HOUSTON — It is with great sadness that Magnolia Oil & Gas Corp. mourns the passing of former chairman, president and CEO, Stephen Chazen.
Magnolia, which disclosed his death on Friday, had said two days earlier Chazen was stepping down as chairman and CEO due to "serious health reasons." 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.
He joined Occidental in 1994 and made his way through financial roles to become CEO. He also helped advance the career of Occidental's current CEO, Vicki Hollub. Chazen rejoined Occidental as a director in 2019.
President and CEO Chris Stavros said, “We are greatly saddened by Steve’s passing, and extend our thoughts and sympathies to his family. As Magnolia’s founder, Steve has left an indelible mark on the company, the oil and gas industry and the greater Houston community. Professionally, Steve had a profound impact on how E&P companies are managed with an objective of creating long-lasting shareholder value. He was the type of businessman who didn’t follow trends, but rather established trends. Steve always had a great affinity for investors and enjoyed interacting with them.
"Steve’s significant professional accomplishments are exceeded only by his humanitarianism and philanthropic generosity that has touched the lives of countless individuals. He spent much of his non-business-related time focusing on areas he cared deeply for including education, health care and the environment. As much as Steve was a wonderful leader, he was an even greater person.”
Chazen served on the University of Houston System Board of Regents, as a director of the Houston Methodist Institute for Academic Medicine, on the Advisory Board at Rice University’s Baker Institute for Public Policy and the US National Park Foundation. He is a former chairman of the board of the American Petroleum Institute and the Catalina Island Conservancy. Most recently, he served as chairman of the board of Occidental Petroleum Corp.