A comparison of Occidental’s 2026 Permian drilling activity and recently transferred air permits suggests the company sold mature, non-core Midland Basin assets while retaining its highest-priority development areas in the core Permian. The transaction strengthens Hilcorp’s growing position as a major Permian operator focused on maximizing value from legacy producing assets that no longer fit the capital allocation strategies of larger public E&P companies.

Occidental CEO Vicki Hollub will retire on June 1, 2026, with COO Richard Jackson set to take over as President and CEO. The transition signals strategic continuity, with a continued focus on operational efficiency, asset optimization, and disciplined growth.

Occidental (NYSE: OXY) today announced an oil discovery at the Bandit prospect in the Gulf of America, about 125 miles south of the Louisiana coast. The exploration well, located in Green Canyon Block 680, encountered high-quality, full-to-base oil-bearing Miocene sands.

Occidental Petroleum CEO Vicki Hollub is expected to step down later in 2026 after more than a decade leading the company, with COO Richard Jackson likely to succeed her. The transition marks the end of a transformative era defined by the Anadarko acquisition and could signal a shift toward greater operational discipline and shareholder-focused strategy.

Occidental Petroleum subsidiary 1PointFive expects its STRATOS direct air capture (DAC) facility in the Permian Basin, Texas, to begin initial operations in Q2 2026, with Phase 1 in the final stage of startup and Phase 2 commissioning beginning the same quarter. Once fully ramped, the project is designed to capture up to 500,000 metric tons of CO₂ per year, positioning STRATOS as one of the largest DAC facilities in the world.

By combining low-cost barrels, advanced recovery, carbon infrastructure, and digital execution, Occidental is positioning itself not just for 2026 — but for whatever energy market follows next.

Occidental Petroleum delivered a strong operational quarter, marked by improved production, higher efficiency, and results that exceeded guidance across multiple basins. Operational execution—not higher commodity prices—was the primary driver, as performance gains came from better well productivity, stronger base production, and improved uptime across both onshore and offshore assets.