TLDR
- Occidental Petroleum CEO Vicki Hollub will retire on June 1, 2026, after more than 40 years with the company.
- Chief Operating Officer Richard Jackson, an OXY insider since 2003, will replace her 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 $0.26 quarterly dividend per share, payable July 15, 2026.
Occidental Petroleum announced Friday that CEO Vicki Hollub will retire on June 1, with Chief Operating Officer Richard Jackson stepping in as her replacement.
Occidental Petroleum Corporation, OXY
OXY stock was down 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 Occidental since 2003. He currently serves as COO and will also join the board effective June 1.
Hollub will remain on the board of directors after stepping down from the CEO role.
Her time at the top was defined by big, high-stakes deals. The most talked-about was the $12 billion acquisition of Anadarko Petroleum in 2019 — a debt-heavy move that drew heavy scrutiny from investors.
The years that followed were spent cleaning up the balance sheet — cutting debt, offloading assets, and tightening operations.
She also oversaw the $12 billion purchase of shale producer CrownRock in 2024, which doubled down on OXY’s position in oil and gas production.
A Leaner, More Focused Business
Earlier this year, Occidental completed the $9.7 billion divestment of its chemicals business, further sharpening the company’s focus on oil and gas.
The company Hollub is handing over to Jackson is more streamlined than the one she inherited.
Before becoming CEO, Hollub ran Occidental’s Permian Basin operations, helping build the company into one of the biggest players in the country’s most productive oil region.
Reuters had reported in March that Hollub was preparing to step down after roughly a decade leading the company.
Dividend and Other Developments
Separately, Occidental’s board declared a quarterly dividend of $0.26 per share on common stock, payable July 15, 2026, to stockholders of record as of June 10, 2026.
The company also recently announced an oil discovery at its Bandit prospect in the Gulf of America, around 125 miles south of the Louisiana coast. Occidental holds a 45.375% working interest in the project, with Chevron U.S.A. and Woodside Energy holding stakes as well.
UBS raised its price target for OXY to $67 from $64, while keeping its Neutral rating, citing a stronger operational outlook.
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