Occidental Petroleum Corp senior vp and chief working officer (COO) Richard Jackson will succeed president and chief government Vicki Hollub from June 1, the Warren Buffett-backed power firm mentioned.
The retiring Hollub, CEO since 2016 and board member since 2015, will stay on the board, “making certain continuity and ongoing strategic steerage”, Houston, Texas-based Occidental mentioned in an internet assertion.
“It has been a privilege to steer Occidental and work alongside such a gifted crew for greater than 40 years. Following the lately accomplished decade-long transformation of the corporate, we now have one of the best portfolio and one of the best technical experience in Occidental’s historical past”, Hollub mentioned.
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“With this robust basis in place, a transparent path ahead and a pacesetter like Richard, who has the expertise and imaginative and prescient to raise Occidental, now’s the suitable time for this transition”.
Jackson, who will even be a part of the board, mentioned, “We have now an amazing alternative to deal with natural enchancment and execution to ship significant worth for our staff, shareholders and companions”.
Jackson joined the corporate 2003 by means of Occidental’s Center East operations. “Throughout his time at Occidental, he has held pivotal management and technical positions, together with President of U.S. Onshore Oil and Gasoline, President of Low Carbon Built-in Applied sciences, Common Supervisor of the Permian Delaware Basin and Enhanced Oil Restoration Oil and Gasoline, Vice President of Investor Relations, and Vice President of Drilling Americas”, Occidental mentioned.
“As Chief Working Officer, Jackson has centered on delivering worth by means of useful resource enchancment and price effectivity by bettering nicely efficiency, specializing in natural growth and operational execution, and making use of revolutionary know-how”.
Earlier Occidental declared a dividend per share of $0.26, sustaining its final fee for 2025. It’s scheduled to report first quarter outcomes Tuesday. The Zacks Consensus Estimate for New York-listed Occidental’s earnings per share is $0.62.
Within the prior three-month interval, Occidental reported $315 million or $0.31 per diluted share in internet revenue adjusted for nonrecurring gadgets. That beat the Zacks Consensus Estimate – which averages projections by brokerage analysts – of $0.19, as manufacturing exceeded the higher finish of the corporate’s steerage.
Occidental booked a internet lack of $68 million, or a internet results of -$0.07 per diluted share, for This autumn.
“The distinction between internet loss attributable to widespread stockholders and adjusted revenue attributable to widespread stockholders is especially comprised of costs and transaction prices associated to the sale of OxyChem”, Occidental mentioned in its quarterly report February 18.
Early this yr Buffett’s holding firm Berkshire Hathaway Inc accomplished the acquisition of OxyChem, Occidental’s chemical enterprise, for $9.7 billion. The sale was a part of Occidental’s efforts to maintain debt manageable following its acquisition of CrownRock LP, accomplished 2024 for round $12.4 billion.
Occidental has “strengthened the stability sheet with the completion of the OxyChem sale on January 2, 2026, lowering debt by $5.8 billion since mid-December 2025 and bringing principal debt to this point to $15.0 billion”, the This autumn report acknowledged.
Occidental exited 2025 with $8.83 billion in present belongings together with $1.97 billion in money and money equivalents.
Present liabilities stood at $9.43 billion together with $1.77 billion in present maturities from long-term debt.
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