Richard Jackson
Chief Operating Officer at OXY
Executive
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 .