Occidental Petroleum Names Former CEO Stephen Chazen Non-executive Chairman

(RTTNews) - Occidental Petroleum Corp. (OXY) said Tuesday that Stephen Chazen, the Chairman and Chief Executive Officer of Magnolia Oil and Gas Corp. (MGY), has been elected as chairman of Occidental's board of directors. The appointment is effective March 18, 2020.

Chazen has more than 30 years of experience in the oil and gas industry. Prior to founding the NYSE-listed Magnolia Oil and Gas Corp. in 2018, Chazen served as Chief Executive Officer of Occidental from 2011 to his retirement in 2016, and as a director from 2010 to 2017.

"We are delighted to welcome Steve back to the Occidental family at this pivotal moment for the Company. Steve brings unique perspective and experience to the Board gained through his service as Occidental's Chief Executive Officer and his subsequent position as Chief Executive Officer of Magnolia Oil and Gas Corporation," said Jack Moore, Independent Vice Chairman.

Prior to serving as CEO of Occidental, Chazen served as Chief Operating Officer and Chief Financial Officer, and in other roles dating back to his joining the company in 1994. Prior to joining Occidental, he served as Managing Director in Corporate Finance and Mergers and Acquisitions at Merrill Lynch.