Vicki A. Hollub

When 56-year-old Vicki Hollub became president and CEO of Occidental Petroleum Corporation in April 2016, she became the first female to assume such as role in a major US oil company. Having started her career in the company in 1981, moving through a variety of management and technical positions across the US, Russia, Venezuela, and Ecuador, Hollub is no new face to Oxy. In an interview published in Oil & Gas Middle East, she said, “It’s only about 15 years ago that we were at a $40 oil price, and our cost structure worked in that environment. So we’ve got to get back to the point where we as a company can manoeuvre in a lower price range.” To combat the new market conditions, Oxy, which has a market value of about $61bn, has employed various methods including the reduction of drilling costs by up to 45%, thanks to a proprietary drilling programme. The firm is also looking at data analytics to help reduce fees for both drilling and managing a well when it is completed.