occidental

Oil & Gas

Occidental in $980m pay out from Ecuador

Ecuador said it has reached a deal to pay Occidental Petroleum Corp $980million by April to compensate the company after seizing one of its oil fields in the Andean country. The country has managed to negotiate down an arbitration award four years ago from the International Center for Settlement of Investment Disputes requiring it to pay the US-based company $1.77 billion.

People

Incoming Occidental boss given promotion

The incoming chief executive of Occidental Petroleum has been given a promotion ahead of starting her new role. Vicki Hollub will now become the company’s president and chief operating officer and will replace the current boss Stephen Chazen in 2016. Earlier this year it was announced she would take over when Chazen retired as chief executive of the company.

Other News

Occidental names Hollub first female chief exec of major oil company

Occidental Petroleum Corp. said Vicki Hollub, head of its oil and natural gas unit in the Americas, will be the first female chief executive officer of a major US oil producer. Hollub is taking over all of Occidental’s output before assuming the CEO position from Stephen Chazen “after a thorough transition period,” the Houston-based company said in a statement Tuesday.