Occidental Petroleum flies to Midland the week of CEO transition and debt milestone

Occidental Petroleum flew from George Bush Intercontinental Airport in Houston to Midland, Texas, on June 17, 2026, arriving aboard its Embraer ERJ-175 (tail N170XY) after a 72-minute hop. Midland is the operational nerve center of the company's Permian Basin holdings, which produced roughly 750,000 barrels per day in the first quarter.

The trip lands the same week an accelerated balance-sheet cleanup and a generational leadership change are rewriting Occidental Petroleum's story. Chief Executive Vicki Hollub retired on June 1, passing the role to Richard Jackson, per an investor note this week. The company also closed the $9.7 billion sale of its OxyChem division to Berkshire Hathaway in January, using proceeds to retire $5.8 billion in principal debt through May 5 — cutting principal debt to $13.3 billion, down from about $23 billion at the start of 2025, as covered by TIKR.com.

The flight continues a pattern of mid-June visits to the Permian: the same aircraft flew to Midland on June 15 and June 16, and departed from there for Houston on June 16, suggesting continued field-level oversight during a pivotal quarter. With oil prices averaging $71.93 per barrel in the first quarter and the company beating consensus EBITDA by nearly 23%, the new CEO inherits a leaner balance sheet and a drilling program operating well above breakeven.