On Tuesday, Occidental Petroleum Corp. announced its target to slash greenhouse gas emissions to net-zero on its operations by 2040.
The detail of the target is scheduled to be released by the end of November on its sustainability report.
Previously in August, CEO Vicki Hollub said that an Occidental subsidiary would finance direct air capture using carbon dioxide from the Permian Basin oil field. It is estimated to push down the company’s oil recovery costs and enable it to partner with firms seeking to cut carbon footprint.
The project is seen to not require much investment next year. According to Hollub, no more than USD2.9 billion would be spent on new projects in 2021.
On a related note, on Monday Occidental said that in the third quarter of 2020, it posted a loss bigger than expected even after reducing employment level and production this year. On Tuesday, its shares dipped by 1.1% to USD12.09.
