NEW YORK (TheStreet) -- Occidental Petroleum Corp. (OXY) shares are up 1.04% to $79.44 in trading on Wednesday after the company released its first quarter earnings results before the opening bell today. The company also named Vicki Hollub as its next CEO, making her the first female CEO of a major oil company.

The Houston-based company reported a first quarter net loss of $218 million after reporting a profit in the year ago period. Occidental earned 4 cents per share during the period, double the 2 cents per share analysts had forecast.

The company also reported generating $3.01 billion during the period, falling short of analysts' $3.22 billion expectations. 

Separately, the company announced that Hollub would take over the company when current CEO Steve Chazen retires in 2016.

"The board and I congratulate Vicki on her well-deserved promotion. After a thoughtful succession review, the board selected Vicki based on her strong track record of successfully growing our domestic oil and gas business profitably and efficiently. I look forward to working with her to prepare her for the CEO role and to stepping aside when she is ready to take it on," said Chazen.

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