Occidental Petroleum's share price surged $1 billion following CEO Vicki Hollub's departure in March 2026. Hollub's tenure was defined by the 2019 $55 billion hostile takeover of Anadarko Petroleum, a deal shareholders widely criticized as reckless and debt-fueled. The acquisition saddled the company with $39 billion in debt, driving the stock down from $62 to a pandemic low of under $9.

Since the bid announcement, Occidental shares returned just 18 percent, underperforming peers. New CEO Richard Jackson now faces the challenge of stabilizing the company and reducing its debt load. Despite the turmoil, Hollub secured a joint venture with BlackRock for the Stratos Direct Air Capture Facility in Ector County, Texas.

Warren Buffett's Berkshire Hathaway, which financed the original deal, has also struggled, generating a 7.3 percent internal rate of return on its $10 billion preferred stock investment, which investors view as disappointing compared to Apple. Occidental remains focused on executing its $4 billion annual cash flow improvement plan, targeting significant free cash flow growth by 2030.