Occidental Petroleum Adopts Amended and Restated By-laws

Occidental Petroleum Corporation (NYSE: OXY) disclosed in a recent 8-K filing on November 6, 2024, that its Board of Directors has approved and implemented the company’s Amended and Restated By-laws. The amended by-laws, effective immediately, encompass various updates to align with the Delaware General Corporation Law.

The key modifications to the By-laws include provisions related to remote communications in meetings, stockholder meeting adjournments, access to the stockholder list, procedural requirements for Board and stockholder notices, Board action by consent, and the authorization to sign stock certificates. Additionally, a provision concerning stockholder special meeting requests has been removed, no longer making the Board’s determinations conclusive and binding.

Further adjustments involve enhanced disclosure and procedural requirements for stockholder-submitted nominations and business proposals. These changes necessitate additional informational requirements in stockholder notices, completion of a nominee questionnaire for nominations, and representations regarding proxy solicitations for director nominees and business proposals.

The By-laws also detail revised stipulations concerning stockholder meetings, clarification of “contested elections,” and the removal of a provision mandating the resignation of incumbent directors following an uncontested election. Moreover, there are new requirements for the color of proxy cards used in stockholder solicitations and updated indemnification provisions.

Additionally, technical, ministerial, clarifying, and conforming changes have been made to the By-laws. For a comprehensive understanding of the amended By-laws, interested parties are referred to the full text of the By-laws filed with the 8-K report as Exhibit 3.1.

The company noted that the adjustments are aimed at enhancing governance practices and compliance with regulatory standards. Such proactive measures are essential for maintaining transparency and reinforcing accountability within the organization.

For further information and a detailed overview of the entire 8-K SEC filing by Occidental Petroleum Corporation, interested parties can access the official document on the Securities and Exchange Commission’s website.

The company has not issued any additional statements regarding the amended By-laws at this time.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Occidental Petroleum’s 8K filing here.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.