Trump Return ‘Very Positive’ for Oil Industry, Oxy CEO Says

President-elect Donald Trump will be “very positive” for the US oil sector and will likely continue federal support for emissions-reducing technologies favored by the industry, according to Occidental Petroleum Corp. Chief Executive Officer Vicki Hollub.

“He understands better than anybody our need for energy independence here in the United States,” Hollub said on a call with analysts Wednesday. “It’s impossible to be a superpower without ample supply of fossil fuels.”

Occidental became one of the biggest oil industry beneficiaries of President Joe Biden’s Inflation Reduction Act through its direct air-capture plant in West Texas. The facility qualifies ...