Occidental Petroleum Inc. CEO Vicki Hollub said Tuesday the Biden administration’s attempt to corral federal oil and gas development could constrict jobs growth while dampening supply as the world transitions from fossil fuels.  

Hollub shared a microphone with her management team to discuss first quarter results for Oxy, as it is better known. The administration in January issued a two-month pause on new drilling permits, but it had little impact on the Houston-based independent. 

“We have now started to see the process move forward again with the approval of new permits,” Hollub told investors. “We currently do not expect a permitting process to have an impact on our activity levels,” with an average of 11 rigs set to work the Permian Basin and two rigs in the...