Occidental Petroleum announced that Senior Vice President and Chief Operating Officer Richard Jackson will become President and Chief Executive Officer, effective June 1 2026, while Vicki Hollub will retire from the CEO role and remain on the board.
Hollub, who has led Occidental since 2016, guided the company through a decade‑long transformation that shifted the focus to low‑cost Permian production and a growing carbon‑management business. The transition followed a series of strategic moves, including the $12 billion acquisition of Anadarko in 2019, the $12 billion CrownRock deal in 2024, and the sale of OxyChem to Berkshire Hathaway for $9.7 billion, which helped reduce principal debt to roughly $15 billion by February 2026.
Jackson joined Occidental in 2003 and has held key roles in U.S. onshore oil and gas, low‑carbon integrated technologies, and enhanced oil recovery. As COO, he has overseen operational improvements, cost‑efficiency initiatives, and technology deployment—areas the board believes will be critical as the company continues to scale its Permian operations and expand its carbon‑capture portfolio.
The leadership change signals continuity of Occidental’s core strategy: a low‑cost, Permian‑focused production model coupled with a carbon‑management moat that includes direct air capture and CO₂‑enhanced oil recovery. The company’s debt‑reduction trajectory and focus on capital returns position it to pursue further growth while maintaining financial flexibility.
"Following the recently completed decade‑long transformation of the company, we now have the best portfolio and the best technical expertise in Occidental’s history. With this strong foundation in place, a clear path forward and a leader like Richard, who has the experience and vision to elevate Occidental, now is the right time for this transition," said Vicki Hollub. "I look forward to supporting Richard and the Board through my continued role as a director," she added. Board Chairman Jack Moore noted, "Richard is the right leader to guide the company into its next phase of our strategy." Jackson expressed gratitude, saying, "I am grateful to be appointed President and CEO of Occidental and excited about the opportunity to execute from the strong position and capabilities that we built under Vicki’s leadership."
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