Key Highlights
- Vicki Hollub will step down as Occidental Petroleum CEO on June 1, 2026, concluding a career spanning over four decades with the organization.
- Richard Jackson, currently serving as Chief Operating Officer and with OXY since 2003, has been selected as her successor.
- When appointed CEO in 2016, Hollub broke barriers as the first female chief executive of a major American oil corporation.
- Major transactions during her leadership include acquiring Anadarko for $12 billion in 2019 and purchasing CrownRock for $12 billion in 2024.
- The company announced a quarterly dividend of $0.26 per share, with payment scheduled for July 15, 2026.
Occidental Petroleum revealed on Friday that Vicki Hollub will transition into retirement on June 1, with Chief Operating Officer Richard Jackson appointed to assume the chief executive position.
Occidental Petroleum Corporation, OXY
Shares of OXY declined 0.30% following the leadership announcement.
Hollub’s association with Occidental began more than 40 years ago, culminating in her 2016 appointment as CEO — a milestone that positioned her as the pioneering woman to helm a major oil company in the United States.
Jackson brings extensive company knowledge to the role, having worked with Occidental for more than two decades starting in 2003. His current responsibilities as COO will expand as he simultaneously joins the board on June 1.
Following her departure from the CEO position, Hollub will continue contributing as a board director.
Her leadership tenure featured bold strategic maneuvers and significant transactions. The Anadarko Petroleum acquisition in 2019, valued at $12 billion, attracted considerable attention from the investment community due to the substantial debt involved.
Subsequent years focused on financial restructuring — reducing leverage, divesting non-core assets, and streamlining operational efficiency.
The CrownRock acquisition in 2024, another $12 billion transaction, significantly expanded OXY’s footprint in shale production and reinforced its hydrocarbon portfolio.
A Leaner, More Focused Business
Earlier in the current year, Occidental finalized the sale of its chemicals division for $9.7 billion, concentrating resources and strategic priorities on core oil and gas operations.
The organization Jackson will lead represents a more efficient and focused entity compared to the company structure Hollub inherited nearly a decade ago.
Prior to her executive appointment, Hollub directed Occidental’s Permian Basin operations, playing a crucial role in establishing the company as a dominant force in America’s most prolific oil-producing region.
Reports from Reuters in March indicated that Hollub had been making preparations to conclude her nearly ten-year tenure as chief executive.
Dividend and Other Developments
In separate corporate action, Occidental’s board approved a quarterly cash dividend of $0.26 per common share, scheduled for distribution on July 15, 2026, to shareholders registered as of June 10, 2026.
The company recently disclosed an oil discovery at the Bandit prospect located in the Gulf of America, positioned approximately 125 miles from Louisiana’s southern coastline. Occidental maintains a 45.375% working interest in this development, with Chevron U.S.A. and Woodside Energy as partner stakeholders.
UBS analysts adjusted their price target for OXY upward to $67 from the previous $64 target, maintaining a Neutral rating based on improved operational projections.
