The oil and gas industry’s top spender on federal lobbying faces a crucial test Thursday of its opaque influence efforts.
Billionaire investor Warren Buffett will likely determine the outcome.
Occidental Petroleum is urging investors to reject a shareholder proposal Thursday that calls on the company to provide more information to the public about the deluge of cash it sends to K Street. The company paid $33.6 million to influence U.S. policymakers between 2021 and last year — millions more than any other oil and gas company during the same period, according to an analysis of disclosure data by E&E News.
The lobbying transparency proposal is backed by a loose coalition of sustainable investment advocates, as well as the nation’s top shareholder advisory firms. But to gain a majority of support at Occidental’s annual shareholder meeting, the resolution will likely need the backing of Buffett, who effectively owns more than a third of the century-old Houston firm.
