Occidental Petroleum lands in Midland days after CEO transition

Occidental Petroleum flew from its Houston base at KIAH to the Permian Basin hub of Midland on June 10, touching down at KMAF aboard its Embraer ERJ-175 (N170XY) after a one-hour hop. The flight lands just days after a historic leadership change: Vicki Hollub, the first woman to lead a major U.S. oil company, retired as CEO on June 1 after a decade at the helm, handing control to former COO Richard Jackson, per a Reuters report [ca.marketscreener.com](https://ca.marketscreener.com/news/occidental-s-hollub-us-oil-s-most-powerful-woman-prepares-to-hand-over-reins-sources-say-ce7e51dad08dff2c).

Jackson inherits a company transformed by Hollub’s debt-fueled Anadarko acquisition and subsequent deleveraging, with principal debt reduced to $13.3 billion as of the first quarter [oxy.com](https://www.oxy.com/siteassets/documents/news-releases/pr-050526_occidental-announces-1st-quarter-results.pdf). The Midland visit is likely a first operational review for the new CEO, who emphasized execution and cost efficiency during the Q1 earnings call [finance.biggo.com](https://finance.biggo.com/news/US_OXY_2026-05-06). Occidential’s Permian operations are central to its low-cost production strategy, and the company has been optimizing its EOR portfolio there to boost free cash flow.

The trip fits a pattern: recent flights show frequent shuttles between Houston and the Permian, reflecting the company’s heavy focus on the basin. With crude prices elevated above $109 per barrel amid Strait of Hormuz tensions [aktiensensor.com](https://aktiensensor.com/articles/occidentals-share-rise-shows-how-hormuz-tensions-propel-energy-prices/), Jackson’s first moves will be closely watched by investors looking for capital allocation discipline.