Occidental CEO Forecasts $60 Oil Through 2026, Bullish on Long-Term Outlook

Occidental Petroleum CEO Vicki Hollub expects oil prices to remain steady between $58 and $62 per barrel through 2026, with stronger gains to follow in the longer term. Speaking at the Energy Intelligence Forum in London, Hollub said she remains “very bullish on oil prices, not this year or next, but I’m bullish on oil prices,” noting that supply constraints could tighten the market after 2026.

Hollub also projected that U.S. oil production will likely peak between 2027 and 2030, suggesting a potential shift in global supply dynamics later in the decade.

As part of Occidental’s five-year strategic plan, Hollub said the company aims to more than double its share price through debt reduction and disciplined capital management. She emphasized that Occidental “doesn’t need to do any more acquisitions,” following its $9.7 billion sale of its OxyChem chemical division to Berkshire Hathaway.

The OxyChem sale—part of a broader effort to strengthen Occidental’s balance sheet—sparked a 7.5% drop in the company’s shares, one of the largest declines on the S&P 500 during a recent energy sector pullback. Analysts at Evercore ISI trimmed their price target from $40 to $38, citing near-term concerns about capital structure but acknowledging the company’s longer-term financial flexibility.

Despite the short-term turbulence, Hollub’s comments signal confidence in Occidental’s fundamentals and a longer-term bullish stance on oil markets—a view shared by several industry peers who see supply tightening beyond the current flat-price environment.