Occidental Sees Profits in Carbon Capture, Downplays Oil Production Growth

Occidental has one of the most ambitious programs of the industry to capture CO2 from the atmosphere and re-inject it in the ground as a way to mitigate global warming.

Reuters

U.S. oil and gas producer Occidental Petroleum wants to raise margins and reestablish dividend payments with new businesses such as carbon capture rather than producing more oil and gas, CEO Vicki A. Hollub said Oct. 7.

Head of one of the largest U.S. producers, with a daily output of 1.2 million barrels of oil equivalent (MMboe), Hollub said oil companies can best contribute to the energy transition by producing just enough oil to meet the world's demand in a way that generates more cash and fewer emissions.

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