Richard Jackson
OCCIDENTAL PETROLEUM CORP /DE/About Richard Jackson
Richard A. Jackson is Chief Operating Officer of Occidental Petroleum (promoted October 1, 2025) and previously Senior Vice President and President, U.S. Onshore Resources & Carbon Management, with 25+ years in oil and gas; he joined Occidental in 2003. He holds a B.S. in Petroleum Engineering from Texas A&M University and was age 49 at the time of his promotion . Under his operating leadership in 2024, Occidental emphasized capital efficiency and sustainability with CROCE and spend-per-barrel driving incentives, while the company delivered FY 2024 revenue of $26.73B, EBITDA of $12.96B*, and net income of $3.10B . TSR-based PSU outcomes for 2023–2024 awards were trending below threshold as of year-end 2024, while CROCE PSUs were trending above target, reinforcing the returns focus of long-term incentives .
Values retrieved from S&P Global for metrics marked with an asterisk (*).
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Occidental Petroleum | Chief Operating Officer (also Senior VP) | Appointed Oct 1, 2025 | Oversees global O&G operations, low-carbon integrated technologies, midstream/marketing, HSE; focus on shareholder value through operational and technology leadership . |
| Occidental Petroleum | Senior VP & President, U.S. Onshore Resources & Carbon Management, Operations | Since Oct 2020 | Led development/operations of U.S. onshore oil & gas and integrated low-carbon technologies; advanced subsurface innovation, resource development, and emissions reduction programs . |
| Occidental Petroleum | President & GM, EOR and Oxy Low Carbon Ventures; President, Low Carbon Ventures | N/D | Advanced CCUS/DAC strategy, DOE grants/CarbonSAFE hubs, direct air capture progress (STRATOS), and low-carbon technology commercialization pathways . |
| Occidental Petroleum | SVP, Operation Support; VP, Investor Relations | N/D | Strengthened operational support and investor engagement; contributed to cost structure optimization and capital efficiency initiatives . |
| Occidental Petroleum | President & GM, Permian Resources Delaware Basin; VP, Drilling Americas | N/D | Drove Permian outperformance, inventory generation, drilling efficiency, and water handling technology improvements . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| OGCI Climate Investment | Board Member | N/D | Climate tech investment oversight . |
| American Petroleum Institute | Upstream Committee Member | N/D | Industry policy/operations input . |
Fixed Compensation
| Metric (USD) | 2022 | 2023 | 2024 | 2025 (Promotion) |
|---|---|---|---|---|
| Base Salary | $710,000 | $760,000 | $795,000 | $925,000 (effective Oct 1, 2025) |
| Target Annual Cash Incentive (ACI) | $700,000 | $800,000 | $825,000 | $925,000 (for 2025) |
| Actual ACI Payout (% of Target) | 170% | 150% | 135% | N/D |
| Target LTI Grant Date Value | $3,200,000 | $3,500,000 | $3,600,000 | RSU grant $1,500,000 (promotion) |
Performance Compensation
Annual Cash Incentive (2024)
| Metric | Weighting | 2024 Target | 2024 Actual | Payout Impact |
|---|---|---|---|---|
| Total spend per barrel | N/D | Target set slightly higher vs 2023 to reflect inflation and macro factors; considered rigorous | N/D | Incorporated into 135% ACI payout for Jackson . |
| CROCE (1-year) | N/D | Slightly lower target vs 2023 to reflect commodity assumptions; rigorous for value creation | N/D | Incorporated into 135% ACI payout for Jackson . |
| Sustainability (Scope 1–3) | 30% | Deploy ≥5 emissions reduction projects; deploy SensorUp GEMS; advance LDAR; STRATOS trains 1 & 2 mechanically complete; advance next-gen DAC; 1 Gulf Coast hub on track for Class VI by 2025 | Above target: emissions reductions and STRATOS milestones achieved; 21 Class VI applications submitted across hubs | Material contributor to corporate performance and payout . |
| Total ACI Payout (Jackson) | — | — | — | 135% of target . |
Long-Term Incentive Structure (2024)
| Component | Weighting | Performance Period | Payout Mechanics |
|---|---|---|---|
| TSR PSUs | 30% | 3-year (2024–2026) | Relative TSR vs peers; payout capped at target if absolute TSR negative; 25%–200% scale . |
| CROCE PSUs | 30% | 3-year (2024–2026) | Absolute CROCE vs target with 25%–200% payout range . |
| RSUs (time-based) | 40% | 3-year pro rata vesting | Two-year post-vesting holding period; retention alignment . |
Grants of Plan-Based Awards (Jackson)
| Award | 2023 | 2024 |
|---|---|---|
| CROCE PSUs – Target (#) | 17,585; Grant date FV $1,050,000 | 17,602; Grant date FV $1,080,059 |
| TSR PSUs – Target (#) | 17,585; Grant date FV $1,292,146 | 4,401; Grant date FV $1,336,344 |
| RSUs – Shares (#) | 23,447; Grant date FV $1,400,020 | 23,469; Grant date FV $1,440,058 |
| 2022 TSR Award Outcome | Positive absolute TSR; peer rank 3/9 at performance end (12/31/2024) | — |
Promotion Equity Grant (Oct 2025)
| Award | Grant Date | Value | Vesting |
|---|---|---|---|
| RSUs | On/around Oct 1, 2025 | $1,500,000 | Equal annual installments over 3 years, subject to continued service . |
Equity Ownership & Alignment
Beneficial Ownership (as of March 1, 2025)
| Holder | Common Stock | Options Exercisable ≤60 Days | Warrants Exercisable ≤60 Days | Total Beneficially Owned | % of Outstanding |
|---|---|---|---|---|---|
| Richard A. Jackson | 222,477 | 89,234 | 11,952 | 323,663 | <1% |
- Stock ownership guidelines: Senior Vice Presidents must hold 3x base salary; officers not meeting guidelines may not sell until compliant; unvested PSUs/RSUs/options do not count; expected compliance within 5 years of first election to office .
- Anti-hedging policy applies to executives; awards cannot be pledged or transferred (limited exceptions) .
Outstanding Equity Awards (Richard Jackson, Dec 31, 2024)
| Award Type | Grant Date | Exercisable | Unexercisable | Strike | Expiration | Unvested RSUs (#) | Unearned CROCE PSUs (#) | Unearned TSR PSUs (#) |
|---|---|---|---|---|---|---|---|---|
| NQSO | 02/12/2021 | 55,030 | — | $25.39 | 02/12/2031 | — | — | — |
| NQSO | 02/11/2022 | 22,803 | 11,401 | $42.98 | 02/11/2032 | — | — | — |
| RSU (2022) | 02/11/2022 | — | — | — | — | 6,204 | — | — |
| RSU (2023) | 03/01/2023 | — | — | — | — | 15,631 | — | — |
| RSU (2024) | 03/01/2024 | — | — | — | — | 23,469 | — | — |
| CROCE PSUs | 03/01/2023 | — | — | — | — | — | 35,170 | — |
| CROCE PSUs | 03/01/2024 | — | — | — | — | — | 35,204 | — |
| TSR PSUs | 03/01/2023 | — | — | — | — | — | — | 4,397 |
| TSR PSUs | 03/01/2024 | — | — | — | — | — | — | 4,401 |
Vesting schedules:
- RSUs vest ratably over 3 years; 1/3 tranches vest on Feb 28 annually (e.g., RSUs granted Mar 2023 vested 1/3 on Feb 28, 2025; remaining vest on Feb 28, 2026; Mar 2024 grant vest on Feb 28, 2025, 2026, 2027) .
- CROCE/TSR PSUs: three-year performance periods (2023 awards end 12/31/2025; 2024 awards end 12/31/2026). As of 12/31/2024, CROCE awards reflected above-target trends per SEC presentation; TSR awards trending below threshold (potential zero payout) .
Employment Terms
Severance & Change-in-Control (CIC) Framework
- Executive Severance Plan (pre/post CIC window): 1.5x salary + target bonus cash severance; pro-rata target bonus; 2 years welfare benefits; pro-rata vesting of LTI awards with performance goals maintained; outplacement up to 9 months; net-best after-tax cutback applies .
- CIC Severance Plan (within 2 years post-CIC): 2.0x salary + target bonus cash severance (CEO 2.99x); pro-rata bonus (greater of target or actual-based for full year); 2 years welfare benefits; accelerated vesting—performance awards at greater of target or actual; outplacement up to 9 months; net-best after-tax cutback .
- Equity awards use double-trigger vesting on CIC; no single-trigger .
Potential Payments Table (as of Dec 31, 2024; stock at $49.41)
| Benefit | Retirement | Death/Disability | Involuntary Termination (No Cause) | CIC Only | CIC + Qualifying Termination |
|---|---|---|---|---|---|
| RSU Awards | $905,290 | $905,290 | $905,290 | — | $2,238,471 |
| CROCE Awards | $1,303,222 | $989,861 | $989,861 | — | $2,025,526 |
| TSR Awards | — | — | — | — | $1,738,590 |
| NQSOs | $61,471 | $73,308 | $61,471 | — | $73,308 |
| Cash Severance | — | — | $2,430,000 | — | $3,240,000 |
| Pro-Rata Bonus | $1,113,800 | $1,113,800 | $825,000 | — | $1,113,800 |
| Health & Welfare | — | — | $55,651 | — | $55,651 |
| Outplacement | — | — | $30,000 | — | $30,000 |
| Total | $3,383,783 | $3,082,259 | $5,297,273 | — | $10,515,346 |
Performance & Track Record
- U.S. Onshore operations: improved safety, strong production/cash flow driven by Permian/Rockies outperformance; reduced well costs and OpEx; inventory generation and new well performance advances .
- Low-carbon leadership: zero routine flaring sustained; DAC progress (STRATOS trains 1 & 2 mechanically complete in 2024), DOE contracts/grants for hubs; 21 Class VI permit applications across six hubs; integration of Carbon Engineering and CrownRock deal support; JV with BHE Renewables .
- Operational commentary: Jackson highlighted proactive water handling partnerships/technology, recycling, and cost structure positioning in the Permian; EOR competitiveness via CO2 optimization and failure reduction driving lower OpEx .
- Shareholder feedback and governance: 97% Say-on-Pay support in 2021–2024 underscores endorsement of performance-weighted pay with sustainability metrics .
Company Financial Performance
Last 8 quarters (oldest → newest):
| Metric | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenues (USD) | $7,172,000,000 | $5,975,000,000 | $6,817,000,000 | $7,173,000,000 | $6,760,000,000 | $6,803,000,000 | $6,414,000,000 | $6,624,000,000 |
| EBITDA (USD) | $3,081,000,000* | $2,713,000,000* | $3,322,000,000* | $3,755,000,000* | $3,114,000,000* | $3,424,000,000* | $2,860,000,000* | $3,235,000,000* |
| Net Income (USD) | $1,198,000,000 | $888,000,000 | $1,178,000,000 | $1,147,000,000* | -$113,000,000 | $936,000,000 | $496,000,000* | $854,000,000 |
| EBITDA Margin (%) | 42.96%* | 45.41%* | 48.73%* | 52.35%* | 46.07%* | 50.33%* | 44.59%* | 48.84%* |
| Net Income Margin (%) | 16.70%* | 14.86%* | 17.28%* | 15.99%* | -1.67%* | 13.76%* | 7.73%* | 12.89%* |
Last 3 fiscal years:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues (USD) | $36,634,000,000 | $28,257,000,000 | $26,725,000,000 |
| EBITDA (USD) | $20,591,000,000* | $13,019,000,000* | $12,964,000,000* |
| Net Income (USD) | $13,304,000,000 | $4,696,000,000 | $3,100,000,000 |
| EBITDA Margin (%) | 56.21%* | 46.07%* | 48.51%* |
| Net Income Margin (%) | 36.32%* | 16.62%* | 11.60%* |
Values retrieved from S&P Global for metrics marked with an asterisk (*).
Employment Terms & Policies (Additional)
- Clawbacks: NYSE Rule 10D-1 compliant restatement clawback; misconduct-based clawbacks for ACI and LTI; forfeiture/reduction provisions; Code of Business Conduct enforcement .
- No option repricing; minimum 3-year vesting (limited exceptions); double-trigger CIC vesting; no golden parachute >2.99x without shareholder approval .
Investment Implications
- Pay-for-performance alignment: High at-risk pay (NEOs avg. 84%) focused on CROCE, TSR and cost efficiency; 2024 ACI payout at 135% reflects operating execution, while TSR PSUs trending below threshold limit windfalls—supportive of disciplined capital allocation and alignment .
- Retention risk and selling pressure: RSUs vest annually (Feb 28), creating mechanical tax-withholding transactions; add’l $1.5M RSU grant upon 2025 promotion increases near-term vest-driven activity. Monitor Form 4s around vest dates for selling pressure; awards subject to 2-year post-vesting holds and stock ownership rules temper disposition risk .
- Ownership alignment: Jackson’s beneficial stake (323,663 shares incl. exercisable options/warrants; <1%) and SVP 3x salary guideline encourage continued accumulation; no pledging of awards and anti-hedging policy reduce misalignment risks .
- Severance/CIC economics: Standard multiples (1.5x pre-CIC; 2.0x post-CIC) and double-trigger equity vesting mitigate excessive payouts while preserving management focus during strategic events .
- Execution signals: Documented operational improvements, cost reductions, and low-carbon progress (STRATOS trains 1 & 2, DOE grants, Class VI filings) suggest continued margin support and optionality from CCUS/DAC; however, multi-year TSR challenges imply market sensitivity to commodity cycles and equity valuation .