Occidental's 1PointFive Secures $500M Boost To Capture CO2: Details
Portfolio Pulse from Lekha Gupta
Occidental Petroleum's subsidiary, 1PointFive, has secured up to $500 million from the U.S. Department of Energy to develop a CO2 capture hub in Texas. The project aims to significantly scale CO2 removal and storage capabilities. Occidental plans to use proceeds from divestitures for debt repayments.
September 13, 2024 | 10:42 am
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Investors can gain exposure to Occidental Petroleum through the First Trust Nasdaq Oil & Gas ETF, which may benefit from Occidental's recent funding and project developments.
FTXN includes Occidental Petroleum, which is receiving significant funding for CO2 capture projects. This development could enhance the ETF's performance as Occidental's stock potentially benefits.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Texas Capital Texas Oil Index ETF provides exposure to Occidental Petroleum, which is advancing its CO2 capture capabilities with new funding, potentially benefiting the ETF.
OILT includes Occidental Petroleum, which is advancing its CO2 capture projects with new funding. This could positively impact the ETF's performance as Occidental's stock benefits.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Occidental Petroleum's subsidiary, 1PointFive, received up to $500M from the U.S. Department of Energy to develop a CO2 capture hub in Texas. This funding supports engineering and community engagement, with potential expansion to a regional carbon network.
The funding from the U.S. Department of Energy is a significant boost for Occidental's CO2 capture project, indicating strong governmental support and potential for future growth. This aligns with Occidental's sustainability goals and could positively impact its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100