{"id":1655042,"date":"2022-09-23T12:06:15","date_gmt":"2022-09-23T16:06:15","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1655042"},"modified":"2022-09-23T12:07:25","modified_gmt":"2022-09-23T16:07:25","slug":"stephen-chazen-long-time-occidental-petroleum-executive-dies-at-76-2","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stephen-chazen-long-time-occidental-petroleum-executive-dies-at-76-2\/","title":{"rendered":"Stephen Chazen, long-time Occidental Petroleum executive, dies at 76"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fstephen-chazen-long-time-occidental-petroleum-executive-dies-at-76-2%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1655042&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Gary McWilliams<\/p>\n<p>HOUSTON (Reuters) \u2013     Stephen Chazen, who rose to the top of Occidental Petroleum during a lengthy career and after his retirement started and ran a Texas shale-oil producer, has died aged 76 after an illness.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>Chazen was chief executive and chairman of Houston-based Magnolia Oil and Gas Corp, which he helped start in 2017 after leaving Occidental and ran until this week. Chazen, who early in his career was a finance executive, acquired shale properties and pledged to put cash flow above production.<\/p>\n<p>Magnolia, which disclosed his death on Friday, had said two days earlier Chazen was stepping down as chairman and CEO due to \u201cserious health reasons.\u201d  <\/p>\n<p>He had a lengthy career at Occidental, which he joined in 1994 and climbed through its finance ranks to become CEO. He helped advance the career of Occidental\u2019s current CEO, Vicki Hollub. Chazen rejoined Occidental as a director in 2019. <\/p>\n<p>\u201cSteve played a significant role in transforming Oxy into a focused global energy leader over the past 30 years, serving as chief financial officer, CEO and most recently as independent board chairman,\u201d Hollub said in a statement.<\/p>\n<p>\u201cHe was the type of businessman who didn\u2019t follow trends, but rather established trends,\u201d said Christopher Stavos, who took over this week as Magnolia CEO. \u201cSteve had a profound impact on how E&#038;P companies are managed with an objective of creating long-lasting shareholder value.\u201d<\/p>\n<p>Magnolia was started in 2017 as a \u201cblank check\u201d company by investors betting on Chazen\u2019s reputation and track record.     Chazen used the investors\u2019 money to acquire shale oil and gas properties in South Texas\u2019s Eagle Ford shale region. <\/p>\n<p>He built the company to focus on generating cash in excess of capital investment and for modest production growth. That formula \u2013 strong cash flow from single-digit volume growth \u2013 was uncommon at the time but is now widely adopted by other U.S. shale oil producers.  <\/p>\n<p>Chazen was \u201cthe single most important oil man of his generation,\u201d said Paul Sankey, a long-time oil equity analyst, who said Chazen combined \u201cunwavering clarity of viewpoint, iconoclasm, and enormous humour.\u201d  <\/p>\n<p>Hollub said, \u201cWe cared for him deeply and our thoughts and prayers are with his wife, family and friends.\u201d<\/p>\n<p>Plans for a memorial service were not immediately available.  <\/p>\n<p> (Reporting by Gary McWilliams; Editing by Frances Kerry)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/stephen-chazen-long-time-occidental\/attachment\/file-photo-stephen-chazen-ceo-of-occidental-petroleum-coporation-speaks\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8M0QG-BASEIMAGE-1.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8M0QG-BASEIMAGE\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/stephen-chazen-long-time-occidental\/attachment\/file-photo-the-logo-for-occidental-petroleum-is-displayed-on\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8M0QH-BASEIMAGE-1.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8M0QH-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Gary McWilliams HOUSTON (Reuters) \u2013 Stephen Chazen, who rose to the top of Occidental Petroleum during a lengthy career and after his retirement started and ran a Texas shale-oil<\/p>\n","protected":false},"author":66,"featured_media":1889168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1655042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/www.oann.com\/business\/stephen-chazen-long-time-occidental\/?utm_source=rss&utm_medium=rss&utm_campaign=stephen-chazen-long-time-occidental","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1655042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1655042"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1655042\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889168"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1655042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1655042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1655042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}