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In a recent filing with the Securities and Exchange Commission, Occidental Petroleum Corporation (NYSE:OXY), currently valued at $38.6 billion by market capitalization, reported the results of its 2025 Annual Meeting of Shareholders held on May 2, 2025. The meeting addressed several key matters, including the election of board members, executive compensation, and the appointment of an independent auditor. According to InvestingPro data, the company maintains strong financial health with an overall Fair Value score indicating the stock is currently undervalued.
The ten nominees proposed by the Board of Directors were elected as company directors, with each receiving a significant majority of the votes cast. The detailed voting results included a high percentage of votes in favor, ranging from 95.85% to 98.26% for each nominee.
Additionally, shareholders approved the advisory vote on named executive officer compensation with over 94% of votes in favor, showcasing strong shareholder support for the company’s executive pay structure. This approval comes as InvestingPro data shows the company has maintained dividend payments for 52 consecutive years and recently increased its dividend yield to 2.47%.
The ratification of KPMG as the company’s independent auditor for the fiscal year ending December 31, 2025, was also approved by an overwhelming majority of 97.94%.
Furthermore, the proposal to approve the company’s Amended and Restated 2015 Long-Term Incentive Plan was passed, with 97.12% of votes for the motion. This plan is designed to provide long-term incentives to key employees, aligning their interests with those of the shareholders.
The SEC filing, dated May 6, 2025, confirms that all matters presented at the meeting were approved as proposed by the Board of Directors. The full results of the votes, including the number of votes for and against, as well as abstentions and broker non-votes, were detailed in the filing. This information is based on a press release statement from the company. With 10 analysts recently revising their earnings upward and a consensus recommendation available on InvestingPro, along with dozens more financial metrics and ProTips, investors can access comprehensive analysis through the platform’s Pro Research Report.
In other recent news, Occidental Petroleum has been the focus of several key developments. UBS analyst Josh Silverstein has revised the price target for Occidental Petroleum, lowering it to $38 from $44, while maintaining a Neutral rating. Stephens also adjusted their target, reducing it to $58 from $60 but kept an Overweight rating. Mizuho (NYSE:MFG) Securities followed suit, cutting the target to $62 from $68 and maintaining a Neutral stance. These adjustments come as the company prepares for its first-quarter results for 2025, with expectations of strong production volumes in the Permian Basin and potential benefits from increased spreads in its Midstream gas unit. Analysts have noted concerns regarding Occidental’s cash generation capabilities, including factors like debt reduction and capital expenditures. Occidental Petroleum has also highlighted factors expected to influence its financial performance for the first quarter of 2025 in a recent SEC filing. Additionally, the Energy Department’s proposed funding cuts could impact Occidental’s carbon capture projects, as part of broader government efficiency initiatives. These recent developments underscore the various challenges and opportunities facing Occidental Petroleum in the current economic landscape.
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