<SEC-DOCUMENT>0001387131-21-005180.txt : 20210430
<SEC-HEADER>0001387131-21-005180.hdr.sgml : 20210430
<ACCEPTANCE-DATETIME>20210430170551
ACCESSION NUMBER:		0001387131-21-005180
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210430
DATE AS OF CHANGE:		20210430
EFFECTIVENESS DATE:		20210430

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:		21879447

	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_043021.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
<TEXT>
<html>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">NAME OF REGISTRANT: Occidental Petroleum Corporation</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">NAME OF PERSON RELYING ON EXEMPTION: Majority Action</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">ADDRESS OF PERSON RELYING ON EXEMPTION: PO Box 4831, Silver Spring,
MD 20914</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="oxy-01.jpg" alt="" style="height: 63px; width: 275px" ></font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></p>

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  <td style="border-top: Black 1pt solid; width: 30%">&nbsp;</td>
  <td style="width: 70%">&nbsp;</td></tr>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Occidental Petroleum [NYSE:OXY]: Due to the Company&#8217;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>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>NOTE: this exempt solicitation has been updated since its previous
filing on April 12, 2021</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>&nbsp;</i></b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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: 10.5pt; background-color: white">1.5&deg;C</font> pose risks to the financial
system as a whole, and to investors&#8217; entire portfolios, in addition to specific risks to those companies. See <b>Appendix A</b>
for more information regarding Majority Action&#8217;s Proxy Voting for a 1.5<font style="font-size: 10.5pt; background-color: white">&deg;C
</font>World initiative and the transformation required in key industries. </i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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: 11pt"><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 &#8220;key to driving the
global net-zero emissions transition.&#8221;<font style="font-size: 11pt"><sup>2</sup></font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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: 11pt"><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: 11pt"><sup>4</sup></font> <b>Failure to set ambitious decarbonization targets in line with <font style="font-size: 10.5pt; background-color: white">1.5&deg;C
</font>pathways, and align companies&#8217; 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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Failure to set adequate net-zero targets</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: #D9EAD3">
    <td style="border: black 1pt solid; width: 91%; font: 11pt Arial, Helvetica, Sans-Serif; padding: 5pt"><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="border-top: black 1pt solid; width: 9%; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 5pt; text-align: center"><font style="font-family: Arial Unicode MS,sans-serif; font-size: 12pt"><b>&#10003;</b></font></td></tr>
  <tr style="background-color: #F4CCCC">
    <td style="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 5pt"><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; font: 11pt Arial, Helvetica, Sans-Serif; padding: 5pt; 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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>


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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Occidental recently set a target to reach net-zero emissions from its
operations (Scopes 1 and 2) by 2040, and an &#8220;ambition&#8221; to reach net-zero emissions associated with total emissions inventory,
including Scope 3 emissions, by 2050.<font style="font-size: 11pt"><sup>5</sup></font> However, Occidental&#8217;s ambition to reduce
its Scope 3 emissions from its customers&#8217; 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: 11pt"><sup>6</sup></font> The company notes that the development of CCUS
technologies is a &#8220;focal point&#8221; of its net-zero strategy,<font style="font-size: 11pt"><sup>7</sup></font> rather than the
phasing out of exploration and production of fossil fuels.<font style="font-size: 11pt"><sup>8</sup></font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Update: </i></b><i>A prior version of this exempt solicitation
stated: &#8220;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: 11pt"><b><sup>9
</sup></b></font>and makes only limited disclosures of emissions resulting from the processing and use of its products.<font style="font-size: 11pt"><b><sup>10</sup></b></font>&#8221;</i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>&nbsp;</i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>In its Climate Report 2020: Pathways to Net-Zero document, in
which Occidental details its &#8220;ambition to achieve net-zero for Scope 1, 2, and 3 emissions,&#8221; Occidental commits to
monitor and disclose Scope 1 and 2 greenhouse gas emissions, Scope 1 carbon dioxide equivalent intensity, and methane intensity from
produced oil and gas.<font style="font-size: 11pt"><b><sup>11</sup></b></font> The report indicates these disclosures are available
at oxy.com/sustainability/performance. It also commits to &#8220;[d]evelop and disclose a metric to account for net-zero.&#8221; In
describing progress toward that commitment, Occidental notes that it has &#8220;announced [its] net-zero aspiration for reported
Scope 1, 2 and 3 emissions, and Total Carbon Impact.&#8221;<font style="font-size: 11pt"><b><sup>12 </sup></b></font>In the summary
of GHG emissions metrics and trends included in the report, Scope 3 emissions data from the Use/Processing of Sold Products are not
included. <font style="font-size: 11pt"><b><sup>13</sup></b></font></i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>&nbsp;</i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>Occidental does disclose Scope 3 emissions from the Use/Processing
of Sold Products in its CDP (formerly Carbon Disclosure Project) Report.<font style="font-size: 11pt"><b><sup>14</sup></b></font> It
estimates Scope 3 emissions from the Use/Processing of Sold Products to be 103 million metric tons of carbon dioxide equivalent in 2019.
It describes its estimate as &#8220;limited to the combustion of hydrocarbon products produced by Occidental&#8217;s Oil and Gas business
segment.&#8221; The company further notes that this Scope 3 emissions assessment was conducted &#8220;solely for the purpose of CDP reporting,
as the greenhouse gas (GHG) emissions associated with our end-use products are outside of our control and reporting boundary.&#8221;
Finally, the company states, &#8220;Occidental expressly disclaims any responsibility for the emissions caused by other parties using
products that may have been derived from the hydrocarbons produced by Occidental.&#8221;</i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>&nbsp;</i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Capital allocation and investment plans not aligned with 1.5&deg;C
pathways</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="background-color: #F4CCCC">
    <td style="border: black 1pt solid; width: 91%; font: 11pt Arial, Helvetica, Sans-Serif; padding: 5pt"><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="border-top: black 1pt solid; width: 9%; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 5pt; 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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">According to Rainforest Action Network, Occidental is among the world&#8217;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: 11pt"><sup>15</sup></font> According to Carbon Tracker, 80-90% of Occidental&#8217;s potential capital
expenditures in unsanctioned projects between 2020-2030 exceed the carbon budget for the IEA&#8217;s &#8220;Beyond 2&deg;C&#8221; scenario
and therefore fall well outside the 1.5&ordm;C carbon budget.<font style="font-size: 11pt"><sup>16</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&#8217;s &#8220;Beyond 2&deg;C&#8221; Scenario, let alone a 1.5&ordm;C scenario.<font style="font-size: 11pt"><sup>17</sup></font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>


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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Misalignment of policy influence activities with net-zero commitment
and 1.5&deg;C pathways</b></p>

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  <tr style="background-color: #F4CCCC">
    <td style="border: black 1pt solid; width: 91%; font: 11pt Arial, Helvetica, Sans-Serif; padding: 5pt"><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="border-top: black 1pt solid; width: 9%; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 5pt; 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: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The company sends conflicting signals on climate issues but &#8220;appears
to be broadly negatively engaged,&#8221; according to InfluenceMap.<font style="font-size: 11pt"><sup>18</sup></font> The CEO called
the Trump Administration&#8217;s withdrawal from the Paris Climate Agreement &#8220;the right thing for the country,&#8221;<font style="font-size: 11pt"><sup>19
</sup></font>but since President Biden took office has expressed support for some Paris goals.<font style="font-size: 11pt"><sup>20
</sup></font>It does not support a U.S. carbon tax and &#8220;appears to have supported&#8221; Trump administration efforts to loosen
GHG standards.<font style="font-size: 11pt"><sup>21</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: 11pt"><sup>22</sup></font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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&#8217;s annual meeting on May 7, 2021.</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>


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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Appendix A: Proxy Voting for a 1.5&deg;C World</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&#8220;Climate risk&#8221; is a systemic, escalating, and irreversible
crisis&#8211;&#8211;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: 10.5pt; 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: 11pt"><sup>23</sup></font> That means that corporate directors must ensure that
companies set ambitious decarbonization targets in line with <font style="font-size: 10.5pt; background-color: white">1.5&deg;C</font>
pathways, and align companies&#8217; business plans, executive pay, and policy influence to those targets.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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&#8217; 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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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 &#8211;&#8211; their proxy voting power&#8211;&#8211;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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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&#8217;s climate denial strategy, to lose his position leading the JPMorgan Chase board of directors.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Four Key Sectors Are Critical To Curbing the Climate Crisis </b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>


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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Voting Guide: Oil &amp; Gas </b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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: 11pt"><sup>24
</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: 11pt"><sup>25</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: 11pt"><sup>26</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: 11pt"><sup>27</sup></font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0.25in 0 6pt"><i>Target setting</i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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: 11pt"><sup>28</sup></font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Key data sources:</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">-</td><td>Climate Action 100+ (CA100+), Disclosure Indicators 1-4<font style="font-size: 11pt"><sup>29</sup></font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">-</td><td>Science-Based Targets Initiative (SBTI), Companies list<font style="font-size: 11pt"><sup>30
</sup></font>and Sector Guidance<font style="font-size: 11pt"><sup>31</sup></font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">-</td><td>Carbon Disclosure Project (CDP), search company survey responses<font style="font-size: 11pt"><sup>32</sup></font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">-</td><td>Oil Change International, Big Oil Reality Check report<font style="font-size: 11pt"><b><i><sup>33</sup></i></b></font></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>&nbsp;</i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>Capital allocation and investment</i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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: 11pt Times New Roman, Times, Serif"><sup>34
</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: 11pt Times New Roman, Times, Serif"><sup>35</sup></font></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>


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<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Key data sources:</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">-</td><td>Climate Action 100+ (CA100+), Disclosure Indicator 6<font style="font-size: 11pt"><sup>36</sup></font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">-</td><td>Carbon Tracker, Company Profiles: Oil &amp; Gas Companies<font style="font-size: 11pt"><sup>37</sup></font></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>&nbsp;</i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>Policy influence</i></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 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: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Key data sources:</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">-</td><td>Climate Action 100+ Disclosure Indicator 7<font style="font-size: 11pt"><sup>38</sup></font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">-</td><td>Influence Map, List of companies and influencers<font style="font-size: 11pt"><b><sup>39</sup></b></font></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>




<hr align="left" size="1" style="width: 33%" >

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>1</sup> https://www.oxy.com/investors/Profile/Pages/default.aspx</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>2</sup> https://www.climateaction100.org/whos-involved/companies/</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>3</sup> 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</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>4</sup> https://www.eia.gov/todayinenergy/detail.php?id=40973</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>5</sup> https://www.reuters.com/article/us-occidental-results/occidental-petroleum-announces-net-zero-target-for-greenhouse-gas-emissions-idUSKBN27Q2NU;
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 4</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>7</sup> https://www.oxy.com/Sustainability/overview/Documents/ClimateReport2020.pdf
at 8</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>9</sup> Occidental Petroleum Climate Report 2020, https://www.oxy.com/Sustainability/overview/Documents/ClimateReport2020.pdf
at 17</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>10</sup> Occidental&#8217;s CDP 2020 report, available at 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,
Section C6.5</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>11</sup> https://www.oxy.com/Sustainability/overview/Documents/ClimateReport2020.pdf
at 17</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>12</sup> https://www.oxy.com/Sustainability/overview/Documents/ClimateReport2020.pdf
at 17</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>13</sup> https://www.oxy.com/Sustainability/overview/Documents/ClimateReport2020.pdf
at 18 and 32</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>14</sup> https://www.oxy.com/Sustainability/overview/SiteAssets/Pages/Social-Responsibility-at-Oxy/Assets/Occidental-CDP_Climate_Change_Questionnaire_2020.pdf
at 63-64</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>15</sup> https://www.ran.org/wp-content/uploads/2021/03/Banking-on-Climate-Chaos-2021.pdf
at 126</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>16</sup> https://carbontracker.org/reports/fault-lines-stranded-asset/,
at 35</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>&nbsp;</sup></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>&nbsp;</sup></p>

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<hr align="left" size="1" style="width: 33%" >
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup></sup></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup></sup></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>17</sup> https://www.climateaction100.org/company/occidental-petroleum-corporation/,
at Indicator 6 and Capital Allocation Supplement 1</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>18</sup> https://influencemap.org/company/Occidental-Petroleum</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>19</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: 0"><sup>20</sup> https://www.argusmedia.com/en/news/2169963-bp-shell-and-total-agree-energy-transition-principles</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>21</sup> https://influencemap.org/company/Occidental-Petroleum/projectlink/Occidental-Petroleum-In-Climate-Change</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>22</sup> https://www.climateaction100.org/company/occidental-petroleum-corporation/
, at Indicator 7</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>23</sup> Intergovernmental Panel on Climate Change. Special Report
on Global Warming of 1.5 Celsius, https://www.ipcc.ch/sr15/</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>24</sup> 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</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>25</sup> https://www.eia.gov/todayinenergy/detail.php?id=40973</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>26</sup> https://www.iea.org/articles/global-energy-review-co2-emissions-in-2020</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>27</sup> https://carbontracker.org/reports/fault-lines-stranded-asset/
; Carbon Tracker defines a carbon budget as, &#8220;the cumulative amount of carbon dioxide (CO2) emissions permitted over a period of
time to keep within a certain temperature threshold.&#8221; https://carbontracker.org/carbon-budgets-explained/</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>28</sup> https://carbontracker.org/reports/absolute-impact/</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>29</sup> https://www.climateaction100.org/whos-involved/companies/?</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>30</sup> https://sciencebasedtargets.org/companies-taking-action</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>31</sup> https://sciencebasedtargets.org/sectors</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>32</sup> https://www.cdp.net/en/responses?utf8=%E2%9C%93&amp;queries%5Bname%5D=</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>33</sup> http://priceofoil.org/2020/09/23/big-oil-reality-check/</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>34</sup> https://carbontracker.org/reports/fault-lines-stranded-asset/</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>35</sup> https://carbontransfer.wpengine.com/wp-content/uploads/2019/09/Capex-report-2019_Infographic.pdf
; https://www.ran.org/funding_tar_sands/</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>36</sup> https://www.climateaction100.org/whos-involved/companies/?</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>37</sup> https://carbontracker.org/company-profiles/</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>38</sup> https://www.climateaction100.org/whos-involved/companies/?</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>39</sup> https://influencemap.org/filter/List-of-Companies-and-Influencers#</p>

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

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

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