The demand for energy and its outlook on pricing is invariably dynamic, transforming the oil and gas industry. There are a few companies that are fully harnessing the power of digitization with new business models, accelerated investments in digital technologies and rationalized portfolios with greater capital flexibility. While there may be innumerable companies helping in adapting to be relevant to future energy customers, the value chain that a woman in power in the Oil and Gas industry can bring, is unique and proven for its longevity and efficiency.
There is none the tougher glass ceiling to crack, than the C-suites of the Oil and Gas industry, which has been dominated by alpha male CEOs willing to be extremely tolerant to risk.
While the World Petroleum Congress reported that the percentage of women working in the oil and gas industry remained unchanged at 22 percent from the same in 2017, there are multiple forums actively pursuing the promotion of Women in the Oil and Gas industry, which was previously quite quiescent.
The 24th edition of the World Petroleum Congress will be held in Calgary, Alberta between September 17 –21, 2023 and implores the forum, Women In Industry to play a pivotal role in fulfilling the social responsibility pillar of inclusion of women in the business world. This convention will build bridges between the carbon-neutral industry and the traditional energy industry, over the next 25 years.
The World Petroleum Council (WPC) and the Boston Consulting Group (BCG) have entered into a partnership to assess the diversity in the oil and gas sector. This report, “Untapped Reserves: Promoting Gender Balance in Oil and Gas” arbitrages as the third edition of its kind and goes on to expand the definition of diversity beyond gender and acknowledges the strength of equity.
The industry of Oil and Gas provides not just life-giving fuel to our modern lifestyle but also leaves its legacy of wealth and abundance to next of kin. The maxim was held when a 2015 report by Oilprice.com revealed that amongst the 12 richest oil and gas tycoons, not one was a woman. Today, with stronger commitments towards DEI, the business world is recognizing the achievements of many outstanding women in this sector who continue to propel the industry forward, but there’s a long way to go.
5 Influential Women In The Oil And Gas Industry:
With the ingress of women in the untouchable Oil and Gas industry, different viewpoints are included in important conversations and decision-making processes, which is a clear example of why it needs accentuation. The advance of Women’s leadership in the Energy industry brought impactful productivity gains across and broke the shackles that once prevented women from economic opportunities and equal access to the Oil and Gas sector. Now, when these women are transforming the industry as innovators and decision-makers, sharing their stories of success becomes imperative.
Vicki Hollub
Company: Occidental Petroleum
Position: Chief Executive Officer
Vicki Hollub had been a veteran of 35 years with Occidental Petroleum when she stepped into the role of becoming the CEO and President of the company, succeeding Stephen Chazen in 2016. Hollub made American corporate history by becoming the first woman to head a major American Oil company. Ranked #48 in Forbes 2022 list of Power Women, Hollub obtained her graduate degree in Mineral engineering in 1981 and went on to become a Distinguished Engineering Fellow at Alabama College of Engineering.
She started her career at Permian Basin, which was acquired by CMS Energy and was devoted to learning about fuels and mineral resources. When Hollub moved forward as the president of Oxy Oil and Gas, she was overseeing operations in the U.S. and other countries as well. Before becoming CEO, during her long tenure with Occidental, she served as COO and held various other technical and senior positions as well.
In April 2019, Warren Buffett backed Hollub for Oxy’s bid of $57 billion for acquiring Anadarko Petroleum, which was completed in August of the same year. Berkshire’s ownership stake in Occidental in March 2023 stands at 23.6 percent, or about 211.7 million shares worth about $13 billion. Buffett’s keen interest in Occidental has propelled the stock growth of the company.
Oxy plans to shift toward a carbon-neutral production process and has since raised concerns about federal legislation aimed at boosting carbon capture.
Patty Eid
Company: Petrofac Training Services
Position: Global Head
One of the women making waves in the Oil and Gas industry of the Middle East, Patty Eid proved that determination and perseverance can push one to unimaginable heights. As a young girl, Patty faced daunting hardships that taught her valuable life lessons and changed her perspective on success and work. As a young legal advisor who soared from being the Head of Legal Services in Abu Dhabi to become a Commercial Director in Sharjah, Patty has showcased exemplary precedence in pursuing her goals.
“When I joined Petrofac more than a decade ago, I was young, determined, and hungry to prove my mettle. With the opportunity to excel in my younger years, I spent time understanding the intricacies of the Petrofac group.”
Though Petrofac Training Services (PTS) holds a very small part of the wider business, it has quite a disproportionate impact. The core capability of PTS is to get people home safely for more than four decades. The state-of-the-art technical training centers accelerate the employees’ competency and learning through technology and PTS offers a broad portfolio of industry-accredited renewable energy, oil and gas training. This leads Petrofac into newer markets by building real, ever-lasting social impact through business training. Patty Eid’s next priority is refining the strategy for the business so it reflects better on the wider Petrofac strategy.
Barbara Baumann
Company: Devon Energy Corporation
Position: Chair
As one of the honorees of Hart Energy’s 25 Most Influential Women In Energy held in February 2023, Barbara Baumann is not just the board chair for Devon Energy Corp, but also the Director of National Fuel Gas, an independent trustee of Putnam Mutual Funds and also a senior advisor of First Reserve. Baumann has an impressive track record of formerly serving on the boards of various energy companies like SM Energy, CVR Energy, and UNS Energy and holds an MBA from The Wharton School of the University of Pennsylvania and a graduate degree from Mount Holyoke College.
In September 2022, Devon Energy Corp announced to appoint Baumann as the chair of their board of directors, succeeding Dave Hager.
“We look forward to working closely with Barbara to continue to drive the next phase of growth and enhance value for all of Devon’s stakeholders.”
Baumann had already served as a member of the Devon board since 2014 and her business experience of over 40 years made her quite accomplished for this role. Other board members of Devon consider Baumann the ideal leader due to her extensive understanding of the financial markets and her keen interest in the company’s ESG-related initiatives.
Lynn Good
Company: Duke Energy Corporation
Position: Chairman, CEO, & President
Lynn Good was leading Duke Energy Corporation’s commercial energy businesses during its initial phase of renewable energy initiatives as its CFO, before ascending to the role of CEO, Chairman and President of the energy holding company. Currently #66 on the Forbes list of 2022 Power Women, Good is one among 2023’s 31 Women CEOs of the S&P 500 in the Energy Industry.
Being a double degree holder, Good is a graduate Bachelor of Science in Accounting and Systems Analysis from the Miami Institute. Before beginning her career in the utility industry in 2003 with Cinegy, which later merged with Duke Energy, Good was a partner in two international accounting firms, including Arthur Andersen.
Lynn Good assumed the position of the company’s CEO in 2016 and under her leadership, Duke Energy has modernized the power grid and Natural gas structure by investing in Solar energy, substantially. Since 2005, the company has dropped its carbon emissions by 31 percent and aims to achieve net-zero emissions by 2050.
Kathy Warden
Company: Northrop Grumman
Position: CEO, President, and Chairman
Kathy Warden scored an MBA from George Washington University and completed her graduation from James Madison University. She joined the Board of Directors of Northrop Grumman in 2018 and subsequently was elected as the Chairman of the Board on August 1, 2019. Warden previously held various leadership positions in Northrop, under the guise of Corporate Vice President, COO, and President of the company’s sectors of information systems and mission systems and succeeded to the role of CEO and President of the entire company on January 1, 2019.
Warden’s previous endeavors include leadership roles at General Dynamics, General Electric Company, and Veridian Corporation. She was also the Director of the Federal Reserve Bank of Richmond between 2018 – 2020 and is presently also on the Board of Catalyst.
