>
pathways, and align companies&rsquo; business plans, executive pay, and policy influence to those targets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The physical and financial risks posed by climate change
to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</B> Therefore, the actions of companies that
directly or indirectly impact climate outcomes pose risks to the financial system as a whole, and to investors&rsquo; entire portfolios.
In order to manage this systemic portfolio risk, investors must move beyond disclosure and company-specific climate risk management
frameworks, and focus on holding accountable the relatively small number of large companies whose actions are a significant driver
of climate change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>When directors fail to transform corporate business practices
in line with 1.5&deg;C pathways, responsible investors must use their most powerful tool &ndash;&ndash; their proxy voting power&ndash;&ndash;to
vote against directors</B>. Bold and unprecedented action by investors is a prerequisite to averting further global economic and
financial catastrophe. While past shareholder efforts at standard setting, disclosure and engagement have laid important groundwork,
company commitments won have been far too incremental, far too hard fought, and collectively insufficient to the scale of the crisis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In particular, <B>major asset managers like BlackRock and Vanguard,
who hold outsized voting power at the majority of S&amp;P 500 companies, </B>must use their power to oppose directors on boards
who have failed to take up this leadership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Action this year is critical, and momentum is growing to
oust the directors who are ill-equipped to lead companies to rapid decarbonization.</B> In 2020, a coalition successfully pushed
for Lee Raymond, the chief architect of ExxonMobil&rsquo;s climate denial strategy, to lose his position leading the JPMorgan Chase
board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business-as-usual proxy voting will not suffice to address
the seriousness of the crisis at hand. </B>We urge investors to vote against these directors at companies failing to implement
plans consistent with limiting global warming to 1.5&ordm;C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Four Key Sectors Are Critical To Curbing the Climate Crisis
</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The electric power, finance, transportation, and oil and gas
sectors must all make dramatic transformations to curb the worst of catastrophic climate change and protect long-term investors.
Substantial votes against board members at these companies could help realign business and investment plans to the goals of the
Paris Agreement, hold companies accountable for dark money used to influence critical climate policies, and align executive compensation
to key decarbonization goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While each industry and company will need to chart its own path
in pursuing decarbonization consistent with limiting warming to 1.5&ordm;C, setting a target to reach net-zero emissions by no
later than 2050 is a critical first step. In the absence of such a target, investors can have no confidence that the company will
be able to transform its business consistent with limiting warming to 1.5&ordm;C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting Guide: Oil &amp; Gas &nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Petroleum and fossil gas products, including those used in transportation,
buildings, industrial processes, and electricity production, account for nearly 80% of carbon emissions from the U.S. energy system.<FONT STYLE="font-size: 10pt"><SUP>20</SUP></FONT>
In recent years, the U.S. has overtaken Saudi Arabia and Russia to become the largest petroleum and fossil gas producer in the
world.<FONT STYLE="font-size: 10pt"><SUP>21</SUP></FONT> As a result of the COVID-19 pandemic, global demand for oil experienced
its largest ever annual decline, falling 8.6% in 2020.<FONT STYLE="font-size: 10pt"><SUP>22</SUP></FONT> While the near-term
outlook for oil remains highly uncertain, according to Carbon Tracker, all of the largest oil companies have projects available
for approval in 2020-2022 that would exceed the carbon budget for a 1.5&deg;C future.<FONT STYLE="font-size: 10pt"><SUP>23</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Target setting</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to be aligned with limiting warming to 1.5&deg;C, oil
and gas companies must set net-zero by 2050 targets that contemplate absolute greenhouse gas emissions reductions rather than carbon
intensity reductions and include all corporate emissions, including emissions from the use of the products they sell (Scope 3 emissions).<FONT STYLE="font-size: 10pt"><SUP>24</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net-zero commitments should also incorporate interim targets
and milestones that allow accelerated emissions reduction between now and 2030 rather than delaying the hard task of emissions
reduction until after that date. Net-zero commitments must cover projects on a full equity share basis, such that all joint ventures
and subsidiaries are covered by the company-wide target. Finally, robust net-zero targets should not rely on substantial use of
offsets, negative emissions, or technologies that are not yet developed or commercialized to avoid short-term greenhouse gas emissions
reductions. Any use of such offsets or negative emissions should be clearly disclosed to allow investors to assess the quality
and credibility of oil and gas company plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Key data sources:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Climate Action 100+ (CA100+), <FONT STYLE="color: #1155CC"><U>Disclosure
                                         Indicators 1-4</U></FONT><FONT STYLE="font-size: 10pt"><SUP>25</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="color: #1155CC"><U>Science-Based Targets Initiative
                                         </U></FONT>(SBTI), <FONT STYLE="color: #1155CC"><U>Companies list</U></FONT><FONT STYLE="font-size: 10pt"><SUP>26]
                                         </SUP></FONT>and <FONT STYLE="color: #1155CC"><U>Sector Guidance</U></FONT><FONT STYLE="font-size: 10pt"><SUP>27</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="color: #1155CC"><U>Carbon Disclosure Project</U></FONT>
                                         (CDP), <FONT STYLE="color: #1155CC"><U>search company survey responses</U></FONT><FONT STYLE="font-size: 10pt"><SUP>28</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="color: #1155CC"><U>Oil Change International</U></FONT>,
                                         <FONT STYLE="color: #1155CC"><U>Big Oil Reality Check report</U></FONT><FONT STYLE="font-size: 10pt"><B><I><SUP>29</SUP></I></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Capital allocation and investment&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Given that oil supplies currently in production already exceed
the carbon budget for limiting warming to 1.5&deg;C, oil and gas companies must immediately cease approving investment in new projects
that fall outside the carbon budget. According to Carbon Tracker, the 15 largest projects sanctioned in 2019 that exceed the carbon
budget to limit warming to 1.65-1.8&deg;C accounted for $60bn in new capital expenditures from oil and gas companies.<FONT STYLE="font-size: 10pt"><SUP>30</SUP></FONT>
At minimum, Arctic and oil sands projects are inconsistent with limiting warming to 1.5&deg;C, economically unviable due to elevated
production costs, and fraught with additional environmental and human rights risks.<FONT STYLE="font-size: 10pt"><SUP>31</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Key data sources:&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Climate Action 100+ (CA100+), <FONT STYLE="color: #1155CC"><U>Disclosure
                                         Indicator 6</U></FONT><FONT STYLE="font-size: 10pt"><SUP>32</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="color: #1155CC"><U>Carbon Tracker</U></FONT><U>,
                                         <FONT STYLE="color: #1155CC">Company Profiles</FONT></U><FONT STYLE="color: #1155CC">:
                                         </FONT>Oil &amp; Gas Companies<FONT STYLE="font-size: 10pt"><SUP>33</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Policy influence</I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oil and gas companies must fully align their policy influence
activities, including political spending and lobbying activities, with the policy settings required to accelerate sector-wide emissions
on a timeline necessary to limit warming to 1.5&deg;C. Oil and gas companies must provide full disclosure of all political and
lobbying spending in all jurisdictions to allow investors to assess this alignment. Finally, companies must ensure the alignment
of the policy influence activities with 1.5&deg;C outcomes of any trade associations or similar entities of which they are members
or to which they contribute, or cease membership of such organizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Key data sources:&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Climate Action 100+ <FONT STYLE="color: #1155CC"><U>Disclosure
                                         Indicator 7</U></FONT><FONT STYLE="font-size: 10pt"><SUP>34</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="color: #1155CC"><U>Influence Map</U></FONT><U>,
                                         <FONT STYLE="color: #1155CC">List of companies and influencers</FONT></U><FONT STYLE="font-size: 10pt"><B><SUP>35</SUP></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><SUP>1</SUP> https://www.oxy.com/investors/Profile/Pages/default.aspx&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> <FONT STYLE="color: #1155CC"><U>https://www.climateaction100.org/whos-involved/companies/</U></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> <FONT STYLE="color: #1155CC"><U>https://www.eia.gov/totalenergy/data/browser/index.php?tbl=T11.01#/?f=A&amp;start=1973&amp;end=2019&amp;charted=0-1-13</U></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> <FONT STYLE="color: #1155CC"><U>https://www.eia.gov/todayinenergy/detail.php?id=40973</U></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> <FONT STYLE="color: #1155CC"><U>https://www.reuters.com/article/us-occidental-results/occidental-petroleum-announces-net-zero-target-for-greenhouse-gas-emissions-idUSKBN27Q2NU</U></FONT>;
<FONT STYLE="color: #1155CC"><U>https://insideclimatenews.org/news/12112020/two-us-oil-companies-join-their-european-counterparts-making-net-zero-pledges/</U></FONT>;
<FONT STYLE="color: #1155CC"><U>https://www.oxy.com/Sustainability/overview/Documents/ClimateReport2020.pdf</U></FONT>, at 4&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://insideclimatenews.org/news/12112020/two-us-oil-companies-join-their-european-counterparts-making-net-zero-pledges/;
https://www.oxy.com/Sustainability/overview/Documents/ClimateReport2020.pdf at 8&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> <FONT STYLE="color: #1155CC">https://www.oxy.com/Sustainability/overview/Documents/ClimateReport2020.pdf
</FONT>at 8&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.argusmedia.com/en/news/2192137-reduce-carbon-not-fossil-fuels-exxon-oxy-ceos&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> Occidental Petroleum Climate Report 2020, <FONT STYLE="color: #1155CC"><U>https://www.oxy.com/Sustainability/overview/Documents/ClimateReport2020.pdf</U>
</FONT>at 17&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> Occidental&rsquo;s CDP 2020 report, available
at <FONT STYLE="color: #1155CC"><U>https://www.cdp.net/en/formatted_responses/responses?campaign_id=70692136&amp;discloser_id=856136&amp;locale=en&amp;organization_name=Occidental+Petroleum+Corporation&amp;organization_number=13649&amp;program=Investor&amp;project_year=2020&amp;redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F6sc15v4h%2F89617&amp;survey_id=68887525</U></FONT>,
Section C6.5&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> <FONT STYLE="color: #1155CC"><U>https://www.ran.org/wp-content/uploads/2021/03/Banking-on-Climate-Chaos-2021.pdf</U>
</FONT>at 126&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> <FONT STYLE="color: #1155CC"><U>https://carbontracker.org/reports/fault-lines-stranded-asset/</U></FONT>,
at 35&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.climateaction100.org/company/occidental-petroleum-corporation/,
at Indicator 6 and Capital Allocation Supplement 1&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> <FONT STYLE="color: #1155CC"><U>https://influencemap.org/company/Occidental-Petroleum</U></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.reuters.com/article/us-occidental-ceo-climatechange/u-s-oil-ceo-says-corporations-should-work-to-stem-climate-change-idUSKCN1MK2W8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.argusmedia.com/en/news/2169963-bp-shell-and-total-agree-energy-transition-principles&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> <FONT STYLE="color: #1155CC"><U>https://influencemap.org/company/Occidental-Petroleum/projectlink/Occidental-Petroleum-In-Climate-Change</U></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> <FONT STYLE="color: #1155CC"><U>https://www.climateaction100.org/company/occidental-petroleum-corporation/</U>
</FONT>, at Indicator 7&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> Intergovernmental Panel on Climate Change.
Special Report on Global Warming of 1.5 Celsius, <FONT STYLE="color: #1155CC">https://www.ipcc.ch/sr15/</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> <FONT STYLE="color: #1155CC"><U>https://www.eia.gov/totalenergy/data/browser/index.php?tbl=T11.01#/?f=A&amp;start=1973&amp;end=2019&amp;charted=0-1-13</U></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> <FONT STYLE="color: #1155CC"><U>https://www.eia.gov/todayinenergy/detail.php?id=40973</U></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> <FONT STYLE="color: #1155CC"><U>https://www.iea.org/articles/global-energy-review-co2-emissions-in-2020</U></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> <FONT STYLE="color: #1155CC"><U>https://carbontracker.org/reports/fault-lines-stranded-asset/</U>
</FONT>; Carbon Tracker defines a carbon budget as, &ldquo;the cumulative amount of carbon dioxide (CO2) emissions permitted over
a period of time to keep within a certain temperature threshold.&rdquo; <FONT STYLE="color: #1155CC"><U>https://carbontracker.org/carbon-budgets-explained/</U></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> <FONT STYLE="color: #1155CC"><U>https://carbontracker.org/reports/absolute-impact/</U></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.climateaction100.org/whos-involved/companies/?&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://sciencebasedtargets.org/companies-taking-action&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://sciencebasedtargets.org/sectors&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://www.cdp.net/en/responses?utf8=%E2%9C%93&amp;queries%5Bname%5D=&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> http://priceofoil.org/2020/09/23/big-oil-reality-check/&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> <FONT STYLE="color: #1155CC"><U>https://carbontracker.org/reports/fault-lines-stranded-asset/</U></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> <FONT STYLE="color: #1155CC"><U>https://carbontransfer.wpengine.com/wp-content/uploads/2019/09/Capex-report-2019_Infographic.pdf</U>
</FONT>; <FONT STYLE="color: #1155CC"><U>https://www.ran.org/funding_tar_sands/</U></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> https://www.climateaction100.org/whos-involved/companies/?&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> https://carbontracker.org/company-profiles/&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> https://www.climateaction100.org/whos-involved/companies/?&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> https://influencemap.org/filter/List-of-Companies-and-Influencers#</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
