June 3, 2020 / 9:39 PM / a month ago

Occidental, its share price battered, reports resounding election for directors

HOUSTON, June 3 (Reuters) - Occidental Petroleum Corp , the oil company whose share price was battered last year after a controversial merger with Anadarko Petroleum Corp, said on Wednesday its directors were elected last week by a comfortable margin in a shareholder vote of confidence.

The votes came in the first annual meeting held since the U.S. oil and gas company’s $38 billion acquisition of Anadarko Petroleum, an ill-timed bet on rising shale oil prices that has knocked its share price by 78% since its interest was first disclosed.

Chief Executive Vicki Hollub, who has come under fire for her pursuit of the Anadarko deal, received 91% of shareholder support, up from 78% last year. She received 99.7% in 2018.

Shareholders approved all Occidental board members by an average of 92%, up from 78.4% last year.

But an advisory vote on executive compensation was 76% in favor, down from 88% last year and 96% in 2018. (Reporting by Jennifer Hiller)

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