Key Highlights
- Vicki Hollub, CEO of Occidental Petroleum, plans to retire June 1, 2026, concluding over four decades with the firm.
- Richard Jackson, currently serving as Chief Operating Officer and a company veteran since 2003, will assume the CEO position.
- In 2016, Hollub made history as the first female CEO of a major American oil corporation.
- Her leadership oversaw major transactions including the Anadarko purchase worth $12 billion in 2019 and the CrownRock acquisition valued at $12 billion in 2024.
- The company announced a quarterly dividend of $0.26 per share, scheduled for distribution on July 15, 2026.
Occidental Petroleum revealed on Friday that Vicki Hollub, its Chief Executive Officer, will step down effective June 1, with Richard Jackson, the current Chief Operating Officer, set to assume leadership.
Occidental Petroleum Corporation, OXY
Shares of OXY declined 0.30% following the announcement.
Hollub’s career with Occidental spans more than 40 years. She ascended to the CEO position in 2016, becoming a trailblazer as the first woman to helm a major oil company in the United States.
Jackson brings over two decades of experience with Occidental, having joined in 2003. Currently holding the COO title, he will simultaneously join the company’s board on June 1.
Following her departure from the chief executive role, Hollub will continue to serve as a board member.
Her tenure as CEO was marked by bold, transformative transactions. The most prominent was the 2019 Anadarko Petroleum acquisition—a $12 billion deal heavily financed with debt that sparked considerable investor debate.
Subsequent years focused on balance sheet rehabilitation—reducing leverage, divesting non-core assets, and streamlining operations.
She also led the 2024 acquisition of shale producer CrownRock for $12 billion, reinforcing OXY’s commitment to expanding its oil and gas production capabilities.
Streamlined Operations Under New Leadership
Earlier in 2025, Occidental finalized the sale of its chemicals division for $9.7 billion, concentrating the company’s strategy more intensely on its core oil and gas operations.
The organization Jackson will lead is significantly more focused than the one Hollub took charge of a decade ago.
Prior to her CEO appointment, Hollub directed Occidental’s operations in the Permian Basin, playing a pivotal role in establishing the company as a dominant force in America’s most prolific oil-producing region.
Media reports from Reuters in March indicated that Hollub was planning her departure after approximately ten years at the helm.
Shareholder Returns and Recent Developments
In a separate announcement, Occidental’s board of directors approved a quarterly cash dividend of $0.26 per common share, with payment scheduled for July 15, 2026, to shareholders on record as of June 10, 2026.
The energy company also recently disclosed an oil discovery at its Bandit exploration site in the Gulf of America, located approximately 125 miles off Louisiana’s coast. Occidental maintains a 45.375% working interest in this venture, with Chevron U.S.A. and Woodside Energy as additional stakeholders.
UBS analysts upgraded their price target for OXY shares to $67 from a previous $64, maintaining a Neutral rating based on improved operational prospects.
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