Occidental Petroleum (Oxy) Archives

Occidental CEO Hollub to retire June 1; COO Jackson to succeed

May 1, 2026

(World Oil) – Occidental Petroleum said President and CEO Vicki Hollub will retire effective June 1, 2026, with Chief Operating Officer Richard Jackson set to assume the role. Jackson will also join the company’s board of directors upon becoming CEO. Hollub, who has led Occidental since 2016, will remain on the board following her retirement, providing continuity during the leadership transition. The move follows what the

UAE halts Shah Gas field after Iranian drone attack

March 17, 2026

(Oil Price) – The United Arab Emirates has suspended operations at a key natural gas field in Abu Dhabi following the first direct attack on a producing field in the UAE as Iran escalates its drone-strike war against energy assets in the Gulf. “Abu Dhabi authorities and relevant response teams have contained and brought under control a fire that broke out

Occidental Petroleum in talks to sell OxyChem unit for at least $10 billion

September 29, 2025

(World Oil) – Occidental Petroleum Corp. is in talks to sell its OxyChem petrochemical unit in a deal worth at least $10 billion, the Financial Times reported Sunday. The divestment would be the U.S. company’s biggest yet and would create one of the world’s largest standalone petrochemical companies, according to the FT, which cited two people familiar with the matter

Occidental sells Permian assets, raises $950 million for debt reduction

August 8, 2025

(World Oil) – Occidental has signed four agreements to divest select Permian basin assets, generating approximately $950 million in proceeds to support continued debt reduction. Between April and July 2025, the company completed multiple transactions totaling about $370 million, selling off non-core and select non-operated upstream assets in the Permian Basin that are not part of its near-term development strategy.

U.S. cancels $3.7 billion for clean energy, including $331 million Exxon grant

June 3, 2025

(World Oil) – The Energy Department is canceling some $3.7 billion in government support for clean energy projects it said did not warrant continued backing from the Trump administration. The agency said the move came after it found the projects “failed to advance the energy needs of the American people, were not economically viable and would not generate a positive

Carlos Slim invested $1B in American oil & gas companies in 2024

December 31, 2024

(Oil Price) – Carlos Slim, Latin America’s richest man, boosted his stakes in American energy companies in the current year as the world’s leading tycoons continue betting on fossil fuels. Slim invested $602 million in Parsippany, New Jersey-based refiner PBF Energy Inc. (NYSE:PBF), boosting his stake to 25%, and also bought $326 million worth of shares in Houston-based oil producer Talos Energy Inc.(NYSE:TALO). Last

Occidental CEO warns U.S. at risk of shale plateau, losing energy independence

November 22, 2024

(World Oil) – (Bloomberg) – Occidental Petroleum Corp. warned that U.S. energy independence is at risk of slipping away if shale output plateaus and begins to decline. “It’s going to start to roll over, and when that happens, that’s when the U.S. is at risk for losing our energy independence,” said Chief Executive Officer Vicki Hollub said in a presentation

Oxy raises 2024 oil and gas production, following $10.8 billion CrownRock acquisition, Permian success

August 8, 2024

World Oil (Bloomberg) – Occidental Petroleum Corp. raised its production and capital spending plans for this year after closing its $10.8 billion acquisition of CrownRock LP earlier this month. The deal will increase Occidental’s production 5% to about 1.32 MMboed in 2024, with the extra coming from the Permian basin, the Houston-based company said in a statement Wednesday. Capital spending

Ecopetrol opts out of $3.6 billion Permian oil deal with Occidental

August 5, 2024

World Oil (Bloomberg) – Colombia’s state oil company, Ecopetrol SA, has decided against buying a $3.6 billion stake in Permian Basin assets from Occidental Petroleum Corp. The company told Occidental Wednesday that it had opted not to acquire the 30% stake in the assets it has agreed to buy from CrownRock LP, according to a filing Thursday. The stock of

US oil and gas mergers continue at furious pace in Q2, says Enverus

July 30, 2024

U.S. News HOUSTON – U.S. oil and gas patch deals continued to run hot in the second quarter, topping $30 billion with big dollar tie-ups pushing values higher, according to data released on Tuesday by energy researcher Enverus. Blockbuster mergers, such as ConocoPhillips’ $22.5 billion offer for Marathon Oil, remain a mainstay even as U.S. lawmakers call on regulators to

Occidental announces progress on divestiture and debt reduction program

July 29, 2024

Oil and Gas 360 Agreed to sell certain Delaware Basin assets in Texas and New Mexico to Permian Resources for approximately $818 million Additional dispositions in 2024 with total purchase price proceeds of approximately $152 million bring total year-to-date proceeds of closed or announced divestments to $970 million Sales proceeds will go toward reducing debt HOUSTON — July 29, 2024 — Occidental (NYSE:

FTC begins “baseless” investigation into Hess, Oxy, Diamondback, OPEC collusion allegations

July 22, 2024

World Oil (Bloomberg) – The U.S. Federal Trade Commission is investigating whether executives at major oil companies including Hess Corp., Occidental Petroleum Corp. and Diamondback Energy Inc. improperly communicated with OPEC officials. FTC investigators are looking for evidence of executives attempting to collude with OPEC officials on oil market dynamics, according to people familiar with the matter who asked not

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