Occidental Petroleum Is Getting a New CEO in 2026. Here's What Investors Can Expect From Richard Jackson Once Vicki Hollub Retires.

The stock price for Occidental Petroleum (NYSE: OXY) is up more than 40% this year. That's largely because the price of oil has risen by roughly 30% since 2026 began.

But one of Occidental Petroleum's biggest single day stock price spikes didn't occur from rising oil prices. Instead, the company's shares spiked big when it announced that Vicki Hollub -- its long time CEO -- will be retiring soon. Current Chief Operating Officer Richard Jackson will replace her as CEO.

The market seemed to applaud the move. But there are two potential impacts Occidental Petroleum investors -- and even oil investors in general -- should be paying attention to now.

1. What does Warren Buffett think of the CEO swap?

While Vicki Hollub has been working for Occidental Petroleum for decades, she was appointed CEO roughly one decade ago, in April of 2016. In the years that followed, it was Hollub's vision for the company that influenced the company's annual reports to shareholders. Her vision caught the eye of legendary investor, Warren Buffett.

After reading a transcript of an Occidental earnings conference call shortly after Hollub took the reins, Buffett came away smitten. "I read every word, and said this is exactly what I would be doing. She's [CEO Vicki Hollub] running the company the right way," he later revealed.

Through his holding company, Berkshire Hathaway, Buffett first began investing in Occidental Petroleum in 2019 to help fund its acquisition of Anadarko Petroleum. Berkshire initially received preferred stock and warrants. But in early 2022, Berkshire also began purchasing huge blocks of Occidental Petroleum stock. Today, Occidental Petroleum is one of Berkshire's biggest stock positions.

Buffett is clearly a fan of both Hollub and Occidental Petroleum. And to be clear, Buffett is no longer the CEO of Berkshire Hathaway. But since he remains chairman, his opinions probably still have plenty of sway. With Hollub gone, will Berkshire retain its huge interest? It's tough to tell. But one quote of Buffett's from a 2001 annual meeting for Berkshire Hathaway investors has me wondering what will happen.

"I would say that if you really think you're in with people that have got a good business, but they're going to keep doing dumb things with your money, you'll probably do better to get out and get in with people who've got a good business and you think they're going to do sensible things with it," Buffett told investors back then.

In short, Buffett wants his money invested in good management teams and good businesses. With Hollub gone, it's unknown how bullish Buffett or his lieutenants at Berkshire Hathaway will be regarding Occidental Petroleum's long-term potential.

Image source: Getty Images

2. Expect more focus on operations versus big swings

Time will tell, but as Tim Cook has shown with his takeover of Apple, COOs often take a more conservative approach to growth than iconic CEOs like Steve Jobs. Hollub's reign was characterized by big strategic swings, such as the acquisitions of both Anadarko and CrownRock. Incoming CEO Richard Jackson, who was formerly the company's COO, may take a more focused approach.

In future quarters we will learn whether Jackson will replicate Hollub's "big swing" approach. Or perhaps he will focus more on cost efficiencies, debt reduction, and capital allocation. I'm expecting the latter.

Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple and Berkshire Hathaway and is short shares of Apple. The Motley Fool recommends Occidental Petroleum. The Motley Fool has a disclosure policy.