"Running the numbers of 'no new investment, huge special dividends' usually pencils out to some impressive values."

It seems to me that if OXY takes the 100 year view, then the better value is to buy more oil assets, preferably adjacent to their fields in the Permian basin, not to repurchase stock. Most of the value of an oil company, by far, lies in its proven reserves. Hollub believes that exploration is not a good use of cash because there is little new oil to be found.
Hopefully she also believes that today's price of OXY stock is attractive (at an enterprise value/proven reserves of $27/boe) since she's repurchasing stock. Maybe Hollub is unable to find anyone willing to sell her reserves at $27/boe. Either that, or she's taking the short view, not the long view. Please correct me if my reasoning is wrong.