Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary Ox圜hem manufactures the building blocks for life-enhancing products. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. 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 Mexico. Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. To date, 1PointFive has signed CO₂ removal credit purchase agreements with customers, including Amazon, Airbus, All Nippon Airways (ANA), TD Bank Group, the Houston Astros, and the Houston Texans. STRATOS is expected to provide cost-effective solutions that companies in hard-to-decarbonize industries can use in conjunction with their own emissions reduction programs. STRATOS represents an incredible investment opportunity for BlackRock’s clients to invest in this unique energy infrastructure project and underscores the critical role of American energy companies in climate technology innovation.”ĭAC is a technology that captures and removes large volumes of CO₂ directly from the atmosphere, which can be safely and securely stored deep underground in geologic formations. “Occidental’s technical expertise brings unprecedented scale to this cutting-edge decarbonization technology. “BlackRock is proud to partner with global energy leader Occidental to help build the world’s largest direct air carbon capture facility in Texas,” said Larry Fink, Chairman and CEO, BlackRock. We believe that BlackRock’s expertise across global markets and industries makes them the ideal partner to help further industrial-scale Direct Air Capture.” “This joint venture demonstrates that Direct Air Capture is becoming an investable technology and BlackRock’s commitment in STRATOS underscores its importance and potential for the world. “We are excited to partner with BlackRock on this transformative facility that will provide a solution to help the world reach net zero,” said Vicki Hollub, President and CEO, Occidental. The project is expected to employ more than 1,000 people during the construction phase and up to 75 once operational. Construction activities for STRATOS are approximately 30 percent complete and the facility is expected to be commercially operational in mid-2025. STRATOS is designed to capture up to 500,000 tonnes of CO 2 per year. Through a fund managed by its Diversified Infrastructure business, BlackRock has signed a definitive agreement to form a joint venture with Occidental through its subsidiary 1PointFive that will own STRATOS. HOUSTON and NEW YORK - NovemOccidental (NYSE: OXY) announced today that BlackRock (NYSE: BLK) will invest $550 million on behalf of clients in the development of STRATOS, the world's largest Direct Air Capture (DAC) facility, in Ector County, Texas. Tuesday, Novem4:20 PM ET Occidental and BlackRock Form Joint Venture to Develop STRATOS, the World's Largest Direct Air Capture Plant STRATOS designed to capture 500,000 tonnes of CO2 per year BlackRock $550 million investment to advance construction underway in Texas
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