Liam Denning, Columnist

How Did Oxy’s Bosses Get Paid a Bonus?

There's a yawning gap between oil E&P sector compensation and performance.

April 2, 2020 at 11:00 AM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

Vicki Hollub, president and chief executive officer of Occidental Petroleum Corp.
Photographer: Bloomberg/Bloomberg

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There are a couple of ways of summarizing what’s happened with Occidental Petroleum Corp. since CEO Vicki Hollub went all-in on buying Anadarko Petroleum Corp. last year. One would be that the deal trashed Oxy’s relationship with shareholders and saddled it with too much debt, leading to chronic underperformance and, when disaster struck, a massive dividend cut. An alternative take might be:

That second one comes from Oxy’s preliminary proxy statement, filed this week.