$Occidental Petroleum (OXY.US)$ is considered a leader in ...
$Occidental Petroleum (OXY.US)$ is considered a leader in the carbon capture field, particularly through its subsidiary Oxy Low Carbon Ventures. Occidental has taken significant steps toward becoming a dominant player in carbon capture, utilization, and storage (CCUS) technologies. Some reasons for its leadership include:
1. Direct Air Capture (DAC): Occidental has partnered with Carbon Engineering to build one of the world’s largest direct air capture facilities, capable of capturing up to 1 million metric tons of CO2 annually. This project is a major part of its ambition to lead in the carbon management space .
2. Investment in CCUS: The company has committed billions of dollars to expanding its carbon capture and sequestration capabilities, particularly for enhanced oil recovery (EOR) and permanent CO2 storage. Occidental is leveraging this technology to capture CO2 and use it to increase oil recovery, while also storing the captured carbon underground.
3. Carbon Utilization: Occidental is exploring opportunities to use captured CO2 to create products such as low-carbon fuels and chemicals. This puts the company at the forefront of not only capturing but also utilizing CO2 in meaningful ways.
4. Strategic Partnerships: By collaborating with government entities, private technology companies, and global initiatives focused on carbon reduction, Occidental is positioning itself as a key player in meeting future climate goals.
While other major energy companies like ExxonMobil and Chevron are also investing heavily in carbon capture, Occidental’s focused approach and leadership in developing large-scale direct air capture projects make it one of the frontrunners in this space.
1. Direct Air Capture (DAC): Occidental has partnered with Carbon Engineering to build one of the world’s largest direct air capture facilities, capable of capturing up to 1 million metric tons of CO2 annually. This project is a major part of its ambition to lead in the carbon management space .
2. Investment in CCUS: The company has committed billions of dollars to expanding its carbon capture and sequestration capabilities, particularly for enhanced oil recovery (EOR) and permanent CO2 storage. Occidental is leveraging this technology to capture CO2 and use it to increase oil recovery, while also storing the captured carbon underground.
3. Carbon Utilization: Occidental is exploring opportunities to use captured CO2 to create products such as low-carbon fuels and chemicals. This puts the company at the forefront of not only capturing but also utilizing CO2 in meaningful ways.
4. Strategic Partnerships: By collaborating with government entities, private technology companies, and global initiatives focused on carbon reduction, Occidental is positioning itself as a key player in meeting future climate goals.
While other major energy companies like ExxonMobil and Chevron are also investing heavily in carbon capture, Occidental’s focused approach and leadership in developing large-scale direct air capture projects make it one of the frontrunners in this space.
Occidental carbon capture business is still in the early stages of generating substantial profit, and specific figures for profitability are not yet widely disclosed. However, Occidental has been investing heavily in this area, particularly through partnerships like its project with Carbon Engineering to develop one of the largest direct air capture (DAC) facilities globally.
This facility, once operational, will capture up to 1 million metric tons of CO2 per year. The company has also benefited from the Inflation Reduction Act (IRA), which provides incentives for carbon capture, offering financial support to scale these projects  .
While direct revenue from carbon capture is expected to grow as these projects come online, it is still considered a long-term investment that complements Occidental’s traditional oil business. The past year has been focused on building infrastructure, securing partnerships, and benefiting from government policies aimed at carbon reduction. Financial returns are expected to increase as these projects scale up and carbon credits become a more prominent revenue stream.
This facility, once operational, will capture up to 1 million metric tons of CO2 per year. The company has also benefited from the Inflation Reduction Act (IRA), which provides incentives for carbon capture, offering financial support to scale these projects  .
While direct revenue from carbon capture is expected to grow as these projects come online, it is still considered a long-term investment that complements Occidental’s traditional oil business. The past year has been focused on building infrastructure, securing partnerships, and benefiting from government policies aimed at carbon reduction. Financial returns are expected to increase as these projects scale up and carbon credits become a more prominent revenue stream.
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FIRE Keith : Yes. $Occidental Petroleum (OXY.US)$ moving towards carbon management company under CEO Vicki Hollub
Huanxia : Bullish outlook, good quality, no one likes to be slow, short rises and long falls, it's a waste of time before the big election, others are making money quickly.
70193418 Huanxia : Haha what you said is true
Hopefully it will start rising soon, after all, we are not Buffett and patience is not that good.