TLDR
- Vicki Holub, CEO of Occidental Petroleum, will retire on June 1, 2026, after more than 40 years with the company.
- She will be replaced by Chief Operating Officer Richard Jackson, an OXY insider since 2003, as CEO.
- Hollub became the first woman to lead a major U.S. oil company when she was named CEO in 2016.
- Her tenure included the $12 billion acquisition of Anadarko in 2019 and the $12 billion CrownRock deal in 2024.
- OXY also declared a quarterly dividend of $0.26 per share, payable on July 15, 2026.
Occidental Petroleum announced Friday that CEO Vicki Hollub will retire on June 1, and will be replaced by Chief Operating Officer Richard Jackson.
Occidental Petroleum Company, Oxy
OXY stock fell 0.30% on the day of the announcement.
Hollub joined Occidental more than four decades ago and became CEO in 2016 — making history as the first woman to lead a major U.S. oil company.
Jackson has been with western Since 2003. He currently serves as Chief Operating Officer and will also join the Board of Directors as of June 1.
Holub will remain on the board after stepping down as CEO.
Its time at the top was defined by large, high-risk trades. The most talked about was the $12 billion acquisition of Anadarko Petroleum in 2019 — a debt-laden move that sparked intense scrutiny from investors.
The years that followed were spent cleaning up the balance sheet, by reducing debt, offloading assets, and tightening operations.
She also oversaw the $12 billion purchase of shale producer CrownRock in 2024, doubling OXY’s position in oil and gas production.
Smaller, more focused work
Earlier this year, Occidental completed a $9.7 billion divestment of its chemicals business, increasing the company’s focus on oil and gas.
The company that Holub handed over to Jackson is more streamlined than the one she inherited.
Before becoming CEO, Holub ran Occidental’s Permian Basin operations, helping build the company into one of the largest players in the nation’s most productive oil region.
Reuters reported in March that Hollub was preparing to step down after leading the company for about ten years.
Earnings and other developments
Separately, Occidental’s board of directors declared a quarterly dividend of $0.26 per share on common stock, payable on July 15, 2026, to shareholders of record as of June 10, 2026.
The company also recently announced Oil discovery In the Bandit area of America’s Gulf, about 125 miles south of the Louisiana coast. Occidental has a 45.375% operating stake in the project, and Chevron USA and Woodside Energy also have stakes.
UBS raised its price target on OXY to $67 from $64, maintaining its Neutral rating, citing a stronger operating outlook.
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