Five Occidental Petroleum Executives Award Themselves Shares, Pay $2.3M in Taxes
Five Occidental Petroleum (OXY) executives received restricted stock awards totaling 122,024 shares on February 18, 2026, immediately selling 47,614 shares for $2.3 million to cover tax obligations, according to SEC filings.
The Trades
All five executives received their awards on the same day, February 18, 2026, with immediate tax-withholding sales at $47.11 per share. CEO Vicki Hollub received the largest award of 59,121 shares, selling 23,265 shares for $1.1 million in tax payments. This represents a 39% withholding rate on her award.
The other four executives—Senior Vice Presidents Richard Jackson, Kenneth Dillon, and Robert Peterson, along with VP and Controller Christopher Champion—received awards ranging from 9,197 to 18,393 shares. Each sold approximately 40% of their awards to cover tax obligations.
In total, the executives were awarded 122,024 shares and sold 47,614 shares for $2,269,006 in tax-related transactions. The remaining 74,410 shares represent the net awards retained by the executives after tax withholding.
Who's Trading
The simultaneous awards suggest these were part of Occidental's annual long-term incentive program, typically granted in the first quarter. CEO Vicki Hollub's award was 3.2 times larger than the senior vice presidents' awards, reflecting the company's executive compensation hierarchy.
Richard Jackson, the company's Chief Operating Officer, and Kenneth Dillon, both senior vice presidents, received identical awards of 18,393 shares each. Robert Peterson, also a senior vice president, received a slightly smaller award of 16,817 shares. Christopher Champion, who serves as VP, Chief Accounting Officer, and Controller, received the smallest award at 9,197 shares.
The uniform tax-withholding rate of approximately 40% across all executives indicates these were likely restricted stock units (RSUs) vesting under the company's standard equity compensation plan. The $47.11 sale price represents the fair market value used for tax calculations on the vesting date.
What to Watch
These awards come as Occidental trades near $47, down from its 52-week high but still reflecting the company's improved position following years of debt reduction after its 2019 Anadarko acquisition. The timing of these annual equity grants provides insight into the company's compensation calendar and the substantial equity stakes being distributed to senior management.
The retention of 74,410 net shares by the executive team represents a collective bet on Occidental's future performance. With oil prices remaining volatile and the company continuing to focus on capital discipline and shareholder returns, these equity awards align management incentives with shareholder interests over the coming vesting period.
For context, the filing also shows several entity-level transactions dated February 3, 2026, involving Occidental subsidiaries and legacy Anadarko entities. These appear to be internal reorganization moves involving 15.3 million shares between wholly-owned subsidiaries, including OXY USA Inc., Anadarko Petroleum Corp, and Western Gas Resources Inc. These inter-company transfers don't represent market transactions but rather corporate structure adjustments.
Investors should note that while the executive awards and tax sales are routine annual compensation events, the size and timing of such grants can provide signals about board confidence and executive retention priorities. The fact that all five executives retained the majority of their awarded shares, despite having the option to sell additional shares beyond tax withholding, suggests continued confidence in Occidental's strategic direction.