Occidental COO Jackson to Replace CEO Hollub

Occidental Petroleum Corp senior vice president and chief operating officer (COO) Richard Jackson will succeed president and chief executive Vicki Hollub from June 1, the Warren Buffett-backed energy company said.

The retiring Hollub, CEO since 2016 and board member since 2015, will remain on the board, "ensuring continuity and ongoing strategic guidance", Houston, Texas-based Occidental said in an online statement.

“It has been a privilege to lead Occidental and work alongside such a talented team for more than 40 years. 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", Hollub said.

"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".

Jackson, who will also join the board, said, "We have a tremendous opportunity to focus on organic improvement and execution to deliver meaningful value for our employees, shareholders and partners".

Jackson joined the company 2003 through Occidental's Middle East operations. "During his time at Occidental, he has held pivotal leadership and technical positions, including President of U.S. Onshore Oil and Gas, President of Low Carbon Integrated Technologies, General Manager of the Permian Delaware Basin and Enhanced Oil Recovery Oil and Gas, Vice President of Investor Relations, and Vice President of Drilling Americas", Occidental said.

"As Chief Operating Officer, Jackson has focused on delivering value through resource improvement and cost efficiency by improving well performance, focusing on organic development and operational execution, and applying innovative technology".

Earlier Occidental declared a dividend per share of $0.26, maintaining its last rate for 2025. It is scheduled to report first quarter results Tuesday. The Zacks Consensus Estimate for New York-listed Occidental's earnings per share is $0.62.

In the prior three-month period, Occidental reported $315 million or $0.31 per diluted share in net profit adjusted for nonrecurring items. That beat the Zacks Consensus Estimate - which averages projections by brokerage analysts - of $0.19, as production exceeded the upper end of the company's guidance.

Occidental booked a net loss of $68 million, or a net result of -$0.07 per diluted share, for Q4.

"The difference between net loss attributable to common stockholders and adjusted income attributable to common stockholders is mainly comprised of charges and transaction costs related to the sale of OxyChem", Occidental said in its quarterly report February 18.

Early this year Buffett's holding company Berkshire Hathaway Inc completed the acquisition of OxyChem, Occidental's chemical business, for $9.7 billion. The sale was part of Occidental's efforts to keep debt manageable following its acquisition of CrownRock LP, completed 2024 for around $12.4 billion.

Occidental has "strengthened the balance sheet with the completion of the OxyChem sale on January 2, 2026, reducing debt by $5.8 billion since mid-December 2025 and bringing principal debt to date to $15.0 billion", the Q4 report stated.

Occidental exited 2025 with $8.83 billion in current assets including $1.97 billion in cash and cash equivalents.

Current liabilities stood at $9.43 billion including $1.77 billion in current maturities from long-term debt.

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