Occidental's Hollub, top woman in US oil, plans to step down: sources

• The 2019 Anadarko deal, financed partly by $10 billion from Warren Buffett's Berkshire Hathaway, drew criticism for its size and terms, sparking an activist campaign by Carl Icahn and forcing Hollub to forgo her 2019 bonus.
• Under Hollub's leadership, Occidental became more focused on oil and gas production through strategic moves including the $12 billion CrownRock purchase in 2024 and the $9.7 billion divestment of its chemicals business in early 2026.
• Hollub was the first woman to lead a major U.S. oil company and remained the sole female CEO of a publicly listed American oil and gas company for much of her tenure, helping break gender barriers in the industry.

Summary: Occidental's Hollub Plans CEO Retirement

Key Leadership Change:

Vicki Hollub, 66, is preparing to retire as CEO of Occidental Petroleum after a decade-long tenure, according to sources familiar with the matter. Richard Jackson, 49, currently COO and an Oxy employee since 2003, is expected to succeed her. A formal announcement is anticipated later this year, though no firm retirement date has been set.

Historic Significance:

Hollub became the first woman CEO of a major U.S. oil company and spent over 40 years at the Houston-based producer. She built Occidental into one of the largest producers in the Permian Basin, the nation's biggest oil region.

Key Transactions:

Hollub's tenure was defined by major deals:

• 2019 Anadarko Acquisition: $55 billion debt-fueled purchase, including $10 billion financing from Warren Buffett's Berkshire Hathaway, which drew investor criticism for generous terms and sparked activist investor Carl Icahn's campaign
• 2024 CrownRock Purchase: $12 billion acquisition
• 2025 Chemicals Divestment: $9.7 billion sale completed early this year

Financial Impact:

The Anadarko deal left Occidental with significant debt still being repaid. The timing proved problematic when crude prices collapsed in 2020 during COVID-19. Executives agreed to pay cuts amid falling oil prices.

Succession Plan:

A transitional period is expected, potentially with Hollub serving in an advisory capacity or remaining on the board. Jackson's enhanced oil recovery expertise is considered vital as U.S. shale production plateaus.

Market Context:

Ongoing Middle East conflicts creating energy supply disruptions could influence retirement timing. Hollub has already received inquiries about board positions at other companies and currently serves on Lockheed Martin's board.