Occidental Petroleum (NYSE: OXY) has confirmed a major leadership transition, with long-serving Chief Executive Vicki Hollub set to retire effective June 1, 2026, and Richard Jackson, currently Senior Vice President and Chief Operating Officer, appointed as her successor as President and Chief Executive Officer. Jackson will also join Occidental’s Board of Directors on the same date.
Hollub has led Occidental since 2016 and is widely regarded as one of the most consequential executives in the energy industry, having overseen the company’s transformation through the landmark $38 billion acquisition of Anadarko Petroleum in 2019, a deal that significantly expanded Occidental’s Permian Basin footprint and made it one of the largest oil producers in the United States. She will remain on the company’s Board of Directors following retirement, providing ongoing strategic guidance and continuity.
Jackson joined Occidental in 2003, beginning his career in the company’s Middle East operations before ascending through a series of progressively senior leadership roles. These included serving as President of US Onshore Oil and Gas, President of Low Carbon Integrated Technologies, General Manager of the Permian Delaware Basin and Enhanced Oil Recovery, and Vice President of Investor Relations. As COO, his priorities centred on resource optimisation, operational cost efficiency, well performance improvement, and the application of innovative extraction technology across Occidental’s asset base.
The timing of the succession coincides with heightened attention on US oil producers. Oil prices have risen sharply in recent months amid disruptions at the Strait of Hormuz following the outbreak of the Iran conflict, bringing renewed focus to the capital allocation strategies and production outlooks of major US operators. Jackson will take charge of Occidental at a moment when elevated prices offer upside but geopolitical volatility also demands careful hedging and operational discipline.
Hollub described Jackson as the right leader to carry Occidental’s strategy forward, citing his broad experience across both the operational and strategic dimensions of the business. Jackson expressed gratitude for the appointment and commitment to building on the position and capabilities the company has developed during Hollub’s tenure, which reshaped Occidental from a mid-sized producer into a major integrated energy company with meaningful low-carbon technology ambitions through its subsidiary Oxy Low Carbon Ventures.
