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Occidental Petroleum buys carbon air capture tech firm for $1.1 billion
Posted on 8/15/23 at 6:18 pm
Posted on 8/15/23 at 6:18 pm
quote:
Aug 15 (Reuters) - U.S. oil and gas producer Occidental Petroleum (OXY.N) on Tuesday agreed to pay $1.1 billion for technology supplier Carbon Engineering Ltd to help it develop a string of carbon-capture sites it hopes will profit from tackling climate change.
The U.S. oil producer aims to build about 100 plants using direct air capture (DAC) technology that strips carbon dioxide (CO2) from the atmosphere to bury underground or for use in making products such as concrete and aviation fuel.
The DAC technology is in early stages of commercialization and will require multibillion-dollar investments to prove it can work economically and generate profits.
"This is not a huge deal for Occidental, but we think it adds to near-term leverage and heightens concerns over cash burn at (Occidental's) Low Carbon Ventures division," Roth MKM brokerage firm said in a note.
The payments will be spread over three approximately equivalent annual payments, with the first due at closing, which is expected for before the end of 2023, the companies said.
Carbon dioxide is a greenhouse gas. President Joe Biden's administration views DAC technology as a tool to help meet a goal of neutralizing emissions by 2050, if it can be commercialized and applied at industrial scale.
While carbon capture is applied to emissions produced at industrial facilities, DAC actively removes CO2 from the air.
Last Friday, the U.S. Department of Energy announced sites in Texas and Louisiana will get over $1 billion in federal grants. Some of that money will fund Occidental's 30 proposed DAC plants in Kleberg Country, Texas.
quote:
Occidental said it has been working with Carbon Engineering on DAC deployment since 2019.
"The acquisition enables Occidental to catalyze broader development partnerships for DAC deployment in the most capital efficient and valuable way," said Occidental CEO Vicki Hollub.
LINK /
Exxon bought Denbury to beef up its carbon sequestration ventures, now Occidental buys Carbon Engineering for direct air capture and CO2 sequestration ventures.
Interesting…
18
Posted on 8/15/23 at 6:22 pm to ragincajun03
From the same company that brought you Love Canal.
Posted on 8/15/23 at 6:30 pm to ragincajun03
Capturing CO2 from the atmosphere, huh. What an utter waste of resources.
In other news, China has confirmed that it has no intention of doing anything to combat “climate change.” All of this shite is completely pointless.
In other news, China has confirmed that it has no intention of doing anything to combat “climate change.” All of this shite is completely pointless.
Posted on 8/15/23 at 6:31 pm to ragincajun03
Plant life requires CO2 to exist/ grow/ thrive.
Why do environmentalists fail to understand this most basic principle of agronomy/ science.
Plant life absorbs C02 and transforms it to 02.
That is all the capture nature requires
Posted on 8/15/23 at 6:33 pm to ragincajun03
Can’t wait till we overbuild these things, and strip so much CO2 out of the air and all of the plants start to die 
Posted on 8/15/23 at 6:37 pm to ragincajun03
such a scam
Posted on 8/15/23 at 6:38 pm to BobABooey
quote:
Love Canal.
Occidental makes the Fleshlight?
Posted on 8/15/23 at 6:40 pm to supadave3
I don't know much about Occidental other than my wife gets a quarterly oil check from them from land in West Texas.
Posted on 8/15/23 at 6:42 pm to ragincajun03
If I sequester my post-Piccadilly farts in a jar can I sell them to the EPA for a tax refund?
Posted on 8/15/23 at 6:44 pm to Tigerbythetale
quote:
Plant life requires CO2 to exist/ grow/ thrive.
Why do environmentalists fail to understand this most basic principle of agronomy/ science.
Plant life absorbs C02 and transforms it to 02.
That is all the capture nature requires
The increase in CO2 is showing up in satellites over time showing more greening of our planet.
Plant some trees Occidental. They are renewable and people buy the wood.
Posted on 8/15/23 at 6:45 pm to ragincajun03
Eventually they will need us to all drive ford f450 diesels to catch up on carbon if these things work too well
Posted on 8/15/23 at 6:45 pm to ragincajun03
Pure scam
Posted on 8/15/23 at 6:51 pm to BobABooey
quote:
From the same company that brought you Love Canal.
Love Canal was Hooker Chemical who sold the property to Niagra Falls School Board in 1953. Occidental Petroleum bought Hooker Chemical 15 years later. They weren’t involved other than guilt by association.
Posted on 8/15/23 at 6:54 pm to supadave3
quote:
Occidental makes the Fleshlight?
This is where we list all the things that are made from petroleum… including fleshlights. So, while not directly, technically they are a critical part of the pocket pussy supply chain.
This post was edited on 8/15/23 at 6:55 pm
Posted on 8/15/23 at 6:58 pm to Klark Kent
quote:
such a scam
It really is. However the government is backing the scam with incentives. Tax breaks, subsidies, etc...
Same with Hydrogen fuel.
If you want to get in on this shite do it early and often while governments are throwing money at it. Lots of money to be made regardless of whether it works, doesn't work, is economical, etc... LOTS.
Posted on 8/15/23 at 7:00 pm to armytiger96
quote:
Love Canal was Hooker Chemical who sold the property to Niagra Falls School Board in 1953. Occidental Petroleum bought Hooker Chemical 15 years later. They weren’t involved other than guilt by association.
Someone with a clue.
The successor (Occidental) actually spent an incredible about of money cleaning up what the company they acquired did at that site.
This post was edited on 8/15/23 at 7:08 pm
Posted on 8/15/23 at 7:12 pm to El Segundo Guy
Is it serious bucks or just some $50 check????
Posted on 8/15/23 at 7:13 pm to ragincajun03
I've installed some CO2 capturing devices on my property for much less than $1.1B.
I also define it "planting trees"
I also define it "planting trees"
Posted on 8/15/23 at 7:16 pm to ragincajun03
I like how the same posters will say that carbon capture is a total waste because all of the carbon capture plants combined won’t capture even a fraction of a fraction of the carbon already captured by American forests but also say that we are going to build so many carbon capture projects that all our plants are gonna die because we removed so much carbon dioxide lmao
Posted on 8/15/23 at 7:36 pm to SloaneRanger
China said they are going to keep buying our land and kicking our arse while we focus on hocus pocus and trans rights.
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