Key Highlights
- Vicki Hollub, Occidental Petroleum’s CEO, plans to retire on June 1, 2026, concluding over four decades of service.
- Richard Jackson, currently serving as Chief Operating Officer and an employee since 2003, will assume the CEO position.
- In 2016, Hollub made history as the first female CEO of a major American oil and gas company.
- During her leadership, she orchestrated major acquisitions including 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 share, with payment scheduled for July 15, 2026.
On Friday, Occidental Petroleum revealed that Vicki Hollub will retire from her CEO position on June 1, with Richard Jackson, the current Chief Operating Officer, taking the reins.
Occidental Petroleum Corporation, OXY
Shares of OXY stock declined 0.30% following the announcement.
With more than 40 years at Occidental, Hollub ascended to the CEO role in 2016, breaking barriers as the first woman to head a major oil company in the United States.
Jackson brings extensive company knowledge to the position, having worked at Occidental for over two decades. He currently holds the COO title and will join the board of directors on June 1.
Following her departure from the executive suite, Hollub will continue serving as a board member.
Her leadership era was characterized by bold, transformative transactions. The most notable was the controversial $12 billion Anadarko Petroleum acquisition in 2019 — a debt-financed deal that sparked considerable investor concern.
Subsequent years focused on financial rehabilitation — reducing leverage, divesting non-core assets, and streamlining operations.
She also led the $12 billion acquisition of shale operator CrownRock in 2024, reinforcing OXY’s commitment to hydrocarbon production.
Streamlined Operations Under New Leadership
Earlier in 2025, Occidental finalized the $9.7 billion sale of its chemicals division, intensifying its concentration on core oil and gas activities.
The organization Jackson inherits is considerably more focused than when Hollub first took command.
Prior to her CEO appointment, Hollub directed Occidental’s Permian Basin division, playing a crucial role in establishing the company as a dominant force in America’s most prolific oil-producing area.
According to Reuters reporting from March, Hollub had been planning her departure after approximately ten years at the company’s helm.
Shareholder Returns and Recent Discoveries
In a separate announcement, Occidental’s board approved a $0.26 quarterly dividend per common share, scheduled for distribution on July 15, 2026, to shareholders registered as of June 10, 2026.
Additionally, the company recently disclosed an oil discovery at the Bandit prospect located in the Gulf of America, approximately 125 miles offshore from Louisiana’s coast. Occidental maintains a 45.375% working interest in this venture, with Chevron U.S.A. and Woodside Energy as joint stakeholders.
UBS analysts increased their OXY price target to $67 from $64, maintaining a Neutral rating based on improved operational prospects.
