HOUSTON/NEW YORK, March 26 - Vicki Hollub is preparing to step down as chief executive of Occidental Petroleum after a leadership spell that spanned a decade and established her as one of the most prominent women in the U.S. oil and gas sector, four people with knowledge of the matter said.
Those sources, who spoke on condition of anonymity to discuss private conversations, said Hollub, 66, plans to make a formal retirement announcement later this year. They added that Richard Jackson, who was promoted to chief operating officer in October, is positioned to take the helm when she leaves - a transition three of the people described as likely.
The sources said there is no fixed date for Hollub’s departure. They also noted that evolving developments in the Middle East - which have delivered what the sources described as the largest disruption to energy supplies in history - could influence the timing of her plans.
"We have a strong board with strong governance, and we do not comment on speculation," an Occidental spokesperson said in an emailed statement.
Hollub’s exit would close more than 40 years at the Houston-based oil producer. She became the first woman to lead a major U.S. oil company and presided over Occidental as it grew into one of the largest operators in the Permian Basin, the country’s premier oil-producing region.
Her decade as CEO included the headline-making acquisition of Anadarko Petroleum in 2019. Occidental paid approximately $55 billion for Anadarko, a deal that was partly financed with $10 billion from Berkshire Hathaway. The transaction significantly expanded Occidental’s shale footprint but also left the company with tens of billions of dollars of debt that it continues to service.
The Berkshire financing attracted criticism from some investors because of the terms of the arrangement, criticism that intensified after crude prices plunged in 2020 amid the COVID-19 pandemic. That episode sparked an activist campaign led by billionaire investor Carl Icahn, who publicly faulted the scale of the transaction and described the Berkshire terms as "egregious." Icahn later pursued changes at the company, eventually negotiating a settlement that added three of his associates to Occidental’s board.
In response to the market downturn and its financial effects, Hollub and other executives accepted pay reductions. Since the close of the Anadarko deal in August 2019, Occidental shares have risen about 35%, compared with a 122% gain in the Standard & Poor’s 500 index.
Under Hollub’s leadership, Occidental’s portfolio has narrowed to emphasize oil and gas production. The company’s recent moves include the $12 billion acquisition of shale producer CrownRock in 2024 and the $9.7 billion sale of its chemicals business, which closed at the start of this year. Those transactions reflect a strategic tilt toward upstream operations relative to the business Hollub inherited.
Jackson, 49, who joined Occidental in 2003, represents continuity in promoting long-serving insiders to senior roles. Sources expect a transition period that could take several forms: Hollub might remain in an advisory role to the incoming CEO, or the company could announce a future departure date while naming Jackson as CEO-designate. The sources also said Hollub is likely to retain her seat on Occidental’s board.
The potential approach mirrors how Hollub herself took over the chief executive role in April 2016, after the then-CEO Stephen Chazen announced a succession plan almost a year earlier. Observers within the company have pointed to Jackson’s background in enhanced oil recovery as a critical capability, especially as U.S. shale production reaches plateau phases and requires more inventive extraction methods.
Hollub’s career began after she graduated from the University of Alabama in 1981 and joined Cities Service, which Occidental acquired in 1982. Her rise to the top of Occidental has been notable in an industry where senior leadership remains male-dominated. For much of her tenure she was the only female chief executive at a publicly listed American oil and gas company, a barrier she helped break down as other energy firms later elevated women to top roles.
Outside of Occidental, Hollub has had other corporate responsibilities. According to Lockheed Martin’s website, she has served as a board director at that company since 2018. One of the people with knowledge of the retirement discussions said Hollub has already received inquiries about potential board opportunities at other companies, and another person familiar with those conversations confirmed they had taken place.
The expected successor, Jackson, is widely regarded within Occidental as well-versed in the company’s culture and technical operations. The planned succession underscores the firm’s preference for leaders who combine long institutional tenure with operational expertise.
Summary
- Vicki Hollub, 66, plans to retire as Occidental Petroleum CEO with a formal announcement expected later this year, according to four people familiar with the matter.
- Richard Jackson, elevated to COO in October and with the company since 2003, is positioned to become CEO upon Hollub’s departure.
- Hollub’s tenure included the $55 billion Anadarko acquisition in 2019, financed in part by $10 billion from Berkshire Hathaway, and more recent portfolio moves such as the $12 billion CrownRock purchase and the $9.7 billion chemicals divestiture.