Key Highlights
- Vicki Hollub, Occidental Petroleum’s CEO, plans to retire June 1, 2026, concluding over 40 years of service to the company.
- Richard Jackson, currently serving as Chief Operating Officer and an OXY veteran since 2003, has been named as her successor.
- When appointed CEO in 2016, Hollub made history as the first female chief executive of a major American oil corporation.
- Under her leadership, OXY completed two major acquisitions: the $12 billion Anadarko purchase in 2019 and the $12 billion CrownRock transaction in 2024.
- The company announced a quarterly dividend of $0.26 per common share, with payment scheduled for July 15, 2026.
On Friday, Occidental Petroleum revealed that CEO Vicki Hollub will step down from her executive role on June 1, with Richard Jackson, the company’s Chief Operating Officer, named to succeed her.
Occidental Petroleum Corporation, OXY
Shares of OXY dipped 0.30% following the leadership transition announcement.
With over four decades at Occidental, Hollub ascended to the CEO position in 2016 — a landmark moment as she became the first woman to helm a major American oil and gas company.
Jackson brings extensive company experience to his new role, having served Occidental since 2003. Currently the COO, he will simultaneously join the company’s board of directors on June 1.
Following her retirement from the CEO position, Hollub will continue serving as a board member.
Her leadership era was characterized by transformative, bold transactions. The most notable was the contentious $12 billion Anadarko Petroleum takeover in 2019 — a debt-fueled acquisition that attracted significant investor criticism.
The subsequent period focused on balance sheet rehabilitation — reducing debt levels, divesting non-core assets, and streamlining operational efficiency.
Additionally, she guided the $12 billion acquisition of shale operator CrownRock in 2024, reinforcing OXY’s commitment to expanding its oil and gas production capabilities.
Streamlined Operations and Strategic Focus
Earlier in 2026, Occidental finalized the $9.7 billion sale of its chemicals division, continuing the company’s strategic shift toward core oil and gas operations.
Jackson will inherit a more focused enterprise than the one Hollub took charge of nearly a decade ago.
Prior to her CEO appointment, Hollub led Occidental’s Permian Basin division, instrumental in establishing the company as a dominant force in America’s most prolific oil-producing region.
Media reports from March indicated that Hollub had been considering retirement following approximately ten years at the company’s helm.
Shareholder Returns and Recent Discoveries
In separate corporate action, Occidental’s board approved a $0.26 per share quarterly dividend on common stock. The payment will be distributed on July 15, 2026, to shareholders registered as of June 10, 2026.
The energy producer also recently unveiled an oil discovery at its Bandit exploration site in the Gulf of America, positioned approximately 125 miles offshore from Louisiana. Occidental maintains a 45.375% working interest in this venture, with Chevron U.S.A. and Woodside Energy as co-participants.
Investment firm UBS upgraded its price target for OXY from $64 to $67, maintaining a Neutral rating based on improved operational fundamentals.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
