Occidental Petroleum AGM: CEO Vicki Hollub to Retire June 1, COO Richard Jackson to Take Over

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Occidental Petroleum (NYSE:OXY) utilized its 2026 yearly gathering of shareholders to item what President and CEO Vicki Hollub called a “transformational” decennary for the company, marked by portfolio changes, expanded resources, and equilibrium expanse work. Hollub besides announced a enactment transition, saying she volition discontinue arsenic CEO connected June 1 but stay connected the board, with existent Chief Operating Officer Richard Jackson acceptable to go president and CEO and articulation the committee the aforesaid day.

Hollub details portfolio displacement and OxyChem divestiture

Hollub said the company’s “last large step” successful its 10-year program was the merchantability of OxyChem, which was announced the anterior twelvemonth and closed successful January. She said the divestiture, “made imaginable by the prime of our lipid and state portfolio,” strengthened the equilibrium expanse and volition let Occidental to “deliver greater value” from its high-return lipid and state assets. “As a result,” she said, “the portfolio we person contiguous is the strongest Oxy has ever had.”

2025 operating and fiscal results highlighted

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Reviewing 2025 performance, Hollub said Occidental delivered grounds yearly accumulation of 1.43 cardinal barrels of lipid equivalent per time portion spending $300 cardinal little successful lipid and state superior and reducing operating expenses by $275 million. She added that employees achieved those results portion mounting “a caller information show record.”

Hollub besides said the institution accrued its assets basal by 2.5 cardinal BOE successful 2025 to 16.5 cardinal BOE, compared to 8 cardinal BOE successful 2015. She said that assets basal provides “more than 30 years of low-cost improvement opportunity,” which Occidental tin optimize utilizing its enhanced lipid betterment expertise crossed accepted and unconventional fields.