Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Occidental Petroleum Corporation    OXY

Delayed Quote. Delayed  - 08/24 10:02:14 pm
77.72 USD   +1.08%
08/23 OCCIDENTAL PETR : Oxy Qatar names winner of Mawaheb competition
08/22 OCCIDENTAL PETR : of Qatar announces winner of Mawaheb competition
08/16DJYPF Can Finance Maxus' Bankruptcy Plan, Judge Says
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Occidental Petroleum Corporation : Occidental CEO to Stay Through 2014; Unveils Compensation and Governance Changes

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/29/2013 | 02:43pm CEST
   By Saabira Chaudhuri 
 

Occidental Petroleum Corp. (OXY) said Steve Chazen will continue to serve as its chief executive through the end of 2014 as it unveiled a slew of changes to its corporate governance and compensation policies.

The move follows the company's February announcement that it would search for a new CEO, which fueled increasing shareholder discontent.

Mr. Chazen had said he wasn't looking to go, and some investors wanted him to stay. Earlier this month, The Wall Street Journal reported Matrix Asset Advisors Inc.'s concerns that the decision to replace the longtime company executive was driven by personal differences between Mr. Chazen and Executive Chairman Ray Irani--who was previously Occidental's CEO--not disagreements over corporate strategy or poor company performance.

In Monday's statement, Occidental said Mr. Chazen would stay on "with the board's full support," reflecting the "extensive feedback the company has received from shareholders, who also indicated a strong desire to move forward with other corporate governance and executive compensation changes."

Occidental said Mr. Chazen will assist the board with its ongoing succession process and will work with it on corporate strategy, succession planning, executive compensation and talent development.

Meanwhile, Mr. Chazen said the announcement is "consistent" with his personal plans, adding he supports the board's efforts to find a successor and will work with them to ensure an orderly transition.

Mr. Chazen also said he has had a "productive partnership" with Mr. Irani for the past 20 years, and that he and the board "look forward to calling on Ray for advice, counsel and help in advancing the company's business interests."

Also on Monday, Occidental unveiled changes to its corporate governance and its director and executive compensation policies. The changes include having an independent director serve as chairman, rotating the chairs of each board committee and the independent chairman at least every five years, and adding at least two new independent directors to its board.

The company also said it will adopt a policy going forward that former CEOs of the company won't be eligible to serve on the board.

Mr. Irani's fate wasn't mentioned in Monday's release.

Occidental also said it will cut its annual share grant to non-employee directors by at least 20%, starting "immediately" and that director compensation levels will be revised to be in line with peers.

Shares edged up 44 cents to $87.10 in recent premarket trading. The stock has risen 13% so far this year.

Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on OCCIDENTAL PETROLEUM CORPO
08/23 OCCIDENTAL PETROLEUM : Oxy Qatar names winner of Mawaheb competition
08/22 OCCIDENTAL PETROLEUM : of Qatar announces winner of Mawaheb competition
08/16DJYPF Can Finance Maxus' Bankruptcy Plan, Judge Says
08/11 PRODUCTS PARTNERS L P : Enterprise and Occidental Petroleum Begin Service at Del..
08/03 OCCIDENTAL PETROLEUM : DE/ Management's Discussion and Analysis of Financial Con..
08/03DJOCCIDENTAL PETROLEUM : Swings to a Loss as Revenue Falls
08/03DJOCCIDENTAL PETROLEUM : Swings to a Loss as Revenue Falls
08/03 OCCIDENTAL PETROLEUM : reports 2Q loss
08/03 OCCIDENTAL PETROLEUM CORP /DE/ : Results of Operations and Financial Condition, ..
08/03 OCCIDENTAL PETROLEUM : Announces 2nd Quarter 2016 Results
More news
Sector news : Oil & Gas Exploration and Production - NEC
08:49aDJPETROCHINA : China Oil Drillers Take Hit -- WSJ
08/24DJPETROCHINA : and Cnooc Results Plunge
08/24DJCNOOC : Swings to Net Loss of CNY7.74 Billion in First Half
08/23 ConocoPhillips hits snag in Senegal deepwater stake sale to Woodside
08/23DJU.S. Stocks Creep Higher
More sector news : Oil & Gas Exploration and Production - NEC
News from SeekingAlpha
08/24 WARNING : Rest Of The Week Looks Tough For Oil
08/23 Royal Dutch Shell Looks To 'Transform' Soon
08/22 Occidental Petroleum Breaks Even At $60 WTI
08/22 ALPHA FROM EQUAL-WEIGHTING : A Look At Energy
08/21 MY PORTFOLIO UPDATE AND REVIEW OF 83 : Up 2 With Reynolds And Exelon, Down 1 Wit..
Advertisement
Financials ($)
Sales 2016 10 656 M
EBIT 2016 -237 M
Net income 2016 -199 M
Debt 2016 5 723 M
Yield 2016 3,82%
P/E ratio 2016 5 046,75
P/E ratio 2017 66,89
EV / Sales 2016 6,11x
EV / Sales 2017 4,81x
Capitalization 59 372 M
More Financials
Chart OCCIDENTAL PETROLEUM CORPO
Duration : Period :
Occidental Petroleum Corpo Technical Analysis Chart | OXY | US6745991058 | 4-Traders
Full-screen chart
Technical analysis trends OCCIDENTAL PETROL...
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 79,0 $
Spread / Average Target 1,6%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Vicki A. Hollub President, Chief Executive Officer & Director
Eugene L. Batchelder Non-Executive Chairman
Christopher G. Stavros Chief Financial Officer & Senior Vice President
Ioannis A. Charalambous Chief Information Officer & Vice President
John E. Feick Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
OCCIDENTAL PETROLEUM C..14.95%59 372
CNOOC LTD17.48%55 352
CONOCOPHILLIPS-7.99%53 206
EOG RESOURCES INC28.17%49 960
CANADIAN NATURAL RESOU..39.83%35 053
OIL & NATURAL GAS CORP..-0.40%30 734
More Results