Occidental Appoints Richard Jackson as CEO, Vicki Hollub Retires

• Hollub led Occidental's Permian Basin operations before becoming CEO, building the company into one of the largest operators in the nation's biggest U.S. oil region
• Jackson has been with Occidental since 2003 and currently serves as Chief Operating Officer
• Hollub will continue serving on the board of directors after stepping down as CEO on June 1

Occidental Petroleum CEO Transition Summary

Key Leadership Change:

Occidental Petroleum announced a CEO transition effective June 1, with Chief Operating Officer Richard Jackson succeeding Vicki Hollub, who is retiring after more than 40 years with the company.

Executive Background:

• Vicki Hollub: Made history in 2016 as the first woman to lead a major U.S. oil company. She previously oversaw Occidental's Permian Basin operations, transforming the company into one of the largest operators in America's most prolific oil region. She will remain on the board of directors post-retirement.
• Richard Jackson: Has been with the Houston-based oil producer since 2003 and currently serves as COO, positioning him for a smooth leadership transition.

Company Context:

Occidental Petroleum is a major shale producer with significant operations in the Permian Basin, the largest oil-producing region in the United States. The company has maintained a strong operational presence in the basin under Hollub's leadership.

Market Implications:

The planned succession suggests an orderly transition, with Jackson's long tenure at the company (21 years) and current COO role indicating continuity in strategic direction. The announcement was made in advance of the June 1 effective date, providing stakeholders time to adjust. Hollub's continued board involvement may help ensure strategic consistency during the transition period.

The leadership change comes at a time when U.S. oil producers are navigating market volatility and energy transition pressures, making experienced leadership critical for maintaining operational excellence in key producing regions like the Permian Basin.