Summary
Occidental Petroleum Corporation (OXY) announced a significant leadership change, promoting Richard A. Jackson to Chief Operating Officer, effective October 1, 2025. This move reflects Mr. Jackson's extensive 25+ year career in the oil and gas sector, with over two decades at Occidental in various leadership roles, most recently as President of Operations for U.S. Onshore Resources and Carbon Management. His promotion is accompanied by a notable increase in his compensation package, including a base salary of $925,000 and an annual incentive target of $925,000, alongside a $1.5 million restricted stock unit grant vesting over three years. This appointment underscores the company's strategy to leverage experienced internal talent for critical operational leadership roles, particularly in its onshore and carbon management segments.
Key Highlights
- 1Richard A. Jackson promoted to Chief Operating Officer, effective October 1, 2025.
- 2Mr. Jackson brings over 25 years of industry experience, with a strong track record at Occidental since 2003.
- 3His prior roles include leadership positions in U.S. Onshore Resources, Carbon Management, EOR, and Low Carbon Ventures.
- 4New base salary increased to $925,000 annually.
- 5Eligible for a target annual cash incentive award of $925,000 for 2025.
- 6Received a restricted stock unit grant valued at $1,500,000, vesting over three years.
- 7No reported family relationships or related-party transactions requiring disclosure under Item 404(a).