Each year, we explore ways to improve our reporting standards and transparency by providing current information on policies, objectives, performance and activities of Occidental and its subsidiaries (collectively, Occidental) in corporate governance, workforce development, social and economic development, health and safety and environmental stewardship – subjects of high interest to our stakeholders worldwide. We strongly believe that information provided through our detailed Social Responsibility section on Oxy.com and our Social Responsibility Overview brochure helps us to maintain and enhance our reputation as a partner, employer and neighbor of choice.
Eight reporting principles guide the structure and content of Occidental's Social Responsibility (SR) reporting.
Reporting Standards – The development of Occidental’s SR reporting is informed by the sustainability reporting framework published by the Global Reporting Initiative (GRI) and the industry-specific reporting guidelines of the American Petroleum Institute and the International Petroleum Industry Environmental Conservation Association (API/ IPIECA). In 2014, we reported based on the GRI G4 standard disclosures and the 2010 revised API/IPIECA indicators that we consider most relevant to our business operations and material to our stakeholders.
Scope – Our reporting provides new and updated information on our SR programs and performance and their effect on our stakeholders including employees, contractors, governments and communities during the most recent fiscal year. The majority of Occidental’s SR disclosures, including our quantitative SR performance data, is available in the SR Section on our website. Detail presented online at Oxy.com and in our Social Responsibility Overview brochure is further supported by information included in our annual and quarterly financial reports.
Boundary – Our SR web content includes information through 2014, except where indicated, for Occidental’s oil and gas, chemical and midstream and marketing assets and facilities we operate. Quantitative data are based on Occidental's share of ownership in facilities that we operate; are not adjusted for terms of Production Sharing Contracts; and do not include non-operated assets, outside-operated joint ventures or facilities, Occidental's customers or others who use Occidental's products.
Integration and Alignment – Occidental's formal Health, Environment and Safety Management System (HESMS) sets consistent worldwide expectations and standards for managers and helps employees across our operations assess and manage SR-related performance and risks.
Credibility – We develop and review our SR reporting with our business units and central functions, provide supporting data and balanced information on SR performance, and explain the basis for our estimates.
Transparency – We provide clear, understandable, factual information to address topics in which our key stakeholders have expressed an interest, while preserving confidential business information.
Corrections – We periodically review our SR reporting as additional information becomes available. There have been no significant corrections of information from prior year reports. In December 2014, Occidental completed the spin-off of its subsidiary, California Resources Corporation (CRC). Consistent with Occidental’s annual financial and operational reporting, CRC has been treated as discontinued operations for 2014 and all years represented in our SR reporting. All SR performance data related to CRC has been removed for 2014 and any prior years have been restated to exclude CRC, unless otherwise noted on Occidental’s website.
Relevance – We draw upon topics of material significance to our key stakeholders and business operations to guide our SR approach and reporting.