OXY Occidental Petroleum Corporation

Occidental and 1PointFive Secure Class VI Permits for STRATOS Direct Air Capture Facility

Occidental and 1PointFive Secure Class VI Permits for STRATOS Direct Air Capture Facility

HOUSTON, April 07, 2025 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) and its subsidiary 1PointFive today announced that the U.S Environmental Protection Agency approved its Class VI permits to sequester carbon dioxide (CO2) captured from STRATOS when the world’s largest Direct Air Capture (DAC) facility begins operating in Ector County, Texas. The permits, the first issued to sequester CO2 from a DAC project, allows Occidental to leverage its expertise managing large quantities of CO2 while advancing technology that strengthens the United States’ energy security and furthers economic growth in Texas.

The permits, issued under the Safe Drinking Water Act's Underground Injection Control program, are a critical component of Occidental’s plan to securely and durably store CO2 captured from the atmosphere. Throughout EPA’s rigorous review process, Occidental demonstrated that its technologies, processes, monitoring programs and other procedures meet or exceed federal and state requirements for injection wells that store CO2 in geologic formations more than one mile underground.

“This is a significant milestone for the company as we are continuing to develop vital infrastructure that will help the United States achieve energy security,” said President and Chief Executive Officer Vicki Hollub. “The permits are a catalyst to unlock value from carbon dioxide and advance Direct Air Capture technology as a solution to help organizations address their emissions or produce vital resources and fuels.”

STRATOS is designed to capture up to 500,000 tonnes of CO2 per year and is on-track to start commercial operations in 2025.

About Occidental

Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of America. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated to using our global leadership in carbon management to advance a lower-carbon world. Visit  for more information.

About 1PointFive

1PointFive is a Carbon Capture, Utilization and Sequestration (CCUS) company that is working to help curb global temperature rise to 1.5°C through the deployment of decarbonization solutions, including Carbon Engineering's Direct Air Capture and AIR TO FUELS™ solutions alongside geologic sequestration hubs. Visit for more information.

AIR TO FUELS™ is a registered trademark of Carbon Engineering ULC.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including those relating to Occidental’s and 1PointFive’s development and operation of STRATOS, permit benefits, and related impacts on carbon emissions and the production of low-carbon products, which are based on current expectations, beliefs, plans, estimates, and forecasts. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. Words such as “believe,” “will,” “may,” “expect,” “plan,” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Occidental and 1PointFive do not undertake any obligation to update, modify, or withdraw any forward-looking statements as a result of new information, future events, or otherwise.

These statements are not guarantees of future performance as they involve assumptions that may prove to be incorrect and risks and uncertainties, including those that are beyond Occidental’s and 1PointFive’s control. Factors that may cause actual results to differ materially from forward-looking statements include Occidental’s and 1PointFive’s ability to develop and employ existing or new technology on a commercial scale, to access capital, to collaborate with third parties and customers, and to receive approvals from regulatory bodies, as well as market conditions, geopolitical events, and scientific developments. Additional factors that may affect Occidental’s and 1PointFive’s development and operation of STRATOS, the benefits of the permits and related impacts on carbon emissions and the production of low-carbon products can be found in Occidental’s filings with the U.S. Securities and Exchange Commission (SEC), which may be accessed at the SEC’s website at sec.gov. Information included herein is not necessarily material to an investor in Occidental’s securities.

Contacts

Occidental MediaOccidental Investors
  
Eric Moses

713-497-2017

R. Jordan Tanner

713-552-8811

  


EN
07/04/2025

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Occidental Petroleum Corporation

 PRESS RELEASE

Occidental and 1PointFive Secure Class VI Permits for STRATOS Direct A...

Occidental and 1PointFive Secure Class VI Permits for STRATOS Direct Air Capture Facility HOUSTON, April 07, 2025 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) and its subsidiary 1PointFive today announced that the U.S Environmental Protection Agency approved its Class VI permits to sequester carbon dioxide (CO2) captured from STRATOS when the world’s largest Direct Air Capture (DAC) facility begins operating in Ector County, Texas. The permits, the first issued to sequester CO2 from a DAC project, allows Occidental to leverage its expertise managing large quantities of CO2 while advancing t...

Jonathan Moreland
  • Jonathan Moreland

InsiderInsights Weekly Report: April 5, 2025

InsiderInsights Ratings of Companies with Open-Market Form 4 Purchases; Sales Filed at the SEC on the date above. We separate the real investment intelligence from the noise. Saving you time, and improving your research process

 PRESS RELEASE

Occidental to Announce First Quarter Results Wednesday, May 7, 2025; H...

Occidental to Announce First Quarter Results Wednesday, May 7, 2025; Hold Conference Call Thursday, May 8, 2025 HOUSTON, April 02, 2025 (GLOBE NEWSWIRE) -- (NYSE: OXY) will announce its first quarter 2025 financial results after close of market on Wednesday, May 7, 2025, and will hold a conference call to discuss the results on Thursday, May 8, 2025, at 1 p.m. Eastern/12 p.m. Central. The conference call may be accessed by calling 1-866-871-6512 (international callers dial 1-412-317-5417) or via webcast at Participants may pre-register for the conference call at . First quarter 2025 f...

 PRESS RELEASE

Occidental Announces Results of Offer to Exercise Warrants at a Tempor...

Occidental Announces Results of Offer to Exercise Warrants at a Temporarily Reduced Price HOUSTON, April 01, 2025 (GLOBE NEWSWIRE) --  (NYSE: OXY) today announced the results of its offer to exercise Occidental’s outstanding publicly traded warrants (the “Warrants”) at a temporarily reduced price of $21.30 per Warrant (the “Offer”). The Offer expired at 5:00 p.m. Eastern Time on March 31, 2025. Based on the final count by Equiniti Trust Company, LLC, the depositary agent for the Offer, 41,941,075 Warrants were tendered and not validly withdrawn (including 69,166 Warrants tendered pursuan...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch