Occidental Petroleum Inks $1.1B Acquisition Deal To Accelerate Net-Zero Strategy
Portfolio Pulse from Lekha Gupta
Occidental Petroleum Corp (NYSE:OXY) has signed a definitive deal to acquire all the outstanding equity of Carbon Engineering Ltd. for around $1.1 billion. The acquisition is expected to close by 2023 and is in line with Occidental's integrated net-zero strategy. The deal will allow Occidental to accelerate advanced direct air capture (DAC) technology breakthroughs and deployment of DAC as a global carbon removal solution.
August 16, 2023 | 1:12 pm
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The acquisition of Carbon Engineering Ltd. by Occidental Petroleum Corp (NYSE:OXY) is expected to accelerate the company's net-zero strategy and add new revenue streams in the form of technology licensing and royalties.
The acquisition of Carbon Engineering Ltd. aligns with Occidental's net-zero strategy and is expected to accelerate the deployment of advanced DAC technology. This could potentially lead to new revenue streams for the company in the form of technology licensing and royalties, which could positively impact the company's stock price.
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