Occidental Petroleum lands in Midland the week new CEO charts Permian strategy

Occidental Petroleum flew from Houston to Midland on June 11, 2026, a 79-minute hop aboard its Embraer ERJ-175. The flight arrives the same week the company's new CEO, Richard Jackson, settles into his role after succeeding Vicki Hollub on June 1 — a planned handoff at a time of elevated oil prices and strategic recalibration.

Midland is the epicenter of the Permian Basin, where Occidental Petroleum is sharpening its focus. This month, the company shed non-core Permian assets to Hilcorp Energy, a move that aligns with its stated strategy of concentrating capital on highest-return development areas, as reported by Oil & Gas Leads. Jackson inherits a balance sheet that has been aggressively repaired — debt reduced by $5.8 billion following the OxyChem divestiture to Berkshire Hathaway — and a production base that delivered 1,481 Mboed in Q4 2025.

Occidental Petroleum has been shuttling employees to Midland with striking frequency in recent days: at least two round trips between Houston and Midland occurred on June 10 alone. These trips suggest a leadership team in motion, likely reviewing the portfolio shift and Q1 performance (earnings were released May 6). With oil prices at $109 per barrel and the company generating $265 million in additional cash flow for every $1 rise in crude, the pressure is on Jackson to prove the operational gains are sustainable — and that the Permian remains the company's crown jewel.