<SEC-DOCUMENT>0001387131-22-004917.txt : 20220418
<SEC-HEADER>0001387131-22-004917.hdr.sgml : 20220418
<ACCEPTANCE-DATETIME>20220418161125
ACCESSION NUMBER:		0001387131-22-004917
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220418
DATE AS OF CHANGE:		20220418
EFFECTIVENESS DATE:		20220418

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:		22832267

	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_041822.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
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<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">Notice Of Exempt Solicitation: (VOLUNTARY SUBMISSION)</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">NAME OF REGISTRANT: <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Occidental
    Petroleum</FONT></P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">NAME OF PERSON RELYING ON EXEMPTION: <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Majority
    Action</FONT></P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">ADDRESS OF PERSON RELYING ON EXEMPTION: <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">PO
    Box 4831, Silver Spring, MD 20914</FONT></P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-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></TD>
    <TD STYLE="width: 29%; padding: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U></U></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U><IMG SRC="oxy-015.jpg" ALT="" STYLE="height: 27px; width: 118px"></U></FONT></P></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #0072BD; font: 18pt Georgia, Times, Serif; margin: 0 0 3pt; text-align: left"><B>Occidental Petroleum [NYSE:OXY]:</B></P>

<P STYLE="color: #0072BD; font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt"><B>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" WIDTH="100%" STYLE="color: #0072BD; font: 18pt Georgia, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt; background-color: white">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt; background-color: white"><B>Vote AGAINST Independent Chair Stephen Chazen
(Item 1b) </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B><I>The
physical and financial risks posed by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"></FONT><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: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Occidental Petroleum 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-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>1</SUP></FONT> According to
a November 2021 analysis by the Institute for Energy Economics and Financial Analysis (IEFFA), Occidental is one of the top producers
(in terms of production volume) in the Permian Basin.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>2</SUP></FONT>
<FONT STYLE="background-color: white">An analysis conducted by Oil Change International found that carbon emissions from Permian oil and
gas production through 2050 could alone exhaust nearly 10% of the global 1.5&deg;C carbon budget (see <I>Appendix </I>for more detail
on the Permian Basin).<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>3</SUP></FONT></FONT> Occidental Petroleum is
among the 167 target companies named by Climate Action 100+ as the largest global emitters, companies that are &#8220;key to driving the
global net-zero emissions transition.&#8221;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>4</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-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-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>5</SUP></FONT>
The U.S. is the largest petroleum and fossil gas producer in the world, having overtaken Saudi Arabia and Russia in recent years.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>6</SUP></FONT>
To stay within the available carbon budget to limit warming to 1.5&deg;C, oil and gas companies must not just decarbonize their own emissions,
but global consumption of fossil fuels must fall as well.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>7</SUP></FONT>
In 2021, the International Energy Agency (IEA) set out the implications of a 1.5&deg;C pathway for the oil and gas sector in its &#8220;Net
Zero Emissions by 2050&#8221; scenario (NZE). Under the NZE, fossil fuel use <B>falls dramatically </B>and can be satisfied with existing
assets, with <B>no need to invest in new oil and gas fields</B>.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>8</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As shale-focused companies rely primarily on continued new drilling to sustain production,
these companies are particularly at risk:<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>9</SUP></FONT> in order to
limit warming to 1.5&deg;C and be aligned with the IEA NZE, shale-focused companies must reduce production by more than 80%.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>10</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; color: #0072BD"><B>Failure to set ambitious
decarbonization targets in line with <FONT STYLE="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. At companies where the production, processing, sale, and/or consumption of fossil fuels is central to its core
business, and greenhouse gas (GHG) emissions reductions have profound strategic implications, the board chair, and lead independent director
where the position exists, should be held accountabl</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #0072BD">e</FONT></B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">.
</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #0072BD; font: 17pt Georgia, Times, Serif; margin: 0.25in 0 6pt"><B>Failure to set adequate net zero targets</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: top; width: 83%; border: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>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 </B></FONT></TD>
    <TD STYLE="width: 17%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #6AA84F; text-align: center"><FONT STYLE="font-size: 17pt; color: white"><B>&#10003;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>Net zero commitment has limited use of offsets, negative emissions, or unproven or uncommercialized technologies, including carbon capture and storage </B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-size: 17pt; color: white"><B>x</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>Company has adopted robust interim targets, including substantial reductions by 2030</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-size: 17pt; color: white"><B>x</B></FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Occidental has set a net zero by 2050 ambition that covers scope 1, 2, and 3 emissions,
and targets net zero emissions from its operations (scopes 1 and 2) by 2040.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>11</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Occidental&#8217;s ambition to reduce its scope 3 emissions from its customers&#8217;
use of products it sells relies heavily on carbon removals, such as carbon capture, use and storage (CCUS) and direct air capture (DAC)
technologies.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>12</SUP></FONT> The company also characterizes its medium-term
goals as &#8220;CCUS-driven.&#8221;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>13</SUP></FONT> Its Oxy Low Carbon
Ventures (OLCV) business unit is focused on the broad development of CCUS technologies. Relying on CCUS&#8211;rather than phasing out
the production of fossil fuels&#8211;is a risky strategy<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>14</SUP></FONT>;
even pro-CCUS sources acknowledge that many proposed CCUS technologies are as yet unproven, and a massive infrastructure investment and
buildout would be required to capture enough carbon to limit warming to 1.5&deg;C.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>15</SUP></FONT>
DAC and other carbon removal/capture must be in addition to, not instead of, rapid and deep emissions reductions and reductions in the
production and use of fossil fuels.</P>


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<P STYLE="color: #0072BD; font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt"><B>Capital allocation and investment plans not aligned
with 1.5&deg;C pathways</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 90%; border: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>Company has a plan to realign capital expenditures to meet a net zero decarbonization commitment, including substantial reductions in production in line with the IEA Net Zero by 2050 Scenario.</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">According to Carbon Tracker&#8217;s September 2021 analysis, 60-70% of Occidental&#8217;s
sanctioned (those currently producing or under development) and unsanctioned (those not yet under development) capex between 2021 and
2030 is outside of IEA &#8220;Beyond 2 Degrees&#8221; (B2DS) Scenario (limiting warming to 1.6<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11.5pt">&deg;</FONT>C,
net zero by 2060).<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>16</SUP></FONT> Carbon Tracker found that 100% of
Occidental&#8217;s unsanctioned capex is outside of the B2DS scenario; this places Occidental in the 3rd quartile (1st being least exposed,
4th being most) of the 36 companies Carbon Tracker analyzed, suggesting that its &#8220;oil project options are at a relatively greater
risk of becoming stranded assets in a 1.65&deg;C world compared to those of its peer group.&#8221;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>17</SUP></FONT>
Carbon Tracker found that 91% is outside of the IEA&#8217;s &#8216;Sustainable Development Scenario (SDS), which is aligned with limiting
warming to 1.65&deg;C this century, with net zero emissions reached in 2070. Lastly, Carbon Tracker has found that under the IEA NZE,
by the 2030s, Occidental&#8217;s production must be only 28% of its 2021 levels.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>18</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">According to the Climate Action 100+ Net-Zero Company Benchmark, Occidental had not,
as of December 31, 2021, met any of the indicators for capital allocation alignment; to do so, the company would need to align future
capital expenditures with its long-term GHG reduction target(s), commit to align future capital expenditures with the Paris Agreement&#8217;s
objective of limiting global warming to 1.5&deg;C, and disclose the methodology it uses for such alignment.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>19</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Occidental ranked among the top 30 global oil and gas producers for resources under development
in 2021 (with 92.6% of that in unconventional sources), and ranked 23rd amongst global oil and gas producers for exploration capex between
2019 to 2021.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>20</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Misalignment of policy influence activities with net zero commitment
and 1.5&deg;C pathways</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 9%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">According to InfluenceMap, Occidental received a near-failing D grade for its obstructive
policy engagement.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>21</SUP></FONT> The company released a <I>Climate
Advocacy and Engagement </I>report in early 2022,<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>22</SUP></FONT> and
while it provides details on the</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">trade associations in which it has memberships and whether those trade associations are
aligned or misaligned with Occidental&#8217;s climate position, it does not detail any plans to address clear misalignment of particular
trade associations.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>23 24</SUP></FONT> For example, Occidental finds
the American Petroleum Institute &#8220;generally consistent&#8221; with its own climate position,<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>25</SUP></FONT>
despite that organization&#8217;s record of climate obstructionism<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>26</SUP></FONT>
and though the report does note some differences over carbon pricing, it does not detail how it will resolve that misalignment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Shareholder Proposal Related to Climate</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In addition to voting against Director Chazen, shareholders may also wish to support
climate proposals at Occidental Petroleum this year. A shareholder proposal on the Occidental proxy statement, filed by Follow This, requests
that the company &#8220;set and publish targets that are consistent with the goal of the Paris Climate Agreement: to limit global warming
to well below 2&deg;C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5&deg;C.&#8221;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>27</SUP></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><FONT STYLE="background-color: white"><B>Conclusion: Occidental
Petroleum 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 Stephen Chazen (Item 1.b) at
the company&#8217;s annual meeting on May 6, 2022.<BR STYLE="clear: both">
</B></FONT></P>


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<P STYLE="color: #0072BD; font: 21pt Georgia, Times, Serif; margin: 20pt 0 6pt">Appendix A: Proxy Voting for a 1.5&deg;C World</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>The
world is currently on track to reach disastrous levels of warming, driving massive harm and threatening the lives and livelihoods of millions.</B></FONT>
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 Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&#8220;Climate risk&#8221; is systemic, escalating and irreversible
- and corporate boards urgently need to take responsibility for averting and mitigating this risk. </B></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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 1.5&deg;C 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-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>28</SUP></FONT>
According to the International Energy Agency (IEA), in order to achieve net zero emissions globally by 2050, the electricity sector must
reach net zero emissions in OECD countries no later than 2035 and there can be no investment in new fossil fuel production from today.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>29</SUP></FONT>
The IPCC also recognizes that reducing rates of deforestation and forest degradation also represents one of the most effective and robust
options for climate change mitigation.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>30</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">That means that corporate directors must ensure that companies set ambitious decarbonization
targets in line with 1.5&deg;C pathways, and align companies&#8217; business plans, capital expenditures, and policy influence to those
targets. Despite the escalating climate crisis, systemically important U.S. companies continue to invest in the expansion and continued
use of fossil fuels, further accelerating global warming.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>31</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>The
physical and financial risks posed by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</B></FONT>
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: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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; their proxy voting power &#8211; to vote against directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><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 thus far have been far too</B></P>


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<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>incremental, far too hard fought, and collectively insufficient
to the scale of the crisis.</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>Business-as-usual
proxy voting will not suffice to address the seriousness of the crisis at hand.</B></FONT> We urge investors to vote against directors
at companies failing to implement plans consistent with limiting global warming to 1.5&ordm;C.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #0072BD; font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt">Key Sectors Are Critical to Curbing the Climate Crisis</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The electric power, finance, transportation, and oil and gas sectors are key drivers
of the production and consumption of fossil fuels and must all make dramatic transformations to curb the worst of catastrophic climate
change and protect long-term investors. Similarly, companies driving deforestation &#8211; including companies that source key deforestation-linked
agricultural commodities, driving market demand for one of the greatest threats to the world&#8217;s forests &#8211; must adopt comprehensive
climate policies and end deforestation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-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 lobbying and policy influence practices that
obstruct climate action, and align executive compensation to key decarbonization goals.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-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: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #0072BD; font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt">Voting Guide: Oil &amp; Gas</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-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-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>32</SUP></FONT>
The U.S. is the largest petroleum and fossil gas producer in the world, having overtaken Saudi Arabia and Russia in recent years.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>33</SUP></FONT>
In general, U.S. oil companies lag behind their European peers in adopting net zero by 2050 ambitions<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>34</SUP></FONT>,
or investing in renewable energy production.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>35</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">To stay within the available carbon budget to limit warming to 1.5&deg;C, not only must
oil and gas companies decarbonize their own emissions, but global consumption of fossil fuels must fall as well.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>36</SUP></FONT>
In May 2021, the IEA set out the implications of a 1.5&deg;C pathway for the oil and gas sector in its &#8220;Net Zero Emissions by 2050&#8221;
scenario (NZE).<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>37</SUP></FONT> Prior IEA scenarios such as the Beyond
2&deg;C Scenario (aligned to limiting warming to 1.75&deg;C by 2060<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>38</SUP></FONT>)
and the Sustainable Development Scenario (aligned to the Paris Agreement&#8217;s upper target of well below 2&deg;C<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>39</SUP></FONT>),
still fell short of limiting warming to 1.5&deg;C.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Under the NZE, fossil fuel use falls dramatically and can be satisfied with existing
assets, with no need to invest in new oil and gas fields, and no new coal mines or mine extensions.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>40</SUP></FONT>
However, according to analyses by Carbon Tracker, the world&#8217;s largest oil companies have projects both sanctioned (those currently
producing or under development) and unsanctioned (those not yet under development) over the course of the next two decades that would
exceed the carbon budget for 2.0&deg;C of global warming, let alone 1.5&deg;C.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>41</SUP></FONT>
This signals that many companies are not yet fully committed to meaningful reductions. While oil demand fell in 2020 due to COVID-19 disruptions,<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>42</SUP></FONT>
oil demand and pricing are currently rebounding,<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>43</SUP></FONT> and
any expansion plans are fundamentally at odds with the immediate global production reductions required within most Paris Agreement-aligned
scenarios.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>44</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As shale-focused companies rely primarily on continued new drilling to sustain production,
these companies are particularly at risk: in order to limit to 1.5&deg;C and be aligned with the IEA NZE, shale-focused companies in particular
must reduce production by more than 80%.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>45</SUP></FONT> However, many
U.S. companies continue to expand into shale-rich regions such as the Permian Basin<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>46</SUP></FONT>
(see Capital Allocation section). The Permian is predicted to account for much of the growth in US oil production, and much of this will
likely be exported and burned overseas; an Occidental Petroleum company executive recently noted the trend by saying &#8220;every single
molecule from here on out has to be exported.&#8221;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>47</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #0072BD; font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt">Target setting</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">To avoid the risk of global temperature overshoot, emissions need to fall by 45% from
2010 levels by 2030, reaching net zero by 2050.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>48</SUP></FONT> 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. Companies should achieve net zero by 2050
with limited use of offsets, negative emissions, or unproven or uncommercialized technologies, including carbon capture and storage (CCUS).
Relying on CCUS&#8211;rather than phasing out the production of fossil fuels&#8211;is a risky strategy<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>49</SUP></FONT>;
even pro-CCUS sources acknowledge that many proposed CCUS technologies are as yet unproven, and a massive infrastructure investment and
buildout would be required to capture enough carbon to limit warming to 1.5&deg;C.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>50</SUP></FONT>
Oil and gas companies should clearly disclose specific plans to use offsets or negative emissions to achieve net zero emissions by 2050,
so that investors may assess the quality and credibility of their plans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; color: rgb(0,114,189); margin: 0.25in 0 6pt">KEY DATA SOURCES:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 10pt">CDP
                                            (formerly Carbon Disclosure Project), company survey responses<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>51</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Science-Based
                                            Targets Initiative, Companies list<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>52
                                            </SUP></FONT>and Sector Guidance<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>53</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Climate
                                            Action 100+, Disclosure Indicators 1-4<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>54</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Oil
                                            Change International, Big Oil Reality Check<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>55</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="color: #0072BD; font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt">Capital allocation</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-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. At minimum, Arctic and oil sands projects should be halted because they are inconsistent with limiting warming to 1.5&deg;C<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>56</SUP></FONT>,
economically marginal due to elevated production costs, and carry additional environmental and human rights risks.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>57</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Oil production in the Permian Basin in Texas and New Mexico &#8211; almost entirely fracking<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>58</SUP></FONT>&#8211;has
nearly quadrupled from 2010 to today,<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>59</SUP></FONT> while natural
gas production has more than tripled.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>60</SUP></FONT> According to an
analysis conducted by Oil Change International, carbon emissions from Permian oil and gas production through 2050 could alone exhaust
nearly 10% of the global 1.5&deg;C carbon budget.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>61</SUP></FONT> The
climate impact of Permian oil and gas is even greater than coal based on the amount of methane that escapes into the atmosphere during
hydraulic fracking.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>62</SUP></FONT> It is estimated that the Permian
Basin has a 60% higher methane leakage rate than other U.S oil and gas regions.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>63</SUP></FONT>
Given that the vast majority of these emissions would come from wells not yet in production at the end of 2020, much of these emissions
could be avoided if companies simply halted all drilling of new wells.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>64</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Investors should use the NZE scenario as a floor to assess companies&#8217; climate policies,
transition scenarios and capital allocation alignment. Importantly, no new oil or gas fields should be approved for development under
a 1.5&deg;C pathway; no investment in new oil and gas production should be undertaken;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>65</SUP></FONT>
and production levels must fall by the 2030s.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>66</SUP></FONT> Under
such a scenario, asset stranding of additional production assets as well as existing assets is a major risk to investors.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>67</SUP></FONT></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; color: rgb(0,114,189); margin: 0.25in 0 6pt">KEY DATA SOURCES</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Rainforest
                                            Action Network, Banking on Climate Chaos<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>68</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Carbon
                                            Tracker, Fault Lines (2020)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>69
                                            </SUP></FONT>and Adapt to Survive (2021)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>70</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Carbon
                                            Tracker, Company Profiles: Oil &amp; Gas Companies<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>71</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Climate
                                            Action 100+, Climate Action 100+ Net-Zero Company Benchmark: Company assessments, see Disclosure
                                            Indicator 6<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>72</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #0072BD; font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt">Policy influence</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Oil and gas companies must fully align their policy influence activities, including political
spending and lobbying, with the policy settings required to accelerate sector-wide emissions reductions 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 of any trade
associations or similar entities of which they are members or to which they contribute with 1.5&deg;C outcomes, or cease membership of
such organizations.</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; color: rgb(0,114,189); margin: 0.25in 0 6pt">KEY DATA SOURCES:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Climate
                                            Action 100+ Net-Zero Company Benchmark: Company assessments, see Disclosure Indicator 7<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>73</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 10pt">InfluenceMap,
                                            List of companies and influencers<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>74</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="color: #0072BD; font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt">Summary table</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="3" STYLE="width: 19%; border: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><B>TARGET SETTING </B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>1.1</B></FONT></TD>
    <TD STYLE="width: 72%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white">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></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>1.2</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white">Net zero commitment has limited use of offsets, negative emissions, or unproven or uncommercialized technologies, including carbon capture and storage </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>1.3</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white">Company has adopted robust interim targets, including substantial reductions by 2030</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><B>CAPITAL ALLOCATION</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>2.1</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white">Company has a plan to realign capital expenditures to meet a net zero decarbonization commitment, including substantial reductions in production in line with the IEA Net Zero by 2050 Scenario</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><B>POLICY INFLUENCE</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>3.1</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white">Alignment of policy influence activities with net zero target and limiting warming to 1.5&deg;C</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>





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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>1</SUP></FONT> <FONT STYLE="font-size: 7pt">Occidental
Petroleum, &#8220;Performance Production&#8221; (website), <FONT>https://www.oxy.com/operations/performance-production/</FONT>,
Accessed April 15, 2022</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>2</SUP></FONT> <FONT STYLE="font-size: 7pt">Institute
for Energy Economics and Financial Analysis, <I>Independent Producers Dominate Majors in the Permian, </I>November 2021, http://ieefa.org/wp-content/uploads/2021/11/Independent-Producers-Dominate-Majors-in-the-Permian_November-2021.pdf,
p. 1</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>3</SUP></FONT> <FONT STYLE="font-size: 7pt">Oil
Change International. <I>Drilling Towards Disaster: Why US Oil and Gas Expansion Is Incompatible With Climate Limits,</I> January 2019,
https://priceofoil.org/content/uploads/2019/01/Drilling-Towards-Disaster-Web-v2.pdf, pp. 7 and 26</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>4</SUP></FONT> <FONT STYLE="font-size: 7pt">Climate
Action 100+, &#8220;Companies,&#8221; https://www.climateaction100.org/whos-involved/companies/ , accessed March 16, 2022</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>5</SUP></FONT> <FONT STYLE="font-size: 7pt">U.S.
Energy Information Administration, &#8216;Total Energy.&#8217; Data browser. 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,
accessed March 1, 2022</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>6</SUP></FONT> <FONT STYLE="font-size: 7pt">U.S.
Energy Information Administration, &#8220;United States Remains Largest Producer of Petroleum and Natural Gas Hydrocarbons,&#8221; https://www.eia.gov/todayinenergy/detail.php?id=26352,
accessed March 1, 2022 </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>7</SUP></FONT> <FONT STYLE="font-size: 7pt">International
Energy Agency (IEA), <I>Net Zero by 2050: A Roadmap for the Global Energy Sector, </I>May 2021. https://www.iea.org/reports/net-zero-by-2050
</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>8</SUP></FONT> <FONT STYLE="font-size: 7pt">IEA,
&#8216;Net Zero by 2050,&#8217; Figure 3.4, p. 103</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>9</SUP></FONT> <FONT STYLE="font-size: 7pt">Somasekhar,
A., &quot;As Oil-well Backlog Shrinks, U.S. Shale May Upset Investors and Drill More.&#8221; <I>Reuters</I>, September 14, 2021, https://www.reuters.com/business/energy/oil-well-backlog-shrinks-us-shale-may-upset-investors-drill-more-2021-09-14/
</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>10</SUP></FONT> <FONT STYLE="font-size: 7pt">Carbon
Tracker, <I>Adapt to Survive: Why Oil Companies Must Plan for Net Zero and Avoid Stranded Assets, </I>September 2021. https://carbontracker.org/reports/adapt-to-survive/
</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>11</SUP></FONT> <FONT STYLE="font-size: 7pt">Occidental
Petroleum, <I>Occidental 2021 Pathway to Net-Zer</I>o, [date] https://www.oxy.com/globalassets/documents/publications/oxy-climate-report-2021.pdf,
p. 16 </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>12</SUP></FONT> <FONT STYLE="font-size: 7pt">Occidental
Petroleum, &#8216;Occidental 2021 Pathway to Net-Zero,&#8217; p. 8</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>13</SUP></FONT> <FONT STYLE="font-size: 7pt">Occidental
Petroleum, Schedule 14-A, filed April 7, 2022, https://www.sec.gov/Archives/edgar/data/797468/000114036122013468/brhc10036187_defa14a.htm
p. 11</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="oxy-015.jpg" ALT="" STYLE="height: 27px; width: 118px">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>14</SUP></FONT> <FONT STYLE="font-size: 7pt">Oil
Change International, <I>Big Oil Reality Check, </I>September 2020. http://priceofoil.org/content/uploads/2020/09/OCI-Big-Oil-Reality-Check-vF.pdf,
pp. 8, 9, and 18. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>15</SUP></FONT> <FONT STYLE="font-size: 7pt">Global
CCS Institute, <I>Global Status of CCS 2021, </I>https://www.globalccsinstitute.com/wp-content/uploads/2021/11/Global-Status-of-CCS-2021-Global-CCS-Institute-1121.pdf
p. 35 </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>16</SUP></FONT> <FONT STYLE="font-size: 7pt">Carbon
Tracker, <I>Adapt to Survive, </I>September 2021, https://carbontracker.org/reports/adapt-to-survive/, p 35 (note that the company is
referred to in this report only as &#8220;Oxy&#8221; not Occidental)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>17</SUP></FONT> <FONT STYLE="font-size: 7pt">Carbon
Tracker, &#8220;Occidental Petroleum Corporation&#8221; (company profile), at sub-header &#8220;CAPEX: Cumulative Potential Oil Supply
(2021-2040), Unsanctioned Oil Fields, New Assets Only, Analysis&#8221; updated January 31, 2022, https://og.companyprofiles.carbontracker.org/Occidental%20Petroleum%20Corporation</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>18</SUP></FONT> <FONT STYLE="font-size: 7pt">Carbon
Tracker, &#8216;Adapt to Survive,&#8217; webpage graphic https://carbontracker.org/reports/adapt-to-survive/</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>19</SUP></FONT> <FONT STYLE="font-size: 7pt">Climate
Action 100+, &#8216;Occidental Petroleum Company Assessment,&#8217; https://www.climateaction100.org/company/occidental-petroleum-corporation/,
accessed March 30. 2022</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>20</SUP></FONT> <FONT STYLE="font-size: 7pt">Analysis
using Urgewald&#8217;s Global Oil and Gas Exit List (GOGEL), available at https://gogel.org/ Expenditure is a 3-year average from 2019-2021.
</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>21</SUP></FONT> <FONT STYLE="font-size: 7pt">InfluenceMap,
&#8216;Occidental Petroleum&#8217; (profile), https://lobbymap.org/company/Occidental-Petroleum/projectlink/Occidental-Petroleum-In-Climate-Change
accessed March 6, 2022</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>22</SUP></FONT> <FONT STYLE="font-size: 7pt">Occidental
Petroleum, <I>Climate Advocacy and Engagement, </I>https://www.oxy.com/globalassets/documents/sustainability/oxy-climate-advocacy-and-engagement.pdf,
accessed March 30, 2022</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>23</SUP></FONT> <FONT STYLE="font-size: 7pt">LobbyMap,
additional detail on Occidental disclosure, https://lobbymap.org/evidence/179052537b61041e7a5310f55635f8e3, accessed March 30, 2022</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>24</SUP></FONT> <FONT STYLE="font-size: 7pt">Climate
Action 100+ Net Zero Company Benchmark, &#8216;Occidental Petroleum Company Assessment,&#8217; March 30, 2022, https://www.climateaction100.org/company/occidental-petroleum-corporation/,
see Indicator 7</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>25</SUP></FONT> <FONT STYLE="font-size: 7pt">https://www.oxy.com/globalassets/documents/sustainability/oxy-climate-advocacy-and-engagement.pdf/download,
p. 3</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>26</SUP></FONT> <FONT STYLE="font-size: 7pt">InfluenceMap,
&#8216;American Petroleum Institute&#8217; profile https://lobbymap.org/influencer/American-Petroleum-Institute-API, accessed March 16,
2022</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>27</SUP></FONT> <FONT STYLE="font-size: 7pt">Occidental
Petroleum, Schedule 14-A, filed March 24, 2022 https://www.sec.gov/Archives/edgar/data/0000797468/000120677422000870/oxy3995601-def14a.htm#a050
p. 76</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>28</SUP></FONT> <FONT STYLE="font-size: 7pt">IPCC,
<I>Special Report on Global Warming of 1.5&deg;C., </I>2018<I>, </I>https://www.ipcc.ch/site/assets/uploads/sites/2/2019/06/SR15_Full_Report_Low_Res.pdf
, pp. v, 5, 7-10, 95-97 and 116</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>29</SUP></FONT> <FONT STYLE="font-size: 7pt">International
Energy Agency (IEA), <I>Net Zero by 2050: A Roadmap for the Global Energy Sector, </I>May 2021. https://www.iea.org/reports/net-zero-by-2050,
Slide 8. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>30</SUP></FONT> <FONT STYLE="font-size: 7pt">IPCC.
<I>Special Report on Climate Change and Land, Summary for Policy Makers</I>,January, 2020, https://www.ipcc.ch/site/assets/uploads/sites/4/2020/02/SPM_Updated-Jan20.pdf,
pp 23-24 and 26. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>31</SUP></FONT> <FONT STYLE="font-size: 7pt">Climate
Action 100+: Net-Zero Company Benchmark Company Assessments https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>32</SUP></FONT> <FONT STYLE="font-size: 7pt">US
Energy Information Administration, &#8216;Carbon Dioxide Emissions from Energy Consumption by Source&#8217;, 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,
accessed March 19, 2022 </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>33</SUP></FONT> <FONT STYLE="font-size: 7pt">US
Energy Information Administration, &#8220;The U.S. leads global petroleum and natural gas production with record growth in 2018,&#8221;
https://www.eia.gov/todayinenergy/detail.php?id=40973, accessed March 16, 2022 </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>34</SUP></FONT> <FONT STYLE="font-size: 7pt">Luhavalja,
Amanda, et al. &#8220;Path to Net Zero: European Oil Majors Outpace US Companies on Climate Goals,&#8221; <I>S&amp;P Global Market Intelligence,
</I>July 28, 2020, https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/path-to-net-zero-european-oil-majors-outpace-us-companies-on-climate-goals-59543423,
accessed March 16, 2022</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>35</SUP></FONT> <FONT STYLE="font-size: 7pt">Quinson,
Tim, &#8220;US Oil Companies Lag Far Behind Greener European Rivals,&#8221; Bloomberg, March 24, 2021, https://www.bloomberg.com/news/articles/2021-03-24/u-s-oil-companies-lag-far-behind-greener-europe-rivals-green-insight</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>36</SUP></FONT> <FONT STYLE="font-size: 7pt">IEA,
&#8216;Net Zero by 2050 Scenario&#8217; </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>37</SUP></FONT> <FONT STYLE="font-size: 7pt">IEA,
&#8216;Net Zero by 2050 Scenario&#8217; </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>38</SUP></FONT> <FONT STYLE="font-size: 7pt">IEA,
&#8216;Energy Technology Perspectives 2017.&#8217; https://www.iea.org/reports/energy-technology-perspectives-2017</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>39</SUP></FONT> <FONT STYLE="font-size: 7pt">IEA,
&#8216;Sustainable Development Scenario.&#8217; https://www.iea.org/reports/world-energy-model/sustainable-development-scenario-sds</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>40</SUP></FONT> <FONT STYLE="font-size: 7pt">IEA,
&#8216;Net Zero by 2050 Scenario.&#8217; pp. 21 -22. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>41</SUP></FONT> <FONT STYLE="font-size: 7pt">Carbon
Tracker, &#8216;Adapt to Survive.&#8217; p. 4 and pp.14-16 </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>42</SUP></FONT> <FONT STYLE="font-size: 7pt">International
Energy Agency, <I>World Energy Outlook 2021, </I> https://iea.blob.core.windows.net/assets/4ed140c1-c3f3-4fd9-acae-789a4e14a23c/WorldEnergyOutlook2021.pdf
p. 19. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>43</SUP></FONT> <FONT STYLE="font-size: 7pt">Deloitte,
2022 Oil and Gas Industry Outlook, https://www2.deloitte.com/content/dam/Deloitte/us/Documents/energy-resources/us-2022-outlook-oil-and-gas.pdf
p. 4. </FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>44</SUP></FONT> <FONT STYLE="font-size: 7pt">Oil
Change International et al, <I>The Sky&#8217;s the Limit: Why the Paris Climate Goals Require A Managed Decline of Fossil Fuel Production,
</I></FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">https://priceofoil.org/content/uploads/2016/09/OCI_the_skys_limit_2016_FINAL_2.pdf, pp.
19-21 and 24.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>45</SUP></FONT> <FONT STYLE="font-size: 7pt">Carbon
Tracker, &#8216;Adapt to Survive.&#8217; p. 6 and p. 15. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>46</SUP></FONT> <FONT STYLE="font-size: 7pt">Oil
Change International<I>. Drilling Towards Disaster: Why US Oil and Gas Expansion Is Incompatible With Climate Limits,</I> January, 2019,
https://priceofoil.org/content/uploads/2019/01/Drilling-Towards-Disaster-Web-v2.pdf, p. 7. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>47</SUP></FONT> <FONT STYLE="font-size: 7pt">Collier,
Kiah. &#8220;As Oil and Gas Exports Surge, West Texas Becomes the World&#8217;s &#8216;extraction colony&#8217;&#8221; <I>Texas Tribune,
</I>August 10, 2018, https://www.texastribune.org/2018/10/11/west-texas-becomes-worlds-extraction-colony-oil-gas-exports-surge/</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>48</SUP></FONT> <FONT STYLE="font-size: 7pt">IPCC.
&#8216;Special Report on Global Warming of 1.5.&#8217; 2018 </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>49</SUP></FONT> <FONT STYLE="font-size: 7pt">Oil
Change International, <I>Big Oil Reality Check, </I>September 2020. http://priceofoil.org/content/uploads/2020/09/OCI-Big-Oil-Reality-Check-vF.pdf,
pp. 8, 9, and 18. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>50</SUP></FONT> <FONT STYLE="font-size: 7pt">Global
CCS Institute, <I>Global Status of CCS 2021, </I>https://www.globalccsinstitute.com/wp-content/uploads/2021/11/Global-Status-of-CCS-2021-Global-CCS-Institute-1121.pdf
p. 35 </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>51</SUP></FONT> <FONT STYLE="font-size: 7pt">https://www.cdp.net/en/responses?queries%5Bname%5D=&amp;utf8=%E2%9C%93</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>52</SUP></FONT> <FONT STYLE="font-size: 7pt">https://sciencebasedtargets.org/companies-taking-action
</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>53</SUP></FONT> <FONT STYLE="font-size: 7pt">https://sciencebasedtargets.org/sectors
</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>54</SUP></FONT> <FONT STYLE="font-size: 7pt">https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>55</SUP></FONT> <FONT STYLE="font-size: 7pt">Oil
Change International, &#8216;Big Oil Reality Check&#8217;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>56</SUP></FONT> <FONT STYLE="font-size: 7pt">Carbon
Tracker, <I>Breaking the Habit: Why None of the Large Oil Companies are &#8220;Paris-aligned&#8221;, and What They Need to Do to Get There,
</I>September 2019, https://carbontransfer.wpengine.com/wp-content/uploads/2019/09/Capex-report-2019_Infographic.pdf, </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>57</SUP></FONT> <FONT STYLE="font-size: 7pt">BankTrack,
Oil Change International, Rainforest Action Network, Sierra Club. <I>Banking on Climate Change: Fossil Fuel Finance Reportcard 2017 </I>https://priceofoil.org/content/uploads/2017/06/Banking_On_Climate_Change_2017.pdf,
pp.4, 13 and 20 </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>58</SUP></FONT> <FONT STYLE="font-size: 7pt">Oil
Change International. &#8216;Drilling Towards Disaster.&#8217; p. 26 </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>59</SUP></FONT> <FONT STYLE="font-size: 7pt">Please
see chart: Total Oil Production in the Permian Basin</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">https://www.dallasfed.org/research/energy11/permian.aspx#Oil</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>60</SUP></FONT> <FONT STYLE="font-size: 7pt">Natural
Gas Production in Permian Basin chart</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">https://www.dallasfed.org/research/energy11/permian.aspx#Gas</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>61</SUP></FONT> <FONT STYLE="font-size: 7pt">Oil
Change International. &#8216;Drilling Towards Disaster.&#8217; pp. 7 and 26 </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>62</SUP></FONT> <FONT STYLE="font-size: 7pt">https://thehill.com/policy/energy-environment/155101-report-gas-from-fracking-worse-than-coal-on-climate</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>63</SUP></FONT> <FONT STYLE="font-size: 7pt">Zhang,
Y. et al. &#8220;Quantifying methane emissions from the largest oil-producing basin in the United States from space.&#8221; <I>Science
Advances: </I>22 Apr 2020<B>. </B>https://www.science.org/doi/10.1126/sciadv.aaz5120</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>64</SUP></FONT> <FONT STYLE="font-size: 7pt">Oil
Change International, Earthworks, and the Center for International Environmental Law, <I>The Permian Climate Bomb. </I>https://www.permianclimatebomb.org/chapter-2</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>65</SUP></FONT> <FONT STYLE="font-size: 7pt">Carbon
Tracker. &#8216;Adapt to Survive.&#8217; pp. 4-5, 8-10 </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>66</SUP></FONT> <FONT STYLE="font-size: 7pt">Carbon
Tracker. &#8216;Adapt to Survive.&#8217; p. 6. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>67</SUP></FONT> <FONT STYLE="font-size: 7pt">Carbon
Tracker. &#8216;Adapt to Survive.&#8217;, pp. 4-5, 8-10 </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>68</SUP></FONT> <FONT STYLE="font-size: 7pt">Rainforest
Action Network, <I>Banking on Climate Chaos. </I>March 2021. https://www.ran.org/wp-content/uploads/2021/03/Banking-on-Climate-Chaos-2021.pdf</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>69</SUP></FONT> <FONT STYLE="font-size: 7pt">Carbon
Tracker, <I>Fault Lines: How Diverging Oil and Gas Company Strategies link to Stranded Asset Risk, </I>October 2020, </FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">https://carbontracker.org/reports/fault-lines-stranded-asset/</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>70</SUP></FONT> <FONT STYLE="font-size: 7pt">Carbon
Tracker. &#8216;Adapt to Survive.&#8217;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>71</SUP></FONT> <FONT STYLE="font-size: 7pt">https://carbontracker.org/company-profiles/</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>72</SUP></FONT> <FONT STYLE="font-size: 7pt">https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>73</SUP></FONT> <FONT STYLE="font-size: 7pt">https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>74</SUP></FONT> <FONT STYLE="font-size: 7pt">https://influencemap.org/filter/List-of-Companies-and-Influencers#</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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