Key Highlights
- Vicki Hollub plans to retire from Occidental Petroleum on June 1, 2026, concluding a career spanning over four decades.
- Richard Jackson, currently serving as Chief Operating Officer and with the company since 2003, will assume the CEO position.
- In 2016, Hollub made history as the first female CEO of a major American oil and gas corporation.
- Key acquisitions during her leadership include the Anadarko purchase worth $12 billion in 2019 and the CrownRock transaction valued at $12 billion in 2024.
- The company announced a quarterly dividend of $0.26 per share, scheduled for distribution on July 15, 2026.
On Friday, Occidental Petroleum revealed its leadership transition plan, confirming that CEO Vicki Hollub will step down effective June 1, with Chief Operating Officer Richard Jackson designated as her successor.
Occidental Petroleum Corporation, OXY
Shares of OXY declined 0.30% following the announcement.
With more than 40 years at Occidental, Hollub ascended to the CEO position in 2016, breaking barriers as the first woman to helm a major U.S. oil and gas company.
Jackson brings extensive experience to the role, having spent over two decades with Occidental since joining in 2003. In addition to becoming CEO, he will join the company’s board of directors on June 1.
Following her transition, Hollub will continue serving as a board member.
Her leadership era was characterized by transformative, large-scale transactions. The most notable was the $12 billion Anadarko Petroleum acquisition in 2019 — a leveraged deal that sparked considerable investor debate.
Subsequent years focused on financial restructuring — reducing leverage, divesting non-core assets, and optimizing operational efficiency.
Hollub also led the $12 billion acquisition of shale operator CrownRock in 2024, significantly strengthening OXY’s oil and gas production capabilities.
Strategic Refocus on Core Operations
Earlier in the year, Occidental finalized the $9.7 billion sale of its chemicals division, reinforcing its strategic emphasis on upstream oil and gas operations.
The organization Jackson will lead is considerably more focused and financially disciplined than when Hollub took charge.
Prior to her CEO appointment, Hollub directed Occidental’s Permian Basin activities, playing a crucial role in establishing the company as a dominant force in America’s most prolific oil-producing region.
Reuters previously indicated in March that Hollub was planning her departure following nearly ten years at the helm.
Shareholder Return and Recent Exploration Success
In a separate announcement, Occidental’s board approved a quarterly cash dividend of $0.26 per common share, payable on July 15, 2026, to shareholders of record as of June 10, 2026.
The company also recently disclosed an oil discovery at the Bandit prospect located in the Gulf of America, approximately 125 miles offshore Louisiana. Occidental maintains a 45.375% operating interest in the prospect, partnering with Chevron U.S.A. and Woodside Energy.
UBS analysts upgraded their price target for OXY from $64 to $67, maintaining a Neutral rating based on improved operational projections.
