{"id":834635,"date":"2025-04-07T15:19:49","date_gmt":"2025-04-07T19:19:49","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/occidental-and-1pointfive-secure-class-vi-permits-for-stratos-direct-air-capture-facility\/"},"modified":"2025-04-07T15:19:49","modified_gmt":"2025-04-07T19:19:49","slug":"occidental-and-1pointfive-secure-class-vi-permits-for-stratos-direct-air-capture-facility","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/occidental-and-1pointfive-secure-class-vi-permits-for-stratos-direct-air-capture-facility\/","title":{"rendered":"Occidental and 1PointFive Secure Class VI Permits for STRATOS Direct Air Capture Facility"},"content":{"rendered":"
\n

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<\/sub>) captured from STRATOS when the world\u2019s largest Direct Air Capture (DAC) facility begins operating in Ector County, Texas. The permits, the first issued to sequester CO2<\/sub> from a DAC project, allows Occidental to leverage its expertise managing large quantities of CO2<\/sub> while advancing technology that strengthens the United States\u2019 energy security and furthers economic growth in Texas.<\/p>\n

The permits, issued under the Safe Drinking Water Act’s Underground Injection Control program, are a critical component of Occidental\u2019s plan to securely and durably store CO2<\/sub> captured from the atmosphere. Throughout EPA\u2019s 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<\/sub> in geologic formations more than one mile underground.<\/p>\n

\u201cThis is a significant milestone for the company as we are continuing to develop vital infrastructure that will help the United States achieve energy security,\u201d said President and Chief Executive Officer Vicki Hollub. \u201cThe 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.\u201d<\/p>\n

STRATOS is designed to capture up to 500,000 tonnes of CO2<\/sub> per year and is on-track to start commercial operations in 2025.<\/p>\n

\n About Occidental <\/strong>\n <\/p>\n

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\u00a0Oxy.com<\/a>\u00a0for more information.<\/p>\n

\n About 1PointFive<\/strong>\n <\/p>\n

1PointFive is a Carbon Capture, Utilization and Sequestration (CCUS) company that is working to help curb global temperature rise to 1.5\u00b0C through the deployment of decarbonization solutions, including Carbon Engineering’s Direct Air Capture and AIR TO FUELS\u2122 solutions alongside geologic sequestration hubs. Visit 1PointFive.com<\/a> for more information.<\/p>\n

AIR TO FUELS\u2122 is a registered trademark of Carbon Engineering ULC.<\/p>\n

\n Fo<\/strong>
\n rward<\/strong>
\n -Looking Statements<\/strong>\n <\/p>\n

This news release contains \u201cforward-looking statements\u201d within the meaning of the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995, including those relating to Occidental\u2019s and 1PointFive\u2019s 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 \u201cbelieve,\u201d \u201cwill,\u201d \u201cmay,\u201d \u201cexpect,\u201d \u201cplan,\u201d 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.<\/p>\n

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\u2019s and 1PointFive\u2019s control. Factors that may cause actual results to differ materially from forward-looking statements include Occidental\u2019s and 1PointFive\u2019s 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\u2019s and 1PointFive\u2019s 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\u2019s filings with the U.S. Securities and Exchange Commission (SEC), which may be accessed at the SEC\u2019s website at sec.gov. Information included herein is not necessarily material to an investor in Occidental\u2019s securities.<\/p>\n

\n Contacts<\/strong>\n <\/p>\n\n\n\n\n\n
\n Occidental Media<\/strong>\n <\/td>\n\n Occidental Investors<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Eric Moses
713-497-2017
eric_moses@oxy.com<\/a><\/td>\n		R. Jordan Tanner
713-552-8811
investors@oxy.com<\/a><\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\"\"
\n
\n \"\"\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

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\u2019s 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\u2019 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\u2019s plan to securely and durably store CO2 captured from the atmosphere. Throughout … <\/p>\n

Continue reading “Occidental and 1PointFive Secure Class VI Permits for STRATOS Direct Air Capture Facility”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-834635","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nOccidental and 1PointFive Secure Class VI Permits for STRATOS Direct Air Capture Facility - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/occidental-and-1pointfive-secure-class-vi-permits-for-stratos-direct-air-capture-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Occidental and 1PointFive Secure Class VI Permits for STRATOS Direct Air Capture Facility - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"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\u2019s 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\u2019 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\u2019s plan to securely and durably store CO2 captured from the atmosphere. 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