Leadership Transition at Occidental Petroleum#
Occidental Petroleum has announced that Richard Jackson will take over as President and Chief Executive Officer on June 1, 2026. He will succeed Vicki Hollub, who is retiring after more than 40 years with the company. Hollub has been CEO since 2016 and will continue to serve on the Board of Directors after her retirement.
Richard Jackson's Background#
Currently, Jackson holds the position of Senior Vice President and Chief Operating Officer. He joined Occidental in 2003 and has held various leadership roles, including overseeing U.S. Onshore Oil and Gas and Low Carbon Integrated Technologies. His extensive experience in the energy sector positions him well to lead the company into its next phase.
Company Performance and Future Outlook#
Under Hollub's leadership, Occidental has undergone significant transformation, achieving a strong portfolio and technical expertise. The company is currently trading at $60.58, with a market capitalization of $60.08 billion, reflecting a 53% return over the past year. Board Chairman Jack Moore expressed confidence in Jackson's ability to guide the company strategically moving forward.
Recent Developments#
In addition to the leadership change, Occidental announced a quarterly dividend of $0.26 per share, which will be paid on July 15, 2026. The company has also reported a new oil discovery at the Bandit prospect in the Gulf of America, indicating ongoing strategic activities in the energy sector.